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Statement Of Financial Position Unclassified - Deposit Based Operations - USD ($) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2009	Dec. 31, 2008
Assets
Cash and due from banks	$ 1,292	$ 1,639
Interest-bearing deposits with banks	579	751
Federal funds sold and securities purchased under resale agreements or similar arrangements	520	350
Segregated cash due from banks	286	379
Trading securities at fair value	686	376
Securities available for sale at fair value ($1,176 covered by FDIC loss share at September 30, 2009)	34,133	32,843
Loans held for sale ($3,083 and $1,396 at fair value at September 30, 2009 and December 31, 2008, respectively)	3,126	1,424
Loans and leases ($8,305 covered by FDIC loss share at September 30, 2009)	103,901	97,245
Allowance for loan and lease losses	(2,379)	(1,574)
Loans and leases, net of allowance for loan and lease losses	101,522	95,671
FDIC loss share receivable	3,336	0
Premises and equipment	1,591	1,580
Goodwill	6,183	5,483
Core deposit and other intangible assets	645	542
Residential mortgage servicing rights at fair value	639	370
Other assets ($182 of foreclosed property and other assets covered by FDIC loss share at September 30, 2009)	10,790	10,607
Total assets	165,328	152,015
Deposits:
Noninterest-bearing deposits	18,673	13,649
Interest checking	3,621	2,576
Other client deposits	48,878	39,413
Client certificates of deposit	32,553	27,937
Other interest-bearing deposits	10,785	15,038
Total deposits	114,510	98,613
Federal funds purchased, securities sold under repurchase agreements and short-term borrowed funds	8,357	10,788
Long-term debt	21,317	18,032
Accounts payable and other liabilities	5,002	8,501
Total liabilities	$ 149,186	$ 135,934
Commitments and contingencies (Note 6)	-	-
Shareholders' equity:
Preferred stock, liquidation preference of $1,000,000 per share	$ 0	$ 3,082
Common stock, $5 par	3,437	2,796
Additional paid-in capital	5,563	3,510
Retained earnings	7,458	7,381
Accumulated other comprehensive loss, net of deferred income taxes of $(223) at September 30, 2009 and $(438) at December 31, 2008	(364)	(732)
Noncontrolling interest	48	44
Total shareholders' equity	16,142	16,081
Total liabilities and shareholders' equity	$ 165,328	$ 152,015
Common shares outstanding	687,446	559,248
Common shares authorized	1,000,000	1,000,000
Preferred shares outstanding	0	3
Preferred shares authorized	5,000	5,000

Statement Of Income Interest Based Revenue - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
Interest Income
Interest and fees on loans and leases	$ 1,414	$ 1,499	$ 4,072	$ 4,595
Interest and dividends on securities	329	287	986	859
Interest on other earning assets	2	7	6	24
Total interest income	1,745	1,793	5,064	5,478
Interest Expense
Interest on deposits	311	449	977	1,468
Interest on federal funds purchased, securities sold under repurchase agreements and short-term borrowed funds	11	48	51	195
Interest on long-term debt	186	208	515	642
Total interest expense	508	705	1,543	2,305
Net Interest Income	1,237	1,088	3,521	3,173
Provision for credit losses	709	364	2,086	917
Net Interest Income After Provision for Credit Losses	528	724	1,435	2,256
Noninterest Income
Insurance income	254	232	787	681
Service charges on deposits	180	176	504	502
Investment banking and brokerage fees and commissions	89	84	263	258
Mortgage banking income	144	83	516	199
Checkcard fees	59	52	165	151
Other nondeposit fees and commissions	59	47	165	140
Trust and investment advisory revenues	36	37	101	115
Bankcard fees and merchant discounts	41	38	115	113
Income from bank-owned life insurance	24	24	72	62
Other income	23	6	76	103
Securities gains (losses), net
Realized gains (losses), net	34	54	240	107
Other-than-temporary impairments	(3)	(41)	(117)	(41)
Less non-credit portion recognized in other comprehensive income	0	0	77	0
Total securities gains (losses), net	31	13	200	66
Total noninterest income	940	792	2,964	2,390
Noninterest Expense
Personnel expense	644	552	1,867	1,664
Occupancy and equipment expense	149	127	406	374
Professional services	68	55	185	140
Foreclosed property expense	118	22	214	52
Regulatory charges	44	8	183	17
Loan processing expenses	38	32	101	96
Amortization of intangibles	29	25	78	77
Merger-related and restructuring charges, net	18	5	29	11
Other expenses	212	179	507	468
Total noninterest expense	1,320	1,005	3,570	2,899
Earnings
Income before income taxes	148	511	829	1,747
Provision for income taxes	(9)	149	146	525
Net income	157	362	683	1,222
Noncontrolling interest	5	4	15	8
Dividends and accretion on preferred stock	0	0	124	0
Net income available to common shareholders	$ 152	$ 358	$ 544	$ 1,214
Earnings Per Common Share
Basic	$ 0.23	$ 0.65	$ 0.89	$ 2.22
Diluted	0.23	0.65	0.88	2.20
Cash dividends paid	$ 0.15	$ 0.47	$ 1.09	$ 1.39
Weighted Average Shares Outstanding
Basic	665,408	549,761	609,698	547,543
Diluted	672,457	553,544	615,307	551,144

Statement Of Shareholders Equity And Other Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			$ 16,081	$ 12,664
Comprehensive income (loss):
Net income	$ 157	$ 362	683	1,222
Net change in other comprehensive income (loss)			368	(357)
Total comprehensive income (loss) (Note 10)			1,051	865
Common stock issued:
In purchase acquisitions			2	33
In connection with stock option exercises and other employee benefits, net of cancellations			4	52
In connection with dividend reinvestment plan			51	23
In connection with 401(k) plan			16
In connection with private placement to BB&T pension plan				53
In common stock offerings			2,637
Redemption of preferred stock and warrant			(3,201)
Cash dividends declared on common stock ($.77 per share in 2009 and $1.40 per share in 2008)			(467)	(768)
Cash dividends accrued on preferred stock			(73)
Cumulative effect of adoption of accounting principle				(8)
Equity-based compensation expense			50	61
Other, net			(9)	5
Ending Balance	$ 16,142	$ 12,980	$ 16,142	$ 12,980
Shares of Common Stock
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			559,248	545,955
Common stock issued:
In purchase acquisitions			96	1,181
In connection with stock option exercises and other employee benefits, net of cancellations			329	1,857
In connection with dividend reinvestment plan			2,396	813
In connection with 401(k) plan			665
In connection with private placement to BB&T pension plan				2,458
In common stock offerings			124,712
Other, net				(5)
Ending Balance	687,446	552,259	687,446	552,259
Preferred Stock
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			$ 3,082	$ 0
Common stock issued:
Redemption of preferred stock and warrant			(3,134)
Other, net			52
Ending Balance	$ 0	$ 0	0	0
Common Stock
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			2,796	2,730
Common stock issued:
In purchase acquisitions			1	6
In connection with stock option exercises and other employee benefits, net of cancellations			2	9
In connection with dividend reinvestment plan			12	4
In connection with 401(k) plan			3
In connection with private placement to BB&T pension plan				12
In common stock offerings			623
Ending Balance	3,437	2,761	3,437	2,761
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			3,510	3,087
Common stock issued:
In purchase acquisitions			1	27
In connection with stock option exercises and other employee benefits, net of cancellations			2	43
In connection with dividend reinvestment plan			39	19
In connection with 401(k) plan			13
In connection with private placement to BB&T pension plan				41
In common stock offerings			2,014
Redemption of preferred stock and warrant			(67)
Equity-based compensation expense			50	61
Other, net			1
Ending Balance	5,563	3,278	5,563	3,278
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			7,381	6,919
Comprehensive income (loss):
Net income			668	1,214
Total comprehensive income (loss) (Note 10)			668	1,214
Common stock issued:
Cash dividends declared on common stock ($.77 per share in 2009 and $1.40 per share in 2008)			(467)	(768)
Cash dividends accrued on preferred stock			(73)
Cumulative effect of adoption of accounting principle				(8)
Other, net			(51)
Ending Balance	7,458	7,357	7,458	7,357
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			(732)	(104)
Comprehensive income (loss):
Net change in other comprehensive income (loss)			368	(357)
Total comprehensive income (loss) (Note 10)			368	(357)
Common stock issued:
Ending Balance	(364)	(461)	(364)	(461)
Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			44	32
Comprehensive income (loss):
Net income			15	8
Total comprehensive income (loss) (Note 10)			15	8
Common stock issued:
Other, net			(11)	5
Ending Balance	$ 48	$ 45	$ 48	$ 45

Statement Of Cash Flows Indirect Deposit Based Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008	Sep. 30, 2009	Sep. 30, 2008
Cash Flows From Operating Activities:
Net income	$ 157	$ 362	$ 683	$ 1,222
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses	709	364	2,086	917
Depreciation			166	146
Amortization of intangibles	29	25	78	77
Equity-based compensation			50	61
Discount accretion and premium amortization on long-term debt, net			46	74
Gain on sales of securities, net	(31)	(13)	(200)	(66)
Net (increase) decrease in trading securities			(310)	461
Net increase in loans held for sale			(539)	(600)
Net decrease (increase) in other assets			255	(2,289)
Net (decrease) increase in accounts payable and other liabilities			(3,429)	513
Decrease (increase) in segregated cash due from banks			93	(99)
Other, net			154	17
Net cash (used in) provided by operating activities			(867)	434
Cash Flows From Investing Activities:
Proceeds from sales of securities available for sale			17,060	12,374
Proceeds from maturities, calls and paydowns of securities available for sale			6,087	3,774
Purchases of securities available for sale			(20,117)	(14,827)
Originations and purchases of loans and leases, net of principal collected			44	(5,360)
Net cash acquired (paid) in business combinations			4,478	(159)
Proceeds from disposals of premises and equipment			5	4
Purchases of premises and equipment			(128)	(152)
Proceeds from sales of foreclosed property or other real estate held for sale			253	106
Other, net			0	95
Net cash provided by (used in) investing activities			7,682	(4,145)
Cash Flows From Financing Activities:
Net (decrease) increase in deposits			(3,399)	1,626
Net decrease in federal funds purchased, securities sold under repurchase agreements and short-term borrowed funds			(2,506)	(559)
Proceeds from issuance of long-term debt			3,490	4,901
Repayment of long-term debt			(3,542)	(2,342)
Net proceeds from common stock issued			2,708	128
Retirement of preferred stock and warrant			(3,201)	0
Cash dividends paid on common stock			(624)	(760)
Cash dividends paid on preferred stock			(93)	0
Other, net			3	(8)
Net cash (used in) provided by financing activities			(7,164)	2,986
Net Decrease in Cash and Cash Equivalents			(349)	(725)
Cash and Cash Equivalents at Beginning of Period			2,740	3,117
Cash and Cash Equivalents at End of Period	$ 2,391	$ 2,392	2,391	2,392
Cash paid during the period for:
Interest			1,555	2,335
Income taxes			416	562
Noncash investing and financing activities:
Transfers of loans to foreclosed property			$ 1,160	$ 374

