Quarterly Performance Summary issued January 13, 2003

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

January 13, 2003

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 fourth quarter of 2003.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued January 13, 2003

January 13, 2003

FOR IMMEDIATE RELEASE

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

BB&T’s net income increases 21.3% in 4th quarter;
earnings up 33.8% for the year

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today record net income for the fourth quarter of 2002 totaling $337.3 million, an increase of 21.3% compared to $277.9 million earned in the fourth quarter of 2001. On a diluted per share basis, net income was $.70, an increase of 14.8% compared to $.61 earned in the same period in 2001. Merger-related charges in the fourth quarter had the effect of reducing earnings per share by $.02.

          Excluding costs associated with completing mergers and acquisitions from both 2002 and 2001, operating earnings totaled $343.7 million, an increase of 19.5% compared to 2001. Merger-related charges for the fourth quarter of 2002 totaled $6.5 million on an after-tax basis. The charges resulted primarily from the acquisitions and systems integrations of MidAmerica Bancorp, AREA Bancshares Corporation and F&M National Corporation.

          BB&T’s fourth quarter 2002 annualized returns on average assets and average shareholders’ equity were 1.71% and 17.97%, respectively. Excluding merger-related charges, the annualized returns on average assets and average shareholders’ equity were 1.74% and 18.32%, respectively.

          Cash basis operating results exclude the effects of intangible assets and related amortization expenses, as well as merger-related charges. Cash basis operating earnings totaled $345.6 million for the fourth quarter of 2002. These results reflect an increase of 13.5% compared with the prior year. Cash basis operating earnings for the current quarter produced an annualized return on average tangible assets of 1.79%, and an annualized return on average tangible shareholders’ equity of 24.58%.

MORE

          For the year ended Dec. 31, 2002, BB&T’s net income was $1.303 billion, or $2.72 per diluted share. Merger-related charges had the effect of reducing earnings per share by $.03 for the year. Net income and earnings per share reflect increases of 33.8% and 28.3%, respectively, compared with 2001.

          Operating earnings for the year ended Dec. 31, 2002 totaled $1.318 billion, an increase of 19.8% compared to 2001. These results exclude $24.7 million in charges resulting from mergers and acquisitions, and $9.8 million in income resulting from the adoption of a new accounting standard.

          “I am very pleased to report record operating earnings for both the fourth quarter of 2002 and the full year,” said Chairman and Chief Executive Officer John A. Allison. “Our results for 2002 mark the 21st consecutive year that BB&T has achieved record performance. This accomplishment is all the more remarkable in light of the challenging business environment of the last two years. Our success was driven by a strong performance from our noninterest income generating businesses and continued healthy net interest margins.

          “Our outlook for 2003 is optimistic, although there remain many challenges and uncertainties with respect to economic conditions in our markets,” said Allison. “Assuming the economy recovers in the second half of 2003, we are comfortable with current estimates from analysts who report through First Call and project that we will earn between $2.95 and $3.05 per diluted share in 2003.

          “BB&T continues to be a rewarding investment,” continued Allison. “During 2002, our total return to shareholders was 5.5%, while the S&P 500 Index decreased 22.1%. Our three year return was 13.9% compared to a decrease of 14.5% for the S&P. BB&T’s five year total return was 5.6%, compared with a decrease of .6% for the S&P 500, and the 10 year compound annual total return to shareholders was 17.6% for BB&T, while the S&P increased 9.3% for the 10 year period.”

Noninterest Income Businesses Produce Strong Growth

          Noninterest income growth was a primary driver of performance during the fourth quarter of 2002. Total noninterest income was $491.4 million for the quarter, an increase of 34.4% compared with the same period in 2001. The primary components of this increase were mortgage banking income, insurance commissions and investment banking and brokerage fees and commissions.

          Mortgage banking income totaled $137.8 million for the fourth quarter of 2002, an increase of $98.6 million compared to mortgage banking income from the fourth quarter last year. This substantial increase results from the high volume of mortgage origination activity during the year and resulting increases in origination and servicing fee income. BB&T originated a record $14.1 billion of mortgage loans during 2002, compared to $10.5 billion last year. In the fourth quarter, BB&T originated $5.5 billion, up almost 60% compared to the fourth quarter last year.

          BB&T’s revenues from insurance operations totaled $87.6 million in the fourth quarter of 2002, up 75.8% compared with the fourth quarter last year. This significant increase results principally from insurance agencies purchased during 2002, the largest of which was the purchase of CRC Insurance Services, Inc., the nation’s largest independent wholesale insurance brokerage firm. In addition to growth resulting from acquisitions, BB&T enjoyed internal growth of approximately 18%.

MORE

          Investment banking and brokerage fees and commissions totaled $53.7 million for the quarter, an increase of 19.2% compared with the fourth quarter last year. This increase resulted from higher fixed income securities underwriting fees, retail brokerage fees and investment banking income.

BB&T Receives Recognition as Industry Leader

          BB&T’s commitments to client service and employee benefits lead the banking industry according to the results of recent studies by highly regarded financial publications. For the fifth consecutive year, BB&T is one of the top two “small business friendly” financial holding companies in the nation according to the U.S. Small Business Administration. In a separate survey, BB&T was named by J.D. Power as the No. 1 bank in home mortgage customer satisfaction. Finally, BB&T is the second highest ranked bank in Money magazine’s survey of “Corporate America’s Best Benefits.”

          “We are extremely gratified to be recognized for these achievements,” said Allison. “Our success begins with our people. We work hard to hire excellent employees, and train and reward them to enable BB&T to offer world standard service to all of our clients.”

