Quarterly Performance Summary issued July 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

July 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.    REGULATION FD DISCLOSURE

     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 2002.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued July 11, 2002

July 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 23.0% increase in 2nd quarter earnings

     WINSTON-SALEM, N.C. — BB&T Corporation (NYSE:BBT) reported today record earnings for the second quarter of 2002 totaling $329.0 million, or $.68 per diluted share, excluding merger-related charges. These earnings reflect an increase of 23.0% compared with prior year earnings, which totaled $267.4 million. Diluted earnings per share for the current quarter increased 17.2% compared with $.58 earned during the second quarter of 2001.

     The merger-related charges, which totaled $1.1 million, resulted from the acquisitions of AREA Bancshares Corporation and MidAmerica Bancorp and costs associated with systems conversions related to previously completed acquisitions.

     BB&T’s second quarter 2002 results, excluding merger-related charges, produced an annualized return on average assets of 1.75% and an annualized return on average shareholders’ equity of 18.44%, compared with prior year ratios of 1.58% and 18.95%, respectively.

     Cash basis operating results exclude the effects of intangible assets and related amortization expenses. Excluding merger-related charges, cash basis earnings totaled $332.9 million for the second quarter of 2002, or $.69 per diluted share. These results reflect increases of 16.7% in cash basis earnings and 11.3% in cash basis diluted earnings per share compared with results for the second quarter of 2001. Cash basis earnings for the current quarter produced an annualized return on average tangible assets of 1.81%, and an annualized return on average tangible shareholders’ equity of 23.94%.

     Including merger-related charges, net income for the second quarter of 2002 totaled $328.0 million compared with $237.2 million earned in the second quarter of 2001, an increase of 38.2%. On a diluted per share basis, net income for the quarter was $.68, up 30.8% compared with $.52 earned in the comparable period in 2001. Net income for the second quarter generated an annualized return on average assets of 1.74% and an annualized return on average shareholders’ equity of 18.38% compared with prior year ratios of 1.40% and 16.81%, respectively. For the first six months of 2002, net income totaled $637.6 million, an increase of 34.6% compared with $473.7 million earned in the first half of 2001. On a diluted per share basis, earnings were $1.34, up 30.1% compared with last year.

MORE


     “I am pleased to report healthy earnings for the second quarter,” said Chairman and Chief Executive Officer John A. Allison. “The primary drivers of our performance continue to be strong growth in noninterest sources of income, an effective merger and acquisition strategy, and careful control of noninterest expenses. We are also encouraged that our asset quality indicators improved compared with the first quarter.”

     For the first six months of 2002, BB&T’s earnings were $638.2 million, or $1.34 per diluted share, excluding $10.4 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 20.7% and 16.5%, respectively, compared with 2001. Earnings for the six months ended June 30, excluding merger-related charges and the impact of the new accounting standard, yielded an annualized return on average assets of 1.75% and an annualized return on average shareholders’ equity of 18.89%, compared with prior year ratios of 1.58% and 19.13%, respectively.

BB&T Recognized as One of the Nation’s Best Banks

     During the second quarter, BB&T received high praise from a number of highly regarded financial publications and organizations for industry leading growth and performance. In its special annual issue (Spring 2002) highlighting the top performing companies, Business Week ranked BB&T as the third highest performing bank in the country and the 81st best performer of all S&P 500 companies. In its May 2002 issue, SmartMoney magazine rated BB&T as one of its “Five Worthy Income Stocks.” Also, Barron’s, in its April 22 edition, ranked BB&T as the second highest performing bank and the 17th highest performing company among the nation’s 500 largest companies – the top 4%. Finally, Standard & Poor’s raised BB&T’s debt ratings across the board during the quarter citing BB&T’s “solid track record of strong earnings, good asset quality, and comfortable capital levels while building a multistate franchise …"

     “We are very pleased to compare so favorably to our peers,” said Allison. “These independent studies consider a wide range of performance criteria and the highest ranking institutions must perform well in all areas and consistently over the long-term. This recognition provides further indications that we are achieving our objectives.”

BB&T Declares 11.5% Increase in Dividend; Receives Recognition

     On June 25, BB&T’s board of directors approved an 11.5% increase in the quarterly cash dividend paid to shareholders. The increase, to $.29 per share, marks the 31st consecutive year that BB&T has raised its cash dividend to shareholders. In addition, BB&T has paid a dividend every year since 1920. In recognition of this outstanding track record, BB&T was named a 2002 “Dividend Achiever” by Mergent, a provider of global financial information. Fewer than 3% of the more than 11,000 companies reviewed by Mergent received this recognition.

MORE


Earnings Growth Led by 21.1% Increase in Noninterest Income

     Total noninterest income was $404.1 million for the second quarter of 2002, an increase of 21.1% compared with the same period in 2001. This increase was primarily driven by service charges on deposits, investment banking and brokerage fees and commissions and agency insurance commissions.

     Income from service charges on deposit accounts totaled $101.5 million for the second quarter, an increase of 15.3% compared with the same period in 2001. This increase resulted from growth in deposit accounts, higher transaction volume and income from acquisitions.

