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EARNINGS INCREASE 30 PERCENT AT BB&T

 EARNINGS INCREASE 30 PERCENT AT BB&T
 WILSON, N.C., Oct. 13 /PRNewswire/ -- BB&T Financial Corporation


(NASDAQ-NMS: BBTF) achieved record earnings for the nine months ended Sept. 30. Net income for the first three quarters increased 29.8 percent, while primary net income per share was up 12.5 percent. Net income for the period totalled $56.6 million, $2.16 per share, compared with $43.6 million, $1.92 per share, in 1991. Fully diluted earnings per share rose to $2.06 from $1.82 last year. On an annualized basis, the return on assets was 1.19 percent, compared with 1.06 percent in 1991, while the returns on shareholders' equity were 14.7 percent and 14.3 percent, respectively.
 For the third quarter, net income was $19.2 million, a 26.2 percent increase over the $15.2 million earned last year. For the quarter, primary net income per share was $.72 and fully diluted earnings per share was $.69, compared with $.63 and $.60, respectively, in 1991.
 In releasing earnings, John A. Allison, Chairman and Chief Executive Officer of BB&T s stated, "Operating results for the first nine months of 1992 have been excellent. We have benefited from a substantial increase in net interest income, reflecting both market conditions and our interest rate risk management system. Our home mortgage business is booming, both as a result of refinancing and our thrift acquisition strategy.
 "In addition, asset quality has consistently and substantially improved over the last 12 months. This improvement in asset quality reflects a great deal of effort by our lending personnel to help customers recover and to deal with difficult problems, and also indicates some strengthening in the economy.
 "BB&T's capital position remains outstanding, which reduces risk from a depositor and shareholder perspective and gives us an opportunity to make additional investments."
 At the end of September, BB&T had total assets of $6.70 billion, total loans of $4.52 billion and total deposits of $5.35 billion. Through its subsidiaries in North and South Carolina, BB&T operates 210 offices in 116 cities. BB&T Financial Corporation common stock is traded on the NASDAQ National Market System and is listed under the symbol BBTF.
 BB&T FINANCIAL CORPORATION
 FINANCIAL HIGHLIGHTS(A)
 ($ in Thousands, Except Per Share)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 Percent Percent
 1992 1991 Increase 1992 1991 Increase
 (Decrease) (Decrease)
 EARNINGS
 SUMMARY
 Interest
 income $120,011 131,261 (8.6) $371,909 376,425 (1.2)
 Interest
 expense 53,417 73,824 (27.6) 174,048 215,446 (19.2)
 Net interest
 income 66,594 57,437 15.9 197,861 160,979 22.9
 Provision
 for loan
 losses 7,000 10,000 (30.0) 23,000 26,000 (11.5)
 Noninterest
 income 22,645 21,265 6.5 66,578 58,109 14.6
 Noninterest
 expense 54,740 47,817 14.5 160,349 133,279 20.3
 Income tax
 expense 8,348 5,706 46.3 24,503 16,205 51.2
 Net
 income $ 19,151 15,179 26.2 $ 56,587 43,604 29.8
 PER SHARE DATA
 Net income:
 Primary $ .72 .63 14.3 $ 2.16 1.92 12.5
 Fully
 diluted .69 .60 15.0 2.06 1.82 13.2
 Cash dividends
 paid .22 .21 4.8 .66 .63 4.8
 Book value 20.85 18.77 11.1 20.85 18.77 11.1
 Closing market
 price 29.13 22.63 28.7 29.13 22.63 28.7
 AVERAGE SHARES
 OUTSTANDING
 Primary 26,684,338 24,190,169 10.3 26,179,061 22,743,759 15.1
 Fully
 diluted 28,612,562 26,144,894 9.4 28,164,810 24,781,036 13.7
 RATIOS (PCT.)
 Return on
 average
 assets 1.19 1.03 1.19 1.06
 Return on
 average
 equity 14.13 13.58 14.66 14.25
 Net interest
 margin,
 taxable
 equivalent 4.65 4.43 4.70 4.50
 BALANCE SHEET
 DATA (DAILY
 AVERAGES)
 Assets $6,405,557 5,869,791 9.1 $6,339,481 5,502,738 15.2
 Investment
 secur-
 ities 1,619,483 1,495,428 8.3 1,616,250 1,412,278 14.4
 Loans 4,408,860 3,949,065 11.6 4,349,752 3,688,470 17.9
 Earning
 assets 6,038,182 5,535,766 9.1 5,972,195 5,178,098 15.3
 Deposits 5,288,290 4,999,744 5.8 5,230,145 4,647,612 12.5
 Interest-
 bearing
 liabil-
 ities 5,177,130 4,853,565 6.7 5,166,519 4,556,200 13.4
 Shareholders'
 equity 539,283 443,448 21.6 515,520 409,249 26.0
 BALANCE SHEET DATA
 (PERIOD END)
 Assets $6,699,858 6,174,526 8.5
 Investment
 securities 1,776,009 1,664,660 6.7
 Loans 4,521,458 4,147,043 9.0
 Earning assets 6,311,967 5,835,003 8.2
 Deposits 5,353,727 5,258,061 1.8
 Interest-bearing
 liabilities 5,427,322 5,080,467 6.8
 Shareholders'
 equity 549,890 473,000 16.3
 CAPITAL RATIOS
 Risk-based capital
 ratios (fully-
 phased-in
 guidelines):
 Tier 1
 Capital 12.17pct. 10.97
 Total
 Capital 15.30 14.18
 Equity to
 assets
 (period
 end) 8.21 7.66
 CREDIT QUALITY
 Net Charge-offs
 to average
 loans out-
 standing .38pct. .50 .45pct. .53
 Nonperforming
 assets to
 total
 assets .91 1.35 .91 1.35
 Allowance for
 loan losses
 to loans out-
 standing 1.57 1.46 1.57 1.46
 Allowance for
 loan losses
 to non-
 performing
 loans 1.81x .88 1.81x .88
 (A) BB&T completed the acquisition of Home Savings and Loan Association, Inc., of Durham, N.C. on March 15, 1991, the acquisitions of Gate City Federal Savings and Loan Association of Greensboro, N.C. and Albemarle Savings and Loan Association of Elizabeth City, N.C. on Aug. 8, 1991, and the acquisition of Peoples Federal Savings Bank of Thomasville, Thomasville, N.C. on June 26, 1992. The acquisitions were accounted for as purchases, and accordingly, financial data includes the operations of the acquired companies subsequent to the dates acquired.
 -0- 10/13/92
 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, both of BB&T/
 (BBTF) CO: BB&T Financial Corporation ST: North Carolina IN: FIN SU: ERN


MM-CM -- CH006 -- 9444 10/13/92 15:27 EDT
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Date:Oct 13, 1992
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