Net Interest Income Increases 12%

          Net interest income totaled $708.1 million for the fourth quarter of 2002, an increase of $76.0 million, or 12.0% compared to the prior year. The net interest margin was 4.22% in the fourth quarter, up from 4.20% for the fourth quarter last year. For the full year, the net interest margin was 4.25%, an increase of 7 basis points compared to 4.18% in 2001.

Asset Quality Remains Strong

          BB&T’s total nonperforming assets, as a percentage of total assets, increased slightly comparing December 31, 2002 and 2001, while net charge-offs as a percentage of average loans decreased modestly in the fourth quarter of 2002 compared to the same period in 2001. Nonperforming assets as a percentage of total assets were ..56% at Dec. 31, 2002, up from .53% at the end of 2001, but relatively stable compared to the last four quarters. Annualized net charge-offs were .51% of average loans and leases for the fourth quarter of 2002, compared with .54% for the fourth quarter last year. Excluding losses at BB&T’s specialized lending subsidiaries, annualized net charge-offs for the fourth quarter of 2002 were .41% of average loans and leases.

BB&T Opens Branches in Florida and Expands in Maryland

          On Nov. 12, 2002, BB&T opened 11 full-service banking offices and 11 mortgage loan production offices of the former Regional Financial Corporation, which was based in Tallahassee, Fla. The successful integration of Regional Financial marks BB&T’s initial entry into Florida, which contains many of America’s fastest growing markets.

MORE

          BB&T also announced plans at the end of the third quarter to acquire Equitable Bank of Wheaton, Md. Equitable has $477 million in assets and operates five full-service banking offices in Montgomery and Prince George’s counties. The acquisition will expand BB&T’s presence in very attractive markets in Maryland.

          On Dec. 4, 2002, BB&T announced plans to buy Southeastern Fidelity Corporation of Tallahassee, Fla. Combined with Prime Rate Premium Finance Corporation, BB&T’s wholly-owned insurance premium finance subsidiary, the deal will create one of the largest insurance premium finance companies in the Southeast and mid-Atlantic.

          BB&T Insurance Services also expanded through acquisitions of quality agencies during the quarter. On Nov. 1, 2002, BB&T acquired Landrum-Yaeger & Associates, Inc. of Tallahassee, Fla. The transaction provided BB&T Insurance with its initial presence in Florida. Also on Nov. 1, 2002, Carolina Insurance Consultants Inc. of Greenville, S.C., was acquired. On Jan. 2, 2003, BB&T completed the acquisition of Cranman & Company, Inc. of Savannah, Ga.

          At Dec. 31, 2002, BB&T had $80.2 billion in assets and operated 1,122 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. BB&T’s common stock is traded on the New York Stock Exchange under the trading symbol BBT. The closing price of BB&T’s common stock on Jan. 10 was $38.25 per share.

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

Earnings Webcast

          To hear a live webcast of BB&T’s fourth quarter 2002 earnings conference call at 10 a.m. (EST) today, please visit the BB&T web site at www.BBandT.com. Replays of the conference call will be available through the BB&T web site until 5 p.m. (EST) Jan. 31.

_________________

          This press release contains financial information determined by methods other than in accordance with Generally Accepted Accounting Principles (“GAAP”). BB&T’s management uses these non-GAAP measures in their analysis of the Company’s performance. These measures typically adjust GAAP performance measures to exclude the effects of charges, expenses and gains related to the consummation of mergers and acquisitions, and costs related to the integration of merged entities, as well as the amortization of intangibles in the case of “cash basis” performance measures. These non-GAAP measures may also exclude other significant gains or losses that are unusual in nature or are associated with acquiring and converting merged entities. Since these items and their impact on BB&T’s performance are difficult to predict, management believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of BB&T’s core businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

          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) 12/31/02 12/31/01 $ %
INCOME STATEMENT
    Interest income - taxable equivalent     $ 1,138,023   $ 1,178,476   $ (40,453 )   (3.4 ) %
    Interest expense    395,151    503,471    (108,320 )   (21.5 )
      Net interest income - taxable equivalent    742,872    675,005    67,867     10.1  
    Less: Taxable equivalent adjustment    34,801    42,938    (8,137 )   (19.0 )
      Net interest income    708,071    632,067    76,004     12.0  
    Provision for loan & lease losses    84,700    65,000    19,700     30.3  
      Net interest income after provision                            
        for loan & lease losses    623,371    567,067    56,304     9.9  
    Noninterest income (1)    491,370    365,679    125,691     34.4  
    Noninterest expense (2)    654,315    545,021    109,294     20.1  
    Income before income taxes    460,426    387,725    72,701     18.8  
    Provision for income taxes    123,171    109,782    13,389     12.2  
       Net Income    $ 337,255   $ 277,943   $ 59,312     21.3  %
PER SHARE DATA    
    Basic earnings    $ .71   $ .61   $ .10     16.4  %
    Diluted earnings       .70     .61     .09     14.8  
    Weighted average shares -                Basic       474,905,234   454,031,392  
                                                                    Diluted       480,065,651     459,369,269  
    Dividends paid on common shares     $ .29   $ .26   $ .03     11.5  %
PERFORMANCE RATIOS  
    Return on average assets       1.71  %   1.56  %      
    Return on average equity       17.97   17.93

