Quarterly Performance Summary issued July 12, 2001

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

July 12, 2001

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 5.    OTHER EVENTS

     The purpose of this Current Report on Form 8-K is to file BB&T Corporation's Quarterly Performance Summary for the second quarter of 2001.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued July 12, 2001

July 12, 2001

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 reports 15.9% increase in 2nd quarter earnings

           WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE:BBT) reported today second quarter 2001 earnings totaling $255.1 million, or $.60 per diluted share, excluding $24.3 million in after-tax nonrecurring items associated primarily with the second quarter merger with Century South Banks, Inc., and systems conversion costs related to other mergers. Net income, excluding nonrecurring items, increased 15.9% in the second quarter of 2001 compared to the prior year, while diluted earnings per share increased 15.4% compared to second quarter 2000 recurring results.

           BB&T's second quarter 2001 results, excluding nonrecurring items, generated an annualized return on average assets of 1.60% and an annualized return on average shareholders' equity of 19.52%, compared to prior year ratios of 1.54% and 19.85%, respectively.

           BB&T's "cash basis" operating results, which exclude the effects of intangible assets and the related amortization expenses, improved in the second quarter of 2001 compared to 2000. Recurring cash basis earnings totaled $272.3 million for the second quarter of 2001, or $.64 per diluted share, increases of 15.5% and 16.4%, respectively, compared to prior year results. Cash basis earnings for the current quarter generated an annualized return on average tangible assets of 1.73% and an annualized return on average tangible shareholders' equity of 24.60%.

           "We are very pleased to announce a successful second quarter," said Chairman and Chief Executive Officer John A. Allison. "We have achieved our earnings goals in a slowing national economy and a difficult interest rate environment. While our levels of nonperforming assets and credit losses have increased in response to the economic slowdown, our credit quality remains strong and very favorable in comparison to industry averages. We benefited from strong growth in noninterest income and careful control of expenses during the quarter."

           For the six months ended June 30, BB&T's net income was $502.4 million, or $1.18 per diluted share, excluding net after-tax nonrecurring charges totaling $49.3 million. These earnings reflect increases of 15.5% and 15.7%, respectively, compared to 2000. Recurring earnings for the first six months of 2001 yielded an annualized return on average assets of 1.60% and an annualized return on average equity of 19.62%, compared to prior year ratios of 1.54% and 19.85%, respectively.

           Including the nonrecurring items, net income for the second quarter of 2001 totaled $230.8 million, an increase of 32.6% compared to $174.1 million earned in the second quarter of 2000. On a diluted per share basis, net income for the quarter was $.54, an increase of 31.7% compared to $.41 earned in 2000. For the first six months of 2001, net income was $453.1 million, an increase of 22.8% compared to $369.0 million earned in 2000. On a diluted per share basis, net income was $1.06 for the six months ended June 30, 2001, an increase of 21.8% compared to $.87 earned in 2000.

BB&T Increases Cash Dividend

           On June 26, BB&T's board of directors approved a 13% increase in the quarterly cash dividend paid to shareholders. The increase, to $.26 per share, marks the 29th consecutive year that BB&T has increased the quarterly cash dividend.

Noninterest Income Increases a Healthy 26.2%

           BB&T's noninterest income, excluding nonrecurring items, totaled $320.1 million for the second quarter, reflecting an increase of 26.2% compared to the second quarter of 2000. This increase was driven by substantially higher mortgage banking income, growth in service charges on deposits, increased trust revenue and growth in insurance commissions from BB&T's agency network.

           The declining interest rate environment during the first six months of 2001 has benefited BB&T through increased mortgage originations and mortgage banking income, which totaled $49.8 million for the second quarter of 2001, an increase of 97.7% compared to the same period last year. Service charges on deposits totaled $83.9 million for the quarter, an increase of 23.8% compared to the second quarter of 2000. Trust income totaled $23.0 million for the second quarter, up 17.1% compared to 2000, reflecting growth in BB&T's trust relationships. Agency insurance commissions totaled $42.8 million for the second quarter, an increase of 31.4% compared to the second quarter of 2000. This growth resulted from higher property and casualty, group health and surety insurance commissions, as well as the purchase of eight additional insurance agencies in the past year.

           Excluding purchase accounting transactions, noninterest income would have totaled $303.4 million in the second quarter, reflecting an increase of 19.6% compared to the same period in 2000.

Nonperforming Assets Increase - Overall Asset Quality Remains Strong

           Consistent with the slowing economy, BB&T's nonperforming asset levels and credit losses rose in the second quarter. Nonperforming assets as a percentage of total assets increased to .44% compared to .29% at June 30, 2000, while net charge-offs amounted to .35% of average loans and leases for the second quarter of 2001 compared to .25% in the second quarter last year. Over the long term, BB&T's net charge-offs have been substantially below industry averages, and current levels remain significantly better than the most recently published industry averages. Excluding losses at BB&T's specialized lending subsidiaries, net charge-offs for the second quarter were .29%.

