BB&T Reports 16.1% Increase in 1st Quarter Earnings

Apr 11, 2001, 01:00 ET from BB&T Corporation

    WINSTON-SALEM, N.C., April 11 /PRNewswire/ -- BB&T Corporation (NYSE:   BBT)
 reported today first quarter 2001 earnings totaling $243.3 million, or $.59
 per diluted share, excluding $24.9 million in after-tax nonrecurring items.
 Net income, excluding nonrecurring items, increased 16.1% in the first quarter
 of 2001 and diluted earnings per share increased 15.7% compared to 2000
 recurring results.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000131/BBTLOGO )
     The nonrecurring charges, which totaled $99.6 million on a pretax basis,
 include costs associated with the first quarter acquisition and systems
 conversion of FCNB Corp. of Frederick, Md., and certain other special charges,
 the largest of which was a $41.5 million writedown in the value of BB&T's
 capitalized mortgage servicing rights because of the falling interest rate
 environment.  Also, BB&T recorded a $63.0 million pretax nonrecurring gain on
 an investment in an electronic transaction processing company during the first
 quarter.
     BB&T's first quarter 2001 results, excluding nonrecurring items, generated
 an annualized return on average assets of 1.61% and an annualized return on
 average shareholders' equity of 20.03%, compared to prior year ratios of 1.54%
 and 20.05%, respectively.
     Including the nonrecurring items, net income for the first quarter of 2001
 totaled $218.4 million, an increase of 15.0% compared to $189.8 million earned
 in the first quarter of 2000.  On a diluted per share basis, net income for
 the quarter was $.53, an increase of 15.2% compared to $.46 earned in 2000.
     BB&T's "cash basis" operating results, which exclude the effects of
 intangible assets and the related amortization expenses, improved in the first
 quarter of 2001 compared to 2000.  Recurring cash basis earnings totaled
 $259.7 million for the first quarter of 2001, or $.63 per diluted share,
 increases of 15.7% and 16.7%, respectively, compared to prior year results.
 Cash basis earnings for the quarter generated an annualized return on average
 tangible assets of 1.74% and an annualized return on average tangible
 shareholders' equity of 25.36%.
     "We are very pleased to report strong first quarter earnings," said
 Chairman and Chief Executive Officer John A. Allison.  "In spite of the
 slowing national economy, our company has maintained its healthy earnings
 momentum.  We continue to enjoy robust growth in average loans, which are up
 12.4% compared to the first quarter last year.  Our recurring noninterest
 income grew 20.7% in the first quarter and the quality of our loan portfolios
 remains outstanding, with net charge-offs of only .25% of average loans and
 leases."
     On Jan. 8, BB&T completed its merger with FCNB Corp. of Frederick, Md.
 The acquisition of FCNB, which has $1.6 billion in assets, was accounted for
 as a pooling of interests and gives BB&T the No. 1 market share in central
 Maryland.
     On Jan. 24, BB&T announced plans to acquire 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.  Upon completion of the F&M transaction,
 BB&T will hold the No. 5 market share position in the Washington, D.C.,
 metropolitan statistical area and the fourth largest deposit market share in
 Virginia.
     On Jan. 24, BB&T announced plans to acquire Virginia Capital Bancshares of
 Fredericksburg, Va. ("VCAP").  VCAP has approximately $532.7 million in assets
 and operates four banking offices.  Upon completion of the VCAP transaction,
 BB&T will attain the No. 1 deposit market share in the emerging high-tech
 center of Fredericksburg, which is one of the fastest growing areas in the
 country and part of the economically vibrant Washington-Baltimore combined
 metropolitan statistical area.
     BB&T also has a pending merger with Century South Banks, Inc., of
 Alpharetta, Ga.  With $1.6 billion in assets and 40 banking offices, this
 transaction will expand BB&T's Georgia franchise in metropolitan Atlanta, and
 the Savannah, Macon and north Georgia areas.
     On March 2, BB&T completed its acquisition of FirstSpartan Financial
 Corp., a $591 million financial institution based in Spartanburg, S.C.
 FirstSpartan operates 11 banking offices in South Carolina's rapidly-growing
 Upstate region.
     "We have been very successful identifying merger partners that fit well
 with BB&T economically and culturally, and have effectively integrated the
 operations of these companies," said Allison.  "We could not have achieved the
 rapid growth of our business or the efficiencies we have realized without our
 focus on strategic mergers and acquisitions.  We are excited about the
 transactions we have completed this year and those pending with Century South,
 Virginia Capital and F&M."
     At March 31, BB&T had $62.1 billion in assets and 893 banking offices in
 the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee
 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 $34.97 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 first quarter 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)
 Friday, April 27.
 
