Quarterly Performance Summary issued April 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

April 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 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 first quarter of 2002.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued April 11, 2002

April 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 achieves 18.3% growth in first quarter earnings

               WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE:BBT) reported today first quarter 2002 earnings totaling $309.2 million, or $.66 per diluted share, excluding nonrecurring items. Net income, excluding nonrecurring items, increased 18.3% and diluted earnings per share increased 15.8% compared to recurring results in the first quarter of 2001.

               Net nonrecurring items for the quarter, while immaterial, were comprised of after-tax expenses of $9.4 million associated with acquisitions, offset by the cumulative effect of a change in accounting principle from the implementation of a new accounting rule, which resulted in the recognition of income totaling $9.8 million.

               BB&T's first quarter 2002 results, excluding nonrecurring items, produced an annualized return on average assets of 1.75% and an annualized return on average shareholders' equity of 19.39%, compared to prior year ratios of 1.58% and 19.32%, respectively.

               Cash basis operating results exclude the effects of intangible assets and related amortization expenses. Excluding nonrecurring items, cash basis earnings totaled $312.0 million for the first quarter of 2002, or $.67 per diluted share. These results reflect increases of 11.9% and 9.8%, respectively, compared to results for the first quarter of 2001. Cash basis earnings for the current quarter produced an annualized return on average tangible assets of 1.80%, and an annualized return on average tangible shareholders' equity of 23.46%.

               "I am pleased to announce a strong start to 2002," said Chairman and Chief Executive Officer John A. Allison. "Our earnings benefited from a solid performance by our noninterest income generating businesses, improvement in our net interest margin and our continuing ability to achieve cost savings from acquisitions."

               Including nonrecurring items, net income for the first quarter of 2002 totaled $309.6 million compared to $236.5 million earned in the first quarter of 2001, an increase of 30.9%. On a diluted per share basis, net income for the quarter was $.66, up 29.4% compared to $.51 earned in 2001. Net income for the first quarter generated an annualized return on average assets of 1.76% and an annualized return on average shareholders' equity of 19.41% compared to prior year ratios of 1.43% and 17.48%, respectively.

Noninterest Income Drives Earnings Growth

               Total noninterest income, excluding nonrecurring items, was $374.7 million for the first quarter of 2002, an increase of 22.5% compared to the same period in 2001. This increase was driven by insurance agency commissions, mortgage banking income, investment banking and brokerage fees and commissions and service charges on deposits.

               BB&T's insurance agency network is the 10th largest in the nation. Commissions from the agency network totaled $63.9 million in the first quarter of 2002, up 52.3% compared to the first quarter last year. This significant increase reflects the Jan. 1 purchase of Cooney, Rikard & Curtin, Inc. (CRC), the largest independently owned wholesale insurance broker in the nation, as well as acquisitions of other agencies in 2002 and 2001. Excluding the effect of these acquisitions, insurance agency commissions increased 11.3%.

               BB&T enjoyed record mortgage loan originations in 2001 and continued that trend during the first quarter of this year with $2.8 billion in originations. This strong level of mortgage activity fueled a 22.7% increase in mortgage banking income in the first quarter of 2002 compared to the same period in 2001. BB&T recorded a $9.8 million provision for the impairment of mortgage servicing rights during the quarter because low mortgage rates have spurred significant prepayments in the underlying loans. This provision was offset by securities gains. Excluding the provision, mortgage banking income increased 46.5%.

               Investment banking and brokerage fees and commissions totaled $52.9 million for the quarter, an increase of 21.0% compared to the first quarter last year due to higher trading and fee income in BB&T's brokerage operations. Income from service charges on deposit accounts increased because of growth in accounts, higher transaction volume and income from purchase acquisitions. Service charges on deposits totaled $90.2 million for the first quarter of 2002, an increase of 13.5% compared to the first quarter of 2001.

               Excluding the effect of acquisitions accounted for as purchases, noninterest income totaled $351.8 million in the quarter, reflecting an increase of 15.0% compared to the same period in 2001.

Net Interest Margin Improves to 4.26%

               BB&T's fully taxable equivalent net interest income totaled $685.3 million for the first quarter, an increase of $50.9 million, or 8.0%, compared to the first quarter of 2001. The net interest margin was 4.26% for the quarter, up from 4.14% in the first quarter of 2001 and 4.20% in last year's fourth quarter. BB&T's net interest margin has increased steadily in the last year despite aggressive actions by the Federal Reserve to lower short-term interest rates.