Noninterest Expense Control Continues

           BB&T has consistently met or exceeded overall projected cost savings goals associated with the integration of mergers and acquisitions. This success in the execution of acquisitions, together with an on-going emphasis on controlling expenses, has produced improved efficiency ratios and low rates of growth in noninterest expenses. Recurring noninterest expense for the second quarter of 2001 was $473.5 million, an increase of 7.7% compared to the second quarter of 2000. Excluding the effects of purchase accounting, noninterest expense would have totaled $447.7 million for the second quarter, an increase of 1.8% compared to the second quarter of 2000. BB&T's efficiency ratio for the second quarter of 2001 was 51.4% compared to 53.6% for the same period in 2000. On a cash basis, the efficiency ratio was 49.5% for the second quarter, compared to a prior year ratio of 51.4%.

Loans Grow 12% Led by Commercial Loans

           BB&T continued to enjoy healthy loan growth in the second quarter, particularly in light of the slowing economy. Average loans and leases were $44.0 billion for the second quarter, reflecting an increase of 12.0% compared to the same period last year. By major category, commercial loans and leases increased $2.8 billion, or 13.5%; consumer loans increased $602.0 million, or 6.0%; mortgage loans increased $1.2 billion, or 15.1%; and revolving credit increased $145.1 million, or 20.4%. Excluding the effects of loans acquired through purchase acquisitions and the effects of loan securitization programs, average total loans and leases would have been $45.6 billion for the second quarter, an increase of $4.5 billion, or 11.0%, compared to the second quarter of 2000.

Net Interest Income Growth Slows as Margins Tighten

           BB&T's recurring net interest income on a fully taxable equivalent basis totaled $602.2 million for the second quarter, an increase of $37.6 million, or 6.7%, compared to the second quarter of 2000. The net interest margin was 4.11% for the second quarter, down from 4.21% in the comparable period last year, but essentially the same as the first quarter of this year. The tightening margin resulted because the rapidly changing interest rate environment affected interest-sensitive loans more quickly than less interest-sensitive sources of funds. The yield earned on average loans during the second quarter was 8.60%, down .73% compared to the second quarter last year, while the rate paid for interest-bearing deposits averaged 4.43% for the second quarter, down .22% compared to 2000.

BB&T Expands in Fast-Growing Markets

           On July 10, BB&T announced plans to acquire Community First Banking Company of Carrollton, Ga. ("CFBC"). CFBC has approximately $548.1 million in assets and operates nine banking offices in western Georgia. The acquisition expands BB&T's presence in the metropolitan Atlanta area and gives BB&T the seventh largest deposit market share in Georgia, a state BB&T entered only two years ago.

           On June 7, BB&T completed its acquisition of Century South Banks, Inc. of Alpharetta, Ga. This merger expanded BB&T's Georgia franchise in the vibrant metropolitan Atlanta market, as well as Savannah, Macon and north Georgia. Century South has approximately $1.6 billion in assets and operates 40 banking offices.

           On June 27, BB&T completed its acquisition of Virginia Capital Bancshares of Fredericksburg, Va. ("VCAP"). VCAP has approximately $532.7 million in assets and operates four banking offices. Through this purchase, BB&T attained the No. 1 deposit market share in the emerging high-tech center of Fredericksburg, along the I-95 corridor between Richmond and Washington, D.C.

           BB&T also has a pending merger with F&M National Corporation of Winchester, Va. ("F&M"). With approximately $4.0 billion in assets, F&M operates 163 banking offices, 13 mortgage banking offices, three trust offices, and six insurance offices. When this merger is complete, BB&T will hold the fourth largest deposit market share in Virginia and the No. 5 market share position in Washington, D.C.

           At June 30, BB&T had $64.7 billion in assets and 932 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Alabama 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 July 11 was $35.30 per share.

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

           To hear a live webcast of BB&T's second quarter earnings conference call at 11 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) Friday, July 27, 2001.

#

      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.

      BB&T's news releases are available at no charge through PR Newswire's Company News On-Call facsimile service. For a menu of BB&T's news releases or to retrieve a specific release call 800-758-5804, extension 809325.