     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
     BB&T Corporation  (NYSE:   BBT)
     (Dollars in thousands, except per share data)
                                                                     Percent
                                       For the Three Months Ended   Increase
                                         3/31/01        3/31/00    (Decrease)
 
     INCOME STATEMENT
        EXCLUDING NONRECURRING ITEMS
 
        Interest income - taxable
          equivalent                  $1,208,776     $1,070,345       12.9 %
        Interest expense                 637,778        530,967       20.1
        Net interest income - taxable
          equivalent                     570,998        539,378        5.9
        Less: Taxable equivalent
          adjustment                      48,412         24,204      100.0
         Net interest income             522,586        515,174        1.4
        Provision for loan & lease
          losses                          30,000         25,267       18.7
         Net interest income after
           provision for loan & lease
           losses                        492,586        489,907        0.5
        Noninterest income               289,463        239,853       20.7
        Noninterest expense              436,236        418,056        4.3
        Income before income taxes       345,813        311,704       10.9
        Provision for income taxes       102,507        102,086        0.4
         Income excluding
           nonrecurring items            243,306        209,618       16.1
         Nonrecurring items, net of
           tax                            24,945         19,783         NM
         Net income                   $  218,361      $ 189,835       15.0 %
 
     PER SHARE DATA
        EXCLUDING NONRECURRING ITEMS
 
        Basic earnings                $      .59      $     .51       15.7 %
        Diluted earnings                     .59            .51       15.7
        Weighted average shares -
          Basic                      409,201,404    407,978,573
          Diluted                    415,546,150    412,608,438
        Dividends paid on common
          shares                      $      .23      $     .20       15.0 %
 
     PERFORMANCE RATIOS
        EXCLUDING NONRECURRING ITEMS
 
        Return on average assets            1.61 %         1.54 %
        Return on average equity           20.03          20.05
        Net yield on earning assets
          (taxable equivalent)              4.08           4.22
        Efficiency
          (taxable equivalent)(A)           50.8           53.5
 
     CASH BASIS PERFORMANCE
        EXCLUDING NONRECURRING ITEMS(B)
 
        Net income                    $  259,740      $ 224,548       15.7 %
        Diluted earnings per share           .63            .54       16.7
        Return on average tangible
          assets                            1.74 %         1.67 %
        Return on average tangible
          equity                           25.36          25.81
        Efficiency ratio
          (taxable equivalent)(A)           48.9           51.5
 
 
     QUARTERLY PERFORMANCE SUMMARY
     BB&T Corporation  (NYSE:   BBT)
     (Dollars in thousands, except per share data)
                                                                     Percent
                                       For the Three Months Ended   Increase
                                        3/31/01         3/31/00    (Decrease)
     INCOME STATEMENT
 
        Interest income - taxable
         equivalent                  $1,208,776       $1,070,345       12.9 %
        Interest expense                637,778          530,967       20.1
        Net interest income -
         taxable
         equivalent                     570,998          539,378        5.9
        Less: Taxable equivalent
         adjustment                      48,412           24,204      100.0
          Net interest income           522,586          515,174        1.4
        Provision for loan & lease
         losses                          38,850           26,767       45.1
          Net interest income after
            provision for loan & lease
            losses                      483,736          488,407       (1.0)
        Noninterest income              315,593          239,572       31.7
        Noninterest expense             490,092          448,686        9.2
        Income before income
         taxes                          309,237          279,293       10.7
        Provision for income taxes       90,876           89,458        1.6
         Net income                  $  218,361       $  189,835       15.0 %
 
     PER SHARE DATA
 
        Basic earnings               $      .53       $      .47       12.8 %
        Diluted earnings                    .53              .46       15.2
 
        Weighted average shares -
          Basic                     409,201,404      407,978,573
          Diluted                   415,546,150      412,608,438
        Dividends paid on common
          shares                     $      .23       $      .20       15.0 %
 