For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/02 12/31/01 $ %
OPERATING EARNINGS
      Net Income     $ 337,255   $ 277,943   $ 59,312     21.3  %
       Merger-related charges, net of tax       6,462     9,803     (3,341 )   (34.1 )
      Operating earnings    343,717    287,746    55,971    19.5  
    Weighted average shares -                Basic       474,905,234   454,031,392  
                                                                    Diluted    480,065,651    459,369,269  
CASH BASIS OPERATING EARNINGS (5)  
      Net Income   $ 337,255   $ 277,943   $ 59,312    21.3 %  
       Merger-related charges, net of tax    6,462    9,803    (3,341 )  (34.1 )
       Amortization of intangibles, net of tax    1,847    16,780    (14,933 )  (89.0 )
      Cash basis operating earnings    345,564    304,526    41,038    13.5  
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS  
    Return on average assets       1.74  %   1.62  %
    Return on average equity       18.32   18.56
    Return on average realized equity (3)       19.08   19.89
    Net yield on earning assets (taxable equivalent)       4.22   4.20
    Efficiency (taxable equivalent) (4)       52.0   50.4
PERFORMANCE RATIOS BASED ON  
    CASH BASIS OPERATING EARNINGS (5)  
    Return on average tangible assets       1.79  %   1.73  %
    Return on average tangible equity       24.58   22.87
    Return on average realized tangible equity (3)       25.96   24.81
    Efficiency ratio (taxable equivalent) (4)       51.7   48.6

NOTES:   Applicable ratios are annualized.
  (1) Excluding purchase accounting transactions, noninterest income would have increased $78.3 million, or 21.9%, for the quarter compared to the same period in 2001.
  (2) Excluding purchase accounting transactions, noninterest expense would have increased $50.3 million, or 9.7%, for the quarter compared to the same period in 2001.
  (3) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  (4) Excludes securities gains (losses), foreclosed property expense, and provisions for the impairment of mortgage servicing rights.
  (5) Cash basis operating earnings exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Performance ratios based on cash basis operating earnings exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity.
  NM  - not meaningful.



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



For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/02 12/31/01 $ %
INCOME STATEMENT
    Interest income - taxable equivalent     $ 4,584,608   $ 5,039,480   $ (454,872 )   (9.0 ) %
    Interest expense    1,686,584    2,414,936    (728,352 )  (30.2 )
      Net interest income - taxable equivalent    2,898,024    2,624,544    273,480    10.4  
    Less: Taxable equivalent adjustment    150,564    190,865    (40,301 )  (21.1 )
      Net interest income    2,747,460    2,433,679    313,781    12.9  
    Provision for loan & lease losses    263,700    224,318    39,382    17.6  
      Net interest income after provision for loan & lease losses    2,483,760    2,209,361    274,399    12.4  
    Noninterest income    1,692,475    1,380,339    312,136    22.6  
    Noninterest expense    2,385,538    2,229,272    156,266    7.0  
    Income before income taxes and change in accounting principle    1,790,697    1,360,428    430,269    31.6  
    Provision for income taxes    497,468    386,790    110,678    28.6  
      Income before cumulative effect of change in accounting principle    1,293,229    973,638    319,591    32.8  
      Cumulative effect of change in accounting principle    9,780    --    9,780    NM  
       Net income   $ 1,303,009   $ 973,638   $ 329,371     33.8  %
PER SHARE DATA  
    Basic earnings  
      Income before cumulative effect of change in accounting principle   $ 2.73   $ 2.15   $ .58     27.0  %
      Cumulative effect of change in accounting principle    .02    --    .02    NM  
      Net income    2.75    2.15    .60    27.9  
    Diluted earnings  
      Income before cumulative effect of change in accounting principle    2.70    2.12    .58     27.4  
      Cumulative effect of change in accounting principle    .02    --    .02    NM  
      Net income   $ 2.72   $ 2.12   $ .60     28.3  %
    Weighted average shares -                 Basic       473,303,770   453,188,403  
                                                                    Diluted    478,792,558     459,269,330  
    Dividends paid on common shares   $ 1.10   $ .98   $ .12     12.2  %
PERFORMANCE RATIOS  
    Return on average assets       1.72  %   1.41  %
    Return on average equity       18.32   16.78

For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/02 12/31/01 $ %
OPERATING EARNINGS
      Net Income     $ 1,303,009   $ 973,638   $ 329,371     33.8  %
       Merger-related charges, net of tax    24,706    154,664    (129,958 )  (84.0 )
       Other, net (4)    (9,780 )  (28,169 )  18,389    (65.3 )
      Operating earnings    1,317,935    1,100,133    217,802     19.8  
    Weighted average shares -                 Basic       473,303,770   453,188,403  
                                                                    Diluted    478,792,558     459,269,330  
CASH BASIS OPERATING EARNINGS (3)  
      Net Income   $ 1,303,009   $ 973,638   $ 329,371     33.8  %
       Merger-related charges, net of tax    24,706    154,664    (129,958 )  (84.0 )
       Other, net (4)    (9,780 )  (28,169 )  18,389    (65.3 )
       Amortization of intangibles, net of tax    12,740    69,032    (56,292 )  (81.5 )
      Cash basis operating earnings    1,330,675    1,169,165    161,510     13.8  
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS  
    Return on average assets       1.74  %   1.60  %      
    Return on average equity       18.53   18.96
    Return on average realized equity (1)       19.32   19.88
    Net yield on earning assets (taxable equivalent)       4.25   4.18
    Noninterest income as a percentage of                
      total income (taxable equivalent) (2)       36.7   33.4
    Efficiency (taxable equivalent) (2)       51.1   51.4
PERFORMANCE RATIOS BASED ON CASH BASIS  
    OPERATING EARNINGS (3)  
    Return on average tangible assets       1.79  %   1.72  %
    Return on average tangible equity       23.93   23.58
    Return on average realized tangible equity (1)       25.25   24.93
    Efficiency ratio (taxable equivalent) (2)       50.6   49.5