NOTE 1. Basis of Presentation	9 Months Ended
NOTE 1. Basis of Presentation	Sep. 30, 2009
Notes to Financial Statements [Abstract]
NOTE 1. Basis of Presentation	NOTE 1. Basis of Presentation *General* In the opinion of management, the accompanying unaudited Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Changes in Shareholders’ Equity, and Consolidated Statements of Cash Flows of BB&T Corporation and subsidiaries (referred to herein as “BB&T”, the “Corporation” or the “Company”), are fair statements of BB&T’s financial position at September 30, 2009 and December 31, 2008, BB&T’s results of operations for the three and nine month periods ended September 30, 2009 and 2008, and BB&T’s changes in shareholders’ equity and cash flows for the nine month periods ended September 30, 2009 and 2008. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. Management has evaluated the effect subsequent events would have on the consolidated financial statements through the time these consolidated financial statements were filed with the Securities and Exchange Commission on November 9, 2009. These consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q. The information contained in the financial statements and footnotes included in BB&T’s Annual Report on Form 10-K for the year ended December 31, 2008 should be referred to in connection with these unaudited interim consolidated financial statements. Effective July 1, 2009, the Financial Accounting Standards Board (“FASB”) issued new guidance relating to FASB Codification Topic 105-10: Generally Accepted Accounting Principles (“Topic 105-10”). The FASB Codification^TM is the single source of authoritative nongovernmental generally accepted accounting principles (“GAAP”) in the United States of America. Topic 105-10 is effective for financial statements that cover interim and annual periods ending after September 15, 2009. Other than resolving certain minor inconsistencies in current GAAP, Topic 105-10 is not intended to change GAAP, but rather to make it easier to review and research GAAP applicable to a particular transaction or specific accounting issue. *Nature of Operations* BB&T is a financial holding company headquartered in Winston-Salem, North Carolina. BB&T conducts operations through its North Carolina chartered commercial bank subsidiary, Branch Banking and Trust Company (“Branch Bank”), a federally chartered thrift institution, BB&T Financial, FSB (“BB&T FSB”) and its nonbank subsidiaries. Branch Bank has offices in North Carolina, South Carolina, Virginia, West Virginia, Florida, Kentucky, Georgia, Maryland, Alabama, Tennessee, Texas, Nevada, Indiana and Washington, D.C. Branch Bank provides a wide range of banking services to individuals and businesses, and offers a variety of loans to businesses and consumers. Such loans are made primarily to individuals residing in the market areas described above or to businesses located within BB&T’s geographic footprint. Branch Bank also markets a wide range of deposit services to individuals and businesses. Branch Bank offers, either directly, or through its subsidiaries, lease financing to businesses and municipal governments; factoring; discount brokerage services, annuities and mutual funds; life insurance, property and casualty insurance, health insurance and commercial general liability insurance on an agency basis and through a wholesale insurance brokerage operation; insurance premium financing; permanent financing arrangements for commercial real estate; loan servicing for third-party investors; direct consumer finance loans to individuals; trust and comprehensive wealth advisory services and association services. BB&T FSB and the direct nonbank subsidiaries of BB&T provide a variety of financial services including credit card lending, automobile lending, equipment financing, full-service securities brokerage, payroll processing, asset management and capital markets services. *Principles of Consolidation* The consolidated financial statements of BB&T include the accounts of BB&T Corporation and those subsidiaries that are majority owned by BB&T and over which BB&T exercises control. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly owned and majority owned subsidiaries are consolidated unless accounting principles generally accepted in the United States of America require otherwise. BB&T evaluates variable interests in entities for which voting interests are not an effective means of identifying controlling financial interests. Variable interests are those in which the value of the interest changes with the fair value of the net assets of the entity exclusive of variable interests. If the results of the evaluation indicate the existence of a primary beneficiary and the entity does not effectively disperse risks among the parties involved, that primary beneficiary is required to consolidate the entity. Likewise, if the evaluation indicates that the requirements for consolidation are not met and the entity has previously been consolidated, then the entity would be deconsolidated. BB&T has variable interests in certain entities that were not required to be consolidated, including affordable housing partnership interests, historic tax credit partnerships, other partnership interests and trusts that have issued capital securities. Please refer to Note 6 for additional disclosures regarding BB&T’s significant variable interest entities. BB&T accounts for unconsolidated partnership investments using the equity method of accounting. In addition to affordable housing partnerships, which represent the majority of unconsolidated investments in variable interest entities, BB&T also has investments and future funding commitments to venture capital and other entities. The maximum potential exposure to losses relative to investments in variable interest entities is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. Loans to these entities are underwritten in substantially the same manner as are other loans and are generally secured. BB&T has investments in certain entities for which BB&T does not have the controlling interest. For these investments, the Company records its interest using the equity method with its portion of income or loss being recorded in other noninterest income in the Consolidated Statements of Income. BB&T periodically evaluates these investments for impairment. *Reclassifications* BB&T adopted new guidance impacting FASB Topic 810-10: Consolidation on January 1, 2009. This guidance requires that a noncontrolling interest in a subsidiary be accounted for as equity in the consolidated balance sheet and that net income include the amounts for both the parent and the noncontrolling interest, with a separate amount presented in the income statement for the noncontrolling interest share of net income. This guidance also expands the disclosure requirements and provides guidance on how to account for changes in the ownership interest of a subsidiary. In accordance with this guidance, BB&T retrospectively applied the presentation and disclosure provisions for all periods presented. The amounts reclassified in connection with the adoption of this guidance were not material to the consolidated financial statements. In certain other instances, amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, shareholders’ equity or net income. *Use of Estimates in the Preparation of Financial Statements* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the allowance for loan and lease losses and the reserve for unfunded lending commitments, determination of fair value for financial instruments, valuation of goodwill, intangible assets and other purchase accounting related adjustments, benefit plan obligations and expenses, and tax assets, liabilities and expense. *Changes in Accounting Principles and Effects of New Accounting Pronouncements* BB&T adopted new guidance impacting FASB Topic 805: Business Combinations (“Topic 805”) on January 1, 2009. This guidance requires the acquiring entity in a business combination to recognize the full fair value of assets acquired and liabilities assumed in the transaction (whether a full or partial acquisition); establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed; requires expensing of most transaction and restructuring costs; and requires the acquirer to disclose to investors and other users all of the information needed to evaluate and understand the nature and financial effect of the business combination. Disclosures required by Topic 805 are included in Note 2 to these consolidated financial statements. In April 2009, the FASB issued new guidance impacting Topic 805. This guidance addresses application issues raised by preparers, auditors, and members of the legal profession on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This guidance was effective for BB&T for business combinations entered into on or after January 1, 2009. This guidance did not have a material impact on BB&T’s consolidated financial statements. BB&T adopted new guidance impacting FASB Topic 815-10: Derivatives and Hedging on January 1, 2009. This guidance requires that an entity provide enhanced disclosures related to derivative and hedging activities. The additional disclosures required by this guidance are included in Note 13 to these consolidated financial statements. BB&T adopted new guidance impacting FASB Topic 350-30: Intangibles – Goodwill and Other on January 1, 2009. This amends the factors an entity should consider in developing renewal or extension assumptions used in determining the useful life of recognized intangible assets under GAAP. The adoption of this guidance was not material to the consolidated financial statements. In December 2008, the FASB issued new guidance impacting FASB Topic 715-20: Compensation Retirement Benefits – Defined Benefit Plans – General. The objectives of this guidance are to provide users of the financial statements with more detailed information related to the major categories of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets and the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the period, as well as how investment allocation decisions are made, including the factors that are pertinent to an understanding of investment policies and strategies. The disclosures about plan assets required by this guidance will be effective for BB&T on December 31, 2009. In April 2009, the FASB issued new guidance impacting FASB Topic 820: Fair Value Measurements and Disclosures (“Topic 820”). This provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This also includes guidance on identifying circumstances that indicate a transaction is not orderly and requires additional disclosures of valuation inputs and techniques in interim periods and defines the major security types that are required to be disclosed. This guidance was effective for BB&T on April 1, 2009. The additional disclosures required by this guidance are included in Note 12 to these consolidated financial statements. In April 2009, the FASB issued new guidance impacting FASB Topic 320-10: Investments – Debt and Equity Securities. This guidance amends GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance was effective for BB&T on April 1, 2009. BB&T did not have any cumulative effect adjustment related to the adoption of this guidance and the additional disclosures required are included in the Consolidated Statements of Income and in Note 3 to these consolidated financial statements. In April 2009, the FASB issued new guidance impacting FASB Topic 825-10: Financial Instruments. This guidance amends GAAP to require disclosures about fair value of financial instruments in interim periods, as well as in annual periods. The additional disclosures required by this guidance are included in Note 12 to these consolidated financial statements. In May 2009, the FASB issued new guidance impacting FASB Topic 855: Subsequent Events. This provides guidance on management’s assessment of subsequent events that occur after the balance sheet date through the date that the financial statements are issued. This guidance is generally consistent with current accounting practice. In addition, it requires certain additional disclosures. This guidance was effective for periods ending after June 15, 2009 and had no impact on BB&T’s consolidated financial statements. In June 2009, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No. 166, “Accounting for Transfers of Financial Assets – an amendment of FASB Statement No. 140,” (“SFAS No. 166”). The objective of SFAS No. 166 is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial reports about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement in transferred financial assets. SFAS No. 166 is effective for financial asset transfers occurring after December 31, 2009. BB&T is currently evaluating the provisions of SFAS No. 166. In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R),” (“SFAS No. 167”). The objective of this Statement is to improve financial reporting by enterprises involved with variable interest entities and to provide more relevant and reliable information to users of financial statements. SFAS No. 167 is effective as of January 1, 2010. BB&T is currently evaluating the provisions of SFAS No. 167. In August 2009, the FASB issued new guidance impacting Topic 820. This guidance is intended to reduce ambiguity in financial reporting when measuring the fair value of liabilities. This guidance was effective for the first reporting period (including interim periods) after issuance and had no impact on BB&T’s consolidated financial statements. In September 2009, the FASB issued new guidance impacting Topic 820. This creates a practical expedient to measure the fair value of an alternative investment that does not have a readily determinable fair value. This guidance also requires certain additional disclosures. This guidance is effective for interim and annual periods ending after December 15, 2009. BB&T is currently evaluating the new guidance.

NOTE 2. Business Combinations

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 2. Business Combinations

NOTE 2. Business Combinations

Acquisitions

On August 14, 2009, Branch Bank entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (“FDIC”) to acquire certain assets and assume substantially all of the deposits and certain liabilities of Colonial Bank, an Alabama state-chartered bank headquartered in Montgomery, Alabama (“Colonial Bank”).

Colonial Bank operated 357 locations in Florida, Alabama, Georgia, Texas and Nevada. Excluding the effects of purchase accounting adjustments, Branch Bank assumed approximately $19.2 billion of the deposits of Colonial Bank. Additionally, Branch Bank purchased approximately $14.3 billion in loans, $165 million of other real estate owned (“OREO”) and $3.7 billion of investment securities. In connection with the acquisition, Branch Bank also entered into loss sharing agreements with the FDIC. Approximately $14.3 billion of acquired loans and OREO and $1.1 billion of the purchased investment securities are covered by loss sharing agreements between the FDIC and Branch Bank.

Pursuant to the terms of these loss sharing agreements, the FDIC’s obligation to reimburse Branch Bank for losses with respect to certain loans, OREO, certain investment securities and other assets (collectively, “covered assets”), begins with the first dollar of loss incurred. The terms of the loss sharing agreement with respect to certain non-agency mortgage-backed securities totaling $624 million provides that Branch Bank will be reimbursed by the FDIC for 95% of any and all losses. All other covered assets are subject to a stated threshold of $5.0 billion that provides for the FDIC to reimburse Branch Bank for (1) 80% of losses incurred up to $5 billion and (2) 95% of losses in excess of $5 billion. Gains and recoveries on covered assets will offset losses, or be paid to the FDIC, at the applicable loss share percentage at the time of recovery.

The loss sharing agreement applicable to single family residential mortgage loans provides for FDIC loss sharing and Branch Bank reimbursement to the FDIC, in each case as described above, for ten years. The loss sharing agreement applicable to commercial loans and other covered assets provides for FDIC loss sharing for five years and Branch Bank reimbursement to the FDIC for gains and recoveries for a total of eight years, in each case as described above.

The loss sharing agreements are subject to certain servicing procedures as specified in the agreements. The expected reimbursements under the loss sharing agreements were recorded as an indemnification asset at their estimated fair value of $3.3 billion on the acquisition date.

On October 15, 2019, BB&T is required to pay the FDIC 55% of the excess, if any, of (i) $1 billion over (ii) the sum of (A) 25% of the total net amounts paid to BB&T under both of the loss sharing agreements (i.e., BB&T’s payments received from the FDIC for losses, offset by BB&T’s payments made to the FDIC for recoveries) plus (B) 20% of the deemed total cost to BB&T of administering the assets covered under the loss sharing agreements other than shared loss securities. The deemed total cost to BB&T of administering the covered assets is the sum of 2% of the average of the principal amount of shared loss loans and shared loss assets (other than the shared loss securities) based on the beginning and end of year balances for each of the 10 years during which the shared loss agreements are in effect. In addition, any payments made by either party with respect to the securities with a 95% loss share will be excluded from this calculation.

Branch Bank did not immediately acquire the real estate, banking facilities, furniture or equipment of Colonial Bank as part of the purchase and assumption agreement. However, Branch Bank has the option to purchase the real estate and furniture and equipment from the FDIC. The term of this option expires 170 days after August 14, 2009, unless extended by the FDIC. Acquisition costs of the real estate and furniture and equipment will be based on current appraisals and determined at a later date. Currently all banking facilities and equipment are leased from the FDIC on a month-to-month basis.