     PERFORMANCE RATIOS
 
        Return on average assets           1.45 %           1.40 %
        Return on average equity          17.97            18.16
        Net yield on earning assets
          (taxable equivalent)             4.08             4.22
        Efficiency
          (taxable equivalent)(A)          50.8             53.5
 
 
     NOTES:   Applicable ratios are annualized.
              (A) Excludes securities gains (losses), foreclosed property
                  expense & nonrecurring items for all periods.
              (B) 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
     BB&T Corporation  (NYSE:   BBT)
     (Dollars in thousands)
 
                                                                    Percent
                           As of / For the Three Months Ended       Increase
                                      3/31/01         3/31/00      (Decrease)
 
    SELECTED BALANCE SHEET DATA
         End of period balances
         Securities, at carrying
           value(A)                 $14,485,128    $13,436,735         7.8 %
         Commercial loans & leases   22,588,213     19,497,132        15.9
         Consumer loans              10,341,689      9,620,454         7.5
         Revolving credit loans         843,101        694,994        21.3
         Mortgage loans(A)            8,774,075      7,641,835        14.8
           Total loans and leases(A) 42,547,078     37,454,415        13.6
         Allowance for loan & lease
           losses                       555,532        494,043        12.4
         Other earning assets           246,885        465,501       (47.0)
           Total earning assets      56,890,092     51,902,481         9.6
           Total assets              62,120,304     55,535,642        11.9
         Noninterest-bearing
           deposits                   5,191,963      5,319,485        (2.4)
         Savings & interest
           checking                   2,135,908      3,106,566       (31.2)
         Money rate savings          11,908,702      9,901,683        20.3
         Time deposits               18,333,806     16,394,504        11.8
         Other deposits               1,475,421      1,267,815        16.4
           Total deposits            39,045,800     35,990,053         8.5
         Short-term borrowed
           funds                      5,737,235      7,555,722       (24.1)
         Long-term debt              10,912,207      7,012,889        55.6
           Total interest-bearing
             liabilities             50,503,279     45,239,179        11.6
           Total shareholders'
             equity                 $ 5,046,881    $ 4,253,540        18.7 %
 
         Average balances
         Securities, at amortized
           cost(A)                  $14,259,500    $13,720,864         3.9 %
         Commercial loans
           & leases(A)               22,366,710     19,364,373        15.5
         Consumer loans(A)           10,315,477      9,528,233         8.3
         Revolving credit loans(A)      836,770        695,687        20.3
         Mortgage loans(A)            8,183,889      7,508,156         9.0
           Total loans and
             leases(A)               41,702,846     37,096,449        12.4
         Other earning assets           311,455        413,112       (24.6)
           Total earning assets      56,273,801     51,230,425         9.8
           Total assets              61,263,551     54,690,887        12.0
         Noninterest-bearing
           deposits(B)                4,957,727      4,939,181         0.4
         Savings & interest
           checking(B)                2,401,054      3,232,821       (25.7)
         Money rate savings(B)       11,233,334      9,538,760        17.8
         Time deposits(B)            18,255,308     16,655,381         9.6
         Other deposits(B)            1,456,002      1,639,417       (11.2)
           Total deposits(B)         38,303,425     36,005,560         6.4
         Short-term borrowed funds    6,391,458      7,360,496       (13.2)
         Long-term debt              10,337,017      6,348,433        62.8
           Total interest-bearing
             liabilities             50,074,173     44,775,308        11.8
           Total shareholders'
             equity                 $ 4,927,083    $ 4,204,515        17.2 %
 
 
     NOTES:    All items referring to loans & leases include loans held for
               sale & are net of unearned income.
               (A) Balances reflect the securitization of $984.5 million of
                   loans during 2000.  Excluding the impact of the
                   securitizations and purchase accounting transactions,
                   YTD average loans would have increased as follows:
                     Commercial loans and leases 12.9%  Mortgage loans 19.7%
                     Consumer loans               6.3   Total loans    12.7
                     Revolving credit loans      19.1
               (B) Excluding the effects of purchase accounting and the
                   reduction in noninterest-bearing deposits resulting from
                   outsourcing the issuance of official checks, YTD average
                   deposits would have increased as follows:
                     Noninterest-bearing                Time and other
                       deposits                  0.4%    deposits      5.4%
                     Other transaction accounts  4.8    Total deposits 4.5
 