Cost Savings from Acquisitions Aid Expense Control

                BB&T maintained excellent operating efficiency during the quarter. Noninterest expense for the first quarter of 2002, excluding nonrecurring items, was $533.7 million, an increase of 10.1% compared to the first quarter of 2001. However, excluding the effects of acquisitions accounted for as purchases, noninterest expense totaled $504.6 million for the current quarter, an increase of 4.1% compared to the same period last year. BB&T's cash basis efficiency ratio for the quarter was 50.1%.

Overall Loan Growth Slows

               BB&T's loan and lease portfolios totaled $50.2 billion at March 31, an increase of 8.7% compared to the first quarter of 2001. The loan category leading the increase was commercial loans and leases, which increased $3.6 billion, or 14.4%. In addition, BB&T's consumer loan portfolio increased $838.1 million, or 7.5%; revolving credit increased $93.6 million, or 10.9%; and mortgage loans decreased $488.1 million, or 5.1%. For the quarter, average total loans and leases increased 5.6% compared to the first quarter of 2001. Excluding the effects of loans acquired through purchase acquisitions and the effects of loan securitization programs, average loans and leases totaled $51.1 billion for the first quarter, an increase of $1.7 billion, or 3.4%, compared to the same period last year.

Nonperforming Assets and Loan Losses Increase as Expected

               As anticipated, BB&T's nonperforming assets and credit losses increased in the first quarter of 2002. Nonperforming assets as a percentage of total assets increased to .56% compared to .40% at March 31, 2001, and .53% at Dec. 31, 2001. Annualized net charge-offs were .48% of average loans and leases for the first quarter of 2002 compared to .26% in the first quarter of 2001, but down from .54% in the fourth quarter of 2001. Excluding losses at BB&T's specialized lending subsidiaries, annualized net charge-offs for the quarter were .37% of average loans and leases.

               "These levels of nonperforming assets and net charge-offs, though higher than last year because of the recession, still reflect good quality in our portfolios," said Allison. "Our credit quality stacks up very well compared to our peers and the industry. We expect our credit quality indicators to show improvement later this year assuming the economy recovers." According to the FDIC's Quarterly Banking Profile, the fourth quarter 2001 average net charge-off ratio for institutions with assets greater than $10 billion was 1.46%, and the ratio of nonperforming assets to total assets was 1.00%. Industry data for the fourth quarter of 2001 is the most current available.

BB&T Continues to Pursue Strategic Acquisitions in 2002

               On Jan. 1, BB&T acquired Birmingham, Ala.-based CRC. The transaction has substantially increased and diversified revenues from BB&T's insurance operations, as evidenced by the strong growth in agency insurance commissions during the quarter.

               On March 8, BB&T completed its acquisition of Louisville, Ky.-based MidAmerica Bancorp. The transaction marks BB&T's initial presence in the economically vibrant Louisville market. MidAmerica has $2.0 billion in assets and operates 30 banking offices in the Louisville metropolitan statistical area.

               On March 20, BB&T consummated its merger with AREA Bancshares Corporation of Owensboro, Ky. AREA has $2.9 billion in assets and operates 72 banking offices throughout Kentucky. The acquisition of AREA, combined with the MidAmerica merger, increased BB&T's assets in Kentucky to more than $5 billion and its market share in the state from 32nd to 3rd.

               BB&T Insurance Services purchased three high-quality insurance agencies during the quarter. On Jan. 2, the acquisition of O'Neal and Hinson Insurance Services of Macon, Ga., was completed. On Feb. 1, Professional Benefits Management, Inc., of Greensboro, N.C., joined the BB&T team, and on March 1, the acquisition of Kaplan Insurance Services, Inc. of Macon, Ga., was completed.

               On April 5, BB&T completed its acquisition of The Pfefferkorn Company, a mortgage banking company based in Winston-Salem, N.C. The Pfefferkorn Company has a mortgage servicing portfolio of $840 million. This acquisition further strengthens BB&T's position as the No. 1 mortgage originator in North Carolina.

               BB&T also expanded its asset management and investment banking and brokerage operations during the quarter. BB&T Asset Management announced on Jan. 31 plans to acquire Virginia Investment Counselors Inc. (VIC) of Norfolk, Va. With $1.2 billion in assets under management, VIC is an investment advisory firm offering services in 20 states. Scott & Stringfellow, BB&T's investment banking and brokerage subsidiary, announced on Jan. 28 an agreement to buy Ryan, Lee & Co. Inc., an investment banking and brokerage firm based in McLean, Va. The transaction will bolster BB&T's presence in the Washington, D.C. area.