NOTES:   Applicable ratios are annualized.
  (1) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  (2) Excludes securities gains (losses), foreclosed property expense, and provisions for the impairment of mortgage servicing rights.
  (3) Cash basis operating earnings exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Performance ratios based on cash basis operating earnings exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualfying intangibles from assets and equity.
  (4) Other, net includes $9.8 million resulting from the cumulative effect of adopting a new accounting standard in 2002, and $28.2 million resulting from a one-time gain on an investment in an electronic transaction processing company offset by a provision for the impairment of mortgage servicing rights in 2001.
  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 Twelve Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/02 12/31/01 $ %
SELECTED BALANCE SHEET DATA
End of period balances                    
Securities available for sale   $ 17,599,477   $ 16,621,684   $ 977,793     5.9  %
Securities held to maturity    55,523    40,496    15,027    37.1  
Trading securities    148,488    97,675    50,813    52.0  
  Total securities    17,803,488    16,759,855    1,043,633    6.2  
Commercial loans & leases    28,968,482    25,959,142    3,009,340    11.6  
Consumer loans    12,896,870    11,214,193    1,682,677    15.0  
Revolving credit loans    1,050,738    951,319    99,419    10.5  
Mortgage loans    10,601,923    9,318,519    1,283,404    13.8  
  Total loans & leases    53,518,013    47,443,173    6,074,840    12.8  
Allowance for loan & lease losses    723,685    644,418    79,267    12.3  
Other earning assets    442,570    360,789    81,781    22.7  
  Total earning assets    71,227,929    64,087,088    7,140,841    11.1  
  Total assets    80,216,816    70,869,945    9,346,871    13.2  
Noninterest-bearing deposits    7,864,338    6,939,640    924,698    13.3  
Savings & interest checking    3,071,551    3,013,702    57,849    1.9  
Money rate savings    17,188,942    13,902,088    3,286,854    23.6  
CDs and other time deposits    23,155,185    20,877,845    2,277,340    10.9  
  Total deposits    51,280,016    44,733,275    6,546,741    14.6  
Short-term borrowed funds    5,396,959    6,649,100    (1,252,141 )   (18.8 )
Long-term debt    13,587,841    11,721,076    1,866,765    15.9  
  Total interest-bearing liabilities    62,400,478    56,163,811    6,236,667    11.1  
  Total shareholders' equity   $ 7,387,914   $ 6,150,209   $ 1,237,705    20.1  
Average balances  
Securities, at amortized cost   $ 16,939,089   $ 15,886,732   $ 1,052,357     6.6  %
Commercial loans & leases    27,974,145    25,263,326    2,710,819    10.7  
Consumer loans    12,296,444    11,166,382    1,130,062    10.1  
Revolving credit loans    982,923    885,245    97,678    11.0  
Mortgage loans    9,597,905    9,272,827    325,078    3.5  
  Total loans & leases    50,851,417    46,587,780    4,263,637    9.2  
Other earning assets    439,097    430,912    8,185    1.9  
  Total earning assets    68,229,603    62,905,424    5,324,179    8.5  
  Total assets    75,779,033    68,823,029    6,956,004    10.1  
Noninterest-bearing deposits    7,202,129    6,206,746    995,383    16.0  
Savings & interest checking    3,363,118    3,361,694    1,424    .0  
Money rate savings    14,824,396    12,502,120    2,322,276    18.6  
CDs and other time deposits    23,728,465    22,171,321    1,557,144    7.0  
  Total deposits    49,118,108    44,241,881    4,876,227    11.0  
Short-term borrowed funds    5,393,479    6,264,100    (870,621 )   (13.9 )
Long-term debt    12,134,712    11,030,312    1,104,400    10.0  
  Total interest-bearing liabilities    59,444,170    55,329,547    4,114,623    7.4  
  Total shareholders' equity   $ 7,113,490   $ 5,802,189   $ 1,311,301    22.6  

As of / For the Quarter Ended
(Dollars in thousands) 12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on                        
  securities available for sale, net of tax   $ 329,149   $ 333,476   $ 291,101   $ 160,399   $ 288,107  
Derivatives (notional value)    11,697,739    9,476,733    5,787,952    5,222,994    5,614,502  
Fair value of derivatives portfolio    149,498    79,380    40,848    46,936    43,973  
Common stock prices (daily close):                 High       38.23     38.40     39.23     39.11     36.96  
                                                                               Low       31.26   32.18   36.60   34.47   32.10
                                                                               End of period       36.99   35.04   38.60   38.11   36.11
Weighted average shares -                               Basic       474,905,234     477,112,074     478,121,878     462,902,144     454,031,392  
                                                                               Diluted       480,065,651     482,325,535     484,009,961     468,604,312     459,369,269  
End of period shares outstanding    470,452,260    480,439,801    475,535,863    481,195,674    455,682,560  
End of period banking offices    1,122    1,123    1,122    1,132    1,081  
ATMs    1,698    1,701    1,723    1,718    1,613  

