Quarterly Performance Summary issued October 11, 2002

UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K
 Current Report

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

October 11, 2002

Date of Report (Date of earliest event reported)

BB&T Corporation
 (Exact name of registrant as specified in its charter)

Commission file number : 1-10853


North Carolina 56-0939887
(State of incorporation) (I.R.S. Employer Identification No.)


200 West Second Street  
Winston-Salem, North Carolina 27101
(Address of principal executive offices) (Zip Code)


(336) 733-2000
(Registrant's telephone number, including area code)

This Form 8-K has 14 pages.

ITEM 9.    OTHER EVENTS

     The purpose of this Current Report on Form 8-K is to file BB&T Corporation's Quarterly Performance Summary for the third quarter of 2002.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued October 11, 2002

October 11, 2002

FOR IMMEDIATE RELEASE

Contacts:    
ANALYSTS MEDIA
Tom A. Nicholson Scott E. Reed Bob Denham
Senior Vice President Sr. Exec. Vice President Senior Vice President
Investor Relations Chief Financial Officer Public Relations
(336) 733-3058 (336) 733-3088 (336) 733-1002

BB&T’s earnings increase 18.5% in 3rd quarter

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE:BBT) reported today record earnings for the third quarter of 2002 totaling $336.0 million, excluding merger-related charges. These earnings reflect an increase of 18.5% compared with $283.5 million earned in the third quarter of 2001. Diluted earnings per share for the current quarter were $.70 excluding merger-related charges, an increase of 12.9% compared with $.62 earned during the third quarter last year.

          The merger-related charges for the third quarter of 2002, which totaled $7.8 million on an after-tax basis, resulted primarily from the acquisitions and systems integrations of AREA Bancshares Corporation and MidAmerica Bancorp.

          BB&T’s third quarter 2002 annualized returns on average assets and average shareholders’ equity were 1.72% and 18.09%, respectively, excluding merger-related charges, compared with prior year ratios of 1.62% and 19.05%, respectively.

          Cash basis operating results exclude the effects of intangible assets and related amortization expenses. Excluding merger-related charges, cash basis earnings totaled $340.3 million for the third quarter of 2002, or $.71 per diluted share. These results reflect increases of 13.2% in cash basis earnings and 9.2% in cash basis diluted earnings per share compared with prior year results. Cash basis earnings for the current quarter produced an annualized return on average tangible assets of 1.78%, and an annualized return on average tangible shareholders’ equity of 23.72%.

          Including merger-related charges, net income for the third quarter of 2002 totaled $328.2 million compared with $222.0 million earned in the third quarter of 2001, an increase of 47.8%. On a diluted per share basis, net income for the quarter was $.68, up 41.7% compared with $.48 earned in the comparable period in 2001. Net income for the third quarter generated an annualized return on average assets of 1.68% and an annualized return on average shareholders’ equity of 17.66% compared with prior year ratios of 1.27% and 14.92%, respectively. For the first nine months of 2002, net income totaled $965.8 million, an increase of 38.8% compared with $695.7 million earned in the first nine months of 2001. On a diluted per share basis, year-to-date earnings were $2.02, up 33.8% compared with last year.

MORE




          “I am pleased to announce solid third quarter results, particularly given the sluggish business conditions,” said Chairman and Chief Executive Officer John A. Allison. “The economy has been marked by slower commercial loan growth, increased levels of credit losses and nonperforming assets, and record volumes of mortgage refinance activity, which produce writedowns in mortgage servicing assets. In the face of all these challenges, BB&T has performed remarkably well.”

          For the first nine months of 2002, BB&T’s earnings were $974.2 million, or $2.04 per diluted share, excluding $18.2 million of after-tax merger-related charges and $9.8 million of net income resulting from the implementation of a new accounting principle during the first quarter. These earnings reflect increases of 19.9% and 15.3%, respectively, compared with 2001. Earnings for the nine months ended Sept. 30, excluding merger-related charges and the cumulative effect of adopting a new accounting standard, generated an annualized return on average assets of 1.74% and an annualized return on average shareholders’ equity of 18.60%, compared with prior year ratios of 1.59% and 19.11%, respectively.

Noninterest Income Growth Drives Performance

          Total noninterest income was $422.2 million for the third quarter of 2002, an increase of 25.4% compared with the same period in 2001. This increase was primarily driven by service charges on deposits, agency insurance commissions, trust revenues and investment banking and brokerage fees and commissions.

          Income from service charges on deposit accounts totaled $104.8 million for the third quarter, an increase of 18.6% compared with the same period in 2001. This increase resulted from growth in commercial account analysis fees, service charge revenues from acquired banks and growth in deposit accounts and transaction volume.

          BB&T’s revenues from insurance operations totaled $76.5 million in the third quarter of 2002, up 73.4% compared with the third quarter last year. This significant increase reflects a number of acquisitions during the last quarter of 2001 and during 2002, the largest of which was the Jan. 1 purchase of CRC Insurance Services, Inc., BB&T’s wholesale insurance brokerage subsidiary.

          Trust revenues totaled $27.4 million during the third quarter, an increase of 19.4% compared to the same period last year. Higher fees from asset and estate management produced this healthy growth during the quarter.

          Investment banking and brokerage fees and commissions totaled $47.9 million for the quarter, an increase of 9.9% compared with the third quarter last year. This increase resulted from higher fixed income securities underwriting fees, retail brokerage fees and investment banking income.

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          BB&T’s income from mortgage banking operations reflects a net loss of $59.5 million for the third quarter caused by a $130.8 million writedown in capitalized mortgage servicing rights. The writedown was due to continued declines in mortgage rates and resulting high volumes of mortgage refinance activity. The writedown in servicing rights was offset by gains from sales of securities available for sale.

          “Throughout the current economic slowdown, our noninterest income generating businesses have produced strong results,” said Allison. “This performance can be attributed to BB&T’s focus on integrated relationship management – identifying and providing the services our clients need. Our sales culture provides a distinct competitive advantage in periods of economic growth as well as more challenging business conditions.”