               In addition to the mergers and acquisitions described above, BB&T completed the systems integration of F&M National Corporation of Winchester, Va., on March 18. The merger, completed in August 2001, provided BB&T with a major expansion in many excellent growth markets in Virginia, Maryland and West Virginia.

               On March 31, BB&T had $74.9 billion in assets and operated 1,132 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, 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 April 10 was $37.96 per share.

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

               To hear a live webcast of BB&T's first 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) April 26.

#

               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) 3/31/02 3/31/01 $ %
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS (1)
   Interest income - taxable equivalent     $ 1,119,623   $ 1,320,500   $ (200,877 )   (15.2 )%
   Interest expense    434,361    686,095    (251,734 )   (36.7 )
     Net interest income - taxable equivalent    685,262    634,405    50,857     8.0
   Less: Taxable equivalent adjustment    37,990    48,951    (10,961 )   (22.4 )
     Net interest income    647,272    585,454    61,818     10.6
   Provision for loan & lease losses    56,500    33,170    23,330     70.3
     Net interest income after provision for loan & lease losses    590,772    552,284    38,488     7.0
   Noninterest income (2)    374,720    305,881    68,839     22.5
   Noninterest expense (3)    533,691    484,642    49,049     10.1
   Income before income taxes    431,801    373,523    58,278     15.6
   Provision for income taxes    122,554    112,078    10,476     9.3
     Income excluding nonrecurring items (1)    309,247    261,445    47,802     18.3
     Nonrecurring items, net of tax (1)    (398 )  24,945    (25,343 )   NM  
     Net income   $ 309,645   $ 236,500   $ 73,145     30.9 %
PER SHARE DATA EXCLUDING NONRECURRING ITEMS (1)  
   Basic earnings   $ .67   $ .58   $ .09     15.5 %
   Diluted earnings    .66    .57    .09     15.8
   Weighted average shares - Basic   462,902,144     452,634,896        
    Diluted   468,604,312     459,429,071        
   Dividends paid on common shares   $ .26   $ .23   $ .03     13.0 %
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS (1)  
   Return on average assets     1.75 %   1.58 %      
   Return on average equity     19.39     19.32        
   Return on average realized equity (4)    20.32    19.90        
   Net yield on earning assets (taxable equivalent)    4.26    4.14        
   Efficiency (taxable equivalent) (5)    50.5    51.7        
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (1)(6)  
   Earnings excluding nonrecurring items   $ 311,951   $ 278,753   $ 33,198     11.9 %
   Diluted earnings per share    .67    .61    .06     9.8
   Return on average tangible assets    1.80 %    1.71 %        
   Return on average tangible equity    23.46    24.23        
   Return on average realized tangible equity (4)    24.82    25.09        
   Efficiency ratio (taxable equivalent) (5)    50.1    49.8        

For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 3/31/02 3/31/01 $ %
INCOME STATEMENT
   Interest income - taxable equivalent     $ 1,119,623   $ 1,320,500   $ (200,877 )   (15.2 )%
   Interest expense    434,361    686,095    (251,734 )   (36.7 )
     Net interest income - taxable equivalent    685,262    634,405    50,857     8.0
   Less: Taxable equivalent adjustment    37,990    48,951    (10,961 )   (22.4 )
     Net interest income    647,272    585,454    61,818     10.6
   Provision for loan & lease losses    56,500    42,020    14,480     34.5
     Net interest income after provision for loan & lease losses    590,772    543,434    47,338     8.7
   Noninterest income    374,720    332,011    42,709     12.9
   Noninterest expense    548,310    538,498    9,812     1.8
   Income before income taxes    417,182    336,947    80,235     23.8
   Provision for income taxes    117,317    100,447    16,870     16.8
     Income before cumulative effect of change in accounting principle    299,865    236,500    63,365     26.8
     Cumulative effect of change in accounting principle    9,780    --    9,780     NM  
       Net Income   $ 309,645   $ 236,500   $ 73,145     30.9 %
PER SHARE DATA  
   Basic earnings  
     Income before cumulative effect of change in accounting principle     $ .65   $ .52   $ .13     25.0 %
     Cumulative effect of change in accounting principle    .02    --    .02     NM  
     Net income    .67    .52    .15     28.8
   Diluted earnings  
     Income before cumulative effect of change in accounting principle    .64    .51    .13     25.5
     Cumulative effect of change in accounting principle    .02    --    .02     NM  
     Net income   $ .66   $ .51   $ .15     29.4 %
PERFORMANCE RATIOS BASED ON NET INCOME  
   Return on average assets    1.76 %  1.43 %      
   Return on average equity    19.41    17.48        
   Return on average realized equity (4)    20.34    18.00        