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) 6/30/01 6/30/00 $ %
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS
   Interest income - taxable equivalent     $ 1,207,064   $ 1,154,050   $ 53,014    4.6 % 
   Interest expense    604,884    589,492    15,392    2.6  
     Net interest income - taxable equivalent    602,180    564,558    37,622    6.7  
   Less: Taxable equivalent adjustment    53,080    24,859    28,221    113.5  
     Net interest income    549,100    539,699    9,401    1.7  
   Provision for loan & lease losses    39,398    25,326    14,072    55.6  
     Net interest income after provision for loan & lease losses     509,702    514,373    (4,671)    (.9)  
   Noninterest income (3)    320,119    253,596    66,523    26.2  
   Noninterest expense (4)    473,501    439,696    33,805    7.7  
   Income before income taxes    356,320    328,273    28,047    8.5  
   Provision for income taxes    101,186    108,121    (6,935)  (6.4)
     Income excluding nonrecurring items    255,134    220,152    34,982    15.9  
     Nonrecurring items, net of tax    24,329    46,056    (21,727 )  NM  
     Net income   $230,805   $174,096   $56,709    32.6   %
PER SHARE DATA EXCLUDING NONRECURRING ITEMS  
   Basic earnings   $ .61   $ .52   $ .09    17.3  %
   Diluted earnings    .60    .52    .08    15.4  
   Weighted average shares -       Basic     420,692,786  421,190,364  
                                                 Diluted    426,623,357    426,399,394  
   Dividends paid on common shares   $ .23   $ .20   $ .03    15.0   %
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS  
   Return on average assets    1.60 %  1.54 %      
   Return on average equity    19.52  19.85
   Net yield on earning assets (taxable equivalent)    4.11  4.21
   Efficiency (taxable equivalent) (1)    51.4  53.6
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (2)  
   Net Income   $ 272,275   $ 235,720   $ 36,555    15.5   %
   Diluted earnings per share    .64    .55    .09    16.4  
   Return on average tangible assets    1.73 %  1.67 %      
   Return on average tangible equity    24.60  25.20
   Efficiency ratio (taxable equivalent) (1)    49.5  51.4


For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 6/30/01 6/30/00 $ %
   Interest income - taxable equivalent     $ 1,206,476   $ 1,154,050   $ 52,426    4.5   %
   Interest expense    604,884    589,492    15,392    2.6  
     Net interest income - taxable equivalent    601,592    564,558    37,034    6.6  
   Less: Taxable equivalent adjustment    53,080    24,859    28,221    113.5  
     Net interest income    548,512    539,699    8,813    1.6  
   Provision for loan & lease losses    43,898    29,076    14,822    51.0  
     Net interest income after provision for loan & lease losses     504,614    510,623  (6,009)  (1.2)
   Noninterest income    333,187    212,786    120,401    56.6  
   Noninterest expense    518,663    465,576    53,087    11.4  
   Income before income taxes    319,138    257,833    61,305    23.8  
   Provision for income taxes    88,333    83,737    4,596    5.5  
     Net income   $ 230,805   $ 174,096   $ 56,709    32.6   %
PER SHARE DATA  
   Basic earnings   $ .55   $ .41   $ .14    34.1   %
   Diluted earnings    .54    .41    .13    31.7  
   Weighted average shares -      Basic    420,692,786  421,190,364  
                                                 Diluted    426,623,357    426,399,394  
   Dividends paid on common shares   $ .23   $ .20   $ .03    15.0   %
PERFORMANCE RATIOS  
   Return on average assets    1.45 %  1.22 %      
   Return on average equity    17.66  15.70
   Net yield on earning assets (taxable equivalent)    4.10  4.21
   Efficiency (taxable equivalent) (1)    51.4  53.6
NOTES: Applicable ratios are annualized.
(1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods
(2) 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 the unamortized balances of nonqualifying intangibles from assets and equity
(3) Excluding purchase accounting transactions, noninterest income would have increased $49.8 million, or 19.6%, for the quarter compared to the same period in 2000
(4) Excluding purchase accounting transactions, noninterest expense would have increased $8.0 million, or 1.8%, for the quarter compared to the same period in 2000
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 Six Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 6/30/01 6/30/00 $ %
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS
   Interest income - taxable equivalent     $ 2,451,987   $ 2,256,968   $ 195,019    8.6   %
   Interest expense    1,259,535    1,134,620    124,915    11.0  
     Net interest income - taxable equivalent    1,192,452    1,122,348    70,104    6.2  
   Less: Taxable equivalent adjustment    101,683    49,309    52,374    106.2  
     Net interest income    1,090,769    1,073,039    17,730    1.7  
   Provision for loan & lease losses    71,574    51,276    20,298    39.6  
     Net interest income after provision for loan & lease losses    1,019,195    1,021,763    (2,568)  (.3)
   Noninterest income    612,867    496,022    116,845    23.6  
   Noninterest expense    923,955    870,354    53,601    6.2  
   Income before income taxes    708,107    647,431    60,676    9.4  
   Provision for income taxes    205,705    212,632    (6,927)  (3.3)
     Income excluding nonrecurring items    502,402    434,799    67,603    15.5  
     Nonrecurring items, net of tax    49,274    65,839    (16,565 )  NM  
     Net income   $ 453,128   $ 368,960   $ 84,168    22.8   %
PER SHARE DATA EXCLUDING NONRECURRING ITEMS  
   Basic earnings   $ 1.19   $ 1.03   $ .16    15.5 %
   Diluted earnings    1.18    1.02    .16    15.7  
   Weighted average shares -                Basic     421,294,032  420,911,258  
                                                          Diluted    427,515,463    425,867,326  
   Dividends paid on common shares   $ .46   $ .40   $ .06    15.0   %
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS  
   Return on average assets    1.60 %  1.54 %      
   Return on average equity    19.62  19.85
   Net yield on earning assets (taxable equivalent)    4.10  4.23
   Noninterest income as a percentage of  
     total income (taxable equivalent) (1)    33.7  30.7
   Efficiency (taxable equivalent) (1)    51.3  53.7
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (2)  
   Net Income   $ 536,183   $ 465,469   $ 70,714    15.2 %
   Diluted earnings per share    1.25    1.09    .16    14.7  
   Return on average tangible assets    1.73 %  1.67 %      
   Return on average tangible equity    24.73  25.30
   Efficiency ratio (taxable equivalent) (1)    49.3  51.7
For the Six Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 6/30/01 6/30/00 $ %
INCOME STATEMENT
   Interest income - taxable equivalent     $ 2,451,399   $ 2,256,968   $ 194,431    8.6   %
   Interest expense    1,259,535    1,134,620    124,915    11.0  
     Net interest income - taxable equivalent    1,191,864    1,122,348    69,516    6.2  
   Less: Taxable equivalent adjustment    101,683    49,309    52,374    106.2  
     Net interest income    1,090,181    1,073,039    17,142    1.6  
   Provision for loan & lease losses    84,924    56,526    28,398    50.2  
     Net interest income after provision for loan & lease losses    1,005,257    1,016,513    (11,256)  (1.1)
   Noninterest income    652,065    454,931    197,134    43.3  
   Noninterest expense    1,022,973    926,864    96,109    10.4  
   Income before income taxes    634,349    544,580    89,769    16.5  
   Provision for income taxes    181,221    175,620    5,601    3.2  
     Net income   $ 453,128   $ 368,960   $ 84,168    22.8   %
PER SHARE DATA  
   Basic earnings   $ 1.08   $ .88   $ .20    22.7   %
   Diluted earnings    1.06    .87    .19    21.8  
   Weighted average shares -                Basic     421,294,032  420,911,258  
                                                          Diluted    427,515,463    425,867,326  
   Dividends paid on common shares   $ .46   $ .40   $ .06    15.0   %
PERFORMANCE RATIOS  
   Return on average assets    1.44 %  1.31 %      
   Return on average equity    17.69  16.84
   Net yield on earning assets (taxable equivalent)    4.10  4.23
   Efficiency (taxable equivalent) (1)    51.3  53.7
NOTES: Applicable ratios are annualized.
(1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods.
(2) 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 the unamortized balances of nonqualifying 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 7  Investor Relations  FAX (336) 733-3132  