 

SOURCE BB&T Corporation
    WINSTON-SALEM, N.C., April 11 /PRNewswire/ -- BB&T Corporation (NYSE:   BBT)
 reported today first quarter 2001 earnings totaling $243.3 million, or $.59
 per diluted share, excluding $24.9 million in after-tax nonrecurring items.
 Net income, excluding nonrecurring items, increased 16.1% in the first quarter
 of 2001 and diluted earnings per share increased 15.7% compared to 2000
 recurring results.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000131/BBTLOGO )
     The nonrecurring charges, which totaled $99.6 million on a pretax basis,
 include costs associated with the first quarter acquisition and systems
 conversion of FCNB Corp. of Frederick, Md., and certain other special charges,
 the largest of which was a $41.5 million writedown in the value of BB&T's
 capitalized mortgage servicing rights because of the falling interest rate
 environment.  Also, BB&T recorded a $63.0 million pretax nonrecurring gain on
 an investment in an electronic transaction processing company during the first
 quarter.
     BB&T's first quarter 2001 results, excluding nonrecurring items, generated
 an annualized return on average assets of 1.61% and an annualized return on
 average shareholders' equity of 20.03%, compared to prior year ratios of 1.54%
 and 20.05%, respectively.
     Including the nonrecurring items, net income for the first quarter of 2001
 totaled $218.4 million, an increase of 15.0% compared to $189.8 million earned
 in the first quarter of 2000.  On a diluted per share basis, net income for
 the quarter was $.53, an increase of 15.2% compared to $.46 earned in 2000.
     BB&T's "cash basis" operating results, which exclude the effects of
 intangible assets and the related amortization expenses, improved in the first
 quarter of 2001 compared to 2000.  Recurring cash basis earnings totaled
 $259.7 million for the first quarter of 2001, or $.63 per diluted share,
 increases of 15.7% and 16.7%, respectively, compared to prior year results.
 Cash basis earnings for the quarter generated an annualized return on average
 tangible assets of 1.74% and an annualized return on average tangible
 shareholders' equity of 25.36%.
     "We are very pleased to report strong first quarter earnings," said
 Chairman and Chief Executive Officer John A. Allison.  "In spite of the
 slowing national economy, our company has maintained its healthy earnings
 momentum.  We continue to enjoy robust growth in average loans, which are up
 12.4% compared to the first quarter last year.  Our recurring noninterest
 income grew 20.7% in the first quarter and the quality of our loan portfolios
 remains outstanding, with net charge-offs of only .25% of average loans and
 leases."
     On Jan. 8, BB&T completed its merger with FCNB Corp. of Frederick, Md.
 The acquisition of FCNB, which has $1.6 billion in assets, was accounted for
 as a pooling of interests and gives BB&T the No. 1 market share in central
 Maryland.
     On Jan. 24, BB&T announced plans to acquire 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.  Upon completion of the F&M transaction,
 BB&T will hold the No. 5 market share position in the Washington, D.C.,
 metropolitan statistical area and the fourth largest deposit market share in
 Virginia.
     On Jan. 24, BB&T announced plans to acquire Virginia Capital Bancshares of
 Fredericksburg, Va. ("VCAP").  VCAP has approximately $532.7 million in assets
 and operates four banking offices.  Upon completion of the VCAP transaction,
 BB&T will attain the No. 1 deposit market share in the emerging high-tech
 center of Fredericksburg, which is one of the fastest growing areas in the
 country and part of the economically vibrant Washington-Baltimore combined
 metropolitan statistical area.
     BB&T also has a pending merger with Century South Banks, Inc., of
 Alpharetta, Ga.  With $1.6 billion in assets and 40 banking offices, this
 transaction will expand BB&T's Georgia franchise in metropolitan Atlanta, and
 the Savannah, Macon and north Georgia areas.
     On March 2, BB&T completed its acquisition of FirstSpartan Financial
 Corp., a $591 million financial institution based in Spartanburg, S.C.
 FirstSpartan operates 11 banking offices in South Carolina's rapidly-growing
 Upstate region.
     "We have been very successful identifying merger partners that fit well
 with BB&T economically and culturally, and have effectively integrated the
 operations of these companies," said Allison.  "We could not have achieved the
 rapid growth of our business or the efficiencies we have realized without our
 focus on strategic mergers and acquisitions.  We are excited about the
 transactions we have completed this year and those pending with Century South,
 Virginia Capital and F&M."
     At March 31, BB&T had $62.1 billion in assets and 893 banking offices in
 the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee
 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 $34.97 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 first quarter 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)
 Friday, April 27.
 