NOTES: Applicable ratios are annualized.
(1) Nonrecurring items include $9.4 million in net after-tax expense associated with acquisitions, and the cumulative effect of a change in accounting principle which resulted in the recognition of income totaling $9.8 million.
(2) Excluding purchase accounting transactions, noninterest income would have increased $45.9 million, or 15.0%, for the quarter compared to the same period in 2001.
(3) Excluding purchase accounting transactions, noninterest expense would have increased $20.0 million, or 4.1%, 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 nonrecurring items.
(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  



As of / For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 3/31/02 3/31/01 $ %
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale     $ 17,515,228   $ 15,244,516   $ 2,270,712     14.9  %
Securities held to maturity    44,189    438,199    (394,010 )   (89.9 )
Trading securities    143,976    187,218    (43,242 )   (23.1 )
  Total securities    17,703,393    15,869,933    1,833,460     11.6
Commercial loans & leases    28,139,248    24,587,877    3,551,371     14.4
Consumer loans    11,962,560    11,124,471    838,089     7.5
Revolving credit loans    953,956    860,396    93,560     10.9
Mortgage loans    9,100,813    9,588,919    (488,106 )   (5.1 )
  Total loans & leases    50,156,577    46,161,663    3,994,914     8.7
Allowance for loan & lease losses    705,905    601,788    104,117     17.3
Other earning assets    333,035    532,472    (199,437 )   (37.5 )
  Total earning assets    67,924,614    62,153,135    5,771,479     9.3
  Total assets    74,949,720    67,859,827    7,089,893     10.4
Noninterest-bearing deposits    7,142,729    6,096,581    1,046,148     17.2
Savings & interest checking    3,287,663    3,295,178    (7,515 )   (.2 )
Money rate savings    14,894,883    12,481,532    2,413,351     19.3
CDs and other time deposits    23,145,964    22,056,193    1,089,771     4.9
  Total deposits    48,471,239    43,929,484    4,541,755     10.3
Short-term borrowed funds    6,043,367    6,001,435    41,932     .7
Long-term debt    11,444,091    10,912,235    531,856     4.9
  Total interest-bearing liabilities    58,815,968    54,746,573    4,069,395     7.4
  Total shareholders' equity   $ 7,055,418   $ 5,624,614   $ 1,430,804     25.4  
Average balances  
Securities, at amortized cost   $ 16,482,625   $ 15,742,659   $ 739,966     4.7 %
Commercial loans & leases    26,352,170    24,655,245    1,696,925     6.9
Consumer loans    11,387,897    11,021,870    366,027     3.3
Revolving credit loans    944,465    851,899    92,566     10.9
Mortgage loans    9,148,681    8,770,706    377,975     4.3
  Total loans & leases    47,833,213    45,299,720    2,533,493     5.6
Other earning assets    454,518    478,978    (24,460 )   (5.1 )
  Total earning assets    64,770,356    61,521,357    3,248,999     5.3
  Total assets    71,481,681    66,955,391    4,526,290     6.8
Noninterest-bearing deposits    6,498,552    5,817,639    680,913     11.7
Savings & interest checking    3,201,268    3,496,877    (295,609 )   (8.5 )
Money rate savings    13,721,226    11,756,965    1,964,261     16.7
CDs and other time deposits    22,276,868    21,956,161    320,707     1.5
  Total deposits    45,697,914    43,027,642    2,670,272     6.2
Short-term borrowed funds    5,930,689    6,604,135    (673,446 )   (10.2 )
Long-term debt    11,572,254    10,465,027    1,107,227     10.6
  Total interest-bearing liabilities    56,702,305    54,279,165    2,423,140     4.5
  Total shareholders' equity     $ 6,469,084   $ 5,487,154   $ 981,930     17.9  