Branch Bank has determined that the acquisition of the net assets of Colonial Bank constitutes a business acquisition as defined by Topic 805. Accordingly, the assets acquired and liabilities assumed as of August 14, 2009 are presented at their fair values in the table below as required by that topic. Fair values were determined based on the requirements of Topic 820. In many cases the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. These fair value estimates are considered preliminary, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. Branch Bank and the FDIC are engaged in ongoing discussions that may impact which assets and liabilities are ultimately acquired or assumed by Branch Bank and/or the purchase price. In addition, the tax treatment of FDIC assisted acquisitions is complex and subject to interpretations that may result in future adjustments of deferred taxes as of the acquisition date.

Approximately $690 million of goodwill and a $176 million core deposit intangible were recorded in connection with this transaction. The goodwill was assigned to BB&T’s banking network segment. All of the goodwill and core deposit intangible assets recognized are deductible for income tax purposes.


	As Recorded by Colonial Bank		Fair Value Adjustments			As Recorded by BB&T
	(Dollars in millions)
Assets:
Cash, due from banks and federal funds sold	$	185	$	—		$	185
Interest-bearing deposits in banks and the Federal Reserve		876		—			876
Investment securities (including $1,145 of covered securities)		3,723		(1	)		3,722
Covered loans held for sale		1,139		—			1,139
Covered loans		12,954		(4,628	)		8,326
Non-covered loans		235		(64	)		171

Total loans		14,328		(4,692	)		9,636
Goodwill		—		690			690
Core deposit intangible		—		176			176
Covered other real estate owned		165		(28	)		137
Federal Deposit Insurance Corporation loss share indemnification asset		—		3,346			3,346
Other assets (including $36 of covered assets)		360		1			361

Total assets acquired	$	19,637	$	(508	)	$	19,129

Liabilities:
Deposits	$	19,205	$	131		$	19,336
Repurchase agreements		74		—			74
Advances from Federal Home Loan Bank of Atlanta		3,341		313			3,654
Accrued expenses and other liabilities		90		96			186

Total liabilities assumed	$	22,710	$	540		$	23,250

Due from FDIC for net liabilities assumed	$	3,073	$	1,048		$	4,121

The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above.

Cash, due from banks and federal funds sold, interest-bearing deposits in banks and the Federal Reserve

The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.

Investment Securities

Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair value estimates are based on observable inputs including quoted market prices for similar instruments, quoted market prices that are not in an active market or other inputs that are observable in the market. In the absence of observable inputs, fair value is estimated based on pricing models and/or discounted cash flow methodologies.

Loans

Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows.

Core deposit intangible

This intangible asset represents the value of the relationships that Colonial Bank had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, reserve requirements and the net maintenance cost attributable to customer deposits.

Other real estate owned

OREO is presented at the estimated present value that management expects to receive when the property is sold, net of related costs of disposal.

FDIC loss share indemnification asset

This loss sharing asset is measured separately from the related covered asset as it is not contractually embedded in the assets and is not transferable with the assets should Branch Bank choose to dispose of them. Fair value was estimated using projected cash flows related to the loss sharing agreements based on the expected reimbursements for losses and the applicable loss sharing percentages. These expected reimbursements do not include reimbursable amounts related to future covered expenditures. These cash flows were discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC.

Deferred taxes

Deferred taxes totaling approximately $24 million, which are reflected in the other assets line in the table above, relate to a difference between the financial statement and tax basis of the acquired loans and loss share indemnification asset. Deferred taxes are reported based upon the principles in FASB Topic 740: Income Taxes, and are calculated based on the estimated federal and state income tax rates currently in effect for BB&T.

Deposits

The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition equal the amount payable on demand at the acquisition date. The fair values for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the interest rates embedded on such time deposits.

Advances from Federal Home Loan Bank of Atlanta

The fair values of Federal Home Loan Bank (FHLB) advances were based on pricing supplied by the FHLB.

The operating results of BB&T for the period ended September 30, 2009 include the operating results produced by the acquired assets and assumed liabilities for the period of August 15, 2009 to September 30, 2009 and were not material to the three or nine months ended September 30, 2009. Due primarily to BB&T acquiring only certain assets and liabilities of Colonial Bank, the significant amount of fair value adjustments, and the FDIC loss sharing agreements now in place, historical results of Colonial Bank are not material to BB&T’s results, and thus no pro forma information is presented.

On October 9, 2009, BB&T entered into a definitive agreement to sell certain Nevada branch locations that were acquired from Colonial Bank and approximately $800 million in deposits. The sale is expected to close in the first quarter of 2010, subject to regulatory approval.

Other Acquisitions

During the first nine months of 2009, BB&T acquired certain assets of an insurance premium financing business and two commercial real estate servicing businesses. Approximately $9 million of goodwill and $6 million of identifiable intangibles were recorded in connection with these acquisitions.

NOTE 3. Securities

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 3. Securities

NOTE 3. Securities

The amortized cost and approximate fair values of securities available for sale were as follows:


	September 30, 2009
	Amortized Cost		Gross Unrealized				Fair Value
	Amortized Cost		Gains		Losses		Fair Value
	(Dollars in millions)
Securities available for sale:
U.S. government-sponsored entities (GSE)	$	2,643	$	24	$	—	$	2,667
Mortgage-backed securities issued by GSE		25,880		326		54		26,152
States and political subdivisions		2,238		99		128		2,209
Non-agency mortgage-backed securities		1,393		—		332		1,061
Equity and other securities		849		20		1		868
Covered securities		1,152		35		11		1,176

Total securities available for sale	$	34,155	$	504	$	526	$	34,133


	December 31, 2008
	Amortized Cost		Gross Unrealized				Fair Value
	Amortized Cost		Gains		Losses		Fair Value
	(Dollars in millions)
Securities available for sale:
U.S. government-sponsored entities (GSE)	$	1,320	$	13	$	—	$	1,333
Mortgage-backed securities issued by GSE		27,117		338		25		27,430
States and political subdivisions		2,413		8		344		2,077
Non-agency mortgage-backed securities		1,573		—		475		1,098
Equity and other securities		937		2		34		905

Total securities available for sale	$	33,360	$	361	$	878	$	32,843

Covered securities include $861 million of non-agency mortgage-backed securities and $315 million of municipal securities acquired as part of the Colonial Bank transaction. All covered securities are covered by one of the FDIC loss share agreements as further discussed in Note 2 to these consolidated financial statements.

At September 30, 2009 and December 31, 2008, securities with carrying value of approximately $15.2 billion and $16.1 billion were pledged to secure municipal deposits, securities sold under agreements to repurchase, other borrowings, and for other purposes as required or permitted by law.

BB&T had certain investments in marketable debt securities and mortgage-backed securities issued by Fannie Mae and Freddie Mac that exceeded ten percent of shareholders’ equity at September 30, 2009. The Fannie Mae investments had total amortized cost and fair values of $17.7 billion and $17.9 billion, respectively at September 30, 2009, while Freddie Mac investments had total amortized cost and fair values of $7.0 billion and $7.1 billion, respectively.

At September 30, 2009, non-agency mortgage-backed securities primarily consisted of residential mortgage-backed securities. Equity securities include investments in stock issued by the FHLB of Atlanta. At September 30, 2009 and December 31, 2008, BB&T held $656 million and $479 million, respectively, of investments in FHLB stock.

Proceeds from sales of securities available for sale during the first nine months of 2009 and 2008 were $17.1 billion and $12.4 billion, respectively. Gross gains of $241 million and gross losses of $1 million were realized in 2009 and $136 million of gross gains and $29 million of gross losses were realized in 2008.

The amortized cost and estimated fair value of the debt securities portfolio at September 30, 2009, by contractual maturity, are shown in the accompanying table. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been included in maturity groupings based on the contractual maturity.


	September 30, 2009
	Available for Sale
	Amortized Cost		Fair Value
	(Dollars in millions)
Debt Securities:
Due in one year or less	$	617	$	619
Due after one year through five years		222		228
Due after five years through ten years		3,651		3,745
Due after ten years		28,809		28,666

Total debt securities		33,299		33,258
Total securities with no stated maturity		856		875

Total securities	$	34,155	$	34,133

The following tables reflect the gross unrealized losses and fair values of BB&T’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at the dates presented.


	September 30, 2009
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in millions)
Securities:
U.S. government-sponsored entities (GSE)	$	1	$	—	$	—	$	—	$	1	$	—
Mortgage-backed securities issued by GSE		9,114		51		611		3		9,725		54
States and political subdivisions		224		70		289		58		513		128
Non-agency mortgage-backed securities		185		74		858		258		1,043		332
Equity and other securities		4		1		1		—		5		1
Covered securities		565		11		—		—		565		11

Total temporarily impaired securities	$	10,093	$	207	$	1,759	$	319	$	11,852	$	526


	December 31, 2008
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in millions)
Securities:
Mortgage-backed securities issued by GSE	$	4,388	$	24	$	191	$	1	$	4,579	$	25
States and political subdivisions		1,174		174		328		170		1,502		344
Non-agency mortgage-backed securities		629		235		469		240		1,098		475
Equity and other securities		159		33		20		1		179		34

Total temporarily impaired securities	$	6,350	$	466	$	1,008	$	412	$	7,358	$	878

BB&T periodically evaluates available-for-sale securities for other-than-temporary impairment. Based on its evaluations during the first nine months of 2009, BB&T recorded $40 million of other-than-temporary impairments related to certain debt and equity securities. As of September 30, 2009, BB&T had recognized $1 million of other-than-temporary impairments on certain debt securities where a portion of the impairment was recorded in other comprehensive income.

On September 30, 2009, BB&T held certain investment securities having continuous unrealized loss positions for more than 12 months. As of September 30, 2009, the unrealized losses on these securities totaled $319 million. Substantially all of these losses were in non-agency mortgage-backed and municipal securities. At September 30, 2009, all of the available-for-sale debt securities in an unrealized loss position were investment grade with the exception of (a) one auction rate security with a book value of $1 million; (b) two municipal bonds with a book value of $9 million and (c) eleven non-agency mortgage-backed securities with a book value of $890 million. All of the non-investment grade securities referenced above were initially investment grade and have been downgraded since purchase. BB&T evaluated all of its debt securities for credit impairment. During the third quarter of 2009, BB&T determined that the non-investment grade auction rate security had credit losses evident and recorded other-than-temporary impairment. As of September 30, 2009, BB&T’s evaluation of the other securities with continuous unrealized losses indicated that there were no credit losses evident. Furthermore, BB&T does not intend to sell and it is more likely than not that the Company will not be required to sell these debt securities before the anticipated recovery of the amortized cost basis. See the “Summary Analysis Supporting Conclusions” section below for further details regarding BB&T’s below investment grade securities with significant unrealized losses.

BB&T conducts periodic reviews to identify and evaluate each investment that has an unrealized loss for other-than-temporary impairment. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Unrealized losses that are determined to be temporary in nature are recorded, net of tax, in accumulated other comprehensive income for available-for-sale securities.

Factors considered in determining whether a loss is temporary include:

•

The financial condition and near–term prospects of the issuer, including any specific events that may influence the operations of the issuer;

•

BB&T’s intent to sell and whether it is more likely than not that the Company will be required to sell these debt securities before the anticipated recovery of the amortized cost basis;

•

The length of the time and the extent to which the market value has been less than cost;

•

Whether the decline in fair value is attributable to specific conditions, such as conditions in an industry or in a geographic area;

•

Whether a debt security has been downgraded by a rating agency;

•

Whether the financial condition of the issuer has deteriorated;

•

The seniority of the security;

•

Whether dividends have been reduced or eliminated, or scheduled interest payments on debt securities have not been made; and

•

Any other relevant available information.

For certain U.S. mortgage-backed securities (and in particular for non-agency Alt-A, Prime and other mortgage-backed securities that have significant unrealized losses as a percentage of amortized cost), credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgage pools, using security-specific structure information. The model estimates cash flows from the underlying mortgage loan pools and distributes those cash flows to the various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in each structure. The cash flow model projects the remaining cash flows using a number of assumptions, including default rates, prepayment rates and recovery rates (on foreclosed properties).

Management reviews the result of the cash flow model, internal credit analysis and other market observable information in its estimation of possible future credit losses. If management does not expect to recover the entire amortized cost basis of a mortgage-backed security, the Company records other-than-temporary impairment equal to the amount of expected credit losses in the mortgage-backed security.

Where a mortgage-backed security is not deemed to be credit impaired, management performs additional analysis to assess whether it intends to sell and it is more likely than not that the Company will be required to sell these debt securities before anticipated recovery of the amortized cost basis. In making this determination, BB&T considers its expected liquidity and capital needs, including its asset/liability management needs, forecasts, strategies and other relevant information.