NOTES:   All items referring to loans and leases include loans held for sale and are net of unearned income.
  (1) BB&T had approximately 24,000 full-time equivalent employees at December 31, 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) 12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
INCOME STATEMENTS BASED ON
   OPERATING EARNINGS
    Interest income - taxable equivalent                        
    Interest & fees on loans & leases   $ 899,264   $ 897,969   $ 881,019   $ 844,798   $ 897,529  
    Interest & dividends on securities    236,880    267,667    276,837    272,326    278,719  
    Interest on short-term investments    1,879    1,922    1,554    2,493    2,228  
      Total interest income - taxable equivalent    1,138,023    1,167,558    1,159,410    1,119,617    1,178,476  
    Interest expense  
    Interest on deposits    231,021    254,248    258,187    259,602    315,532  
    Interest on short-term borrowed funds    18,770    24,140    26,464    26,449    35,451  
    Interest on long-term debt    145,360    146,515    147,518    148,310    152,488  
      Total interest expense    395,151    424,903    432,169    434,361    503,471  
    Net interest income - taxable equivalent    742,872    742,655    727,241    685,256    675,005  
    Less: Taxable equivalent adjustment    34,801    40,563    37,210    37,990    42,938  
      Net interest income    708,071    702,092    690,031    647,266    632,067  
    Provision for loan & lease losses    84,700    64,000    58,500    56,500    65,000  
      Net interest income after provision for                                  
       loan & lease losses    623,371    638,092    631,531    590,766    567,067  
    Noninterest income  
    Service charges on deposits    105,686    104,754    101,874    90,162    93,773  
    Mortgage banking income    137,759    (59,455 )  43,963    50,562    39,194  
    Investment banking & brokerage fees & commissions    53,742    47,912    56,039    52,893    45,085  
    Trust revenue    19,750    27,388    24,197    23,128    18,962  
    Insurance commissions    87,618    80,401    78,049    67,368    49,846  
    Other nondeposit fees & commissions    58,135    54,145    52,100    44,122    46,709  
    Securities gains (losses), net    1,508    135,519    19,666    13,407    32,257  
    Other income    27,172    31,583    28,244    33,084    31,183  
      Total noninterest income    491,370    422,247    404,132    374,726    357,009  
    Noninterest expense  
    Personnel expense    350,213    323,119    319,622    304,893    288,235  
    Occupancy & equipment expense    87,383    85,550    84,688    83,451    73,890  
    Foreclosed property expense    3,226    2,874    880    341    1,158  
    Amortization of intangibles    3,203    7,073    6,258    4,351    17,854  
    Other noninterest expense    199,877    174,751    163,850    140,655    140,144  
      Total noninterest expense    643,902    593,367    575,298    533,691    521,281  
    Income before income taxes    470,839    466,972    460,365    431,801    402,795  
    Provision for income taxes    127,122    131,003    131,363    122,554    115,049  
      Operating earnings   $ 343,717   $ 335,969   $ 329,002   $ 309,247   $ 287,746  
NET INCOME  
      Operating earnings   $ 343,717   $ 335,969   $ 329,002   $ 309,247   $ 287,746  
       Merger-related charges, net of tax    (6,462 )  (7,812 )  (1,050 )  (9,382 )  (9,803 )
       Other, net (4)    --    --    --    9,780    --  
      Net income   $ 337,255   $ 328,157   $ 327,952   $ 309,645   $ 277,943  
CASH BASIS OPERATING EARNINGS (3)  
      Net income   $ 337,255   $ 328,157   $ 327,952   $ 309,645   $ 277,943  
       Merger-related charges, net of tax    6,462    7,812    1,050    9,382    9,803  
       Other, net (4)    --    --    --    (9,780 )  --  
       Amortization of intangibles, net of tax    1,847    4,292    3,897    2,704    16,780  
      Cash basis operating earnings     $ 345,564   $ 340,261   $ 332,899   $ 311,951   $ 304,526  
PERFORMANCE RATIOS BASED ON  
    OPERATING EARNINGS  
    Return on average assets       1.74  %   1.72  %   1.75  %   1.75  %   1.62  %
    Return on average equity    18.32    18.09    18.44    19.39    18.56  
    Return on average realized equity (1)    19.08    18.93    19.08    20.32    19.89  
    Net yield on earning assets (taxable equivalent)    4.22    4.25    4.27    4.26    4.20  
    Efficiency (taxable equivalent) (2)    52.0    50.9    50.9    50.5    50.4  
    Noninterest income as a percentage of  
      total income (taxable equivalent) (2)    39.7    36.0    35.5    35.1    34.6  

NOTES:   Applicable ratios are annualized.
  (1) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  (2) Excludes securities gains (losses), foreclosed property expense, and provisions for the impairment of mortgage servicing rights.
  (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 the unamortized balances of nonqualifying intangibles from assets and equity.
  (4) Other, net includes $9.8 million resulting from the cumulative effect of adopting a new accounting standard in the first quarter of 2002.


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, except per share data) 12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
PER SHARE DATA                        
    Basic earnings   $ .71   $ .69   $ .69   $ .67   $ .61  
    Diluted earnings    .70    .68    .68    .66    .61  
    Dividends paid on common shares    .29    .29    .26    .26    .26  
    Book value    15.70    15.68    14.99    14.66    13.50  
PERFORMANCE RATIOS BASED ON  
    NET INCOME  
    Return on average assets       1.71  %   1.68  %   1.74  %   1.76  %   1.56  %
    Return on average equity    17.97    17.66    18.38    19.41    17.93  
    Equity as a percentage of total assets                                  
      end of period    9.2    9.6    9.3    9.4    8.7  
    Average earning assets as a percentage of  
      average total assets    89.5    89.8    90.3    90.6    90.7  
    Average loans & leases as a percentage of                                  
      average deposits    105.5    102.1    101.9    104.7    105.7  
PERFORMANCE RATIOS BASED ON  
    CASH BASIS OPERATING EARNINGS (3)  
    Return on average tangible assets       1.79  %   1.78  %   1.81  %   1.80  %   1.73  %
    Return on average tangible equity    24.58    23.72    23.94    23.46    22.87  
    Return on average realized tangible equity (1)    25.96    25.17    25.01    24.82    24.81  
    Efficiency ratio (taxable equivalent) (2)    51.7    50.3    50.4    50.1    48.6  


NOTES:   Applicable ratios are annualized.
  (1) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
  (2) Excludes securities gains (losses), foreclosed property expense, and provisions for the impairment of mortgage servicing rights.
  (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 the unamortized balances of nonqualifying intangibles from assets and equity.