As of / For the Quarter Ended
(Dollars in thousands) 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on
  securities available for sale, net of tax     $       160,399   $       288,107   $        407,966   $       250,548   $        248,575  
Derivatives (notional value)    5,222,994   5,614,502   3,752,445   3,361,296   2,821,040  
Fair value of derivatives portfolio    46,936   43,973   (2,407 ) 8,667   (12,954 )
Common stock prices (daily close):   High   39.11   36.96   38.48   37.01   37.88  
  Low  34.47   32.10   33.57   34.25   31.42  
  End of period  38.11   36.11   36.45   36.70   35.17  
Weighted average shares -  Basic  462,902,144   454,031,392   454,346,907   451,712,342   452,634,896  
  Diluted  468,604,312   459,369,269   460,387,879   457,879,467   459,429,071  
End of period shares outstanding     481,195,674   455,682,560   452,984,331   456,031,476   453,380,066  
End of period banking offices    1,132   1,081   1,085   1,095   1,096  
ATMs    1,718   1,613   1,614   1,430   1,374  


NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.
  (1) BB&T had approximately 23,500 full-time equivalent employees at March 31, 2002.



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 Quarter Ended
(Dollars in thousands, except per share data) 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
INCOME STATEMENTS EXCLUDING
NONRECURRING ITEMS (1)
Interest income - taxable equivalent
   Interest & fees on loans & leases     $ 844,804   $ 897,529   $ 977,910   $ 998,665   $ 1,028,789  
   Interest & dividends on securities    272,326    278,719    279,120    278,356    285,256  
   Interest on short-term investments    2,493    2,228    3,514    4,988    6,455  
     Total interest income - taxable equivalent    1,119,623    1,178,476    1,260,544    1,282,009    1,320,500  
   Interest expense  
   Interest on deposits    259,602    315,532    381,409    421,861    447,467  
   Interest on short-term borrowed funds    26,449    35,451    55,913    58,251    88,700  
   Interest on long-term debt    148,310    152,488    154,498    153,438    149,928  
     Total interest expense    434,361    503,471    591,820    633,550    686,095  
   Net interest income - taxable equivalent    685,262    675,005    668,724    648,459    634,405  
   Less: Taxable equivalent adjustment    37,990    42,938    45,572    53,404    48,951  
     Net interest income    647,272    632,067    623,152    595,055    585,454  
   Provision for loan & lease losses    56,500    65,000    45,500    44,298    33,170  
     Net interest income after provision for  
       loan & lease losses    590,772    567,067    577,652    550,757    552,284  
   Noninterest income  
   Service charges on deposits    90,162    93,773    88,305    87,992    79,452  
   Mortgage banking income    50,562    39,194    52,068    51,482    41,192  
   Investment banking & brokerage fees & commissions    52,893    45,085    43,599    42,904    43,708  
   Trust revenue    23,128    18,962    22,931    23,929    25,076  
   Agency insurance commissions    63,883    45,724    44,120    45,049    41,953  
   Other insurance commissions    3,485    4,122    3,089    3,549    2,840  
   Other nondeposit fees & commissions    44,116    46,709    48,600    47,750    44,549  
   Securities gains (losses), net    13,407    32,257    3,786    3,576    3,632  
   Other income    33,084    31,183    30,095    27,368    23,479  
     Total noninterest income    374,720    357,009    336,593    333,599    305,881  
   Noninterest expense  
   Personnel expense    304,893    288,235    281,830    282,484    274,309  
   Occupancy & equipment expense    83,451    73,890    79,222    75,102    75,172  
   Foreclosed property expense    341    1,158    673    500    417  
   Amortization of intangibles    4,351    17,854    18,529    18,404    17,871  
   Other noninterest expense    140,655    140,144    134,456    133,161    116,873  
     Total noninterest expense    533,691    521,281    514,710    509,651    484,642  
   Income before income taxes    431,801    402,795    399,535    374,705    373,523  
   Provision for income taxes    122,554    115,049    116,020    107,278    112,078  
     Income excluding nonrecurring items (1)   $ 309,247   $ 287,746   $ 283,515   $ 267,427   $ 261,445  
PER SHARE DATA EXCLUDING  
   NONRECURRING ITEMS (1)  
   Basic earnings   $ .67   $ .63   $ .62   $ .59   $ .58  
   Diluted earnings    .66    .63    .62    .58    .57  
   Dividends paid on common shares    .26    .26    .26    .23    .23  
   Book value per share   $ 14.66   $ 13.50   $ 13.18   $ 12.84   $ 12.41  
RATIOS EXCLUDING  
   NONRECURRING ITEMS (1)  
   Return on average assets       1.75 %   1.62 %   1.62 %   1.58 %   1.58 %
   Return on average equity    19.39    18.56    19.05    18.95    19.32  
   Return on average realized equity (2)    20.32    19.89    20.00    19.74    19.90  
   Net yield on earning assets (taxable equivalent)    4.26    4.20    4.19    4.16    4.14  
   Efficiency (taxable equivalent) (3)    50.5    50.3    51.3    52.0    51.7  
   Noninterest income as a percentage of  
     total income (taxable equivalent) (3)    35.1    34.5    33.2    33.7    32.3  
   Equity as a percentage of total assets                                  
     end of period    9.4    8.7    8.5    8.5    8.3  
   Average earning assets as a percentage of  
     average total assets    90.6    90.7    91.4    91.7    91.9  
   Average loans & leases as a percentage of                                  
     average deposits    104.7    105.7    106.0    104.3    105.3  
CASH BASIS PERFORMANCE EXCLUDING  
   NONRECURRING ITEMS (1)(4)  
   Earnings excluding nonrecurring items   $ 311,951   $ 304,526   $ 300,643   $ 285,243   $ 278,753  
   Diluted earnings per share    .67    .66    .65    .62    .61  
   Return on average tangible assets     1.80 %   1.73 %   1.73 %   1.72 %   1.71 %
   Return on average tangible equity    23.46    22.87    23.57    24.00    24.23  
   Return on average realized tangible equity (2)    24.82    24.81    24.94    24.91    25.09  
   Efficiency ratio (taxable equivalent) (3)    50.1    48.6    49.6    50.2    49.8  