Summary Analysis Supporting Conclusions

In all instances, the senior holders of these securities have excess value through subordination inherent in the structure and the cash flow valuation was higher than amortized cost. The following table presents a detailed analysis of non-investment grade securities with significant unrealized losses that are not covered by a loss sharing arrangement. The expected loss represents the remaining current losses plus estimated future losses on the underlying mortgage pools. The subordination coverage of expected losses represents the amount of losses the subordinate security holders are obligated to absorb (original subordination less losses incurred to date) divided by the expected losses.

Non-investment grade securities with significant unrealized losses

As of September 30, 2009

(Dollars in millions)


Security	Amortized Cost		Fair Value		Unrealized Loss			Moody’s	Credit Rating S&P	Fitch	Expected Loss		Subordination Coverage of Expected Loss	Cash Flow Valuation
Security	Amortized Cost		Fair Value		Unrealized Loss			Moody’s	Credit Rating S&P	Fitch	Expected Loss		Subordination Coverage of Expected Loss	Cash Flow Valuation
RMBS 1	$	64	$	51	$	(13	)		CCC	CC	2.60	%	1.5x	$	74
RMBS 2		132		77		(55	)		CCC	CCC	2.60	%	1.5x		153
RMBS 3		64		19		(45	)	Caa1	CCC	CC	5.30	%	1.0x		73
RMBS 4		64		51		(13	)	Ba2	B	CCC	1.70	%	2.5x		74
RMBS 5		119		99		(20	)	Caa2	CCC		6.00	%	.9x		135
RMBS 6		51		38		(13	)	B3	CCC		7.50	%	.8x		59
RMBS 7		165		124		(41	)	Caa1	CCC		7.50	%	.8x		191
RMBS 8		59		38		(21	)	Caa2		C	8.90	%	.6x		68
RMBS 9		123		72		(51	)		CCC	CCC	3.30	%	1.9x		143

NOTE 4. Loans and Leases

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 4. Loans and Leases

NOTE 4. Loans and Leases

The following table provides a breakdown of BB&T’s loan portfolio as of September 30, 2009 and December 31, 2008:


	September 30, 2009		December 31, 2008
	(Dollars in millions)
Loans and leases, net of unearned income:
Commercial loans and leases	$	49,591	$	50,480
Sales finance		6,493		6,354
Revolving credit		1,929		1,777
Direct retail		14,482		15,454
Residential mortgage loans		15,463		17,091
Specialized lending		7,497		6,089
Other acquired loans		141		—

Total loans and leases held for investment (excluding covered loans)		95,596		97,245
Covered loans		8,305		—

Total loans and leases held for investment		103,901		97,245
Loans held for sale		3,126		1,424

Total loans and leases	$	107,027	$	98,669

Covered loans represent loans acquired from the FDIC subject to one of the loss sharing agreements. Other acquired loans represent consumer loans acquired from the FDIC that are not subject to one of the loss sharing agreements.

BB&T evaluated purchased loans for impairment in accordance with the provisions of FASB Topic 310-30: Loans and Debt Securities Acquired with Deteriorated Credit Quality (“Topic 310-30”). Purchased loans with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered impaired. The following table reflects the carrying value of all purchased impaired and nonimpaired loans as of September 30, 2009:


	Purchased Impaired Loans		Purchased Nonimpaired Loans		Total
	(Dollars in millions)
Residential mortgage loans	$	819	$	899	$	1,718
Commercial real estate loans		2,653		2,780		5,433
Commercial loans		93		1,061		1,154

Total covered loans		3,565		4,740		8,305
Other acquired loans		17		124		141

Total	$	3,582	$	4,864	$	8,446

As of August 14, 2009, the preliminary estimate of the contractually required payments receivable for all purchased impaired loans acquired in the Colonial Bank transaction, including those covered and not covered under loss sharing agreements with the FDIC, were $8.0 billion, the cash flows expected to be collected were $4.4 billion including interest, and the estimated fair value of the loans was $3.6 billion. These amounts were determined based upon the estimated remaining life of the underlying loans, which includes the effects of estimated prepayments. At September 30, 2009, none of these loans were classified as nonperforming assets. Therefore, interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, is being recognized on all purchased impaired loans. There was no allowance for credit losses related to the purchased impaired loans at September 30, 2009. Because of the short time period between the execution of the Purchase and Assumption Agreement and September 30, 2009, certain amounts related to the purchased impaired loans are preliminary estimates. BB&T expects to finalize its analysis of these loans during the fourth quarter of 2009, and, therefore, adjustments to the estimated amounts may occur.

Changes in the carrying amount and accretable yield for purchased impaired and nonimpaired loans were as follows for both the three and nine months ended September 30, 2009:


	Purchased Impaired						Purchased Nonimpaired(1)
	Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans
	(Dollars in millions)
Balance at beginning of period	$	—		$	—		$	—		$	—
Additions (2)		770			3,626			1,090			4,871
Accretion		(32	)		32			(39	)		39
Payments received, net		—			(76	)		—			(46	)

Balance at end of period	$	738		$	3,582		$	1,051		$	4,864

(1)	Excludes loans held for sale.

(2)	Represents the fair value of the loans at the date of acquisition.

For the purchased nonimpaired loans, excluding loans held for sale, the preliminary estimate as of the acquisition date of the contractually required payments receivable were $8.5 billion, the contractual cash flows not expected to be collected were $2.5 billion, and the estimated fair value of the loans was $4.9 billion. The difference between the carrying value of the purchased nonimpaired loans and the expected cash flows is being accreted to interest income over the remaining life of the loans. BB&T expects to finalize its analysis of these loans during the fourth quarter of 2009, and, therefore, adjustments to the estimated amounts may occur.

An analysis of the allowance for credit losses for the nine months ended September 30, 2009 and 2008 is presented in the following table:


	For the Nine Months Ended September 30,
	2009			2008
	(Dollars in millions)
Beginning balance	$	1,607		$	1,015
Other changes		70			(2	)
Provision for credit losses		2,086			917
Loans and leases charged-off		(1,345	)		(583	)
Recoveries of previous charge-offs		60			46

Net loans and leases charged-off		(1,285	)		(537	)

Ending balance	$	2,478		$	1,393

Allowance for loan and lease losses	$	2,379		$	1,377
Reserve for unfunded lending commitments		99			16

Allowance for credit losses	$	2,478		$	1,393

The following table provides a summary of BB&T’s nonperforming and past due loans at September 30, 2009 and December 31, 2008:


	September 30, 2009		December 31, 2008
	(Dollars in millions)
Nonaccrual loans and leases (1)	$	2,573	$	1,413
Foreclosed real estate		1,326		538
Other foreclosed property		53		79

Total nonperforming assets (excluding covered assets)		3,952		2,030

Covered foreclosed property		151		—

Total nonperforming assets	$	4,103	$	2,030

Loans 90 days or more past due and still accruing (excluding covered loans) (2)(3)	$	323	$	431

(1)	Covered and other acquired loans are considered to be performing due to the application of the accretion method under Topic 310-30. Covered loans that are contractually past due are noted in footnote 3 below.

(2)	Excludes mortgage loans guaranteed by GNMA that BB&T does not have the obligation to repurchase.

(3)	Excludes covered loans totaling $945 million as of September 30, 2009.

At September 30, 2009, BB&T had $148 million in loans that were accruing interest under the terms of troubled debt restructurings. This amount consists of $74 million in residential mortgage loans, $51 million in revolving credit loans, $20 million in commercial loans and $3 million in direct retail loans. Loan restructurings generally occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term. Consequently, a modification that would otherwise not be considered is granted to the borrower. These loans may continue to accrue interest as long as the borrower complies with the revised terms and conditions and has demonstrated repayment performance with the modified terms.

NOTE 5. Long-Term Debt

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 5. Long-Term Debt

NOTE 5. Long-Term Debt

Long-term debt is summarized as follows:


	September 30, 2009		December 31, 2008
	(Dollars in millions)
Parent Company
3.10% Senior Notes Due 2011	$	250	$	—
3.85% Senior Notes Due 2012		1,000		—
3.38% Senior Notes Due 2013		499		—
5.70% Senior Notes Due 2014		509		—
6.85% Senior Notes Due 2019		538		—
6.50% Subordinated Notes Due 2011 (1)		610		648
4.75% Subordinated Notes Due 2012 (1)		489		497
5.20% Subordinated Notes Due 2015 (1,3)		932		997
4.90% Subordinated Notes Due 2017 (1,3)		335		368
5.25% Subordinated Notes Due 2019 (1,3)		586		600

Branch Bank
Floating Rate Senior Notes Due 2009		—		516
Floating Rate Subordinated Notes Due 2016 (1,8)		350		350
Floating Rate Subordinated Notes Due 2017 (1,8)		261		300
4.875% Subordinated Notes Due 2013 (1)		222		250
5.625% Subordinated Notes Due 2016 (1,3)		386		399

Federal Home Loan Bank Advances to Branch Bank (4)
Varying maturities to 2028		10,711		9,838

Junior Subordinated Debt to Unconsolidated Trusts (2)
5.85% BB&T Capital Trust I Securities Due 2035		514		514
6.75% BB&T Capital Trust II Securities Due 2036		598		598
6.82% BB&T Capital Trust IV Securities Due 2077 (5)		600		600
8.95% BB&T Capital Trust V Securities Due 2068 (6)		450		450
9.60% BB&T Capital Trust VI Securities Due 2069		575		—
Other Securities (7)		182		182

Other Long-Term Debt		74		66

Fair value hedge-related basis adjustments		646		859

Total Long-Term Debt	$	21,317	$	18,032

(1)	Subordinated notes that qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

(2)	Securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations.

(3)	These fixed rate notes were swapped to floating rates based on LIBOR. At September 30, 2009, the effective rates paid on these borrowings ranged from .42% to .98%.

(4)	At September 30, 2009, $800 million of these advances were swapped to a floating rate based on LIBOR. The weighted average cost of these advances was 3.36% including the effect of the swapped portion, and the weighted average maturity was 7.2 years.

(5)	These securities are fixed rate through June 12, 2037 and then switch to a floating rate based on LIBOR.

(6)	$360 million of this issuance was swapped to a floating rate based on LIBOR. At September 30, 2009 the effective rate on the swapped portion was 3.67%.

(7)	These securities were issued by companies acquired by BB&T. At September 30, 2009, the effective rate paid on these borrowings ranged from 2.00% to 10.07%. These securities have varying maturities through 2035.

(8)	These floating-rate securities are based on LIBOR and had an effective rate of .66% as of September 30, 2009.

In July 2009, BB&T Capital Trust VI (“BBTCT VI”) issued $575 million of Capital Securities, with a fixed interest rate of 9.60% through August 1, 2064 and a floating rate, if extended, through August 1, 2069. BBTCT VI, a statutory business trust created under the laws of the State of Delaware, was formed by BB&T for the sole purpose of issuing the Capital Securities and investing the proceeds thereof in Junior Subordinated Debentures issued by BB&T. BB&T has made guarantees which, taken collectively, fully, irrevocably, and unconditionally guarantee, on a subordinated basis, all of BBTCT VI’s obligations under the Trust and Capital Securities. BBTCT VI’s sole asset is the Junior Subordinated Debentures issued by BB&T which have an initial maturity on August 1, 2064 and a final maturity date on August 1, 2069. The Junior Subordinated Debentures are subject to early redemption (i) in whole, but not in part, at any time under certain prescribed limited circumstances or (ii) in whole, or in part, pursuant to the call provisions after August 1, 2014. The Capital Securities of BBTCT VI are subject to mandatory redemption in whole, or in part, upon repayment of the Junior Subordinated Debentures at maturity or their earlier redemption.