     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
     BB&T Corporation  (NYSE:   BBT)
     (Dollars in thousands, except per share data)
                                                                     Percent
                                       For the Three Months Ended   Increase
                                         3/31/01        3/31/00    (Decrease)
 
     INCOME STATEMENT
        EXCLUDING NONRECURRING ITEMS
 
        Interest income - taxable
          equivalent                  $1,208,776     $1,070,345       12.9 %
        Interest expense                 637,778        530,967       20.1
        Net interest income - taxable
          equivalent                     570,998        539,378        5.9
        Less: Taxable equivalent
          adjustment                      48,412         24,204      100.0
         Net interest income             522,586        515,174        1.4
        Provision for loan & lease
          losses                          30,000         25,267       18.7
         Net interest income after
           provision for loan & lease
           losses                        492,586        489,907        0.5
        Noninterest income               289,463        239,853       20.7
        Noninterest expense              436,236        418,056        4.3
        Income before income taxes       345,813        311,704       10.9
        Provision for income taxes       102,507        102,086        0.4
         Income excluding
           nonrecurring items            243,306        209,618       16.1
         Nonrecurring items, net of
           tax                            24,945         19,783         NM
         Net income                   $  218,361      $ 189,835       15.0 %
 
     PER SHARE DATA
        EXCLUDING NONRECURRING ITEMS
 
        Basic earnings                $      .59      $     .51       15.7 %
        Diluted earnings                     .59            .51       15.7
        Weighted average shares -
          Basic                      409,201,404    407,978,573
          Diluted                    415,546,150    412,608,438
        Dividends paid on common
          shares                      $      .23      $     .20       15.0 %
 
     PERFORMANCE RATIOS
        EXCLUDING NONRECURRING ITEMS
 
        Return on average assets            1.61 %         1.54 %
        Return on average equity           20.03          20.05
        Net yield on earning assets
          (taxable equivalent)              4.08           4.22
        Efficiency
          (taxable equivalent)(A)           50.8           53.5
 
     CASH BASIS PERFORMANCE
        EXCLUDING NONRECURRING ITEMS(B)
 
        Net income                    $  259,740      $ 224,548       15.7 %
        Diluted earnings per share           .63            .54       16.7
        Return on average tangible
          assets                            1.74 %         1.67 %
        Return on average tangible
          equity                           25.36          25.81
        Efficiency ratio
          (taxable equivalent)(A)           48.9           51.5
 
 
     QUARTERLY PERFORMANCE SUMMARY
     BB&T Corporation  (NYSE:   BBT)
     (Dollars in thousands, except per share data)
                                                                     Percent
                                       For the Three Months Ended   Increase
                                        3/31/01         3/31/00    (Decrease)
     INCOME STATEMENT
 
        Interest income - taxable
         equivalent                  $1,208,776       $1,070,345       12.9 %
        Interest expense                637,778          530,967       20.1
        Net interest income -
         taxable
         equivalent                     570,998          539,378        5.9
        Less: Taxable equivalent
         adjustment                      48,412           24,204      100.0
          Net interest income           522,586          515,174        1.4
        Provision for loan & lease
         losses                          38,850           26,767       45.1
          Net interest income after
            provision for loan & lease
            losses                      483,736          488,407       (1.0)
        Noninterest income              315,593          239,572       31.7
        Noninterest expense             490,092          448,686        9.2
        Income before income
         taxes                          309,237          279,293       10.7
        Provision for income taxes       90,876           89,458        1.6
         Net income                  $  218,361       $  189,835       15.0 %
 
     PER SHARE DATA
 
        Basic earnings               $      .53       $      .47       12.8 %
        Diluted earnings                    .53              .46       15.2
 
        Weighted average shares -
          Basic                     409,201,404      407,978,573
          Diluted                   415,546,150      412,608,438
        Dividends paid on common
          shares                     $      .23       $      .20       15.0 %
 