NOTES:   Applicable ratios are annualized.
  (1) Net nonrecurring items totaled $.4 million, $9.8 million, $61.5 million, $30.2 million and $24.9 million, net of tax, for the quarters ended March 31, 2002, December 31, 2001, September 30, 2001, June 30, 2001 and March 31, 2001, respectively.
  (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 nonrecurring items.
  (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 8  Investor Relations  FAX (336) 733-3132  






As of / For the Quarter Ended
(Dollars in thousands) 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
SELECTED BALANCE SHEET DATA
End of period balances
   Securities available for sale     $ 17,515,228   $ 16,621,684   $ 16,679,755   $ 15,370,474   $ 15,244,516  
   Securities held to maturity    44,189    40,496    38,379    308,846    438,199  
   Trading securities    143,976    97,675    116,523    120,381    187,218  
     Total securities    17,703,393    16,759,855    16,834,657    15,799,701    15,869,933  
   Commercial loans & leases    28,139,248    25,959,142    25,532,901    25,102,074    24,587,877  
   Consumer loans    11,962,560    11,214,193    11,278,277    11,228,486    11,124,471  
   Revolving credit loans    953,956    951,319    908,868    892,969    860,396  
   Mortgage loans    9,100,813    9,318,519    9,429,390    9,803,743    9,588,919  
     Total loans & leases    50,156,577    47,443,173    47,149,436    47,027,272    46,161,663  
   Allowance for loan & lease losses    705,905    644,418    634,552    610,171    601,788  
   Other earning assets    333,035    360,789    370,912    506,263    532,472  
     Total earning assets    67,924,614    64,087,088    63,685,851    62,923,591    62,153,135  
     Total assets    74,949,720    70,869,945    70,309,046    68,811,370    67,859,827  
   Noninterest-bearing deposits    7,142,729    6,939,640    6,356,051    6,419,145    6,096,581  
   Savings & interest checking    3,287,663    3,013,702    3,094,104    3,263,459    3,295,178  
   Money rate savings    14,894,883    13,902,088    13,156,255    12,768,711    12,481,532  
   CDs and other time deposits    23,145,964    20,877,845    22,607,819    22,499,458    22,056,193  
     Total deposits    48,471,239    44,733,275    45,214,229    44,950,773    43,929,484  
   Short-term borrowed funds    6,043,367    6,649,100    5,923,442    5,704,614    6,001,435  
   Long-term debt    11,444,091    11,721,076    11,408,329    10,864,249    10,912,235  
     Total interest-bearing liabilities    58,815,968    56,163,811    56,189,949    55,100,491    54,746,573  
     Total shareholders' equity    7,055,418    6,150,209    5,969,828    5,855,699    5,624,614  
   Goodwill    1,463,532    879,903    792,689    804,916    797,494  
   Core deposit & other intangibles    104,411    54,456    42,950    41,721    43,030  
     Total intangibles    1,567,943    934,359    835,639    846,637    840,524  
     Mortgage servicing rights    386,386    359,037    340,746    295,527    237,978  
     Negative goodwill   $ --   $ 9,780   $ 10,465   $ 11,143   $ 12,704  
   Average balances  
   Securities, at amortized cost   $ 16,482,625   $ 16,239,595   $ 16,015,660   $ 15,542,138   $ 15,742,659  
   Commercial loans & leases    26,352,170    25,801,611    25,497,844    25,083,430    24,655,245  
   Consumer loans    11,387,897    11,249,000    11,278,665    11,112,264    11,021,870  
   Revolving credit loans    944,465    919,501    897,121    871,586    851,899  
   Mortgage loans    9,148,681    9,452,120    9,510,234    9,348,150    8,770,706  
     Total loans & leases    47,833,213    47,422,232    47,183,864    46,415,430    45,299,720  
   Other earning assets    454,518    354,614    437,959    453,386    478,978  
     Total earning assets    64,770,356    64,016,441    63,637,483    62,410,954    61,521,357  
     Total assets    71,481,681    70,610,330    69,590,582    68,087,219    66,955,391  
   Noninterest-bearing deposits    6,498,552    6,560,631    6,319,783    6,119,524    5,817,639  