Average Loans Increase 9.4%

          BB&T’s loan and lease portfolio averaged $51.6 billion for the third quarter, an increase of 9.4% compared to the third quarter of 2001. Average commercial loans and leases increased 11.9% over this time frame, and average consumer loans also increased 11.9%. Average mortgage loans for the third quarter of 2002 decreased slightly compared to the same period last year, a result of sales of mortgage loans. Excluding acquisitions since the third quarter of 2001, average loans increased 1.3% in the current quarter compared to the prior year.

Nonperforming Assets and Loan Losses Increase Due to Sluggish Economy

          BB&T’s total nonperforming assets and loan charge-offs increased during the third quarter. Nonperforming assets as a percentage of total assets were .54% at Sept. 30, up from .45% at the end of the third quarter of 2001, but relatively stable compared to the last three quarters. Annualized net charge-offs were .49% of average loans and leases for the third quarter of 2002, compared with .37% for the third quarter last year. Excluding losses at BB&T’s specialized lending subsidiaries, annualized net charge-offs for the third quarter of 2002 were .40% of average loans and leases. Compared with the most recent industry data released by the FDIC, BB&T’s nonperformers and charge-offs continue to be approximately half that of the industry.

BB&T Expands in Fast-Growing Markets

          On Sept. 27, BB&T announced plans to acquire Equitable Bank of Wheaton, Md. The acquisition expands BB&T’s presence in the fast-growing and economically dynamic Maryland suburbs of Washington, D.C. Equitable has approximately $477 million in assets and operates five full-service banking offices in Montgomery and Prince George’s counties. BB&T is the fifth largest bank in metro Washington, D.C., in terms of deposit market share.

          On Oct. 3, plans were announced to acquire FloridaFirst Bancorp of Lakeland, Fla. FloridaFirst has approximately $812 million in assets and operates 18 full-service banking offices in Polk, Manatee, Highlands and Sumter counties in central Florida and along the west central coast. The planned transaction builds on BB&T’s recently completed acquisition of Regional Financial Corp., the parent company for First South Bank, a $1.6 billion financial institution based in Tallahassee, Fla., with offices in the Florida Panhandle, Jacksonville, and along the Gulf Coast from Beverly Hills to Naples. These acquisitions represent the first steps in BB&T’s plans to build a strong presence in Florida, one of America’s most economically attractive and fastest growing states.

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          On Sept. 18, BB&T announced plans to acquire Piedmont Brokerage Services LLC, a professional liability specialist based in High Point, N.C. Piedmont Brokerage Services’ specialty lines include liability coverage for directors and officers, errors and omissions policies, and employment practices liability.

          On July 1, BB&T completed its acquisition of Hunt, DuPree, Rhine & Associates Inc., an employee benefits and investment advisory firm based in Greenville, S.C. The firm was combined with W.E. Stanley, the Greensboro, N.C.-based actuarial and employee benefits consulting company BB&T acquired in 1998. The combined company offers group medical plans, insurance and investment consulting, actuarial services, benefit communications, and 401(k) and Section 125 flexible benefits programs.

           BB&T Insurance Services announced plans to acquire two high-quality insurance agencies. On Oct. 1, plans were announced to acquire Landrum-Yaeger & Associates Inc. of Tallahassee, Fla., providing BB&T's insurance subsidiary with its initial presence in Florida. On Oct. 4, BB&T said it would expand its South Carolina insurance operations through the acquisition of Carolina Insurance Consultants, of Greenville.

          Also during the third quarter, BB&T successfully completed the systems integrations of AREA Bancshares of Owensboro, Ky., and MidAmerica Bancorp of Louisville, Ky. These acquisitions make BB&T the third largest financial institution in Kentucky.

          At Sept. 30, BB&T had $78.2 billion in assets and operated more than 1,100 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. BB&T’s common stock is traded on the New York Stock Exchange under the trading symbol BBT. The closing price of BB&T’s common stock on Oct. 10 was $33.04 per share.

          For additional information about BB&T’s financial performance, company news, and products and services, please visit our web site at www.BBandT.com.

           To hear a live webcast of BB&T's third quarter 2002 earnings conference call at 10 a.m. today, please visit our web site at www.BBandT.com. Replays of the conference call will be available through our web site until 5 p.m. (EDT) Oct. 25.

#

          This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. Please refer to BB&T’s filings with the Securities and Exchange Commission for a summary of important factors that could affect BB&T’s forward-looking statements. BB&T undertakes no obligation to revise these statements following the date of this press release.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 5  Investor Relations  FAX (336) 733-3132  