     Investment banking and brokerage fees and commissions totaled $56.0 million for the quarter, an increase of 30.6% compared with the second quarter last year. This increase resulted from substantially higher revenues generated by fixed income underwriting fees, as well as increased trading income and retail brokerage fees. BB&T Investment Services, Inc. received the inaugural “Program of the Year” award given by the Bank Securities Association. The award recognized BB&T as the No. 1 regional bank brokerage program in the nation.

     BB&T’s insurance operations continued to enjoy solid growth in commission income. Commissions from insurance operations totaled $74.1 million in the second quarter of 2002, up 64.4% compared with the second quarter last year. This significant increase reflects the Jan. 1 purchase of CRC Insurance Services, Inc., BB&T’s wholesale insurance brokerage subsidiary, as well as acquisitions of other agencies in 2002 and 2001. BB&T’s insurance agency network also realized internal commission income growth of approximately 14% during the quarter.

     Excluding the effect of acquisitions accounted for as purchases, noninterest income totaled $363.4 million for the quarter, reflecting an increase of 8.9% compared with the same period in 2001.

Nonperforming Assets and Loan Losses Decline

     BB&T’s asset quality measurements improved compared with the first quarter of 2002. Nonperforming assets as a percentage of total assets were .52% at June 30, down from .56% at the end of the first quarter of 2002. Annualized net charge-offs were .46% of average loans and leases for the second quarter of 2002, compared with .48% in the first quarter of 2002. Excluding losses at BB&T’s specialized lending subsidiaries, annualized net charge-offs for the quarter were .38% of average loans and leases.

Expense Control Remains a Strength for BB&T

     Noninterest expenses, excluding merger-related charges, totaled $575.3 million for the second quarter, up 12.9% compared with the same period last year. Excluding expense growth from acquisitions, BB&T’s noninterest expense increased only 1.4%. BB&T’s cash basis efficiency ratio was 50.4% for the current quarter.

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BB&T Has Active Quarter for Mergers and Acquisitions

     On May 22, BB&T announced plans to acquire Regional Financial Corp., and its banking subsidiary, First South Bank, of Tallahassee, Fla. The acquisition marks BB&T’s initial entry into some of Florida’s most economically attractive markets and provides BB&T with a solid presence in one of the nation’s fastest growing states. With $1.6 billion in assets, First South Bank operates 11 full-service retail branches, three limited service branches, and eight mortgage loan production offices in Tallahassee and the Florida Panhandle, Jacksonville, and along the Gulf Coast from Beverly Hills to Naples.

     On April 9, BB&T completed its acquisition of The Pfefferkorn Company, a mortgage banking company based in Winston-Salem, N.C. The acquisition increased BB&T’s mortgage servicing portfolio by $840 million and increased annual mortgage originations by more than $100 million.

     On April 30, BB&T acquired Virginia Investment Counselors, Inc., an investment advisory firm with $1.2 billion in assets under management based in Norfolk, Va. The acquisition substantially expands BB&T’s asset management capabilities.

     On June 19, BB&T announced plans to acquire New York City-based American Marketing Center, Inc., a wholesale insurance broker specializing in real estate products. The acquisition will significantly expand BB&T’s wholesale insurance operations in very strong markets.

     On May 1, plans were announced to acquire Benefit Consultants, an employee benefits company based in Richmond, Va. 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. These acquisitions will enhance BB&T’s product line of employee benefits and related services.

     In addition to the mergers and acquisitions described above, BB&T completed the systems integration of Community First Banking Company, of Carrollton, Ga., during the second quarter.

     At June 30, BB&T had $76.3 billion in assets and operated 1,122 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 July 10 was $36.53 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 second 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) July 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) 6/30/02 6/30/01 $ %
INCOME STATEMENT EXCLUDING MERGER-RELATED CHARGES (1)
    Interest income - taxable equivalent     $ 1,159,475   $ 1,282,009   $ (122,534 )   (9.6 )%
    Interest expense       432,169     633,550     (201,381 )   (31.8 )
      Net interest income - taxable equivalent       727,306     648,459     78,847     12.2
    Less: Taxable equivalent adjustment       37,210     53,404     (16,194 )   (30.3 )
      Net interest income       690,096     595,055     95,041     16.0
    Provision for loan & lease losses       58,500     44,298     14,202     32.1
      Net interest income after provision for loan & lease losses       631,596     550,757     80,839     14.7
    Noninterest income (2)       404,067     333,599     70,468     21.1
    Noninterest expense (3)       575,298     509,651     65,647     12.9
    Income before income taxes       460,365     374,705     85,660     22.9
    Provision for income taxes       131,363     107,278     24,085     22.5
      Income excluding merger-related charges (1)       329,002     267,427     61,575     23.0
      Merger-related charges, net of tax (1)       1,050     30,198     (29,148 )   NM  
      Net income     $ 327,952   $ 237,229   $ 90,723     38.2 %
PER SHARE DATA EXCLUDING MERGER-RELATED CHARGES (1)    
    Basic earnings     $ .69   $ .59   $ .10     16.9 %
    Diluted earnings       .68     .58     .10     17.2
    Weighted average shares -                   Basic     478,121,878   451,712,342  
                                                                      Diluted       484,009,961     457,879,467  
    Dividends paid on common shares     $ .26   $ .23   $ .03     13.0  %
PERFORMANCE RATIOS EXCLUDING MERGER-RELATED CHARGES (1)    
    Return on average assets       1.75  %   1.58  %      
    Return on average equity       18.44   18.95
    Return on average realized equity (4)       19.08   19.74
    Net yield on earning assets (taxable equivalent)       4.27   4.16
    Efficiency (taxable equivalent) (5)       50.9   52.0
CASH BASIS PERFORMANCE    
    EXCLUDING MERGER-RELATED CHARGES (1)(6)    
    Earnings excluding merger-related charges     $ 332,899   $ 285,243   $ 47,656     16.7  %
    Diluted earnings per share       .69     .62     .07     11.3
    Return on average tangible assets       1.81  %   1.72  %      
    Return on average tangible equity       23.94   24.00
    Return on average realized tangible equity (4)       25.01   24.91
    Efficiency ratio (taxable equivalent) (5)       50.4   50.2