   Savings & interest checking    3,201,268    3,240,975    3,313,821    3,398,441    3,496,877  
   Money rate savings    13,721,226    13,208,472    12,654,015    12,371,408    11,756,965  
   CDs and other time deposits    22,276,868    21,864,320    22,237,050    22,628,040    21,956,161  
     Total deposits    45,697,914    44,874,398    44,524,669    44,517,413    43,027,642  
   Short-term borrowed funds    5,930,689    6,427,523    6,451,865    5,572,755    6,604,135  
   Long-term debt    11,572,254    11,492,851    11,174,903    10,975,583    10,465,027  
     Total interest-bearing liabilities    56,702,305    56,234,141    55,831,654    54,946,227    54,279,165  
     Total shareholders' equity   $ 6,469,084   $ 6,150,335   $ 5,903,303   $ 5,659,565   $ 5,487,154  
RISK-BASED CAPITAL (1)  
   Risk-based capital:  
     Tier 1   $ 5,371,990   $ 5,002,896   $ 4,829,647   $ 4,828,028   $ 4,628,313  
     Total    7,201,714    6,796,958    6,613,329    5,950,114    5,860,999  
   Risk-weighted assets    53,800,991    50,972,300    50,130,294    49,587,717    48,396,432  
   Average quarterly tangible assets    69,705,579    69,262,888    68,411,234    67,464,682    65,781,373  
   Risk-based capital ratios:  
     Tier 1      10.0 %   9.8 %   9.6 %   9.7 %   9.6 %
     Total    13.4    13.3    13.2    12.0    12.1  
   Leverage capital ratio    7.7    7.2    7.1    7.2    7.0  


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 9  Investor Relations  FAX (336) 733-3132  



As of / For the Quarter Ended
(Dollars in thousands) 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
ASSET QUALITY ANALYSIS
Allowance For Loan & Lease Losses
  Beginning balance     $ 644,418   $ 634,552   $ 610,171   $ 601,788   $ 578,107  
  Allowance for acquired loans, net    61,177    9,047    --    9,470    10,566  
  Provision for loan & lease losses    56,500    65,000    68,500    48,798    42,020  
    Charge-offs    (67,206 )  (76,082 )  (54,885 )  (59,750 )  (40,512 )
    Recoveries    11,016    11,901    10,766    9,865    11,607  
  Net charge-offs    (56,190 )  (64,181 )  (44,119 )  (49,885 )  (28,905 )
    Ending balance   $ 705,905   $ 644,418   $ 634,552   $ 610,171   $ 601,788  
Nonperforming Assets  
  Nonaccrual loans & leases   $ 354,916   $ 316,607   $ 266,384   $ 244,711   $ 203,710  
  Foreclosed real estate    46,687    39,106    34,601    27,725    41,132  
  Other foreclosed property    20,734    17,858    17,733    20,494    22,946  
  Restructured loans    --    --    183    521    2,574  
    Nonperforming assets   $ 422,337   $ 373,571   $ 318,901   $ 293,451   $ 270,362  
  Loans 90 days or more past due  
    & still accruing   $ 100,962   $ 101,778   $ 93,968   $ 84,399   $ 83,001  
  Loans 90 days or more past due & still accruing                                  
    as a percentage of total loans and leases     .20 %   .21 %   .20 %   .18 %   .18  %
Asset Quality Ratios  
  Nonaccrual and restructured loans & leases                                  
    as a percentage of total loans & leases     .71 %   .67 %   .57 %   .52 %   .45  %
  Nonperforming assets as a percentage of:  
    Total assets    .56    .53    .45    .43    .40  
    Loans & leases plus                                  
     foreclosed property    .84    .79    .68    .62    .58  
  Net charge-offs as a percentage of  
    average loans & leases    .48    .54    .37    .43    .26  
  Net charge-offs excluding specialized                                  
    lending as a percentage of average                                  
    loans & leases (1)    .37    .46    .30    .37    .20  
  Allowance for loan & lease losses as  
    a percentage of loans & leases    1.41    1.36    1.35    1.30    1.30  
  Ratio of allowance for loan & lease losses to:  
    Net charge-offs     3.10 x   2.53 x   3.63 x   3.05 x   5.13 x
    Nonaccrual and restructured loans & leases    1.99    2.04    2.38    2.49    2.92  