For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 9/30/02 9/30/01 $ %
INCOME STATEMENT EXCLUDING MERGER-RELATED CHARGES (1)
    Interest income - taxable equivalent     $ 1,167,558   $ 1,260,544   $ (92,986 )   (7.4 )%
    Interest expense    424,903    591,820    (166,917 )  (28.2 )
      Net interest income - taxable equivalent    742,655    668,724    73,931    11.1  
    Less: Taxable equivalent adjustment    40,563    45,572    (5,009 )  (11.0 )
      Net interest income    702,092    623,152    78,940    12.7  
    Provision for loan & lease losses    64,000    45,500    18,500    40.7  
      Net interest income after provision for loan & lease losses    638,092    577,652    60,440    10.5  
    Noninterest income (2)    422,247    336,593    85,654    25.4  
    Noninterest expense (3)    593,367    514,710    78,657    15.3  
    Income before income taxes    466,972    399,535    67,437    16.9  
    Provision for income taxes    131,003    116,020    14,983    12.9  
      Income excluding merger-related charges (1)    335,969    283,515    52,454    18.5  
      Merger-related charges, net of tax (1)    7,812    61,549    (53,737 )  NM  
      Net income     $ 328,157   $ 221,966   $ 106,191     47.8  %
PER SHARE DATA EXCLUDING MERGER-RELATED CHARGES (1)    
    Basic earnings     $ .70   $ .62   $ .08     12.9  %
    Diluted earnings       .70     .62     .08     12.9  
    Weighted average shares -                         Basic       477,112,074     454,346,907              
                                                                   Diluted    482,325,535    460,387,879  
    Dividends paid on common shares     $ .29   $ .26   $ .03     11.5  %
PERFORMANCE RATIOS EXCLUDING MERGER-RELATED CHARGES (1)    
    Return on average assets       1.72  %   1.62  %            
    Return on average equity       18.09     19.05              
    Return on average realized equity (4)       18.93     20.00              
    Net yield on earning assets (taxable equivalent)       4.25     4.19              
    Efficiency (taxable equivalent) (5)       50.9     51.3              
CASH BASIS PERFORMANCE  
    EXCLUDING MERGER-RELATED CHARGES (1)(6)  
    Earnings excluding merger-related charges     $ 340,261   $ 300,643   $ 39,618     13.2  %
    Diluted earnings per share       .71     .65     .06     9.2  
    Return on average tangible assets       1.78  %   1.73  %            
    Return on average tangible equity       23.72   23.57            
    Return on average realized tangible equity (4)       25.17     24.94              
    Efficiency ratio (taxable equivalent) (5)       50.3     49.6              
For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 9/30/02 9/30/01 $ %
INCOME STATEMENT
    Interest income - taxable equivalent     $ 1,167,558   $ 1,259,083   $ (91,525 )   (7.3 )%
    Interest expense    424,903    591,820    (166,917 )  (28.2 )
      Net interest income - taxable equivalent    742,655    667,263    75,392    11.3  
    Less: Taxable equivalent adjustment    40,563    45,572    (5,009 )  (11.0 )
      Net interest income    702,092    621,691    80,401    12.9  
    Provision for loan & lease losses    64,000    68,500    (4,500 )  (6.6 )
      Net interest income after provision for loan & lease losses    638,092    553,191    84,901    15.3  
    Noninterest income    422,247    335,982    86,265    25.7  
    Noninterest expense    606,061    581,911    24,150    4.2  
    Income before income taxes    454,278    307,262    147,016    47.8  
    Provision for income taxes    126,121    85,296    40,825    47.9  
       Net Income   $ 328,157   $ 221,966   $ 106,191    47.8 %  
PER SHARE DATA  
    Basic earnings   $ .69   $ .49   $ .20     40.8  %
    Diluted earnings    .68    .48    .20    41.7  
    Weighted average shares -                         Basic       477,112,074     454,346,907              
                                                                    Diluted       482,325,535     460,387,879  
    Dividends paid on common shares   $ .29   $ .26   $ .03     11.5  %
PERFORMANCE RATIOS BASED ON NET INCOME  
    Return on average assets       1.68  %   1.27  %            
    Return on average equity       17.66   14.92              
    Return on average realized equity (4)       18.49     15.65              

NOTES:   Applicable ratios are annualized.
  (1) Merger-related charges include $7.8 million and $61.5 million in 2002 and 2001, respectively, of net after-tax expenses primarily associated with acquisitions.
  (2) Excluding purchase accounting transactions, noninterest income would have increased $37.5 million, or 11.1%, for the quarter compared to the same period in 2001.
  (3) Excluding purchase accounting transactions, noninterest expense would have increased $10.9 million, or 2.1%, for the quarter compared to the same period in 2001.
  (4) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  (5) Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and merger-related charges.
  (6) Cash basis performance excludes the effect on earnings of amortization expense applicable to intangible assets and the unamortized balances of intangibles from assets and equity.
  NM - not meaningful.






QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 6  Investor Relations  FAX (336) 733-3132  



For the Nine Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 9/30/02 9/30/01 $ %
INCOME STATEMENT EXCLUDING MERGER-RELATED CHARGES (1)
    Interest income - taxable equivalent     $ 3,446,585   $ 3,863,053   $ (416,468 )   (10.8 )%
    Interest expense    1,291,433    1,911,465    (620,032 )  (32.4 )
      Net interest income - taxable equivalent    2,155,152    1,951,588    203,564    10.4  
    Less: Taxable equivalent adjustment    115,763    147,927    (32,164 )  (21.7 )
      Net interest income    2,039,389    1,803,661    235,728    13.1  
    Provision for loan & lease losses    179,000    122,968    56,032    45.6  
      Net interest income after provision for loan & lease losses    1,860,389    1,680,693    179,696    10.7  
    Noninterest income    1,201,105    976,073    225,032    23.1  
    Noninterest expense    1,702,356    1,509,003    193,353    12.8  
    Income before income taxes    1,359,138    1,147,763    211,375    18.4  
    Provision for income taxes    384,920    335,376    49,544    14.8  
      Income excluding merger-related charges (1)    974,218    812,387    161,831    19.9  
      Merger-related charges, net of tax (1)    8,464    116,692    (108,228 )  NM  
      Net income   $ 965,754   $ 695,695   $ 270,059     38.8  %
PER SHARE DATA EXCLUDING MERGER-RELATED CHARGES (1)  
    Basic earnings     $ 2.06   $ 1.79   $ .27     15.1  %
    Diluted earnings    2.04    1.77    .27    15.3  
    Weighted average shares -                         Basic       472,764,083     452,904,319              
                                                                    Diluted    478,363,530    459,235,651  
    Dividends paid on common shares   $ .81   $ .72   $ .09     12.5  %
PERFORMANCE RATIOS EXCLUDING MERGER-RELATED CHARGES (1)  
    Return on average assets       1.74  %   1.59  %            
    Return on average equity       18.60     19.11              
    Return on average realized equity (4)       19.40     19.88              
    Net yield on earning assets (taxable equivalent)       4.26     4.17              
    Noninterest income as a percentage of                            
      total income (taxable equivalent) (2)       35.6     33.1              
    Efficiency (taxable equivalent) (2)       50.8     51.7              
CASH BASIS PERFORMANCE EXCLUDING MERGER-RELATED CHARGES (1)(3)  
    Earnings excluding merger-related charges   $ 985,111   $ 864,639   $ 120,472     13.9  %
    Diluted earnings per share    2.06    1.88    .18    9.6  
    Return on average tangible assets       1.79  %   1.72  %            
    Return on average tangible equity       23.71     23.83              
    Return on average realized tangible equity (4)       25.00     24.98              
    Efficiency ratio (taxable equivalent) (2)       50.3     49.8              
For the Nine Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 9/30/02 9/30/01 $ %
INCOME STATEMENT
    Interest income - taxable equivalent     $ 3,446,585   $ 3,861,004   $ (414,419 )   (10.7 )%
    Interest expense    1,291,433    1,911,465    (620,032 )  (32.4 )
      Net interest income - taxable equivalent    2,155,152    1,949,539    205,613    10.5  
    Less: Taxable equivalent adjustment    115,763    147,927    (32,164 )  (21.7 )
      Net interest income    2,039,389    1,801,612    237,777    13.2  
    Provision for loan & lease losses    179,000    159,318    19,682    12.4  
      Net interest income after provision for loan & lease losses    1,860,389    1,642,294    218,095    13.3  
    Noninterest income    1,201,105    1,014,660    186,445    18.4  
    Noninterest expense    1,731,223    1,684,251    46,972    2.8  
    Income before income taxes and change in accounting principle    1,330,271    972,703    357,568    36.8  
    Provision for income taxes    374,297    277,008    97,289    35.1  
      Income before cumulative effect of change in accounting principle    955,974    695,695    260,279    37.4  
      Cumulative effect of change in accounting principle    9,780    --    9,780    NM  
       Net income   $ 965,754   $ 695,695   $ 270,059    38.8  %
PER SHARE DATA  
    Basic earnings  
      Income before cumulative effect of change in accounting principle   $ 2.02   $ 1.54   $ .48    31.2  %
      Cumulative effect of change in accounting principle    .02    --    .02    NM  
      Net income    2.04    1.54    .50    32.5  
    Diluted earnings  
      Income before cumulative effect of change in accounting principle    2.00    1.51    .49    32.5  
      Cumulative effect of change in accounting principle    .02    --    .02    NM  
      Net income   $ 2.02   $ 1.51   $ .51    33.8  %
PERFORMANCE RATIOS  
    Return on average assets       1.72  %   1.36  %            
    Return on average equity       18.44     16.36              
    Return on average realized equity (4)       19.23     17.03              