For the Six Months Ended Increase (Decrease)
(Dollars in thousands) 6/30/01 6/30/00 $ %
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale     $ 14,490,894   $ 13,106,164   $ 1,384,730    10.6  
Securities held to maturity    38,249    388,692    (350,443)  (90.2)
Trading securities    120,381    127,344    (6,963)  (5.5)
  Total securities    14,649,524    13,622,200    1,027,324    7.5  
Commercial loans & leases    23,856,922    20,966,201    2,890,721    13.8  
Consumer loans    10,772,437    10,312,950    459,487    4.5  
Revolving credit loans    876,465    710,649    165,816    23.3  
Mortgage loans    9,048,524    7,877,956    1,170,568    14.9  
  Total loans & leases    44,554,348    39,867,756    4,686,592    11.8  
Allowance for loan & lease losses    588,926    515,806    73,120    14.2  
Other earning assets    309,921    421,702    (111,781)  (26.5)
  Total earning assets    59,115,932    54,415,119    4,700,813    8.6  
  Total assets    64,733,769    58,238,087    6,495,682    11.2  
Noninterest-bearing deposits    5,643,208    5,490,948    152,260    2.8  
Savings & interest checking    2,421,322    3,073,083    (651,761)  (21.2)
Money rate savings    12,349,867    10,125,733    2,224,134    22.0  
CD's and other time deposits    20,970,361    20,156,448    813,913    4.0  
  Total deposits    41,384,758    38,846,212    2,538,546    6.5  
Short-term borrowed funds    5,553,996    6,474,064    (920,068)  (14.2)
Long-term debt    10,864,249    7,628,326    3,235,923    42.4  
  Total interest-bearing liabilities    52,159,795    47,457,654    4,702,141    9.9  
  Total shareholders' equity   $ 5,441,792   $ 4,513,383   $ 928,409    20.6  
Average balances  
Securities, at amortized cost   $ 14,478,054   $ 14,030,066   $ 447,988    3.2 %
Commercial loans & leases    23,433,027    20,485,570    2,947,457    14.4  
Consumer loans    10,663,140    9,965,248    697,892    7.0  
Revolving credit loans    847,796    704,676    143,120    20.3  
Mortgage loans    8,513,832    7,584,676    929,156    12.3  
  Total loans & leases    43,457,795    38,740,170    4,717,625    12.2  
Other earning assets    326,652    397,569    (70,917)  (17.8)
  Total earning assets    58,262,501    53,167,805    5,094,696    9.6  
  Total assets    63,462,467    56,811,547    6,650,920    11.7  
Noninterest-bearing deposits    5,225,668    5,231,789    (6,121)  (.1)
Savings & interest checking    2,641,991    3,396,733    (754,742)  (22.2)
Money rate savings    11,739,360    9,844,975    1,894,385    19.2  
CD's and other time deposits    20,753,287    19,210,761    1,542,526    8.0  
  Total deposits    40,360,306    37,684,258    2,676,048    7.1  
Short-term borrowed funds    5,994,985    7,282,625    (1,287,640)  (17.7)
Long-term debt    10,616,315    6,647,988    3,968,327    59.7  
  Total interest-bearing liabilities    51,745,938    46,383,082    5,362,856    11.6  
  Total shareholders' equity   $ 5,164,595   $ 4,405,766   $ 758,829    17.2  
As of / For the Quarter Ended
(Dollars in thousands) 6/30/01 3/31/01 12/31/00 9/30/00 6/30/00
MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on                            
  securities available for sale, net of tax   $ 240,169   $ 237,629   $ 100,226   $ (140,503) $ (315,997)
Derivatives (notional value)    253,817    334,767    825,878    1,752,086    2,354,529  
Unrealized (loss) gain on derivatives portfolio    413    1,577    348    5,864    (2,887)
Common stock prices (daily close):                         High    37.01    37.88    38.25    30.44    31.75      
                                                                             Low    34.25  31.42  27.38  24.06  23.88
                                                                End of period     36.70  35.17  37.31  30.13  23.88
Weighted average shares -                                     Basic    420,692,786    421,901,958    418,316,769    421,086,144    421,190,364      
                                                                         Diluted     426,623,357    428,417,481    424,306,754    426,040,634    426,399,394  
End of period shares outstanding    424,987,963    422,375,771    423,049,641    419,243,274    421,359,323  
End of period banking offices    932    933    928    897    904  
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.
(1) BB&T had approximately 18,400 full-time equivalent employees at June 30, 2001.