For the Quarter Ended
  3/31/02 12/31/01 9/30/01 6/30/01 3/31/01
ANNUALIZED INTEREST YIELDS / RATES (2)
Interest income:
Securities & other       6.49 %   6.77 %   6.87 %   7.09 %   7.20  %
Loans & leases    7.14    7.52    8.24    8.63    9.19  
  Total earning assets    6.97    7.33    7.88    8.23    8.66  
Interest expense:  
Interest-bearing deposits    2.69    3.27    3.96    4.41    4.88  
Short-term borrowed funds    1.81    2.19    3.44    4.19    5.45  
Long-term debt    5.19    5.27    5.49    5.60    5.79  
  Total interest-bearing liabilities    3.10    3.55    4.21    4.62    5.12  
Net yield on earning assets       4.26 %   4.20 %   4.19 %   4.16 %   4.14  %


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) Excludes nonrecurring items. 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 10  Investor Relations  FAX (336) 733-3132  



For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 3/31/02 3/31/01 $ %
SELECTED BALANCES EXCLUDING PURCHASE ACQUISITIONS (1)
Average Balances
Commercial loans & leases     $ 27,969,607   $ 26,519,614   $ 1,449,993     5.5 %
Consumer loans    11,884,736    11,742,611    142,125    1.2  
Revolving credit loans    963,688    882,230    81,458    9.2  
Mortgage loans (2)    10,239,377    10,241,732    (2,355 )  --  
  Total loans & leases    51,057,408    49,386,187    1,671,221    3.4  
Noninterest-bearing deposits (3)    7,165,204    6,457,941    707,263    11.0  
Interest-bearing transaction accounts    17,987,496    16,585,341    1,402,155    8.5  
CD's and other time deposits    23,612,089    24,272,245    (660,156 )  (2.7 )
  Total deposits   $ 48,764,789   $ 47,315,527   $ 1,449,262    3.1 %

For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 3/31/02 3/31/01 $ %
SELECTED RECURRING INCOME STATEMENT ITEMS
EXCLUDING PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 669,208   $ 634,405   $ 34,803     5.5 %
  Noninterest income  
Service charges on deposits    88,212    79,452    8,760    11.0  
Mortgage banking income (4)    49,939    41,192    8,747    21.2  
Investment banking & brokerage fees & commissions    52,772    43,708    9,064    20.7  
Trust revenue    22,192    25,076    (2,884 )  (11.5 )
Agency insurance commissions    46,685    41,953    4,732    11.3  
Other insurance commissions    3,398    2,840    558    19.6  
Other nondeposit fees & commissions    43,253    44,549    (1,296 )  (2.9 )
Securities gains (losses), net (4)    13,413    3,632    9,781    NM  
Other income    31,955    23,479    8,476    36.1  
  Total noninterest income    351,819    305,881    45,938    15.0  
  Noninterest expense  
Personnel expense    286,128    274,309    11,819    4.3  
Occupancy & equipment expense    81,035    75,172    5,863    7.8  
Other noninterest expense    137,486    135,161    2,325    1.7  
  Total noninterest expense   $ 504,649   $ 484,642   $ 20,007    4.1 %

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 $9.8 million provision for the impairment of mortgage servicing rights in the 1st quarter of 2002. Securities gains (losses), net also includes a $9.8 million gain to offset this provision
  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:       April 11, 2002