NOTES:   Applicable ratios are annualized.
  (1) Merger-related charges include $18.2 million and $116.7 million in 2002 and 2001, respectively, of net after-tax expense associated primarily with acquisitions, and the cumulative effect of a change in accounting principle, which resulted in the recognition of
  (2) Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and merger-related charges for all periods.
  (3) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and
  (4) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  NM  - not meaningful.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 7  Investor Relations  FAX (336) 733-3132  



As of / For the Nine Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 9/30/01 $ %
SELECTED BALANCE SHEET DATA
   End of period balances
Securities available for sale     $ 16,416,181   $ 16,679,755   $ (263,574 )  (1.6 )%
Securities held to maturity    51,401    38,379    13,022    33.9  
Trading securities    121,525    116,523    5,002    4.3  
  Total securities    16,589,107    16,834,657    (245,550 )  (1.5 )
Commercial loans & leases    28,880,433    25,532,901    3,347,532    13.1  
Consumer loans    12,782,666    11,278,277    1,504,389    13.3  
Revolving credit loans    1,010,860    908,868    101,992    11.2  
Mortgage loans    10,390,742    9,429,390    961,352    10.2  
  Total loans & leases    53,064,701    47,149,436    5,915,265    12.5  
Allowance for loan & lease losses    723,688    634,552    89,136    14.0  
Other earning assets    518,476    370,912    147,564    39.8  
  Total earning assets    69,629,079    63,685,851    5,943,228    9.3  
  Total assets    78,186,831    70,309,046    7,877,785    11.2  
Noninterest-bearing deposits    7,967,366    6,356,051    1,611,315    25.4  
Savings & interest checking    2,970,575    3,094,104    (123,529 )  (4.0 )
Money rate savings    15,636,969    13,156,255    2,480,714    18.9  
CDs and other time deposits    23,236,561    22,607,819    628,742    2.8  
  Total deposits    49,811,471    45,214,229    4,597,242    10.2  
Short-term borrowed funds    4,797,992    5,923,442    (1,125,450 )   (19.0 )
Long-term debt    13,384,826    11,408,329    1,976,497    17.3  
  Total interest-bearing liabilities    60,026,923    56,189,949    3,836,974    6.8  
  Total shareholders' equity   $ 7,534,817   $ 5,969,828   $ 1,564,989    26.2  
Average balances  
Securities, at amortized cost   $ 17,220,687   $ 15,767,819   $ 1,452,868    9.2 %
Commercial loans & leases    27,698,177    25,081,926    2,616,251    10.4  
Consumer loans    12,108,907    11,138,540    970,367    8.7  
Revolving credit loans    970,308    873,701    96,607    11.1  
Mortgage loans    9,145,651    9,212,406    (66,755 )  (.7 )
  Total loans & leases    49,923,043    46,306,573    3,616,470    7.8  
Other earning assets    422,283    456,624    (34,341 )  (7.5 )
  Total earning assets    67,566,013    62,531,016    5,034,997    8.1  
  Total assets    74,886,034    68,220,716    6,665,318    9.8  
Noninterest-bearing deposits    7,016,475    6,087,488    928,987    15.3  
Savings & interest checking    3,373,876    3,402,376    (28,500 )  (.8 )
Money rate savings    14,488,268    12,264,082    2,224,186    18.1  
CDs and other time deposits    23,673,182    22,274,779    1,398,403    6.3  
  Total deposits    48,551,801    44,028,725    4,523,076    10.3  
Short-term borrowed funds    5,652,086    6,209,027    (556,941 )  (9.0 )
Long-term debt    11,727,122    10,874,438    852,684    7.8  
  Total interest-bearing liabilities    58,914,534    55,024,702    3,889,832    7.1  
  Total shareholders' equity   $ 7,001,964   $ 5,684,865   $ 1,317,099    23.2  
As of / For the Quarter Ended
(Dollars in thousands) 9/30/02 6/30/02 3/31/02 12/31/01 9/30/01
MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on                              
  securities available for sale, net of tax        $ 333,476   $ 291,101   $ 160,399   $ 288,107   $ 407,966  
Derivatives (notional value)          9,476,733    5,787,952    5,222,994    5,614,502    3,752,445  
Fair value of derivatives portfolio         79,380    40,848    46,936    43,973    (2,407 )
Common stock prices (daily close):    High    38.40    39.23    39.11    36.96    38.48  
     Low    32.18    36.60    34.47    32.10    33.57  
     End of period    35.04    38.60    38.11    36.11    36.45  
Weighted average shares -    Basic    477,112,074    478,121,878    462,902,144    454,031,392    454,346,907  
     Diluted    482,325,535    484,009,961    468,604,312    459,369,269    460,387,879  
End of period shares outstanding         480,439,801    475,535,863    481,195,674    455,682,560    452,984,331  
End of period banking offices          1,123    1,122    1,132    1,081    1,085  
ATMs          1,701    1,723    1,718    1,613    1,614  