     PERFORMANCE RATIOS
 
        Return on average assets           1.45 %           1.40 %
        Return on average equity          17.97            18.16
        Net yield on earning assets
          (taxable equivalent)             4.08             4.22
        Efficiency
          (taxable equivalent)(A)          50.8             53.5
 
 
     NOTES:   Applicable ratios are annualized.
              (A) Excludes securities gains (losses), foreclosed property
                  expense & nonrecurring items for all periods.
              (B) 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
     BB&T Corporation  (NYSE:   BBT)
     (Dollars in thousands)
 
                                                                    Percent
                           As of / For the Three Months Ended       Increase
                                      3/31/01         3/31/00      (Decrease)
 
    SELECTED BALANCE SHEET DATA
         End of period balances
         Securities, at carrying
           value(A)                 $14,485,128    $13,436,735         7.8 %
         Commercial loans & leases   22,588,213     19,497,132        15.9
         Consumer loans              10,341,689      9,620,454         7.5
         Revolving credit loans         843,101        694,994        21.3
         Mortgage loans(A)            8,774,075      7,641,835        14.8
           Total loans and leases(A) 42,547,078     37,454,415        13.6
         Allowance for loan & lease
           losses                       555,532        494,043        12.4
         Other earning assets           246,885        465,501       (47.0)
           Total earning assets      56,890,092     51,902,481         9.6
           Total assets              62,120,304     55,535,642        11.9
         Noninterest-bearing
           deposits                   5,191,963      5,319,485        (2.4)
         Savings & interest
           checking                   2,135,908      3,106,566       (31.2)
         Money rate savings          11,908,702      9,901,683        20.3
         Time deposits               18,333,806     16,394,504        11.8
         Other deposits               1,475,421      1,267,815        16.4
           Total deposits            39,045,800     35,990,053         8.5
         Short-term borrowed
           funds                      5,737,235      7,555,722       (24.1)
         Long-term debt              10,912,207      7,012,889        55.6
           Total interest-bearing
             liabilities             50,503,279     45,239,179        11.6
           Total shareholders'
             equity                 $ 5,046,881    $ 4,253,540        18.7 %
 
         Average balances
         Securities, at amortized
           cost(A)                  $14,259,500    $13,720,864         3.9 %
         Commercial loans
           & leases(A)               22,366,710     19,364,373        15.5
         Consumer loans(A)           10,315,477      9,528,233         8.3
         Revolving credit loans(A)      836,770        695,687        20.3
         Mortgage loans(A)            8,183,889      7,508,156         9.0
           Total loans and
             leases(A)               41,702,846     37,096,449        12.4
         Other earning assets           311,455        413,112       (24.6)
           Total earning assets      56,273,801     51,230,425         9.8
           Total assets              61,263,551     54,690,887        12.0
         Noninterest-bearing
           deposits(B)                4,957,727      4,939,181         0.4
         Savings & interest
           checking(B)                2,401,054      3,232,821       (25.7)
         Money rate savings(B)       11,233,334      9,538,760        17.8
         Time deposits(B)            18,255,308     16,655,381         9.6
         Other deposits(B)            1,456,002      1,639,417       (11.2)
           Total deposits(B)         38,303,425     36,005,560         6.4
         Short-term borrowed funds    6,391,458      7,360,496       (13.2)
         Long-term debt              10,337,017      6,348,433        62.8
           Total interest-bearing
             liabilities             50,074,173     44,775,308        11.8
           Total shareholders'
             equity                 $ 4,927,083    $ 4,204,515        17.2 %
 
 
     NOTES:    All items referring to loans & leases include loans held for
               sale & are net of unearned income.
               (A) Balances reflect the securitization of $984.5 million of
                   loans during 2000.  Excluding the impact of the
                   securitizations and purchase accounting transactions,
                   YTD average loans would have increased as follows:
                     Commercial loans and leases 12.9%  Mortgage loans 19.7%
                     Consumer loans               6.3   Total loans    12.7
                     Revolving credit loans      19.1
               (B) Excluding the effects of purchase accounting and the
                   reduction in noninterest-bearing deposits resulting from
                   outsourcing the issuance of official checks, YTD average
                   deposits would have increased as follows:
                     Noninterest-bearing                Time and other
                       deposits                  0.4%    deposits      5.4%
                     Other transaction accounts  4.8    Total deposits 4.5
 
 SOURCE  BB&T Corporation