For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 6/30/02 6/30/01 $ %
INCOME STATEMENT
    Interest income - taxable equivalent     $ 1,159,475   $ 1,281,421   $ (121,946 )   (9.5 )%
    Interest expense    432,169    633,550    (201,381 )  (31.8 )
      Net interest income - taxable equivalent    727,306    647,871    79,435    12.3  
    Less: Taxable equivalent adjustment    37,210    53,404    (16,194 )  (30.3 )
      Net interest income    690,096    594,467    95,629    16.1  
    Provision for loan & lease losses    58,500    48,798    9,702    19.9  
      Net interest income after provision for loan & lease losses    631,596    545,669    85,927    15.7  
    Noninterest income    404,067    346,667    57,400    16.6  
    Noninterest expense    576,852    563,842    13,010    2.3  
    Income before income taxes    458,811    328,494    130,317    39.7  
    Provision for income taxes    130,859    91,265    39,594    43.4  
        Net Income   $ 327,952   $ 237,229   $ 90,723     38.2  %
PER SHARE DATA  
    Basic earnings   $ .69   $ .53   $ .16     30.2  %
    Diluted earnings       .68     .52     .16     30.8  
    Weighted average shares -                  Basic     478,121,878   451,712,342  
                                                                      Diluted    484,009,961    457,879,467  
    Dividends paid on common shares   $ .26   $ .23   $ .03     13.0  %
PERFORMANCE RATIOS BASED ON NET INCOME    
    Return on average assets       1.74  %   1.40  %      
    Return on average equity       18.38   16.81
    Return on average realized equity (4)       19.02   17.51

NOTES:   Applicable ratios are annualized.
  (1) Merger-related charges include $1.1 million and $30.2 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 $29.8 million, or 8.9%, for the quarter compared to the same period in 2001.
  (3) Excluding purchase accounting transactions, noninterest expense would have increased $7.1 million, or 1.4%, 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 Six Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 6/30/02 6/30/01 $ %
INCOME STATEMENT EXCLUDING MERGER-RELATED CHARGES (1)
    Interest income - taxable equivalent     $ 2,279,098   $ 2,602,509   $ (323,411 )   (12.4 )%
    Interest expense    866,530    1,319,645    (453,115 )  (34.3 )
      Net interest income - taxable equivalent    1,412,568    1,282,864    129,704    10.1  
    Less: Taxable equivalent adjustment    75,200    102,355    (27,155 )  (26.5 )
      Net interest income    1,337,368    1,180,509    156,859    13.3  
    Provision for loan & lease losses    115,000    77,468    37,532    48.4  
      Net interest income after provision for loan & lease losses    1,222,368    1,103,041    119,327    10.8  
    Noninterest income    778,787    639,480    139,307    21.8  
    Noninterest expense    1,108,989    994,293    114,696    11.5  
    Income before income taxes    892,166    748,228    143,938    19.2  
    Provision for income taxes    253,917    219,356    34,561    15.8  
      Income excluding merger-related charges (1)    638,249    528,872    109,377    20.7  
      Merger-related charges, net of tax (1)    652    55,143    (54,491 )  NM  
      Net income   $ 637,597   $ 473,729   $ 163,868     34.6  %
PER SHARE DATA EXCLUDING MERGER-RELATED CHARGES (1)  
    Basic earnings   $ 1.36   $ 1.17   $ .19     16.2  %
    Diluted earnings    1.34    1.15    .19     16.5  
    Weighted average shares -                  Basic       470,554,054   452,171,070  
                                                                      Diluted    476,349,694    458,649,989  
    Dividends paid on common shares   $ .52   $ .46   $ .06     13.0  %
PERFORMANCE RATIOS EXCLUDING MERGER-RELATED CHARGES (1)  
    Return on average assets     1.75  %   1.58  %    
    Return on average equity       18.89   19.13
    Return on average realized equity (4)       19.66   19.82
    Net yield on earning assets (taxable equivalent)       4.26   4.15
    Noninterest income as a percentage of    
      total income (taxable equivalent) (2)       35.3   33.0
    Efficiency (taxable equivalent) (2)       50.7   51.9
CASH BASIS PERFORMANCE EXCLUDING MERGER-RELATED CHARGES (1)(3)  
    Earnings excluding merger-related charges     $ 644,850   $ 563,996   $ 80,854     14.3  %
    Diluted earnings per share    1.35    1.23    .12    9.8  
    Return on average tangible assets       1.80  %   1.71  %      
    Return on average tangible equity     23.70   23.98
    Return on average realized tangible equity (4)     24.92   25.00
    Efficiency ratio (taxable equivalent) (2)     50.2   50.0