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) 6/30/01 3/31/01 12/31/00 9/30/00 6/30/00
INCOME STATEMENTS EXCLUDING
   NONRECURRING ITEMS
   Interest income - taxable equivalent
   Interest & fees on loans & leases     $ 943,006   $ 974,703   $ 988,291   $ 954,681   $ 911,624  
   Interest & dividends on securities    260,439    265,388    260,415    256,513    236,338  
   Interest on short-term investments    3,619    4,832    6,202    5,656    6,088  
     Total interest income - taxable equivalent    1,207,064    1,244,923    1,254,908    1,216,850    1,154,050  
   Interest expense  
   Interest on deposits    394,369    418,423    428,994    418,505    378,092  
   Interest on short-term borrowed funds    58,465    87,990    110,155    94,715    106,510  
   Interest on long-term debt    152,050    148,238    132,709    132,213    104,890  
     Total interest expense    604,884    654,651    671,858    645,433    589,492  
   Net interest income - taxable equivalent    602,180    590,272    583,050    571,417    564,558  
   Less: Taxable equivalent adjustment    53,080    48,603    53,366    28,573    24,859  
     Net interest income    549,100    541,669    529,684    542,844    539,699  
   Provision for loan & lease losses    39,398    32,176    35,953    25,103    25,326  
     Net interest income after provision for  
       loan & lease losses    509,702    509,493    493,731    517,741    514,373  
   Noninterest income  
   Service charges on deposits    83,893    75,479    73,649    71,849    67,788  
   Mortgage banking income    49,774    40,266    26,555    24,279    25,173  
   Investment banking & brokerage fees & commissions    42,584    43,346    39,010    36,876    41,653  
   Trust revenue    23,000    24,143    17,828    20,477    19,639  
   Agency insurance commissions    42,796    39,465    37,375    36,275    32,579  
   Other insurance commissions    3,444    2,750    3,839    3,831    3,785  
   Other nondeposit fees & commissions    44,519    41,539    44,220    39,587    36,864  
   Securities gains (losses), net    3,709    2,942    5,242    530    (304)
   Other income    26,400    22,818    20,990    26,683    26,419  
     Total noninterest income    320,119    292,748    268,708    260,387    253,596  
   Noninterest expense  
   Personnel expense    260,580    254,494    235,752    234,321    234,963  
   Occupancy & equipment expense    69,756    69,911    65,060    66,699    64,942  
   Foreclosed property expense    1,201    297    1,989    614    949  
   Amortization of intangibles    17,735    17,232    15,837    15,558    15,774  
   Other noninterest expense    124,229    108,520    105,690    114,703    123,068  
     Total noninterest expense    473,501    450,454    424,328    431,895    439,696  
   Income before income taxes    356,320    351,787    338,111    346,233    328,273  
   Provision for income taxes    101,186    104,519    101,330    111,841    108,121  
     Net income   $ 255,134   $ 247,268   $ 236,781   $ 234,392   $ 220,152  
PER SHARE DATA EXCLUDING  
   NONRECURRING ITEMS  
   Basic earnings   $ .61   $ .59   $ .57   $ .56   $ .52  
   Diluted earnings    .60    .58    .56    .55    .52  
   Dividends paid on common shares    .23    .23    .23    .23    .20  
   Book value per common share   $ 12.80   $ 12.33   $ 11.90   $ 10.94   $ 10.71  
RATIOS EXCLUDING  
   NONRECURRING ITEMS  
   Return on average assets    1.60  %  1.59  %  1.57  %  1.59  %  1.54  %
   Return on average equity    19.52    19.72    20.03    20.00    19.85  
   Net yield on earning assets (taxable equivalent)    4.11    4.10    4.18    4.17    4.21  
   Efficiency (taxable equivalent) (1)    51.4    51.1    49.9    51.9    53.6  
   Noninterest income as a percentage of  
     total income (taxable equivalent) (1)    34.4    32.9    31.1    31.3    31.0  
   Equity as a percentage of total assets  
     end of period    8.4    8.2    8.0    7.7    7.7  
   Average earning assets as a percentage of  
     average total assets    91.7    91.9    92.9    93.1    93.5  
   Average loans & leases as a percentage of  
     average deposits    107.1    108.3    105.9    103.6    103.1  
CASH BASIS PERFORMANCE (2)  
   Cash basis earnings excluding nonrecurring items   $ 272,275   $ 263,908   $ 252,197   $ 249,376   $ 235,720  
   Diluted cash basis earnings per share    .64    .62    .59    .59    .55  
   Return on average tangible assets    1.73   %  1.72   %  1.69   %  1.71   %  1.67   %
   Return on average tangible equity    24.60    24.87    25.15    25.05    25.20  
   Efficiency ratio (taxable equivalent) (1)    49.5    49.2    48.0    50.0    51.4
 