NOTES:   All items referring to loans and leases include loans held for sale and are net of unearned income.
  (1) BB&T had approximately 23,500 full-time equivalent employees at September 30, 2002.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 8  Investor Relations  FAX (336) 733-3132  






As of / For the Quarter Ended
(Dollars in thousands, except per share data) 9/30/02 6/30/02 3/31/02 12/31/01 9/30/01
INCOME STATEMENTS EXCLUDING
   MERGER-RELATED CHARGES (1)
   Interest income - taxable equivalent
    Interest & fees on loans & leases     $ 897,969   $ 881,019   $ 844,798   $ 897,529   $ 977,910  
    Interest & dividends on securities    267,667    276,837    272,326    278,719    279,120  
    Interest on short-term investments    1,922    1,554    2,493    2,228    3,514  
      Total interest income - taxable equivalent    1,167,558    1,159,410    1,119,617    1,178,476    1,260,544  
    Interest expense  
    Interest on deposits    254,248    258,187    259,602    315,532    381,409  
    Interest on short-term borrowed funds    24,140    26,464    26,449    35,451    55,913  
    Interest on long-term debt    146,515    147,518    148,310    152,488    154,498  
      Total interest expense    424,903    432,169    434,361    503,471    591,820  
    Net interest income - taxable equivalent    742,655    727,241    685,256    675,005    668,724  
    Less: Taxable equivalent adjustment    40,563    37,210    37,990    42,938    45,572  
      Net interest income    702,092    690,031    647,266    632,067    623,152  
    Provision for loan & lease losses    64,000    58,500    56,500    65,000    45,500  
      Net interest income after provision for                                  
       loan & lease losses    638,092    631,531    590,766    567,067    577,652  
    Noninterest income  
    Service charges on deposits    104,754    101,874    90,162    93,773    88,305  
    Mortgage banking income    (59,455 )  43,963    50,562    39,194    52,068  
    Investment banking & brokerage fees & commissions    47,912    56,039    52,893    45,085    43,599  
    Trust revenue    27,388    24,197    23,128    18,962    22,931  
    Agency insurance commissions    76,502    74,063    63,883    45,724    44,120  
    Other insurance commissions    3,899    3,986    3,485    4,122    3,089  
    Other nondeposit fees & commissions    54,145    52,100    44,122    46,709    48,600  
    Securities gains (losses), net    135,519    19,666    13,407    32,257    3,786  
    Other income    31,583    28,244    33,084    31,183    30,095  
      Total noninterest income    422,247    404,132    374,726    357,009    336,593  
    Noninterest expense  
    Personnel expense    323,119    319,622    304,893    288,235    281,830  
    Occupancy & equipment expense    85,550    84,688    83,451    73,890    79,222  
    Foreclosed property expense    2,874    880    341    1,158    673  
    Amortization of intangibles    7,073    6,258    4,351    17,854    18,529  
    Other noninterest expense    174,751    163,850    140,655    140,144    134,456  
      Total noninterest expense    593,367    575,298    533,691    521,281    514,710  
    Income before income taxes    466,972    460,365    431,801    402,795    399,535  
    Provision for income taxes    131,003    131,363    122,554    115,049    116,020  
      Income excluding merger-related charges (1)   $ 335,969   $ 329,002   $ 309,247   $ 287,746   $ 283,515  
PER SHARE DATA EXCLUDING  
    MERGER-RELATED CHARGES (1)  
    Basic earnings   $ .70   $ .69   $ .67   $ .63   $ .62  
    Diluted earnings    .70    .68    .66    .63    .62  
    Dividends paid on common shares    .29    .26    .26    .26    .26  
    Book value per share   $ 15.68   $ 14.99   $ 14.66   $ 13.50   $ 13.18  
RATIOS EXCLUDING  
    MERGER-RELATED CHARGES (1)  
    Return on average assets       1.72  %   1.75  %   1.75  %   1.62  %   1.62  %
    Return on average equity    18.09    18.44    19.39    18.56    19.05  
    Return on average realized equity (2)    18.93    19.08    20.32    19.89    20.00  
    Net yield on earning assets (taxable equivalent)    4.25    4.27    4.26    4.20    4.19  
    Efficiency (taxable equivalent) (3)    50.9    50.9    50.5    50.4    51.3  
    Noninterest income as a percentage of  
      total income (taxable equivalent) (3)    36.0    35.5    35.1    34.6    33.2  
    Equity as a percentage of total assets                                  
      end of period    9.6    9.3    9.4    8.7    8.5  
    Average earning assets as a percentage of                                  
      average total assets    89.8    90.3    90.6    90.7    91.4  
    Average loans & leases as a percentage of                                  
      average deposits    102.1    101.9    104.7    105.7    106.0  
CASH BASIS PERFORMANCE EXCLUDING  
    MERGER-RELATED CHARGES (1)(4)  
    Earnings excluding merger-related charges   $ 340,261   $ 332,899   $ 311,951   $ 304,526   $ 300,643  
    Diluted earnings per share    .71    .69    .67    .66    .65  
    Return on average tangible assets       1.78  %   1.81  %   1.80  %   1.73  %   1.73  %
    Return on average tangible equity       23.72     23.94    23.46    22.87    23.57  
    Return on average realized tangible equity (2)    25.17    25.01    24.82    24.81    24.94  
    Efficiency ratio (taxable equivalent) (3)    50.3    50.4    50.1    48.6     49.6  

NOTES:   Applicable ratios are annualized.
  (1) Net merger-related charges totaled $7.8 million, $1.1 million, $(.4 million), $9.8 million and $61.5 million, net of tax, for the quarters ended September 30, 2002, June 30, 2002, March 31, 2002, December 31, 2001 and September 30,
  (2) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  (3) Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and merger-related charges.
  (4) Cash basis performance excludes the effect on earnings of amortization expense applicable to intangible assets and the unamortized balances of intangibles from assets and equity.