For the Six Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 6/30/02 6/30/01 $ %
INCOME STATEMENT
    Interest income - taxable equivalent     $ 2,279,098   $ 2,601,921   $ (322,823 )   (12.4 ) %
    Interest expense    866,530    1,319,645    (453,115 )  (34.3 )
      Net interest income - taxable equivalent    1,412,568    1,282,276    130,292    10.2  
    Less: Taxable equivalent adjustment    75,200    102,355    (27,155 )  (26.5 )
      Net interest income    1,337,368    1,179,921    157,447    13.3  
    Provision for loan & lease losses    115,000    90,818    24,182    26.6  
      Net interest income after provision for loan & lease losses    1,222,368    1,089,103    133,265    12.2  
    Noninterest income    778,787    678,678    100,109    14.8  
    Noninterest expense    1,125,162    1,102,340    22,822    2.1  
    Income before income taxes and change in accounting principle    875,993    665,441    210,552    31.6  
    Provision for income taxes    248,176    191,712    56,464    29.5  
      Income before cumulative effect of change in accounting principle    627,817    473,729    154,088    32.5  
      Cumulative effect of change in accounting principle    9,780    --    9,780    NM  
        Net income   $ 637,597   $ 473,729   $ 163,868    34.6  %
PER SHARE DATA  
    Basic earnings  
      Income before cumulative effect of change in accounting principle   $ 1.33   $ 1.05   $ .28    26.7  %
      Cumulative effect of change in accounting principle    .02    --    .02    NM  
      Net income    1.35    1.05    .30    28.6  
    Diluted earnings  
      Income before cumulative effect of change in accounting principle    1.32    1.03    .29    28.2  
      Cumulative effect of change in accounting principle    .02    --    .02     NM  
      Net income   $ 1.34   $ 1.03   $ .31    30.1  %
PERFORMANCE RATIOS  
    Return on average assets       1.75  %   1.41  %    
    Return on average equity       18.87   17.14
    Return on average realized equity (4)       19.64   17.75

NOTES:   Applicable ratios are annualized.
  (1) Merger-related charges include $10.4 million and $55.1 million in 2002 and 2001, respectively, of net after-tax expense associated with acquisitions, and the cumulative effect of a change in accounting principle, which resulted in the recognition of income
  (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 Six Months Ended Increase (Decrease)
(Dollars in thousands)
SELECTED BALANCE SHEET DATA 6/30/02 6/30/01 $ %
   End of period balances
Securities available for sale     $ 18,076,387   $ 15,370,474   $ 2,705,913     17.6  
Securities held to maturity    47,366    308,846    (261,480 )   (84.7 )
Trading securities    132,305    120,381    11,924     9.9  
  Total securities    18,256,058    15,799,701    2,456,357     15.5  
Commercial loans & leases    28,375,721    25,102,074    3,273,647    13.0  
Consumer loans    12,355,759    11,228,486    1,127,273    10.0  
Revolving credit loans    986,145    892,969    93,176    10.4  
Mortgage loans    8,812,309    9,803,743    (991,434 )   (10.1 )
  Total loans & leases    50,529,934    47,027,272    3,502,662    7.4  
Allowance for loan & lease losses    706,446    610,171    96,275    15.8  
Other earning assets    330,555    506,263    (175,708 )   (34.7 )
  Total earning assets    68,638,124    62,923,591    5,714,533    9.1  
  Total assets    76,333,441    68,811,370    7,522,071    10.9  
Noninterest-bearing deposits    7,625,530    6,419,145    1,206,385    18.8  
Savings & interest checking      3,290,255    3,263,459    26,796    .8  
Money rate savings    14,632,630    12,768,711    1,863,919    14.6  
CDs and other time deposits    25,360,774    22,499,458    2,861,316    12.7  
  Total deposits    50,909,189    44,950,773    5,958,416    13.3  
Short-term borrowed funds    4,930,434    5,704,614    (774,180 )   (13.6 )
Long-term debt      10,979,492    10,864,249    115,243    1.1  
  Total interest-bearing liabilities    59,193,585    55,100,491    4,093,094    7.4  
  Total shareholders' equity   $ 7,128,356   $ 5,855,699   $ 1,272,657    21.7  
Average balances  
Securities, at amortized cost   $ 17,040,636   $ 15,641,844   $ 1,398,792     8.9  %
Commercial loans & leases      27,264,357    24,870,520    2,393,837    9.6  
Consumer loans    11,778,339    11,067,317    711,022    6.4  
Revolving credit loans    957,074    861,797    95,277    11.1  
Mortgage loans    9,056,119    9,061,024    (4,905 )   (.1 )
  Total loans & leases      49,055,889    45,860,658    3,195,231    7.0  
Other earning assets    404,904    466,111    (61,207 )  (13. 1)
  Total earning assets    66,501,429    61,968,613    4,532,816    7.3  
  Total assets    73,521,039    67,524,431    5,996,608    8.9  
Noninterest-bearing deposits    6,826,917    5,969,416    857,501    14.4  
Savings & interest checking      3,385,771    3,447,388    (61,617 )  (1.8 )
Money rate savings    14,171,994    12,065,884    2,106,110    17.5  
CDs and other time deposits    23,146,738    22,293,957    852,781    3.8  
  Total deposits    47,531,420    43,776,645    3,754,775    8.6  
Short-term borrowed funds    5,860,857    6,085,596    (224,739 )  (3.7 )
Long-term debt    11,427,259    10,721,715    705,544    6.6  
  Total interest-bearing liabilities    57,992,619    54,614,540    3,378,079    6.2  
  Total shareholders' equity   $ 6,814,741   $ 5,573,836   $ 1,240,905    22.3  