NOTE 6. Contractual Obligations, Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements	9 Months Ended
	Sep. 30, 2009
Notes to Financial Statements [Abstract]
NOTE 6. Contractual Obligations, Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements	NOTE 6. Contractual Obligations, Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements BB&T utilizes a variety of financial instruments to meet the financing needs of clients and reduce exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees, and derivatives. BB&T also has commitments to fund certain affordable housing investments and contingent liabilities of certain sold loans. Standby letters of credit and financial guarantees written are unconditional commitments issued by BB&T to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing and similar transactions. The credit risk involved in the issuance of these guarantees is essentially the same as that involved in extending loans to clients and as such, the instruments are collateralized when necessary. As of September 30, 2009 and December 31, 2008, BB&T had issued standby letters of credit totaling $8.0 billion and $5.9 billion, respectively. The carrying amount of the liability for such guarantees was $34 million and $20 million at September 30, 2009 and December 31, 2008, respectively. A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest-rate swaps, swaptions, caps, floors, collars, financial forward and futures contracts, when-issued securities, foreign exchange contracts and options written and purchased. BB&T uses derivatives primarily to manage risk related to securities, business loans, Federal Funds purchased, other overnight funding, long-term debt, mortgage servicing rights, mortgage banking operations and certificates of deposit. BB&T also uses derivatives to facilitate transactions on behalf of its clients. BB&T held a variety of derivative financial instruments with notional values of $69.6 billion and $74.2 billion at September 30, 2009 and December 31, 2008, respectively. These instruments were in a net gain position of $382 million and $626 million at September 30, 2009 and December 31, 2008, respectively. BB&T invests in certain affordable housing and historic building rehabilitation projects throughout its market area as a means of supporting local communities and receives tax credits related to these investments. BB&T typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships. Branch Bank typically provides financing during the construction and development of the properties; however, permanent financing is generally obtained from independent third parties upon completion of a project. As of September 30, 2009 and December 31, 2008, BB&T had investments of $1.1 billion and $891 million, respectively, related to these projects, which are included in other assets on the Consolidated Balance Sheets. BB&T’s outstanding commitments to fund affordable housing investments totaled $410 million and $412 million at September 30, 2009 and December 31, 2008, respectively, which are included in other liabilities on the Consolidated Balance Sheets. As of September 30, 2009 and December 31, 2008, BB&T had outstanding loan commitments to these funds of $166 million and $161 million, respectively. Of this amount, $83 million and $81 million had been funded at September 30, 2009 and December 31, 2008, respectively, and were included in loans and leases on the Consolidated Balance Sheets. BB&T’s maximum risk exposure related to these investments totaled $1.2 billion and $1.1 billion at September 30, 2009 and December 31, 2008, respectively. In the ordinary course of business, BB&T indemnifies its officers and directors to the fullest extent permitted by law against liabilities arising from pending litigation. BB&T also issues standard representations and warranties in underwriting agreements, merger and acquisition agreements, loan sales, brokerage activities and other similar arrangements. Counterparties in many of these indemnification arrangements provide similar indemnifications to BB&T. Although these agreements often do not specify limitations, BB&T does not believe that any payments related to these guarantees would materially change the financial condition or results of operations of BB&T. BB&T has sold certain mortgage-related loans that contain recourse provisions. These provisions generally require BB&T to reimburse the investor for a share of any loss that is incurred after the disposal of the property. At September 30, 2009 and December 31, 2008, BB&T had $2.1 billion and $2.5 billion, respectively, of residential mortgage loans sold with recourse. In the event of nonperformance by the borrower, BB&T has maximum recourse exposure of approximately $669 million and $745 million as of September 30, 2009 and December 31, 2008, respectively. In addition, BB&T has $4.0 billion and $3.3 billion in loans serviced for others that were covered by loss sharing agreements at September 30, 2009 and December 31, 2008, respectively. As of September 30, 2009 and December 31, 2008, BB&T’s maximum exposure to loss for these loans is approximately $1.0 billion and $818 million, respectively. At September 30, 2009, BB&T has recorded $17 million of reserves related to these recourse exposures. BB&T has investments and future funding commitments to certain venture capital funds. As of September 30, 2009 and December 31, 2008, BB&T had investments, net of noncontrolling interest of $216 million and $168 million, respectively, related to these ventures. As of September 30, 2009 and December 31, 2008, BB&T had future funding commitments of $203 million and $222 million, respectively. BB&T’s risk exposure relating to such commitments is generally limited to the amount of investments and future funding commitments made. BB&T has made loan commitments to qualified special purpose entities as a nontransferor lender. As of September 30, 2009 and December 31, 2008, BB&T had loan commitments to these entities totaling $276 million and $405 million, respectively. Of this amount, $229 million and $290 million had been funded at September 30, 2009 and December 31, 2008, respectively, and were included in loans and leases on the Consolidated Balance Sheets.

NOTE 10. Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 10. Comprehensive Income (Loss)

NOTE 10. Comprehensive Income (Loss)

The balances in accumulated other comprehensive loss for the periods indicated are shown in the following tables:


	As of September 30, 2009									As of December 31, 2008
	Pre-Tax Amount			Deferred Tax Expense (Benefit)			After-Tax Amount			Pre-Tax Amount			Deferred Tax Expense (Benefit)			After-Tax Amount
	(Dollars in millions)
Unrecognized net pension and postretirement costs	$	(689	)	$	(261	)	$	(428	)	$	(720	)	$	(273	)	$	(447	)
Unrealized net gains on cash flow hedges		152			58			94			76			28			48
Unrealized net losses on securities available for sale		(22	)		(8	)		(14	)		(517	)		(193	)		(324	)
FDIC’s share of unrealized net gains on securities available for sale under the loss share agreements(1)		(19	)		(7	)		(12	)		—			—			—
Foreign currency translation adjustment		(9	)		(5	)		(4	)		(9	)		—			(9	)

Total	$	(587	)	$	(223	)	$	(364	)	$	(1,170	)	$	(438	)	$	(732	)

(1)

Approximately $1.2 billion of securities available for sale are covered by loss sharing agreements with the FDIC as discussed in Note 2 to these consolidated financial statements. The securities covered by the loss share agreements reflected a net unrealized pretax gain of $24 million as of September 30, 2009. The FDIC’s share of this net unrealized pretax gain, upon sale, is $19 million and has been recorded as a reduction in other comprehensive income.

As of September 30, 2009, unrealized net losses on securities available for sale included $61 million of pre-tax losses related to other-than-temporarily impaired securities.

The following tables reflect the components of total comprehensive income for the three and nine month periods ended September 30, 2009 and 2008, respectively.


	For the Three Months Ended
	September 30, 2009									September 30, 2008
	Pre-Tax			Tax Effect			After-Tax			Pre-Tax			Tax Effect			After-Tax
	(Dollars in millions)
Comprehensive income:
Net income	$	148		$	(9	)	$	157		$	511		$	149		$	362
Other comprehensive income:
Unrealized net holding gains (losses) arising during the period on securities available for sale		626			237			389			(184	)		(68	)		(116	)
Reclassification adjustment for losses (gains) on securities available for sale included in net income		(31	)		(12	)		(19	)		(13	)		(5	)		(8	)
Net change in amounts attributable to the FDIC under the loss share		(19	)		(7	)		(12	)		—			—			—
Net change in unrecognized gains (losses) on cash flow hedges		4			2			2			(6	)		(6	)		—
Net change in foreign currency translation adjustment		1			(3	)		4			(1	)		—			(1	)
Net change in pension and postretirement liability		3			1			2			4			1			3

Total comprehensive income	$	732		$	209		$	523		$	311		$	71		$	240


	For the Nine Months Ended
	September 30, 2009									September 30, 2008
	Pre-Tax			Tax Effect			After-Tax			Pre-Tax			Tax Effect			After-Tax
	(Dollars in millions)
Comprehensive income:
Net income	$	829		$	146		$	683		$	1,747		$	525		$	1,222
Other comprehensive income:
Unrealized net holding gains (losses) arising during the period on securities available for sale		695			261			434			(525	)		(196	)		(329	)
Reclassification adjustment for losses (gains) on securities available for sale included in net income		(200	)		(76	)		(124	)		(66	)		(25	)		(41	)
Net change in amounts attributable to the FDIC under the loss share		(19	)		(7	)		(12	)		—			—			—
Net change in unrecognized gains (losses) on cash flow hedges		76			30			46			21			8			13
Net change in foreign currency translation adjustment		—			(5	)		5			(1	)		—			(1	)
Net change in pension and postretirement liability		31			12			19			2			1			1

Total comprehensive income	$	1,412		$	361		$	1,051		$	1,178		$	313		$	865

NOTE 12. Fair Value Disclosures

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 12. Fair Value Disclosures

NOTE 12. Fair Value Disclosures

BB&T carries various assets and liabilities at fair value based on applicable accounting standards. In addition, BB&T has elected to account for prime residential mortgage and commercial mortgage loans held for sale at fair value in accordance with FASB Topic 825: The Fair Value Option for Financial Assets and Liabilities (“Topic 825” or the “Fair Value Option”). Topic 820 established a framework for measuring fair value and defines fair value as the exchange price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants. Topic 820 also established a three level fair value hierarchy that describes the inputs that are used to measure assets and liabilities.

Level 1

Level 1 asset and liability fair values are based on quoted prices in active markets for identical assets and liabilities. Level 1 assets and liabilities include certain equity securities and derivative contracts that are traded in an active market.

Level 2

Level 2 asset and liability fair values are based on observable inputs that include: quoted market prices for similar assets or liabilities; quoted market prices that are not in an active market; or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include fixed income securities and mortgage-backed securities that are held in the Corporation’s trading and available-for-sale portfolios, loans held for sale, certain derivative contracts and short-term borrowings.

Level 3

Level 3 assets and liabilities are financial instruments whose value is calculated by the use of pricing models and/or discounted cash flow methodologies, as well as financial instruments for which the determination of fair value requires significant management judgment or estimation. These methodologies may result in a significant portion of the fair value being derived from unobservable data. Level 3 assets and liabilities include certain trading securities, obligations of state and political subdivisions, non-agency mortgage-backed securities, covered securities, mortgage servicing rights, venture capital investments and certain derivative contracts.

Assets and liabilities measured at fair value on a recurring basis, including financial instruments for which BB&T has elected the Fair Value Option in accordance with Topic 825 are summarized below:


			Fair Value Measurements for Assets and Liabilities Measured on a Recurring Basis
	9/30/2009		Level 1		Level 2		Level 3
			(Dollars in Millions)
Assets:
Trading securities	$	686	$	233	$	440	$	13
Securities available for sale:
U.S. government-sponsored entities (GSE)		2,667		—		2,667		—
Mortgage-backed securities issued by GSE		26,152		—		26,152		—
States and political subdivisions		2,209		—		1,983		226
Non-agency mortgage-backed securities		1,061		—		1,061		—
Equity and other securities		868		167		692		9
Covered securities		1,176		—		540		636
Loans held for sale (1)		3,083		—		3,083		—
Residential mortgage servicing rights		639		—		—		639
Derivative assets (2)		1,128		4		1,097		27
Venture capital investments (2)		229		—		—		229

Total assets	$	39,898	$	404	$	37,715	$	1,779

Liabilities:
Derivative liabilities (2)	$	746	$	4	$	721	$	21
Short-term borrowed funds (3)		338		1		337		—

Total liabilities	$	1,084	$	5	$	1,058	$	21


			Fair Value Measurements for Assets and Liabilities Measured on a Recurring Basis
	12/31/2008		Level 1		Level 2		Level 3
			(Dollars in Millions)
Assets:
Trading securities	$	376	$	204	$	168	$	4
Securities available for sale		32,843		170		31,574		1,099
Loans held for sale (1)		1,396		—		1,396		—
Residential mortgage servicing rights		370		—		—		370
Derivative assets (2)		1,723		4		1,681		38
Venture capital investments (2)		183		—		1		182

Total assets	$	36,891	$	378	$	34,820	$	1,693

Liabilities:
Derivative liabilities (2)	$	1,097	$	11	$	1,085	$	1
Short-term borrowed funds (3)		149		—		149		—

Total liabilities	$	1,246	$	11	$	1,234	$	1

(1)	There were $43 million in commercial loans held for sale accounted for at lower of cost or market at September 30, 2009. There were $28 million in loans held for sale not accounted for at fair value at December 31, 2008.

(2)	These amounts are reflected in other assets and other liabilities on the Consolidated Balance Sheets.

(3)	Short-term borrowed funds reflect securities sold short positions.

The tables below present a reconciliation for the three and nine month periods ended September 30, 2009 and 2008, respectively, for Level 3 assets and liabilities that are measured at fair value on a recurring basis.