NOTES: Applicable ratios are annualized.
(1) Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods.
(2) 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 the unamortized balances of nonqualifying 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) 6/30/01 3/31/01 12/31/00 9/30/00 6/30/00
SELECTED BALANCE SHEET DATA
   End of period balances
   Securities available for sale     $ 14,490,894   $ 14,519,495   $ 14,495,830   $ 13,816,603   $ 13,106,164  
   Securities held to maturity    38,249    54,518    88,578    108,030    388,692  
   Trading securities    120,381    187,218    96,719    132,543    127,344  
     Total securities    14,649,524    14,761,231    14,681,127    14,057,176    13,622,200  
   Commercial loans & leases    23,856,922    23,383,011    22,848,164    21,380,014    20,966,201  
   Consumer loans    10,772,437    10,663,807    10,724,769    10,534,118    10,312,950  
   Revolving credit loans    876,465    844,148    845,259    796,173    710,649  
   Mortgage loans    9,048,524    8,877,927    8,108,229    7,924,390    7,877,956  
     Total loans & leases    44,554,348    43,768,893    42,526,421    40,634,695    39,867,756  
   Allowance for loan & lease losses    588,926    573,877    550,599    532,344    515,806  
   Other earning assets    309,921    246,885    313,685    378,806    421,702  
     Total earning assets    59,115,932    58,382,988    57,351,835    55,289,905    54,415,119  
     Total assets    64,733,769    63,786,046    62,575,133    59,893,353    58,238,087  
   Noninterest-bearing deposits    5,643,208    5,351,485    5,480,778    5,249,715    5,490,948  
   Savings & interest checking    2,421,322    2,454,218    2,580,923    2,741,493    3,073,083  
   Money rate savings    12,349,867    12,120,055    11,505,630    10,544,978    10,125,733  
   CD's and other time deposits    20,970,361    20,499,857    20,945,956    19,942,599    20,156,448  
     Total deposits    41,384,758    40,425,615    40,513,287    38,478,785    38,846,212  
   Short-term borrowed funds    5,553,996    5,831,945    7,139,003    6,876,469    6,474,064  
   Long-term debt    10,864,249    10,912,232    8,625,100    8,653,786    7,628,326  
     Total interest-bearing liabilities    52,159,795    51,818,307    50,796,612    48,759,325    47,457,654  
     Total shareholders' equity    5,441,792    5,209,096    5,033,834    4,587,135    4,513,383  
   Goodwill    795,216    787,507    760,345    688,982    676,724  
   Core deposit & other intangibles    14,793    15,708    16,598    17,557    19,977  
     Total intangibles    810,009    803,215    776,943    706,539    696,701  
     Mortgage servicing rights    295,386    237,826    239,088    218,884    193,875  
     Negative goodwill   $ 11,143   $ 12,704   $ 14,264   $ 15,825   $ 17,385  
   Average balances  
   Securities, at amortized cost   $ 14,420,181   $ 14,536,570   $ 14,218,232   $ 14,226,221   $ 14,074,766  
   Commercial loans & leases    23,633,446    23,230,381    21,923,857    21,344,810    20,820,466  
   Consumer loans    10,693,207    10,632,739    10,435,547    10,279,691    10,091,195  
   Revolving credit loans    857,563    837,920    784,685    745,481    712,486  
   Mortgage loans    8,797,828    8,226,680    8,046,280    7,808,324    7,643,895  
     Total loans & leases    43,982,044    42,927,720    41,190,369    40,178,306    39,268,042  
   Other earning assets    317,206    336,203    324,551    302,980    359,098  
     Total earning assets    58,719,431    57,800,493    55,733,152    54,707,507    53,701,906  
     Total assets    64,021,438    62,897,285    59,971,769    58,777,567    57,431,995  
   Noninterest-bearing deposits    5,340,196    5,109,867    5,161,109    5,290,402    5,365,422  
   Savings & interest checking    2,585,498    2,699,111    2,744,853    2,956,671    3,297,466  
   Money rate savings    12,042,107    11,433,249    10,818,523    10,153,485    9,984,073  
   CD's and other time deposits    21,092,464    20,410,341    20,154,364    20,394,300    19,437,476  
     Total deposits    41,060,265    39,652,568    38,878,849    38,794,858    38,084,437  
   Short-term borrowed funds    5,518,060    6,477,209    6,892,261    5,959,378    7,146,093  
   Long-term debt    10,877,561    10,352,166    8,573,106    8,524,444    6,945,887  
     Total interest-bearing liabilities    52,115,690    51,372,076    49,183,107    47,988,278    46,810,995  
     Total shareholders' equity   $ 5,241,999   $ 5,086,331   $ 4,702,357   $ 4,661,237   $ 4,461,140  