As of / For the Quarter Ended
(Dollars in thousands) 6/30/02 3/31/02 12/31/01 9/30/01 6/30/01
MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on                        
  securities available for sale, net of tax   $ 291,101   $ 160,399   $ 288,107   $ 407,966   $ 250,548  
Derivatives (notional value)    5,787,952    5,222,994    5,614,502    3,752,445    3,361,296  
Fair value of derivatives portfolio    40,848    46,936    43,973    (2,407 )  8,667  
Common stock prices (daily close):          High       39.23     39.11     36.96     38.48     37.01      
                                                                        Low       36.60   34.47   32.10   33.57   34.25
                                                                        End of period       38.60   38.11   36.11   36.45   36.70
Weighted average shares -                        Basic       478,121,878   462,902,144     454,031,392     454,346,907     451,712,342  
                                                                       Diluted      484,009,961    468,604,312    459,369,269    460,387,879    457,879,467  
End of period shares outstanding    475,535,863    481,195,674    455,682,560    452,984,331    456,031,476  
End of period banking offices    1,122    1,132    1,081    1,085    1,095  
ATMs    1,723    1,718    1,613    1,614    1,430  

NOTES:         All items referring to loans & leases include loans held for sale & are net of unearned income.    
      (1 ) BB&T had approximately 24,000 full-time equivalent employees at June 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) 6/30/02 3/31/02 12/31/01 9/30/01 6/30/01
INCOME STATEMENTS EXCLUDING
     MERGER-RELATED CHARGES (1)
     Interest income - taxable equivalent
    Interest & fees on loans & leases     $ 881,084   $ 844,804   $ 897,529   $ 977,910   $ 998,665  
    Interest & dividends on securities    276,837    272,326    278,719    279,120    278,356  
    Interest on short-term investments    1,554    2,493    2,228    3,514    4,988  
      Total interest income - taxable equivalent    1,159,475    1,119,623    1,178,476    1,260,544    1,282,009  
    Interest expense  
    Interest on deposits    258,187    259,602    315,532    381,409    421,861  
    Interest on short-term borrowed funds    26,540    26,449    35,451    55,913    58,251  
    Interest on long-term debt    147,442    148,310    152,488    154,498    153,438  
      Total interest expense    432,169    434,361    503,471    591,820    633,550  
    Net interest income - taxable equivalent    727,306    685,262    675,005    668,724    648,459  
    Less: Taxable equivalent adjustment    37,210    37,990    42,938    45,572    53,404  
      Net interest income    690,096    647,272    632,067    623,152    595,055  
    Provision for loan & lease losses    58,500    56,500    65,000    45,500    44,298  
      Net interest income after provision for  
        loan & lease losses    631,596    590,772    567,067    577,652    550,757  
    Noninterest income  
    Service charges on deposits    101,476    90,162    93,773    88,305    87,992  
    Mortgage banking income    43,963    50,562    39,194    52,068    51,482  
    Investment banking & brokerage fees & commissions    56,039    52,893    45,085    43,599    42,904  
    Trust revenue    24,197    23,128    18,962    22,931    23,929  
    Agency insurance commissions    74,063    63,883    45,724    44,120    45,049  
    Other insurance commissions    3,986    3,485    4,122    3,089    3,549  
    Other nondeposit fees & commissions    52,480    44,116    46,709    48,600    47,750  
    Securities gains (losses), net    19,666    13,407    32,257    3,786    3,576  
    Other income    28,197    33,084    31,183    30,095    27,368  
      Total noninterest income    404,067    374,720    357,009    336,593    333,599  
    Noninterest expense  
    Personnel expense    319,622    304,893    288,235    281,830    282,484  
    Occupancy & equipment expense    84,688    83,451    73,890    79,222    75,102  
    Foreclosed property expense    880    341    1,158    673    500  
    Amortization of intangibles    6,258    4,351    17,854    18,529    18,404  
    Other noninterest expense    163,850    140,655    140,144    134,456    133,161  
      Total noninterest expense    575,298    533,691    521,281    514,710    509,651  
    Income before income taxes    460,365    431,801    402,795    399,535    374,705  
    Provision for income taxes    131,363    122,554    115,049    116,020    107,278  
      Income excluding merger-related charges (1)   $ 329,002   $ 309,247   $ 287,746   $ 283,515   $ 267,427  
PER SHARE DATA EXCLUDING  
    MERGER-RELATED CHARGES (1)  
    Basic earnings   $ .69   $ .67   $ .63   $ .62   $ .59  
    Diluted earnings    .68    .66    .63    .62    .58  
    Dividends paid on common shares    .26    .26    .26    .26    .23  
    Book value per share   $ 14.99   $ 14.66   $ 13.50   $ 13.18   $ 12.84  
RATIOS EXCLUDING    
    MERGER-RELATED CHARGES (1)    
    Return on average assets       1.75  %   1.75  %   1.62  %   1.62  %   1.58  %
    Return on average equity    18.44    19.39    18.56    19.05    18.95  
    Return on average realized equity (2)    19.08    20.32    19.89    20.00    19.74  
    Net yield on earning assets (taxable equivalent)    4.27    4.26    4.20    4.19    4.16  
    Efficiency (taxable equivalent) (3)    50.9    50.5    50.3    51.3    52.0  
    Noninterest income as a percentage of  
      total income (taxable equivalent) (3)    35.5    35.1    34.5    33.2    33.7  
    Equity as a percentage of total assets                                  
      end of period    9.3    9.4    8.7    8.5    8.5  
    Average earning assets as a percentage of  
      average total assets    90.3    90.6    90.7    91.4    91.7  
    Average loans & leases as a percentage of                                  
      average deposits    101.9    104.7    105.7    106.0    104.3  
CASH BASIS PERFORMANCE EXCLUDING  
    MERGER-RELATED CHARGES (1)(4)  
    Earnings excluding merger-related charges   $ 332,899   $ 311,951   $ 304,526   $ 300,643   $ 285,243  
    Diluted earnings per share    .69    .67    .66    .65    .62  
    Return on average tangible assets       1.81  %   1.80  %   1.73  %   1.73  %   1.72  %
    Return on average tangible equity    23.94    23.46    22.87    23.57    24.00  
    Return on average realized tangible equity (2)    25.01    24.82    24.81    24.94    24.91  
    Efficiency ratio (taxable equivalent) (3)    50.4    50.1    48.6    49.6    50.2  