	Fair Value Measurements Using Significant Unobservable Inputs
For the Three Month Period Ended September 30, 2009	Trading			States & Political Subdivisions		Non-agency mortgage- backed securities			Equity & Other Securities			Covered Securities		Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
	(Dollars in Millions)
Balance at June 30, 2009	$	14		$	—	$	1,048		$	1		$	—	$	615		$	—		$	200
Total realized and unrealized gains or losses:
Included in earnings		(2	)		—		—			—			4		(89	)		33			(4	)
Included in other comprehensive income (loss)		—			—		70			—			—		—			—			—
Purchases, issuances and settlements		—			—		(57	)		(1	)		—		113			(7	)		3
Transfers into Level 3 from Colonial acquisition		—			—		—			—			632		—			(20	)		—
Transfers in and/or out of Level 3		1			226		(1,061	)		9			—		—			—			30

Balance at September 30, 2009	$	13		$	226	$	—		$	9		$	636	$	639		$	6		$	229


	Fair Value Measurements Using Significant Unobservable Inputs
For the Three Month Period Ended September 30, 2008	Trading		AFS Securities			Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
	Trading		AFS Securities			Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
	(Dollars in Millions)
Balance at June 30, 2008	$	5	$	14		$	611		$	6		$	152
Total realized and unrealized gains or losses:
Included in earnings		—		—			(63	)		26			1
Included in other comprehensive income (loss)		—		(1	)		—			—			—
Purchases, issuances and settlements		—		—			53			(34	)		21
Transfers in and/or out of Level 3		—		35			—			—			—

Balance at September 30, 2008	$	5	$	48		$	601		$	(2	)	$	174


	Fair Value Measurements Using Significant Unobservable Inputs
For the Nine Month Period Ended September 30, 2009	Trading			States & Political Subdivisions		Non-agency mortgage- backed securities			Equity & Other Securities			Covered Securities		Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
	(Dollars in Millions)
Balance at January 1, 2009	$	4		$	—	$	1,098		$	1		$	—	$	370		$	37		$	182
Total realized and unrealized gains or losses:
Included in earnings		(3	)		—		—			—			4		(62	)		138			(6	)
Included in other comprehensive income (loss)		—			—		142			—			—		—			—			—
Purchases, issuances and settlements		11			—		(179	)		(1	)		—		331			(149	)		23
Transfers into Level 3 from Colonial acquisition		—			—		—			—			632		—			(20	)		—
Transfers in and/or out of Level 3		1			226		(1,061	)		9			—		—			—			30

Balance at September 30, 2009	$	13		$	226	$	—		$	9		$	636	$	639		$	6		$	229


	Fair Value Measurements Using Significant Unobservable Inputs
For the Nine Month Period Ended September 30, 2008	Trading			AFS Securities			Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
				(Dollars in Millions)
Balance at January 1, 2008	$	27		$	9		$	472		$	2		$	128
Total realized and unrealized gains or losses:
Included in earnings		(2	)		—			(39	)		52			(8	)
Included in other comprehensive income (loss)		—			(1	)		—			—			—
Purchases, issuances and settlements		(23	)		5			168			(56	)		54
Transfers in and/or out of Level 3		3			35			—			—			—

Balance at September 30, 2008	$	5		$	48		$	601		$	(2	)	$	174

BB&T transferred approximately $1.1 billion of non-agency mortgage-backed securities from level 3 to level 2 in the third quarter of 2009 as a result of increased market activity for these securities. Conversely, market activity for certain auction rate securities decreased and BB&T transferred these securities from level 2 to level 3. The total amount of auction rate securities that were transferred during the third quarter was $235 million, which was comprised of $226 million included in obligations of state and political subdivisions and $9 million that are included in equity and other securities. BB&T also acquired certain non-agency mortgage-backed securities in the Colonial acquisition that are included in covered securities and were determined to be level 3 due to the lack of observable sales for these securities. There were no gains or losses recognized as a result of the transfers of securities between level 2 and level 3.

The tables below summarize unrealized and realized gains and losses recorded in earnings for Level 3 assets and liabilities for the three month periods ended September 30, 2009 and 2008, respectively.


	Total Gains and Losses
For the Three Month Period Ended September 30, 2009	Trading			Covered Securities		Mortgage Servicing Rights			Net Derivatives		Venture Capital Investments
	(Dollars in Millions)
Classification of gains and losses (realized/unrealized) included in earnings for the period:
Interest income	$	—		$	4	$	—		$	—	$	—
Mortgage banking income		—					(89	)		33		—
Other noninterest income		(2	)		—		—			—		(4	)

Total	$	(2	)	$	4	$	(89	)	$	33	$	(4	)

Net unrealized gains (losses) included in net income relating to assets and liabilities still held at September 30, 2009	$	(2	)	$	4	$	(59	)	$	6	$	2


	Total Gains and Losses
For the Three Month Period Ended September 30, 2008	Trading		Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
	(Dollars in Millions)
Classification of gains and losses (realized/unrealized) included in earnings for the period:
Mortgage banking income	$	—	$	(63	)	$	26		$	—
Other noninterest income		—		—			—			1

Total	$	—	$	(63	)	$	26		$	1

Net unrealized gains (losses) included in net income relating to assets and liabilities still held at September 30, 2008	$	—	$	(41	)	$	(2	)	$	1

The realized and unrealized losses reported for mortgage servicing rights assets are composed of a negative valuation adjustment of $59 million and $41 million and the realization of expected residential mortgage servicing rights cash flows of $30 million and $22 million for the quarters ended September 30, 2009 and 2008, respectively. BB&T uses various derivative financial instruments to mitigate the income statement effect of changes in fair value due to its quarterly valuation. During the three months ended September 30, 2009 and 2008, respectively, the derivative instruments produced gains of $72 million and $65 million, which offset the negative valuation adjustment recorded.

The tables below summarize unrealized and realized gains and losses recorded in earnings for Level 3 assets and liabilities for the nine month periods ended September 30, 2009 and 2008, respectively.


	Total Gains and Losses
For the Nine Month Period Ended September 30, 2009	Trading			Covered Securities		Mortgage Servicing Rights			Net Derivatives		Venture Capital Investments
	(Dollars in Millions)
Classification of gains and losses (realized/unrealized) included in earnings for the period:
Interest income	$	—		$	4	$	—		$	—	$	—
Mortgage banking income		—			—		(62	)		138		—
Other noninterest income		(3	)		—		—			—		(6	)

Total	$	(3	)	$	4	$	(62	)	$	138	$	(6	)

Net unrealized gains (losses) included in net income relating to assets and liabilities still held at September 30, 2009	$	(3	)	$	4	$	32		$	6	$	(7	)


	Total Gains and Losses
For the Nine Month Period Ended September 30, 2008	Trading			Mortgage Servicing Rights			Net Derivatives			Venture Capital Investments
	(Dollars in Millions)
Classification of gains and losses (realized/unrealized) included in earnings for the period:
Mortgage banking income	$	—		$	(39	)	$	52		$	—
Other noninterest income		(2	)		—			—			(8	)

Total	$	(2	)	$	(39	)	$	52		$	(8	)

Net unrealized gains (losses) included in net income relating to assets and liabilities still held at September 30, 2008	$	—		$	27		$	(2	)	$	(12	)

The realized and unrealized losses reported for mortgage servicing rights assets are composed of a positive valuation adjustment of $32 million and $27 million less the realization of expected residential mortgage servicing rights cash flows of $94 million and $66 million for the nine months ended September 30, 2009 and 2008, respectively. BB&T uses various derivative financial instruments to mitigate the income statement effect of changes in fair value due to its quarterly valuation. During the first nine months of 2009, the derivative instruments produced gains of $32 million and losses of $11 million for the first nine months of 2008, which offset the valuation adjustments recorded.

The following table details the fair value and unpaid principal balance of loans held for sale at September 30, 2009 and December 31, 2008, that were elected to be carried at fair value.


	Fair Value		Aggregate Unpaid Principal Balance		Fair Value less Aggregate Unpaid Principal Balance			Fair Value		Aggregate Unpaid Principal Balance		Fair Value less Aggregate Unpaid Principal Balance
	September 30, 2009							December 31, 2008
	(Dollars in millions)							(Dollars in millions)
Loans held for sale reported at fair value
Total (1)	$	3,083	$	3,029	$	54		$	1,396	$	1,367	$	29
Nonaccrual loans		4		5		(1	)		1		1		—
Loans 90 days or more past due and still accruing interest		1		1		—			3		3		—

(1)	The change in fair value is reflected in mortgage banking income.

Also, BB&T may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis. Assets measured at fair value on a nonrecurring basis for the quarter ended September 30, 2009 that were still held on the balance sheet at September 30, 2009 totaled $2.2 billion. This amount consists of $933 million for impaired loans, excluding covered loans, and $1.3 billion for foreclosed real estate that were classified as Level 3 assets. During the third quarter and the first nine months of 2009, BB&T recorded $101 million and $290 million, respectively, in losses related to write-downs of the loans and $88 million and $137 million in losses related to write-downs of foreclosed real estate based on the appraised value of the underlying collateral.

FASB Topic 825-10-50: Financial Instruments requires the disclosure of the estimated fair value of financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. BB&T has recorded certain assets and liabilities at fair value based on the Fair Value Option or as required by Topic 820. The following is a summary of the carrying amounts and fair values of those financial assets and liabilities that BB&T has not recorded at fair value:


	September 30,				December 31,
	2009				2008
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents	$	2,391	$	2,391	$	2,740	$	2,740
Segregated cash due from banks		286		286		379		379
Loans and leases, net of allowance for loan and lease losses (1)		101,565		101,300		95,699		96,025

Financial liabilities:
Deposits		114,510		113,205		98,613		98,877
Federal funds purchased, securities sold under repurchase agreements and short-term borrowed funds		8,357		8,357		10,788		10,788
Long-term debt (2)		21,311		21,111		18,026		17,873

(1)	Includes $43 million and $28 million of loans held for sale for which the Fair Value Option was not elected at September 30, 2009 and December 31, 2008, respectively.

(2)	Excludes $6 million of obligations under capitalized leases at both September 30, 2009 and December 31, 2008.

The following is a summary of the notional or contractual amounts and fair values of BB&T’s off-balance sheet financial instruments as of the periods indicated:


	September 30,				December 31,
	2009				2008
	Notional/ Contract Amount		Fair Value		Notional/ Contract Amount		Fair Value
	(Dollars in millions)
Contractual commitments:
Commitments to extend, originate or purchase credit	$	34,831	$	46	$	35,144	$	50
Mortgage loans sold with recourse		2,054		6		2,470		3
Other assets sold with recourse		4,015		11		3,259		8
Standby and commercial letters of credit and financial guarantees written		8,015		34		5,895		20
Commitments to fund affordable housing investments		410		385		412		393

Estimates of the fair value of these financial instruments are made at a point in time, based on relevant market data and information about the financial instrument. Fair values are calculated based on the value of one trading unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, estimated transaction costs that may result from bulk sales or the relationship between various financial instruments. No readily available market exists for a significant portion of BB&T’s financial instruments. Fair value estimates for these instruments are based on current economic conditions, currency and interest rate risk characteristics, loss experience and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. In addition, changes in assumptions could significantly affect these fair value estimates. The following methods and assumptions were used by BB&T in estimating the fair value of these financial instruments.

Cash and cash equivalents and segregated cash due from banks: For these short-term instruments, the carrying amounts are a reasonable estimate of fair values.

Loans receivable and loans held for sale: The fair values for loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms and credit quality. The carrying amounts of accrued interest approximate fair values. The fair values of loans held for sale for which BB&T did not elect the Fair Value Option are based on quoted market prices and the projected value of the net servicing fees.

Deposit liabilities: The fair values for demand deposits, interest-checking accounts, savings accounts and certain money market accounts are, by definition, equal to the amount payable on demand at the reporting date, i.e., their carrying amounts. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies current interest rates to aggregate expected maturities. In addition, nonfinancial instruments such as core deposit intangibles are not recorded at fair value. BB&T has developed long-term relationships with its customers through its deposit base and in the opinion of management, these items add significant value to BB&T.

Federal funds purchased, securities sold under repurchase agreements and short-term borrowed funds: The carrying amounts of Federal funds purchased, borrowings under repurchase agreements and short-term borrowed funds approximate their fair values.

Long-term debt: The fair values of long-term debt are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on BB&T’s current incremental borrowing rates for similar types of instruments.

Contractual commitments: The fair values of commitments are estimated using the fees charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair values also consider the difference between current levels of interest rates and the committed rates. The fair values of guarantees and letters of credit are estimated based on the counterparties’ creditworthiness and average default rates for loan products with similar risks. The fair values of commitments to fund affordable housing investments are estimated using the net present value of future commitments.

NOTE 13. Derivative Financial Instruments

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 13. Derivative Financial Instruments

NOTE 13. Derivative Financial Instruments

BB&T uses a variety of derivative instruments to manage interest rate and foreign exchange risks. These instruments consist of interest-rate swaps, swaptions, caps, floors, collars, financial forward and futures contracts, when-issued securities, foreign exchange contracts and options written and purchased. A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. There are five areas of risk management: balance sheet management, mortgage banking operations, mortgage servicing rights, net investment in a foreign subsidiary and client-related and other risk management activities.