RISK-BASED CAPITAL *  
   Risk-based capital:  
     Tier 1   $ 4,458,980   $ 4,260,723   $ 4,241,646   $ 4,076,951   $ 4,184,985  
     Total    5,559,381    5,465,679    5,423,376    5,241,562    5,333,087  
   Risk-weighted assets    47,006,475    45,789,912    44,956,078    42,908,696    41,459,945  
   Average quarterly tangible assets    62,924,543    61,860,610    59,184,965    58,066,780    57,033,926  
   Risk-based capital ratios:  
     Tier 1    9.5   %  9.3   %  9.4   %  9.5   %  10.1   %
     Total    11.8    11.9    12.1    12.2    12.9  
   Leverage capital ratio    7.1    6.9    7.2    7.0    7.3  
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.
  * 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) 6/30/01 3/31/01 12/31/00 9/30/00 6/30/00
ASSET QUALITY ANALYSIS
   Allowance For Loan & Lease Losses
  Beginning balance     $ 573,877   $ 550,599   $ 532,344   $ 515,806   $ 511,066  
  Allowance for acquired loans    9,470    10,084    12,934    --    --  
  Provision for loan & lease losses    43,898    41,026    46,398    39,303    29,076  
    Charge-offs    (47,777)  (39,132)  (52,199)  (30,435)  (32,808)
    Recoveries    9,458    11,300    11,122    7,670    8,472  
  Net charge-offs    (38,319)  (27,832)  (41,077)  (22,765)  (24,336)
    Ending balance   $ 588,926   $ 573,877   $ 550,599   $ 532,344   $ 515,806  
Nonperforming Assets  
  Nonaccrual loans & leases   $ 236,387   $ 189,642   $ 167,249   $ 138,192   $ 134,650  
  Foreclosed real estate    24,989    31,325    29,324    22,831    19,585  
  Other foreclosed property    20,068    22,681    16,903    16,042    13,694  
  Restructured loans    324    2,261    492    445    501  
    Nonperforming assets   $ 281,768   $ 245,909   $ 213,968   $ 177,510   $ 168,430  
  Loans 90 days or more past due  
    & still accruing   $ 82,507   $ 79,780   $ 75,191   $ 77,108   $ 64,767  
  Loans 90 days or more past due & still accruing  
    as a percentage of total loans and leases    .19  %  .18  %  .18  %  .19  %  .16  %
Asset Quality Ratios  
  Nonaccrual and restructured loans & leases  
    as a percentage of total loans & leases    .53  %  .44  %  .39  %  .34  %  .34  %
  Nonperforming assets as a percentage of:  
    Total assets    .44    .39    .34    .30    .29  
    Loans & leases plus  
     foreclosed property    .63    .56    .50    .44    .42  
  Net charge-offs as a percentage of  
    average loans & leases    .35    .26    .40    .23    .25  
  Net charge-offs excluding specialized  
    lending as a percentage of average  
    loans & leases (1)    .29    .21    .34    .19    .21  
  Allowance for loan & lease losses as  
    a percentage of loans & leases    1.32    1.31    1.29    1.31    1.29  
  Ratio of allowance for loan & lease losses to:  
    Net charge-offs    3.83  x  5.08  x  3.37  x  5.88  x  5.27  x
    Nonaccrual and restructured loans & leases    2.49    2.99    3.28    3.84    3.82  
As of / for the Six Months Ended Increase (Decrease)
6/30/01 6/30/00 $ %
Allowance For Loan & Lease Losses
  Beginning balance     $ 550,599   $ 502,522   $ 48,077    9.6 %
  Allowance for acquired loans    19,554    1,378    18,176    NM  
  Provision for loan & lease losses    84,924    56,526    28,398    50.2  
    Charge-offs    (86,909)  (62,715)  (24,194)  (38.6)
    Recoveries    20,758    18,095    2,663    14.7  
  Net charge-offs    (66,151)  (44,620)  (21,531)  (48.3)
    Ending balance   $ 588,926   $ 515,806   $ 73,120    14.2  
Asset Quality Ratios  
  Net charge-offs as a percentage of  
    average loans & leases    .31 %  .23 %    
  Ratio of allowance for loan & lease losses to  
    net charge-offs    4.42 x  5.72 x    
For the Quarter Ended
(Dollars in thousands) 6/30/01 3/31/01 12/31/00 9/30/00 6/30/00
ANNUALIZED INTEREST YIELDS / RATES (2)
   Interest income:
Securities & other      7.17  %  7.27  %  7.33  %  7.22  %  6.72  %
Loans & leases    8.59  9.19  9.55  9.46  9.33
  Total earning assets    8.23  8.69  8.97  8.86  8.63
Interest expense:  
Interest-bearing deposits    4.43  4.91  5.06  4.97  4.65
Short-term borrowed funds    4.25  5.51  6.36  6.32  5.99
Long-term debt    5.60  5.79  6.17  6.18  6.06
  Total interest-bearing liabilities    4.65  5.16  5.44  5.35  5.06
Net yield on earning assets    4.10  %  4.10  %  4.18  %  4.17  %  4.21  %
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.
(1) Excludes net charge-offs and average loans from BB&T's consumer finance subsidiaries.
(2) Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
NM - not meaningful