NOTES:   Applicable ratios are annualized.
  (1) Net merger-related charges totaled $1.1 million, $(.4 million), $9.8 million, $61.5 million and $30.2 million, net of tax, for the quarters ended June 30, 2002, March 31, 2002, December 31, 2001, September 30, 2001, and June 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
SELECTED BALANCE SHEET DATA 6/30/02 3/31/02 12/31/01 9/30/01 6/30/01
(Dollars in thousands)
     End of period balances
    Securities available for sale     $ 18,076,387   $ 17,515,228   $ 16,621,684   $ 16,679,755   $ 15,370,474  
    Securities held to maturity    47,366    44,189    40,496    38,379    308,846  
    Trading securities    132,305    143,976    97,675    116,523    120,381  
      Total securities    18,256,058    17,703,393    16,759,855    16,834,657    15,799,701  
    Commercial loans & leases    28,375,721    28,139,248    25,959,142    25,532,901    25,102,074  
    Consumer loans    12,355,759    11,962,560    11,214,193    11,278,277    11,228,486  
    Revolving credit loans    986,145    953,956    951,319    908,868    892,969  
    Mortgage loans    8,812,309    9,100,813    9,318,519    9,429,390    9,803,743  
      Total loans & leases    50,529,934    50,156,577    47,443,173    47,149,436    47,027,272  
    Allowance for loan & lease losses    706,446    705,905    644,418    634,552    610,171  
    Other earning assets    330,555    333,035    360,789    370,912    506,263  
      Total earning assets    68,638,124    67,924,614    64,087,088    63,685,851    62,923,591  
      Total assets    76,333,441    74,949,720    70,869,945    70,309,046    68,811,370  
    Noninterest-bearing deposits    7,625,530    7,142,729    6,939,640    6,356,051    6,419,145  
    Savings & interest checking    3,290,255    3,287,663    3,013,702    3,094,104    3,263,459  
    Money rate savings    14,632,630    14,894,883    13,902,088    13,156,255    12,768,711  
    CDs and other time deposits    25,360,774    23,145,964    20,877,845    22,607,819    22,499,458  
      Total deposits    50,909,189    48,471,239    44,733,275    45,214,229    44,950,773  
    Short-term borrowed funds    4,930,434    6,043,367    6,649,100    5,923,442    5,704,614  
    Long-term debt    10,979,492    11,444,091    11,721,076    11,408,329    10,864,249  
      Total interest-bearing liabilities    59,193,585    58,815,968    56,163,811    56,189,949    55,100,491  
      Total shareholders' equity    7,128,356    7,055,418    6,150,209    5,969,828    5,855,699  
    Goodwill    1,457,257    1,417,993    879,903    792,689    804,916  
    Core deposit & other intangibles    119,533    137,202    54,456    42,950    41,721  
      Total intangibles    1,576,790    1,555,195    934,359    835,639    846,637  
      Mortgage servicing rights    395,654    386,386    359,037    340,746    295,527  
      Negative goodwill   $ --   $ --   $ 9,780   $ 10,465   $ 11,143  
    Average balances  
    Securities, at amortized cost   $ 17,593,605   $ 16,481,523   $ 16,239,595   $ 16,015,660   $ 15,542,138  
    Commercial loans & leases    28,166,521    26,352,170    25,801,611    25,497,844    25,083,430  
    Consumer loans    12,164,490    11,387,897    11,249,000    11,278,665    11,112,264  
    Revolving credit loans    969,544    944,465    919,501    897,121    871,586  
    Mortgage loans    8,964,574    9,148,681    9,452,120    9,510,234    9,348,150  
      Total loans & leases    50,265,129    47,833,213    47,422,232    47,183,864    46,415,430  
    Other earning assets    354,745    455,620    354,614    437,959    453,386  
      Total earning assets    68,213,479    64,770,356    64,016,441    63,637,483    62,410,954  
      Total assets    75,537,986    71,481,681    70,610,330    69,590,582    68,087,219  
    Noninterest-bearing deposits    7,151,674    6,498,552    6,560,631    6,319,783    6,119,524  