The following tables set forth certain information concerning BB&T’s derivative financial instruments and related hedged items at September 30, 2009:

Derivative Classifications and Hedging Relationships


		September 30, 2009
	Hedged Item or Transaction	Notional Amount		Fair Value
	Hedged Item or Transaction	Notional Amount		Gain (1)		Loss (1)
		(Dollars in millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts:
Receive fixed swaps	First forecasted interest receipts on commercial loans	$	2,000	$	33	$	(3	)
Pay fixed swaps	First forecasted interest payments on 3 month LIBOR funding		2,600		10		(31	)
Caps	First forecasted interest payments on 3 month LIBOR funding		442		—		—

Total			5,042		43		(34	)


Derivatives Designated as Net Investment Hedges:

Foreign exchange contracts			73		—		(1	)


Derivatives Designated as Fair Value Hedges:
Interest rate contracts:
Receive fixed swaps	Individual fixed rate long-term debt issuances		3,429		288		(3	)
Receive fixed swaps	Long-term CD’s		328		5		—
Pay fixed swaps	Individual fixed rate municipal securities classified as available for sale		354		—		(83	)

Total			4,111		293		(86	)


Derivatives Not Designated as Hedges:
Client-related and other risk management
Interest rate contracts
Receive fixed swaps			11,320		509		(14	)
Pay fixed swaps			10,681		14		(471	)
Other swaps			7,719		4		(3	)
Option trades			917		—		—
Swaptions			540		29		(28	)
Futures contracts			1,117		—		—
Collars			122		5		(5	)
Forward rate agreements			900		—		—
Foreign exchange contracts			362		7		(6	)
Mortgage Banking
Interest rate contracts
Receive fixed swaps			33		1		—
Interest rate lock commitments			3,085		27		—
Forward commitments			3,771		1		(42	)
Swaptions			200		13		—
Option trades			909		—		(20	)
TBA/When issued securities			35		—		—
Mortgage Servicing Rights
Interest rate contracts
Receive fixed swaps			1,736		76		—
Pay fixed swaps			978		—		(18	)
Swaptions			2,765		90		(8	)
Futures contracts			6,800		3		(4	)
When issued securities and Forward rate agreements			6,408		13		(6	)

Total			60,398		792		(625	)

Total Derivatives		$	69,624	$	1,128	$	(746	)

(1)	Derivatives in a gain position are recorded as Other assets and derivatives in a loss position are recorded as Other Liabilities on the Consolidated Balance Sheet.

The Effect of Derivative Instruments on the Consolidated Statements of Income

for the Three Month Period Ended September 30, 2009

(Dollars in millions)


	Effective Portion							Ineffective Portion
	Gain or (Loss) Recognized in OCI			Location of Amounts Reclassified from AOCI into Income	(Gain) or Loss Reclassified from AOCI into Income			Location of Amounts Recognized in Income	Gain or (Loss) Recognized in Income
Derivatives Designated as Cash Flow Hedges
Interest rate contracts	$	22		Total interest income	$	(55	)	Other noninterest income	$	—
				Total interest expense		37

					$	(18	)

Derivatives Designated as Net Investment Hedges
Foreign exchange contracts		(7	)



	Effective Portion				Ineffective Portion
	Location of Amounts Recognized in Income	Gain or (Loss) Recognized in Income			Location of Amounts Recognized in Income	Gain or (Loss) Recognized in Income
Derivatives Designated as Fair Value Hedges
Interest rate contracts	Total interest expense	$	45		Other noninterest income	$	—
Interest rate contracts	Total interest income		(4	)	Other noninterest expense		—

Total		$	41			$	—

Derivatives Not Designated as Hedges
Client-related and other risk management
Interest rate contracts	Other noninterest income	$	—
Other derivatives	Other noninterest income		—
Foreign exchange contracts	Other nondeposit fees and commissions		—
Mortgage Banking
Interest rate contracts	Mortgage banking income		(54	)
Mortgage Servicing Rights
Interest rate contracts	Mortgage banking income		72

Total		$	18

Note:

All amounts for Other Comprehensive Income (OCI) and Accumulated Other Comprehensive Income (AOCI) are stated on a pre-tax basis.

The Effect of Derivative Instruments on the Consolidated Statements of Income

for the Nine Month Period Ended September 30, 2009

(Dollars in millions)


	Effective Portion							Ineffective Portion
	Gain or (Loss) Recognized in OCI			Location of Amounts Reclassified from AOCI into Income	(Gain) or Loss Reclassified from AOCI into Income			Location of Amounts Recognized in Income	Gain or (Loss) Recognized in Income
Derivatives Designated as Cash Flow Hedges
Interest rate contracts	$	112		Total interest income	$	(70	)	Other noninterest income	$	1
				Total interest expense		34

					$	(36	)

Derivatives Designated as Net Investment Hedges
Foreign exchange contracts		(10	)



	Effective Portion				Ineffective Portion
	Location of Amounts Recognized in Income	Gain or (Loss) Recognized in Income			Location of Amounts Recognized in Income	Gain or (Loss) Recognized in Income
Derivatives Designated as Fair Value Hedges
Interest rate contracts	Total interest expense	$	125		Other noninterest income	$	7
Interest rate contracts	Total interest income		(12	)	Other noninterest expense		—

Total		$	113			$	7

Derivatives Not Designated as Hedges
Client-related and other risk management
Interest rate contracts	Other noninterest income	$	17
Other derivatives	Other noninterest income		(20	)
Foreign exchange contracts	Other nondeposit fees		(3	)
	and commissions
Mortgage Banking
Interest rate contracts	Mortgage banking income		(12	)
Mortgage Servicing Rights
Interest rate contracts	Mortgage banking income		32

Total		$	14

Note:

All amounts for Other Comprehensive Income (OCI) and Accumulated Other Comprehensive Income (AOCI) are stated on a pre-tax basis.

The majority of the balance sheet management derivatives are designated as cash flow or fair value hedges. BB&T’s floating rate business loans, Federal funds purchased, other overnight funding, institutional and brokered certificates of deposit, other time deposits, medium-term bank notes and long-term debt expose it to variability in cash flows for interest payments. The risk management objective for these assets and liabilities is to hedge the variability in the interest payments. This objective is met by entering into interest rate swaps and interest rate collars and caps. Interest rate collars and caps fix the interest payments when interest rates on the hedged item exceed predetermined rates.

Cash Flow Hedges

At September 30, 2009, BB&T had designated notional values of $5.0 billion of derivatives as cash flow hedges. These cash flow hedges reflected a net unrealized gain of $9 million, with instruments in a gain position reflecting a fair value of $43 million recorded in other assets and instruments in a loss position reflecting a fair value of $34 million recorded in other liabilities. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. The impact on earnings resulting from the ineffectiveness of cash flow hedges was $1 million during the first nine months of 2009.

Accumulated other comprehensive income included $53 million in unrecognized after-tax gains on interest rate swaps, caps and floors hedging variable interest payments on business loans at September 30, 2009. These amounts included unrecognized after-tax gains on terminated swaps, caps and collars of $34 million at September 30, 2009. In addition, accumulated other comprehensive income included $38 million in net unrecognized after-tax gains on interest rate swaps, caps and floors hedging variable interest payments on funding at September 30, 2009. These amounts included unrecognized after-tax gains on terminated hedges of $54 million at September 30, 2009. Also included in accumulated other comprehensive income at September 30, 2009 are unrecognized after-tax gains of $3 million on terminated interest rate swaps hedging variable interest payments on long-term debt.

The estimated net amount in accumulated other comprehensive income at September 30, 2009 that is expected to be reclassified into earnings within the next 12 months is a net after-tax gain of $51 million. The amount reclassified into earnings from other comprehensive income during the first nine months of 2009 was a net after-tax gain of $36 million.

All of BB&T’s cash flow hedges are hedging exposure to variability in future cash flows for forecasted transactions related to the payment of variable interest on then existing financial instruments. The maximum length of time over which BB&T is hedging its exposure to the variability in future cash flows for forecasted transactions related to variable interest payments on existing financial instruments is 6.6 years.

Fair Value Hedges

At September 30, 2009, BB&T had designated notional values of $4.1 billion of derivatives as fair value hedges which reflected a net unrealized gain of $207 million, with instruments in a gain position reflecting a fair value of $293 million recorded in other assets and instruments in a loss position reflecting a fair value of $86 million recorded in other liabilities. For a qualifying fair value hedge, changes in the value of the derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. BB&T terminated certain fair value hedges relating to its long-term debt during the three month and nine month periods ended September 30, 2009. The proceeds received from these terminations totaled $54 million and $128 million for the three month and nine month periods ended September 30, 2009, respectively, and were included in cash flows from financing activities. The impact on earnings resulting from fair value hedge ineffectiveness was a $7 million gain during the first nine months of 2009.

BB&T also held $60.4 billion in notional value of derivatives not designated as hedges at September 30, 2009. These instruments were in a net gain position with a net estimated fair value of $167 million. Changes in the fair value of these derivatives are reflected in current period earnings.

Derivatives not designated as a hedge include the notional amount of $8.0 billion that have been entered into as a risk management instrument for mortgage banking operations at September 30, 2009. For mortgage loans originated for sale, BB&T is exposed to changes in market rates and conditions subsequent to the interest rate lock and funding date. BB&T’s risk management strategy related to its interest rate lock commitment derivatives and loans held for sale includes using mortgage-based derivatives such as forward commitments and options in order to mitigate market risk.

Derivatives not designated as a hedge include the notional amount of $18.7 billion that have been entered into as a risk management instrument for mortgage servicing rights at September 30, 2009. For the quarter ended September 30, 2009, the $72 million gain on these derivatives is offset by a negative $59 million valuation adjustment.

BB&T also held derivatives not designated as hedges with notional amounts totaling $33.7 billion at September 30, 2009 as risk management instruments primarily to facilitate transactions on behalf of its clients, as well as activities related to balance sheet management.

At September 30, 2009, BB&T had designated notional values of $73 million of derivatives as net investment hedges used to hedge the variability in a foreign currency exchange rate.

Credit risk related to derivatives arises when amounts receivable from a counterparty exceed those payable. BB&T controls the risk of loss by subjecting counterparties to credit reviews and approvals similar to those used in making loans and other extensions of credit. In addition, certain counterparties are required to provide cash collateral to BB&T when their unsecured loss positions exceed certain negotiated limits. These bilateral limits are typically based on current credit ratings and vary with ratings changes. As of September 30, 2009 and December 31, 2008, respectively, BB&T had received cash collateral of approximately $99 million and $165 million. In addition, BB&T had posted collateral of $103 million and $180 million at September 30, 2009 and December 31, 2008, respectively. In the event that BB&T’s credit ratings had been downgraded below investment grade, the amount of collateral posted would have increased by $72 million and $225 million as of September 30, 2009 and December 31, 2008, respectively. As of September 30, 2009, BB&T had approximately $32 million of unsecured positions with derivative dealers. All of the derivative contracts to which BB&T is a party settle monthly, quarterly or semiannually. In the case of contracts with derivative dealers, BB&T only transacts with dealers that are national market makers whose credit ratings are strong. Further, BB&T has netting agreements with the dealers with which it does business. Because of these factors, BB&T’s credit risk exposure related to derivatives contracts at September 30, 2009 and December 31, 2008 was not material.

NOTE 14. Operating Segments

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 14. Operating Segments

NOTE 14. Operating Segments

BB&T’s operations are divided into seven reportable business segments: the Banking Network, Residential Mortgage Banking, Sales Finance, Specialized Lending, Insurance Services, Financial Services and Treasury. These operating segments have been identified based on BB&T’s organizational structure. The segments require unique technology and marketing strategies and offer different products and services. While BB&T is managed as an integrated organization, individual executive managers are held accountable for the operations of these business segments.

BB&T emphasizes revenue growth by focusing on client service, sales effectiveness and relationship management. The segment results contained herein are presented based on internal management accounting policies that were designed to support these strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to generally accepted accounting principles. The performance of the segments is not comparable with BB&T’s consolidated results or with similar information presented by any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

During the third quarter of 2009, BB&T further refined its allocation of the economic provision for credit losses. This change was retroactively applied to January 2009 and primarily impacted the Residential Mortgage Banking and Sales Finance segments, which were allocated provision expense adjustments of approximately $21 million and $(24 million), respectively, related to the first half of 2009.

The majority of the assets and liabilities, and the related income and expense of the former Colonial Bank since the acquisition date on August 14, 2009 were recorded in the Parent/Reconciling segment.

Please refer to BB&T’s Annual Report on Form 10-K for the year ended December 31, 2008 for a description of internal accounting policies and the basis of segmentation, including a description of the segments presented in the accompanying tables.