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



As of / For the Quarter Ended
(Dollars in thousands) 12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
SELECTED BALANCE SHEET DATA
    End of period balances                        
    Securities available for sale   $ 17,599,477   $ 16,416,181   $ 18,076,387   $ 17,515,228   $ 16,621,684  
    Securities held to maturity    55,523    51,401    47,366    44,189    40,496  
    Trading securities    148,488    121,525    132,305    143,976    97,675  
      Total securities    17,803,488    16,589,107    18,256,058    17,703,393    16,759,855  
    Commercial loans & leases    28,968,482    28,880,433    28,362,233    28,102,661    25,959,142  
    Consumer loans    12,896,870    12,782,666    12,376,586    12,008,377    11,214,193  
    Revolving credit loans    1,050,738    1,010,860    985,487    953,748    951,319  
    Mortgage loans    10,601,923    10,390,742    8,806,304    9,092,620    9,318,519  
      Total loans & leases    53,518,013    53,064,701    50,530,610    50,157,406    47,443,173  
    Allowance for loan & lease losses    723,685    723,668    706,446    705,905    644,418  
    Other earning assets    442,570    518,476    330,555    333,035    360,789  
      Total earning assets    71,227,929    69,629,079    68,638,124    67,924,614    64,087,088  
      Total assets    80,216,816    78,186,831    76,333,441    74,949,720    70,869,945  
    Noninterest-bearing deposits    7,864,338    7,967,366    7,625,530    7,142,729    6,939,640  
    Savings & interest checking    3,071,551    2,970,575    3,290,255    3,287,663    3,013,702  
    Money rate savings    17,188,942    15,636,969    14,632,630    14,894,883    13,902,088  
    CDs and other time deposits    23,155,185    23,236,561    25,360,774    23,145,964    20,877,845  
      Total deposits    51,280,016    49,811,471    50,909,189    48,471,239    44,733,275  
    Short-term borrowed funds    5,396,959    4,797,992    4,930,434    6,043,367    6,649,100  
    Long-term debt    13,587,841    13,384,826    10,979,492    11,444,091    11,721,076  
      Total interest-bearing liabilities    62,400,478    60,026,923    59,193,585    58,815,968    56,163,811  
      Total shareholders' equity    7,387,914    7,534,817    7,128,356    7,055,418    6,150,209  
    Goodwill    1,723,379    1,698,563    1,457,257    1,417,993    879,903  
    Core deposit & other intangibles    148,824    138,616    119,533    137,202    54,456  
      Total intangibles    1,872,203    1,837,179    1,576,790    1,555,195    934,359  
      Mortgage servicing rights    318,839    280,821    395,654    386,386    359,037  
      Negative goodwill   $ --   $ --   $ --   $ --   $ 9,780  
    Average balances  
    Securities, at amortized cost   $ 16,103,478   $ 17,574,918   $ 17,593,605   $ 16,481,523   $ 16,239,595  
    Commercial loans & leases    28,834,442    28,478,017    28,210,576    26,340,603    25,801,611  
    Consumer loans    12,853,073    12,630,153    12,278,571    11,404,392    11,249,000  
    Revolving credit loans    1,020,357    997,863    968,088    944,385    919,501  
    Mortgage loans    10,898,394    9,522,243    8,808,602    9,143,932    9,452,120  
      Total loans & leases    53,606,266    51,628,276    50,265,837    47,833,312    47,422,232  
    Other earning assets    488,991    456,474    354,745    455,620    354,614  
      Total earning assets    70,198,735    69,659,668    68,214,187    64,770,455    64,016,441  
      Total assets    78,428,911    77,571,231    75,538,200    71,481,754    70,610,330  
    Noninterest-bearing deposits    7,753,037    7,383,310    7,157,722    6,498,675    6,560,631  
    Savings & interest checking    3,331,195    3,350,476    3,568,247    3,201,268    3,240,975  
    Money rate savings    15,821,819    15,110,502    14,617,809    13,721,226    13,208,472  
    CDs and other time deposits    23,892,511    24,708,799    24,007,125    22,276,896    21,864,320  
      Total deposits    50,798,562    50,553,087    49,350,903    45,698,065    44,874,398  
    Short-term borrowed funds    4,626,091    5,245,126    5,788,023    5,930,643    6,427,523  
    Long-term debt    13,344,191    12,313,297    11,287,626    11,572,300    11,492,851  
      Total interest-bearing liabilities    61,015,807    60,728,200    59,268,830    56,702,333    56,234,141  
      Total shareholders' equity   $ 7,444,431   $ 7,370,304   $ 7,156,600   $ 6,469,084   $ 6,150,335  
RISK-BASED CAPITAL (1)  
    Risk-based capital:  
      Tier 1   $ 5,290,310   $ 5,523,128   $ 5,347,662   $ 5,371,989   $ 5,002,896  
      Total    7,740,539    7,714,898    7,021,213    7,205,160    6,796,958  
    Risk-weighted assets    57,660,171    56,973,337    54,996,625    54,080,258    50,972,300  
    Average quarterly tangible assets    76,230,913    75,364,440    73,627,410    69,534,802    69,262,888  
    Risk-based capital ratios:  
      Tier 1       9.18  %   9.69  %   9.72  %   9.93  %   9.81  %
      Total    13.42    13.54    12.77    13.32    13.33  
    Leverage capital ratio    6.94    7.33    7.26    7.73    7.22  