    Savings & interest checking    3,568,247    3,201,268    3,240,975    3,313,821    3,398,441  
    Money rate savings    14,617,809    13,721,226    13,208,472    12,654,015    12,371,408  
    CDs and other time deposits    24,007,049    22,276,868    21,864,320    22,237,050    22,628,040  
      Total deposits    49,344,779    45,697,914    44,874,398    44,524,669    44,517,413  
    Short-term borrowed funds    5,791,792    5,930,689    6,427,523    6,451,865    5,572,755  
    Long-term debt    11,283,857    11,572,254    11,492,851    11,174,903    10,975,583  
      Total interest-bearing liabilities    59,268,754    56,702,305    56,234,141    55,831,654    54,946,227  
      Total shareholders' equity   $ 7,156,600   $ 6,469,084   $ 6,150,335   $ 5,903,303   $ 5,659,565  
RISK-BASED CAPITAL (1)  
    Risk-based capital:  
      Tier 1   $ 5,347,653   $ 5,371,989   $ 5,002,896   $ 4,829,647   $ 4,828,028  
      Total    7,019,561    7,205,160    6,796,958    6,613,329    5,950,114  
    Risk-weighted assets    54,863,492    54,080,258    50,972,300    50,130,294    49,587,717  
    Average quarterly tangible assets    73,649,018    69,534,802    69,262,888    68,411,234    67,464,682  
    Risk-based capital ratios:  
      Tier 1    9.7 %    9.9 %    9.8 %    9.6 %    9.7 %  
      Total    12.8    13.3    13.3    13.2    12.0  
    Leverage capital ratio    7.3    7.7    7.2    7.1    7.2  

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) 6/30/02 3/31/02 12/31/01 9/30/01 6/30/01
ASSET QUALITY ANALYSIS
     Allowance For Loan & Lease Losses
  Beginning balance     $ 705,905   $ 644,418   $ 634,552   $ 610,171   $ 601,788  
  Allowance for acquired loans, net    136    61,177    9,047    --    9,470  
  Provision for loan & lease losses    58,500    56,500    65,000    68,500    48,798  
    Charge-offs    (69,144 )  (67,206 )  (76,082 )  (54,885 )  (59,750 )
    Recoveries    11,049    11,016    11,901    10,766    9,865  
  Net charge-offs    (58,095 )  (56,190 )  (64,181 )  (44,119 )  (49,885 )
    Ending balance   $ 706,446   $ 705,905   $ 644,418   $ 634,552   $ 610,171  
Nonperforming Assets  
  Nonaccrual loans & leases   $ 335,287   $ 354,916   $ 316,607   $ 266,384   $ 244,711  
  Foreclosed real estate    49,009    46,687    39,106    34,601    27,725  
  Other foreclosed property    15,803    20,734    17,858    17,733    20,494  
  Restructured loans    --    --    --    183    521  
    Nonperforming assets   $ 400,099   $ 422,337   $ 373,571   $ 318,901   $ 293,451  
  Loans 90 days or more past due                                  
    & still accruing   $ 98,143   $ 100,962   $ 101,778   $ 93,968   $ 84,399  
  Loans 90 days or more past due & still accruing  
    as a percentage of total loans and leases       .19  %   .20  %   .21  %   .20  %   .18  %
Asset Quality Ratios  
  Nonaccrual and restructured loans & leases                                  
    as a percentage of total loans & leases       .66  %   .71  %   .67  %   .57  %   .52  %
  Nonperforming assets as a percentage of:  
    Total assets    .52    .56    .53    .45    .43  
    Loans & leases plus                           
     foreclosed property    .79    .84    .79    .68    .62  
  Net charge-offs as a percentage of  
    average loans & leases    .46    .48    .54    .37    .43  
  Net charge-offs excluding specialized                            
    lending as a percentage of average                            
    loans & leases (1)    .38    .37    .46    .30    .37  
  Allowance for loan & lease losses as  
    a percentage of loans & leases    1.40    1.41    1.36    1.35    1.30  
  Ratio of allowance for loan & lease losses to:  
    Net charge-offs       3.03  x   3.10  x   2.53  x   3.63  x   3.05  x
    Nonaccrual and restructured loans & leases    2.11    1.99    2.04    2.38    2.49  