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 9  Investor Relations  FAX (336) 733-3132  



As of / For the Quarter Ended
(Dollars in thousands) 9/30/02 6/30/02 3/31/02 12/31/01 9/30/01
SELECTED BALANCE SHEET DATA
   End of period balances
    Securities available for sale     $ 16,416,181   $ 18,076,387   $ 17,515,228   $ 16,621,684   $ 16,679,755  
    Securities held to maturity    51,401    47,366    44,189    40,496    38,379  
    Trading securities    121,525    132,305    143,976    97,675    116,523  
      Total securities    16,589,107    18,256,058    17,703,393    16,759,855    16,834,657  
    Commercial loans & leases    28,880,433    28,362,233    28,102,661    25,959,142    25,532,901  
    Consumer loans    12,782,666    12,376,586    12,008,377    11,214,193    11,278,277  
    Revolving credit loans    1,010,860    985,487    953,748    951,319    908,868  
    Mortgage loans    10,390,742    8,806,304    9,092,620    9,318,519    9,429,390  
      Total loans & leases    53,064,701    50,530,610    50,157,406    47,443,173    47,149,436  
    Allowance for loan & lease losses    723,688    706,446    705,905    644,418    634,552  
    Other earning assets    518,476    330,555    333,035    360,789    370,912  
      Total earning assets    69,629,079    68,638,124    67,924,614    64,087,088    63,685,851  
      Total assets    78,186,831    76,333,441    74,949,720    70,869,945    70,309,046  
    Noninterest-bearing deposits    7,967,366    7,625,530    7,142,729    6,939,640    6,356,051  
    Savings & interest checking    2,970,575    3,290,255    3,287,663    3,013,702    3,094,104  
    Money rate savings    15,636,969    14,632,630    14,894,883    13,902,088    13,156,255  
    CDs and other time deposits    23,236,561    25,360,774    23,145,964    20,877,845    22,607,819  
      Total deposits    49,811,471    50,909,189    48,471,239    44,733,275    45,214,229  
    Short-term borrowed funds    4,797,992    4,930,434    6,043,367    6,649,100    5,923,442  
    Long-term debt    13,384,826    10,979,492    11,444,091    11,721,076    11,408,329  
      Total interest-bearing liabilities    60,026,923    59,193,585    58,815,968    56,163,811    56,189,949  
      Total shareholders' equity    7,534,817    7,128,356    7,055,418    6,150,209    5,969,828  
    Goodwill    1,698,563    1,457,257    1,417,993    879,903    792,689  
    Core deposit & other intangibles    138,616    119,533    137,202    54,456    42,950  
      Total intangibles    1,837,179    1,576,790    1,555,195    934,359    835,639  
      Mortgage servicing rights    280,821    395,654    386,386    359,037    340,746  
      Negative goodwill   $ --   $ --   $ --   $ 9,780   $ 10,465  
    Average balances  
    Securities, at amortized cost   $ 17,574,918   $ 17,593,605   $ 16,481,523   $ 16,239,595   $ 16,015,660  
    Commercial loans & leases    28,519,409    28,210,576    26,340,603    25,801,611    25,497,844  
    Consumer loans    12,630,287    12,278,571    11,404,392    11,249,000    11,278,665  
    Revolving credit loans    997,863    968,088    944,385    919,501    897,121  
    Mortgage loans    9,480,717    8,808,602    9,143,932    9,452,120    9,510,234  
      Total loans & leases    51,628,276    50,265,837    47,833,312    47,422,232    47,183,864  
    Other earning assets    456,475    354,745    455,620    354,614    437,959  
      Total earning assets    69,659,668    68,214,187    64,770,455    64,016,441    63,637,483  
      Total assets    77,571,231    75,538,200    71,481,754    70,610,330    69,590,582  
    Noninterest-bearing deposits    7,383,310    7,157,722    6,498,675    6,560,631    6,319,783  
    Savings & interest checking    3,350,476    3,568,247    3,201,268    3,240,975    3,313,821  
    Money rate savings    15,110,502    14,617,809    13,721,226    13,208,472    12,654,015  
    CDs and other time deposits    24,708,799    24,007,125    22,276,896    21,864,320    22,237,050  
      Total deposits    50,553,087    49,350,903    45,698,065    44,874,398    44,524,669  
    Short-term borrowed funds    5,245,125    5,788,023    5,930,643    6,427,523    6,451,865  
    Long-term debt    12,313,297    11,287,626    11,572,300    11,492,851    11,174,903  
      Total interest-bearing liabilities    60,728,200    59,268,830    56,702,333    56,234,141    55,831,654  
      Total shareholders' equity   $ 7,370,304   $ 7,156,600   $ 6,469,084   $ 6,150,335   $ 5,903,303  
RISK-BASED CAPITAL (1)  
    Risk-based capital:  
      Tier 1   $ 5,523,128   $ 5,347,662   $ 5,371,989   $ 5,002,896   $ 4,829,647  
      Total    7,714,703    7,021,213    7,205,160    6,796,958    6,613,329  
    Risk-weighted assets    56,957,582    54,996,625    54,080,258    50,972,300    50,130,294  
    Average quarterly tangible assets    75,420,627    73,627,410    69,534,802    69,262,888    68,411,234  
    Risk-based capital ratios:  
      Tier 1       9.7  %   9.7  %   9.9  %   9.8  %   9.6  %
      Total    13.5    12.8    13.3    13.3    13.2  
    Leverage capital ratio    7.3    7.3    7.7    7.2    7.1  

NOTES:   All items referring to loans & leases include loans held for sale & are net of unearned income.
  (1) Current quarter information is estimated.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 10  Investor Relations  FAX (336) 733-3132  