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 Six Months Ended Increase (Decrease)
(Dollars in thousands) 6/30/01 6/30/00 $ %
SELECTED BALANCES EXCLUDING PURCHASE ACQUISITIONS (1)
   Average Balances
Commercial loans & leases   $ 23,471,599   $ 21,004,637   $ 2,466,962    11.7  %
Consumer loans    10,724,318    10,243,581    480,737    4.7  
Revolving credit loans    848,499    712,859    135,640    19.0  
Mortgage loans (2)    10,103,720    8,451,314    1,652,406    19.6  
  Total loans & leases   45,148,136    40,412,391    4,735,745    11.7  
Noninterest-bearing deposits (3)    5,259,768    5,245,451    14,317    0.3  
Interest-bearing transaction accounts    14,103,175    13,241,708    861,467    6.5  
CD's and other time deposits    20,216,657    19,210,761    1,005,896    5.2  
  Total deposits   $ 39,579,600   $ 37,697,920   $ 1,881,680    5.0 %
For the Six Months Ended Increase (Decrease)
(Dollars in thousands) 6/30/01 6/30/00 $ %
SELECTED RECURRING INCOME STATEMENT ITEMS
EXCLUDING PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 1,169,750   $ 1,122,348   $ 47,402    4.2 %
  Noninterest income  
Service charges on deposits   $ 156,228   $ 131,056   $ 25,172    19.2  %
Mortgage banking income    80,567    52,524    28,043    53.4  
Investment banking & brokerage fees & commissions   83,155    87,585    (4,430)  (5.1)
Trust revenue    46,754    38,385    8,369    21.8  
Agency insurance commissions    66,183    64,118    2,065    3.2  
Other insurance commissions    6,131    7,145    (1,014)  (14.2)
Other nondeposit fees & commissions    85,630    70,161    15,469    22.0  
Securities gains (losses), net    6,651    (46)  6,697    NM  
Other income    48,835    45,094    3,741    8.3  
  Total noninterest income    580,134    496,022    84,112    17.0  
  Noninterest expense  
Personnel expense    492,043    472,526    19,517    4.1  
Occupancy & equipment expense    134,922    130,242    4,680    3.6  
Other noninterest expense    251,100    267,586    (16,486)  (6.2)
  Total noninterest expense   $ 878,065   $ 870,354   $ 7,711    0.9 %
NOTES: (1) Amounts adjusted to exclude growth that resulted from the timing of acquisitions purchased during 2001 and 2000.
(2) Excludes the impact of mortgage loan securitization programs in both 2001 and 2000.
(3) Excludes the impact of the outsourcing of official checks.
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:       July 12, 2001