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




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  



As of / For the Quarter Ended
(Dollars in thousands) 12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
ASSET QUALITY ANALYSIS
Allowance For Loan & Lease Losses                        
  Beginning balance   $ 723,688   $ 706,446   $ 705,905   $ 644,418   $ 634,552  
  Allowance for acquired loans, net    (16,075 )  16,861    136    61,177    9,047  
  Provision for loan & lease losses    84,700    64,000    58,500    56,500    65,000  
   Charge-offs    (83,067 )  (77,732 )  (69,144 )  (67,206 )  (76,082 )
   Recoveries    14,439    14,113    11,049    11,016    11,901  
  Net charge-offs    (68,628 )  (63,619 )  (58,095 )  (56,190 )  (64,181 )
   Ending balance   $ 723,685   $ 723,688   $ 706,446   $ 705,905   $ 644,418  
Nonperforming Assets  
  Nonaccrual loans & leases   $ 374,842   $ 358,823   $ 335,287   $ 354,916   $ 316,607  
  Foreclosed real estate    55,448    46,378    49,009    46,687    39,106  
  Other foreclosed property    21,199    17,712    15,803    20,734    17,858  
  Restructured loans    175    2,358    --    --    --  
   Nonperforming assets   $ 451,664   $ 425,271   $ 400,099   $ 422,337   $ 373,571  
  Loans 90 days or more past due  
   & still accruing   $ 115,047   $ 100,147   $ 98,143   $ 100,962   $ 101,778  
  Loans 90 days or more past due & still accruing                                  
   as a percentage of total loans and leases       .21  %   .19  %   .19  %   .20  %   .21  %
Asset Quality Ratios  
  Nonaccrual and restructured loans & leases                                  
   as a percentage of total loans & leases       .70  %   .68  %   .66  %   .71  %   .67  %
  Nonperforming assets as a percentage of:  
   Total assets    .56    .54    .52    .56    .53  
   Loans & leases plus                                  
     foreclosed property    .84    .80    .79    .84    .79  
  Net charge-offs as a percentage of  
   average loans & leases    .51    .49    .46    .48    .54  
  Net charge-offs excluding specialized                                  
   lending as a percentage of average                                  
   loans & leases (1)    .41    .40    .38    .37    .46  
  Allowance for loan & lease losses as  
   a percentage of loans & leases    1.35    1.36    1.40    1.41    1.36  
  Allowance for loan & lease losses as                                  
   a percentage of loans & leases                                  
   held for investment    1.42    1.42    1.43    1.45     1.42  
  Ratio of allowance for loan & lease losses to:  
   Net charge-offs       2.66  x   2.87  x   3.03  x   3.10  x   2.53  x
   Nonaccrual and restructured loans & leases    1.93    2.00    2.11     1.99     2.04  

As of / for the Twelve Months Ended Increase (Decrease)
12/31/02 12/31/01 $ %
Allowance For Loan & Lease Losses                    
  Beginning balance   $ 644,418   $ 578,107   $ 66,311    11.5  
  Allowance for acquired loans, net    62,099    29,083    33,016    NM  
  Provision for loan & lease losses    263,700    224,318    39,382    17.6  
   Charge-offs    (297,149 )  (231,229 )  (65,920 )  (28. 5)
   Recoveries    50,617    44,139    6,478    14.7  
  Net charge-offs    (246,532 )  (187,090 )  (59,442 )  (31. 8)
   Ending balance   $ 723,685   $ 644,418   $ 79,267    12.3  
Asset Quality Ratios  
  Net charge-offs as a percentage of  
   average loans & leases       .48  %   .40  %    
  Ratio of allowance for loan & lease losses to  
   net charge-offs       2.94  x   3.44  x    

For the Quarter Ended
12/31/02 9/30/02 6/30/02 3/31/02 12/31/01
ANNUALIZED INTEREST YIELDS / RATES (2)
Interest income:                        
Securities & other    5.76    5.98    6.20    6.49    6.77  
Loans & leases    6.67    6.91    7.03    7.14    7.52  
  Total earning assets    6.45    6.67    6.81    6.97    7.33  
Interest expense:  
Interest-bearing deposits    2.13    2.34    2.45    2.69    3.27  
Short-term borrowed funds    1.61    1.83    1.83    1.81    2.19  
Long-term debt    4.33    4.73    5.24    5.19    5.27  
  Total interest-bearing liabilities    2.57    2.78    2.92    3.10    3.55  
Net yield on earning assets    4.22    4.25    4.27    4.26    4.20  

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




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



For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/02 12/31/01 $ %
SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
    Average Balances                    
    Commercial loans & leases   $ 28,523,327   $ 27,674,194   $ 849,133    3.1  %
    Consumer loans    12,450,375    11,945,721    504,654    4.2  
    Revolving credit loans    987,419    912,054    75,365    8.3  
    Mortgage loans (2)    10,924,608    11,332,671    (408,063 )  (3.6 )
      Total loans & leases    52,885,729    51,864,640    1,021,089    2.0  
    Noninterest-bearing deposits (3)    7,627,431    6,991,391    636,040    9.1  
    Interest-bearing transaction accounts    18,735,287    17,513,030    1,222,257    7.0  
    CDs and other time deposits    24,444,434    24,866,098    (421,664 )  (1.7 )
      Total deposits   $ 50,807,152   $ 49,370,519   $ 1,436,633    2.9  %
SELECTED INCOME STATEMENT ITEMS BASED ON  
    OPERATING EARNINGS EXCLUDING PURCHASE ACQUISITIONS (1)  
      Net interest income - taxable equivalent   $ 2,734,550   $ 2,626,593   $ 107,957    4.1  %
      Noninterest income  
    Service charges on deposits    379,838    349,522    30,316    8.7  
    Mortgage banking income (4)    159,784    183,936    (24,152 )   (13.1 )
    Investment banking & brokerage fees & commissions    209,247    175,296    33,951    19.4  
    Trust revenue    79,392    90,898    (11,506 )   (12.7 )
    Insurance commissions    215,535    190,446    25,089    13.2  
    Other nondeposit fees & commissions    194,561    187,608    6,953    3.7  
    Securities gains (losses), net (4)    168,849    43,251    125,598    NM  
    Other income    117,459    112,125    5,334    4.8  
      Total noninterest income    1,524,665    1,333,082    191,583    14.4  
      Noninterest expense  
    Personnel expense    1,160,682    1,126,858    33,824    3.0  
    Occupancy & equipment expense    318,492    303,386    15,106    5.0  
    Other noninterest expense    639,495    600,040    39,455    6.6  
      Total noninterest expense   $ 2,118,669   $ 2,030,284   $ 88,385    4.4  %