The following tables disclose selected financial information with respect to BB&T’s reportable business segments for the periods indicated:

BB&T Corporation

Reportable Segments

For the Three Months Ended September 30, 2009 and 2008


	Banking Network				Residential Mortgage Banking						Sales Finance						Specialized Lending						Insurance Services
	2009		2008		2009			2008			2009			2008			2009			2008			2009			2008
	(Dollars in millions)
Net interest income (expense)	$	460	$	534	$	263		$	284		$	106		$	102		$	212		$	179		$	1		$	3
Net funds transfer pricing (FTP)		473		286		(175	)		(208	)		(73	)		(72	)		(55	)		(51	)		(1	)		(1	)

Net interest income (expense) and FTP		933		820		88			76			33			30			157			128			—			2

Economic provision for loan and lease losses		437		214		71			34			13			10			100			64			—			—
Noninterest income		320		317		134			67			—			—			28			32			251			228
Intersegment net referral fees (expense)		109		56		(36	)		(23	)		(3	)		(3	)		—			—			—			—
Noninterest expense		478		386		36			20			8			9			71			65			196			180
Allocated corporate expenses		175		176		3			3			3			2			11			9			13			10

Income (loss) before income taxes		272		417		76			63			6			6			3			22			42			40
Provision (benefit) for income taxes		97		149		28			23			2			2			—			8			16			15

Segment net income (loss)	$	175	$	268	$	48		$	40		$	4		$	4		$	3		$	14		$	26		$	25

Identifiable segment assets (period end)	$	62,557	$	63,369	$	18,741		$	19,046		$	6,391		$	6,127		$	8,046		$	6,254		$	1,094		$	1,117


	Financial Services				Treasury						All Other Segments (1)						Parent/Reconciling Items						Total BB&T Corporation
	2009		2008		2009			2008			2009			2008			2009			2008			2009			2008
	(Dollars in millions)
Net interest income (expense)	$	4	$	9	$	131		$	91		$	40		$	37		$	20		$	(151	)	$	1,237		$	1,088
Net funds transfer pricing (FTP)		39		14		(237	)		(16	)		(48	)		(40	)		77			88			—			—

Net interest income (expense) and FTP		43		23		(106	)		75			(8	)		(3	)		97			(63	)		1,237			1,088

Economic provision for loan and lease losses		3		2		—			—			1			2			84			38			709			364
Noninterest income		163		151		55			84			9			13			(20	)		(100	)		940			792
Intersegment net referral fees (expense)		8		5		—			—			—			—			(78	)		(35	)		—			—
Noninterest expense		132		129		5			2			13			16			381			198			1,320			1,005
Allocated corporate expenses		7		8		1			2			(1	)		—			(212	)		(210	)		—			—

Income (loss) before income taxes		72		40		(57	)		155			(12	)		(8	)		(254	)		(224	)		148			511
Provision (benefit) for income taxes		27		15		(36	)		42			(15	)		(9	)		(128	)		(96	)		(9	)		149

Segment net income (loss)	$	45	$	25	$	(21	)	$	113		$	3		$	1		$	(126	)	$	(128	)	$	157		$	362

Identifiable segment assets (period end)	$	3,285	$	2,771	$	39,588		$	24,786		$	5,156		$	4,750		$	20,470		$	8,821		$	165,328		$	137,041

(1)	Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

BB&T Corporation

Reportable Segments

For the Nine Months Ended September 30, 2009 and 2008


	Banking Network				Residential Mortgage Banking						Sales Finance						Specialized Lending						Insurance Services
	2009		2008		2009			2008			2009			2008			2009			2008			2009			2008
	(Dollars in millions)
Net interest income (expense)	$	1,310	$	1,594	$	823		$	857		$	307		$	298		$	610		$	528		$	4		$	10
Net funds transfer pricing (FTP)		1,389		804		(553	)		(629	)		(215	)		(208	)		(166	)		(155	)		(1	)		(4	)

Net interest income (expense) and FTP		2,699		2,398		270			228			92			90			444			373			3			6

Economic provision for loan and lease losses		1,312		507		241			82			45			24			254			218			—			—
Noninterest income		926		916		478			158			1			1			90			91			774			663
Intersegment net referral fees (expense)		376		198		(115	)		(75	)		(10	)		(10	)		—			—			—			—
Noninterest expense		1,360		1,147		91			58			23			21			210			184			589			519
Allocated corporate expenses		524		525		8			8			9			8			31			26			37			30

Income (loss) before income taxes		805		1,333		293			163			6			28			39			36			151			120
Provision (benefit) for income taxes		288		477		106			59			2			10			13			14			58			46

Segment net income (loss)	$	517	$	856	$	187		$	104		$	4		$	18		$	26		$	22		$	93		$	74

Identifiable segment assets (period end)	$	62,557	$	63,369	$	18,741		$	19,046		$	6,391		$	6,127		$	8,046		$	6,254		$	1,094		$	1,117


	Financial Services				Treasury						All Other Segments (1)						Parent/Reconciling Items						Total BB&T Corporation
	2009		2008		2009			2008			2009			2008			2009			2008			2009			2008
	(Dollars in millions)
Net interest income (expense)	$	11	$	34	$	490		$	185		$	117		$	121		$	(151	)	$	(454	)	$	3,521		$	3,173
Net funds transfer pricing (FTP)		101		22		(590	)		29			(140	)		(126	)		175			267			—			—

Net interest income (expense) and FTP		112		56		(100	)		214			(23	)		(5	)		24			(187	)		3,521			3,173

Economic provision for loan and lease losses		7		5		—			—			5			5			222			76			2,086			917
Noninterest income		484		470		307			179			24			25			(120	)		(113	)		2,964			2,390
Intersegment net referral fees (expense)		26		15		—			—			—			—			(277	)		(128	)		—			—
Noninterest expense		406		399		(1	)		(27	)		48			53			844			545			3,570			2,899
Allocated corporate expenses		19		27		3			3			(1	)		—			(630	)		(627	)		—			—

Income (loss) before income taxes		190		110		205			417			(51	)		(38	)		(809	)		(422	)		829			1,747
Provision (benefit) for income taxes		70		40		27			118			(48	)		(32	)		(370	)		(207	)		146			525

Segment net income (loss)	$	120	$	70	$	178		$	299		$	(3	)	$	(6	)	$	(439	)	$	(215	)	$	683		$	1,222

Identifiable segment assets (period end)	$	3,285	$	2,771	$	39,588		$	24,786		$	5,156		$	4,750		$	20,470		$	8,821		$	165,328		$	137,041

(1)	Includes financial data from subsidiaries below the quantitative and qualitative thresholds requiring disclosure.

NOTE 15. Loan Servicing

9 Months Ended

Sep. 30, 2009

Notes to Financial Statements [Abstract]

NOTE 15. Loan Servicing

NOTE 15. Loan Servicing

BB&T has two classes of mortgage servicing rights for which it separately manages the economic risks: residential and commercial. Commercial mortgage servicing rights are recorded as other assets on the Consolidated Balance Sheets at lower of cost or market and amortized in proportion to and over the estimated period that net servicing income is expected to be received based on projections of the amount and timing of estimated future net cash flows. Residential mortgage servicing rights are recorded on the Consolidated Balance Sheets at fair value with changes in fair value recorded as a component of mortgage banking income in the Consolidated Statements of Income for each period. BB&T uses various derivative instruments to mitigate the income statement effect of changes in fair value, which arise as a result of changes in valuation inputs and assumptions, of its residential mortgage servicing rights. The following is an analysis of the activity in BB&T’s residential mortgage servicing rights for the nine month periods ended September 30, 2009 and 2008:


	Residential Mortgage Servicing Rights For the Nine Months Ended September 30,
	2009			2008
	(Dollars in millions)
Carrying value, January 1,	$	370		$	472
Additions		331			168
Increase (decrease) in fair value:
Due to changes in valuation inputs or assumptions		32			27
Other changes (1)		(94	)		(66	)

Carrying value, September 30,	$	639		$	601

(1)	Represents the realization of expected net servicing cash flows, expected borrower payments and the passage of time.

BB&T uses assumptions and estimates in determining the fair value of capitalized mortgage servicing rights. These assumptions include prepayment speeds, servicing costs and Option Adjusted Spread (“OAS”) commensurate with the risks involved and comparable to assumptions used by market participants to value and bid servicing rights available for sale in the market. At September 30, 2009, the weighted average life was 4.0 years, the prepayment speed was 19.9% and the OAS was 3.6%.

The unpaid principal balances of BB&T’s total residential mortgage servicing portfolio were $69.8 billion and $59.7 billion at September 30, 2009 and December 31, 2008, respectively. The unpaid principal balances of residential mortgage loans serviced for others consist primarily of agency conforming fixed-rate mortgage loans and totaled $52.1 billion and $40.7 billion at September 30, 2009 and December 31, 2008, respectively. Mortgage loans serviced for others are not included in loans on the accompanying Consolidated Balance Sheets. BB&T recognized servicing fees of $135 million and $105 million during the first nine months of 2009 and 2008, respectively, as a component of mortgage banking income.

At September 30, 2009 and 2008, the approximate weighted average servicing fee was .37% of the outstanding balance of the residential mortgage loans. The weighted average coupon interest rate on the portfolio of mortgage loans serviced for others was 5.62% and 6.01% at September 30, 2009 and 2008, respectively.

BB&T has sold certain mortgage-related loans that contain recourse provisions. These provisions generally require BB&T to reimburse the investor for a share of any loss that is incurred after the disposal of the property. At September 30, 2009 and December 31, 2008, BB&T had $2.1 billion and $2.5 billion, respectively, of residential mortgage loans sold with recourse. In the event of nonperformance by the borrower, BB&T has maximum recourse exposure of approximately $669 million and $745 million as of September 30, 2009 and December 31, 2008, respectively. At September 30, 2009, BB&T has recorded $6 million of reserves related to these recourse exposures.

The Company also has securitized residential mortgage loans and retained the resulting securities available for sale. As of September 30, 2009, the fair value of the securities available for sale still owned by BB&T was $64 million and the remaining unpaid principal balance of the underlying loans totaled $62 million. Based on the performance of the underlying loans and general liquidity of the securities, the Company’s recovery of the cost basis in the securities has not been significantly impacted by changes in interest rates, prepayment speeds or credit losses.

BB&T also arranges and services commercial real estate mortgages through Grandbridge Real Estate Capital, LLC (“Grandbridge”) the commercial mortgage banking subsidiary of Branch Bank. During the nine months ended September 30, 2009 and 2008, Grandbridge originated $1.8 billion and $3.2 billion, respectively, of commercial real estate mortgages, the majority of which were arranged for third party investors. As of September 30, 2009 and December 31, 2008, Grandbridge’s portfolio of commercial real estate mortgages serviced for others totaled $24.6 billion and $23.8 billion, respectively. Commercial real estate mortgage loans serviced for others are not included in loans on the accompanying Consolidated Balance Sheets. Grandbridge had $4.0 billion and $3.3 billion in loans serviced for others that were covered by loss sharing agreements at September 30, 2009 and December 31, 2008, respectively. As of September 30, 2009 and December 31, 2008, Grandbridge’s maximum exposure to loss for these loans is approximately $1.0 billion and $818 million, respectively. BB&T has recorded $11 million of reserves related to these recourse exposures at September 30, 2009. Mortgage servicing rights related to commercial mortgage loans totaled $103 million and $98 million at September 30, 2009 and December 31, 2008, respectively.

Statement Of Financial Position Unclassified - Deposit Based Operations (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2009	Dec. 31, 2008
Statement [Line Items]
Securities available for sale at fair value, covered by FDIC loss share	$ 1,176	$ 0
Loans held for sale, at fair value	3,083	1,396
Loans and leases, covered by FDIC loss share	8,305	0
Other assets, foreclosed property and other assets covered by FDIC loss share	$ 182	$ 0
Preferred stock, liquidation preference	$ 1,000,000	$ 1,000,000
Common stock, par	$ 5	$ 5
Accumulated other comprehensive loss, deferred income taxes	$ (223)	$ (438)

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2009	Sep. 30, 2008
Statement [Line Items]
Cash dividends declared on common stock, per share	$ 0.77	$ 1.40

Document Information	9 Months Ended
Document Information	Sep. 30, 2009
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2009

Entity Information - shares	9 Months Ended
Entity Information - shares	Sep. 30, 2009	Oct. 31, 2009
Trading Symbol	BBT
Entity Registrant Name	BB&T CORP
Entity Central Index Key	0000092230
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		687,617,017