As of / For the Quarter Ended
(Dollars in thousands) 9/30/02 6/30/02 3/31/02 12/31/01 9/30/01
ASSET QUALITY ANALYSIS
Allowance For Loan & Lease Losses                        
  Beginning balance   $ 706,446   $ 705,905   $ 644,418   $ 634,552   $ 610,171  
  Allowance for acquired loans, net    16,861    136    61,177    9,047    --  
  Provision for loan & lease losses    64,000    58,500    56,500    65,000    68,500  
   Charge-offs    (77,732 )  (69,144 )  (67,206 )  (76,082 )  (54,885 )
   Recoveries    14,113    11,049    11,016    11,901    10,766  
  Net charge-offs    (63,619 )  (58,095 )  (56,190 )  (64,181 )  (44,119 )
   Ending balance   $ 723,688   $ 706,446   $ 705,905   $ 644,418   $ 634,552  
Nonperforming Assets  
  Nonaccrual loans & leases   $ 358,823   $ 335,287   $ 354,916   $ 316,607   $ 266,384  
  Foreclosed real estate    46,378    49,009    46,687    39,106    34,601  
  Other foreclosed property    17,712    15,803    20,734    17,858    17,733  
  Restructured loans    2,358    --    --    --    183  
   Nonperforming assets   $ 425,271   $ 400,099   $ 422,337   $ 373,571   $ 318,901  
  Loans 90 days or more past due                                  
   & still accruing   $ 100,147   $ 98,143   $ 100,962   $ 101,778   $ 93,968  
  Loans 90 days or more past due & still accruing  
   as a percentage of total loans and leases       .19  %   .19  %   .20  %   .21  %   .20  %
Asset Quality Ratios  
  Nonaccrual and restructured loans & leases                                  
   as a percentage of total loans & leases       .68  %   .66  %   .71  %   .67  %   .57  %
  Nonperforming assets as a percentage of:  
   Total assets    .54    .52    .56    .53    .45  
   Loans & leases plus                                  
     foreclosed property    .80    .79    .84    .79    .68  
  Net charge-offs as a percentage of  
   average loans & leases    .49    .46    .48    .54    .37  
  Net charge-offs excluding specialized                                  
   lending as a percentage of average                                  
   loans & leases (1)    .40    .38    .37    .46    .30  
  Allowance for loan & lease losses as  
   a percentage of loans & leases    1.36    1.40    1.41    1.36    1.35  
  Ratio of allowance for loan & lease losses to:  
   Net charge-offs       2.87  x   3.03  x   3.10  x   2.53  x   3.63  x
   Nonaccrual and restructured loans & leases    2.00    2.11    1.99    2.04    2.38  

As of / for the Nine Months Ended Increase (Decrease)
9/30/02 9/30/01 $ %
Allowance For Loan & Lease Losses
  Beginning balance     $ 644,418   $ 578,107   $ 66,311    11.5  
  Allowance for acquired loans    78,174    20,036    58,138    NM  
  Provision for loan & lease losses    179,000    159,318    19,682    12.4  
   Charge-offs    (214,082 )  (155,147 )  (58,935 )   (38.0 )
   Recoveries    36,178    32,238    3,940    12.2  
  Net charge-offs    (177,904 )  (122,909 )  (54,995 )   (44.7 )
   Ending balance   $ 723,688   $ 634,552   $ 89,136    14.0  
Asset Quality Ratios  
  Net charge-offs as a percentage of                            
   average loans & leases     .48  %   .35  %            
  Ratio of allowance for loan & lease losses to  
   net charge-offs       3.04  x   3.86  x            

For the Quarter Ended
9/30/02 6/30/02 3/31/02 12/31/01 9/30/01
ANNUALIZED INTEREST YIELDS / RATES (2)
Interest income:                        
Securities & other       5.98  %   6.20  %   6.49  %   6.77  %   6.87  %
Loans & leases    6.91    7.03    7.14    7.52    8.24  
  Total earning assets    6.67    6.81    6.97    7.33    7.88  
Interest expense:  
Interest-bearing deposits    2.34    2.45    2.69    3.27    3.96  
Short-term borrowed funds    1.83    1.83    1.81    2.19    3.44  
Long-term debt    4.73    5.24    5.19    5.27    5.49  
  Total interest-bearing liabilities    2.78    2.92    3.10    3.55    4.21  
Net yield on earning assets       4.25  %   4.27  %   4.26  %   4.20  %   4.19  %

NOTES:   All items referring to loans & leases include loans held for sale & are net of unearned income. Applicable ratios are annualized.
  (1) Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.
  (2) Excludes merger-related charges. Fully taxable equivalent yields. Securities yields calculated based on amortized cost.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 11  Investor Relations  FAX (336) 733-3132  



For the Nine Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 9/30/01 $ %
SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Average Balances
Commercial loans & leases     $ 28,540,505   $ 27,571,476   $ 969,029     3.5  
Consumer loans    12,315,328    11,924,776    390,552    3.3  
Revolving credit loans    976,317    901,046    75,271    8.4  
Mortgage loans (2)    10,627,639    11,219,732    (592,093 )   (5.3 )
  Total loans & leases    52,459,789    51,617,030    842,759    1.6  
Noninterest-bearing deposits (3)    7,454,114    6,839,674    614,440    9.0  
Interest-bearing transaction accounts    18,594,516    17,313,818    1,280,698    7.4  
CDs and other time deposits    24,630,431    25,076,525    (446,094 )   (1.8 )
  Total deposits   $ 50,679,061   $ 49,230,017   $ 1,449,044     2.9  

For the Nine Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 9/30/01 $ %
SELECTED INCOME STATEMENT ITEMS EXCLUDING
  MERGER-RELATED CHARGES AND PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 2,080,762   $ 1,951,588   $ 129,174     6.6  %
  Noninterest income  
Service charges on deposits    280,883    255,749    25,134    9.8  
Mortgage banking income (4)    29,675    144,742    (115,067 )  NM  
Investment banking & brokerage fees & commissions    155,994    130,211    25,783    19.8  
Trust revenue    66,464    71,936    (5,472 )  (7.6 )
Agency insurance commissions    146,214    131,122    15,092    11.5  
Other insurance commissions    10,727    9,478    1,249    13.2  
Other nondeposit fees & commissions    140,720    140,899    (179 )  (0.1 )
Securities gains (losses), net (4)    167,767    10,994    156,773    NM  
Other income    90,941    80,942    9,999    12.4  
  Total noninterest income    1,089,385    976,073    113,312    11.6  
  Noninterest expense  
Personnel expense    853,094    838,623    14,471    1.7  
Occupancy & equipment expense    238,400    229,496    8,904    3.9  
Other noninterest expense    455,574    440,884    14,690    3.3  
  Total noninterest expense   $ 1,547,068   $ 1,509,003   $ 38,065    2.5  %