As of / for the Six Months Ended Increase (Decrease)
6/30/02 6/30/01 $ %
Allowance For Loan & Lease Losses
  Beginning balance     $ 644,418   $ 578,107   $ 66,311    11.5  
  Allowance for acquired loans    61,313    20,036    41,277    NM  
  Provision for loan & lease losses    115,000    90,818    24,182    26.6  
    Charge-offs    (136,350 )  (100,262 )  (36,088 )   (36.0 )
    Recoveries    22,065    21,472    593    2.8  
  Net charge-offs    (114,285 )  (78,790 )  (35,495 )   (45.1 )
    Ending balance   $ 706,446   $ 610,171   $ 96,275    15.8  
Asset Quality Ratios  
  Net charge-offs as a percentage of  
    average loans & leases     .47  %   .35  %  
  Ratio of allowance for loan & lease losses to                            
    net charge-offs     3.07  x   3.84  x  

For the Quarter Ended
6/30/02 3/31/02 12/31/01 9/30/01 6/30/01
ANNUALIZED INTEREST YIELDS / RATES (2)
     Interest income:
Securities & other       6.20  %   6.49  %   6.77  %   6.87  %   7.09  %
Loans & leases    7.03    7.14    7.52    8.24    8.63  
  Total earning assets    6.81    6.97    7.33    7.88    8.23  
Interest expense:  
Interest-bearing deposits    2.45    2.69    3.27    3.96    4.41  
Short-term borrowed funds    1.84    1.81    2.19    3.44    4.19  
Long-term debt    5.24    5.19    5.27    5.49    5.60  
  Total interest-bearing liabilities    2.92    3.10    3.55    4.21    4.62  
Net yield on earning assets       4.27  %   4.26  %   4.20  %   4.19  %   4.16  %
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 consumer finance 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 Six Months Ended Increase (Decrease)
(Dollars in thousands) 6/30/02 6/30/01 $ %
SELECTED BALANCES EXCLUDING PURCHASE ACQUISITIONS (1)
     Average Balances
Commercial loans & leases     $ 28,068,609   $ 26,765,038   $ 1,303,571     4.9  
Consumer loans       12,025,387     11,760,040     265,347     2.3  
Revolving credit loans       966,632    890,890    75,742    8.5  
Mortgage loans (2)    9,871,651    10,480,959    (609,308 )   (5.8 )
  Total loans & leases    50,932,279    49,896,927    1,035,352    2.1  
Noninterest-bearing deposits (3)    7,267,939    6,643,656    624,283    9.4  
Interest-bearing transaction accounts    18,087,323    16,838,592    1,248,731    7.4  
CDs and other time deposits    23,810,659    24,523,855    (713,196 )   (2.9 )
  Total deposits   $ 49,165,921   $ 48,006,103   $ 1,159,818    2.4  

For the Six Months Ended Increase (Decrease)
(Dollars in thousands) 6/30/02 6/30/01 $ %
SELECTED INCOME STATEMENT ITEMS EXCLUDING
     MERGER-RELATED CHARGES AND PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 1,348,495   $ 1,282,864   $ 65,631    5.1  %
  Noninterest income  
Service charges on deposits    182,738    167,444    15,294    9.1  
Mortgage banking income (4)    92,019    92,674    (655 )  (0.7 )
Investment banking & brokerage fees & commissions    108,464    86,612    21,852    25.2  
Trust revenue    43,832    49,005    (5,173 )   (10.6 )
Agency insurance commissions    97,078    87,002    10,076    11.6  
Other insurance commissions    7,117    6,389    728    11.4  
Other nondeposit fees & commissions    91,315    92,299    (984 )  (1.1 )
Securities gains (losses), net (4)    32,716    7,208    25,508    NM  
Other income    59,967    50,847    9,120    17.9  
  Total noninterest income    715,246    639,480    75,766    11.8  
  Noninterest expense  
Personnel expense    571,226    556,793    14,433    2.6  
Occupancy & equipment expense    159,558    150,274    9,284    6.2  
Other noninterest expense    290,653    287,226    3,427    1.2  
  Total noninterest expense   $ 1,021,437   $ 994,293   $ 27,144    2.7  %

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 $25.5 million provision for the impairment of mortgage servicing rights in 2002. This provision is offset by securities gains.  
     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 11, 2002