For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/02 12/31/01 $ %
SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
    Average Balances                    
    Commercial loans & leases   $ 28,834,442   $ 28,168,852   $ 665,590    2.4  %
    Consumer loans    12,853,073    12,006,477    846,596    7.1  
    Revolving credit loans    1,020,357    944,716    75,641    8.0  
    Mortgage loans (2)    11,273,809    11,311,359    (37,550 )  (0.3 )
      Total loans & leases    53,981,681    52,431,404    1,550,277    3.0  
    Noninterest-bearing deposits (3)    8,141,729    7,441,598    700,131    9.4  
    Interest-bearing transaction accounts    19,153,014    18,104,152    1,048,862    5.8  
    CDs and other time deposits    23,892,511    24,241,665    (349,154 )  (1.4 )
      Total deposits   $ 51,187,254   $ 49,787,415   $ 1,399,839    2.8  %
SELECTED INCOME STATEMENT ITEMS BASED ON  
    OPERATING EARNINGS EXCLUDING PURCHASE ACQUISITIONS (1)  
      Net interest income - taxable equivalent   $ 690,319   $ 675,005   $ 15,314    2.3  %
      Noninterest income  
    Service charges on deposits    98,955    93,773    5,182    5.5  
    Mortgage banking income (4)    130,109    39,194    90,915    NM  
    Investment banking & brokerage fees & commissions    53,253    45,085    8,168    18.1  
    Trust revenue    12,928    18,962    (6,034 )   (31.8 )
    Insurance commissions    58,594    49,846    8,748    17.6  
    Other nondeposit fees & commissions    53,841    46,709    7,132    15.3  
    Securities gains (losses), net (4)    1,082    32,257    (31,175 )   (96.6 )
    Other income    26,518    31,183    (4,665 )   (15.0 )
      Total noninterest income    435,280    357,009    78,271    21.9  
      Noninterest expense  
    Personnel expense    307,588    288,235    19,353    6.7  
    Occupancy & equipment expense    80,092    73,890    6,202    8.4  
    Other noninterest expense    183,921    159,156    24,765    15.6  
      Total noninterest expense   $ 571,601   $ 521,281   $ 50,320    9.7  %

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 provisions for the impairment of mortgage servicing rights totaling $156.4 million and $32.5 million for the twelve months ended December 31, 2002 and 2001, respectively. Mortgage banking income for the fourth quarter of 2001 includes a similar provision totaling $32.5 million. These provisions are offset by securities gains.
  NM  - not meaningful.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 13  Investor Relations  FAX (336) 733-3132  



For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/02 9/30/02 $ %
SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
    Average Balances                    
    Commercial loans & leases   $ 28,834,442   $ 28,603,438   $ 231,004    3.2 %  
    Consumer loans    12,853,073    12,633,924    219,149    6.9  
    Revolving credit loans    1,020,357    997,863    22,494    8.9  
    Mortgage loans (2)    10,898,394    10,217,251    681,143    26.4  
      Total loans & leases    53,606,266    52,452,476    1,153,790    8.7  
    Noninterest-bearing deposits (3)    8,141,729    7,709,750    431,979    22.2  
    Interest-bearing transaction accounts    19,153,014    18,742,524    410,490    8.7  
    CDs and other time deposits    23,892,511    25,090,808    (1,198,297 )  (18.9 )
      Total deposits   $ 51,187,254   $ 51,543,082   $ (355,828 )  (2.7 ) %
SELECTED INCOME STATEMENT ITEMS BASED ON  
    OPERATING EARNINGS EXCLUDING PURCHASE ACQUISITIONS (1)  
      Net interest income - taxable equivalent   $ 736,025   $ 742,655   $ (6,630 )  (3.5 ) %
      Noninterest income  
    Service charges on deposits    105,655    104,754    901    3.4  
    Mortgage banking income (4)    133,266    (59,455 )  192,721    NM  
    Investment banking & brokerage fees & commissions    53,742    47,912    5,830    48.3  
    Trust revenue    19,169    27,388    (8,219 )   (119.1 )
    Insurance commissions    85,518    80,401    5,117    25.2  
    Other nondeposit fees & commissions    58,132    54,145    3,987    29.2  
    Securities gains (losses), net (4)    1,508    135,519    (134,011 )  NM  
    Other income    26,950    31,583    (4,633 )  (58.2 )
      Total noninterest income    483,940    422,247    61,693    58.0  
      Noninterest expense  
    Personnel expense    346,828    323,119    23,709    29.1  
    Occupancy & equipment expense    86,525    85,550    975    4.5  
    Other noninterest expense    203,655    184,698    18,957    40.7  
      Total noninterest expense   $ 637,008   $ 593,367   $ 43,641    29.2  %

NOTES:   Applicable growth rates are annualized.
  (1) Amounts adjusted to exclude growth that resulted from the timing of acquisitions purchased during 2002 and 2001.
  (2) Excludes the impact of mortgage loan securitization programs in 2001.
  (3) Excludes the impact of the outsourcing of official checks in both 2002 and 2001.
  (4) Mortgage banking income includes a provision for the impairment of mortgage servicing rights totaling $130.8 million for the three months ended September 30, 2002, respectively. 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:       January 13, 2003