For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 9/30/01 $ %
SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
  Average Balances
Commercial loans & leases     $ 28,734,610   $ 27,990,080   $ 744,530     2.7  
Consumer loans    12,634,310    12,041,576    592,734    4.9  
Revolving credit loans    997,863    923,351    74,512    8.1  
Mortgage loans (2)    10,461,110    11,204,526    (743,416 )  (6. 6)
  Total loans & leases    52,827,893    52,159,533    668,360    1.3  
Noninterest-bearing deposits (3)    7,709,750    7,090,044    619,706    8.7  
Interest-bearing transaction accounts    18,742,524    17,627,400    1,115,124    6.3  
CDs and other time deposits    25,090,808    24,774,503    316,305    1.3  
  Total deposits   $ 51,543,082   $ 49,491,947   $ 2,051,135    4.1  

For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 9/30/01 $ %
SELECTED INCOME STATEMENT ITEMS EXCLUDING
  MERGER-RELATED CHARGES AND PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 695,710   $ 668,724   $ 26,986     4.0  %
  Noninterest income  
Service charges on deposits    97,747    88,305    9,442    10.7  
Mortgage banking income (4)    (62,344 )  52,068    (114,412 )  NM  
Investment banking & brokerage fees & commissions    47,530    43,599    3,931    9.0  
Trust revenue    22,632    22,931    (299 )  (1.3 )
Agency insurance commissions    49,136    44,120    5,016    11.4  
Other insurance commissions    3,610    3,089    521    16.9  
Other nondeposit fees & commissions    49,779    48,600    1,179    2.4  
Securities gains (losses), net (4)    135,051    3,786    131,265    NM  
Other income    30,927    30,095    832    2.8  
  Total noninterest income    374,068    336,593    37,475    11.1  
  Noninterest expense  
Personnel expense    281,868    281,830    38    --  
Occupancy & equipment expense    78,842    79,222    (380 )  (0.5 )
Other noninterest expense    164,921    153,658    11,263    7.3  
  Total noninterest expense   $ 525,631   $ 514,710   $ 10,921    2.1 %

NOTES: (1) Amounts adjusted to exclude growth that resulted from the timing of acquisitions purchased during 2002 and 2001.
  (2) Excludes the impact of mortgage loan securitization programs in 2001.
  (3) Excludes the impact of the outsourcing of official checks in both 2002 and 2001.
  (4) Mortgage banking income includes a provision for the impairment of mortgage servicing rights totaling $156.4 million and $130.8 million for the nine months and three months ended September 30, 2002, respectively. These provisions are offset by securities
  NM - not meaningful.



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 12  Investor Relations  FAX (336) 733-3132  



For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 6/30/02 $ %
SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
  Average Balances
Commercial loans & leases     $ 28,734,610   $ 28,523,085   $ 211,525     2.9  %
Consumer loans    12,634,310    12,284,759    349,551    11.3  
Revolving credit loans    997,863    968,088    29,775    12.2  
Mortgage loans (2)    10,085,695    9,705,772    379,923    15.5  
  Total loans & leases    52,452,478    51,481,704    970,774    7.5  
Noninterest-bearing deposits (3)    7,709,750    7,419,132    290,618    15.5  
Interest-bearing transaction accounts    18,742,524    18,621,091    121,433    2.6  
CDs and other time deposits    25,090,808    24,581,856    508,952    8.2  
  Total deposits   $ 51,543,082   $ 50,622,079   $ 921,003     7.2  %

For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 9/30/02 6/30/02 $ %
SELECTED INCOME STATEMENT ITEMS EXCLUDING
  MERGER-RELATED CHARGES AND PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 739,135   $ 727,241   $ 11,894     6.5  %
  Noninterest income  
Service charges on deposits    104,740    101,874    2,866     11.2  
Mortgage banking income (4)    (61,175 )  43,963    (105,138 )   NM  
Investment banking & brokerage fees & commissions    47,912    56,039    (8,127 )   (57.5 )
Trust revenue    26,431    24,197    2,234    36.6  
Agency insurance commissions    76,211    74,063    2,148    11.5  
Other insurance commissions    3,847    3,986    (139 )   (13.8 )
Other nondeposit fees & commissions    54,142    52,100    2,042    15.5  
Securities gains (losses), net (4)    135,519    19,666    115,853    NM  
Other income    31,433    28,244    3,189    44.8  
  Total noninterest income    419,060    404,132    14,928    14.7  
  Noninterest expense  
Personnel expense    320,959    319,622    1,337    1.7  
Occupancy & equipment expense    85,112    84,688    424    2.0  
Other noninterest expense    183,223    170,988    12,235    28.4  
  Total noninterest expense   $ 589,294   $ 575,298   $ 13,996    9.7  %

NOTES:   Applicable growth rates are annualized.
  (1) Amounts adjusted to exclude growth that resulted from the timing of acquisitions purchased during 2002 and 2001.
  (2) Excludes the impact of mortgage loan securitization programs in 2001.
  (3) Excludes the impact of the outsourcing of official checks in both 2002 and 2001.
  (4) Mortgage banking income includes provisions for the impairment of mortgage servicing rights totaling $130.8 million and $15.8 million for the three months ended September 30, 2002, and June 30, 2002, respectively. These provisions are offset by securities
  NM - not meaningful.







S  I  G  N  A  T  U  R  E

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                                                                                BB&T CORPORATION
                                                                                (Registrant)

                                                                                By: /S/ SHERRY A. KELLETT

                                                                                Sherry A. Kellett
                                                                                Senior Executive Vice President and Controller
                                                                                (Principal Accounting Officer)

Date:       October 11, 2002