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ANOTHER RECORD YEAR OF EARNINGS FOR BB&T

 WILSON, N.C., Jan. 14 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) today reported record earnings for 1992. Consolidated net income for the year increased 26.4 percent to $76.1 million, compared with $60.2 million in 1991. Fully diluted net income per share rose to $2.75 from $2.44 last year, and primary earnings per share totalled $2.89, compared with $2.57 in 1991. The return on assets was 1.18 percent in 1992, compared with 1.06 percent in the previous year, while the returns on shareholders' equity were 14.5 percent and 14.1 percent, respectively.
 For the fourth quarter, net income totalled $19.5 million, an increase of 17.6 percent over $16.6 million earned in the final quarter of 1991. Primary net income per share was $.73 and fully diluted income per share was $.70, compared with $.65 and $.62, respectively, for the quarter ended Dec. 31, 1991.
 In releasing earnings, John A. Allison, Chairman and Chief Executive Officer of BB&T, said: "We are extremely pleased that BB&T was able to achieve its tenth consecutive year of record earnings in 1992. The compound annual growth rate in net income over the last ten years has been 19.5 percent. Many positive factors contributed to our 1992 performance, including favorable interest rate margins, improved credit quality, and the positive benefits resulting from the acquisitions of six thrift institutions in recent years. However, the most important factor has been the ability and willingness of our employees to work as a team in meeting the financial needs of our customers in a quality manner."
 Allison added: "It appears that the nationwide recession is over, although growth remains slow. Fortunately, the economy in our markets in the two Carolinas has consistently out-performed that of the country. We believe that this will continue to be the case in the future."
 At the end of December, BB&T had total assets of $6.69 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 Year Ended
 Dec. 31, Dec. 31,
 Percent Percent
 Increase Increase
 1992 1991 (Decrease) 1992 1991 (Decrease)
 EARNINGS SUMMARY
 Interest income $121,540 133,802 (9.2) $493,449 510,227 (3.3)
 Interest expense 51,046 72,618 (29.7) 225,094 288,064 (21.9)
 Net interest
 income 70,494 61,184 15.2 268,355 222,163 20.8
 Provision for loan
 losses 6,000 12,000 (50.0) 29,000 38,000 (23.7)
 Noninterest
 income 20,586 25,443 (19.1) 87,164 83,552 4.3
 Noninterest
 expense 57,663 51,554 11.8 218,012 184,833 18.0
 Income tax
 expense 7,928 6,505 21.9 32,431 22,710 42.8
 Net income $19,489 16,568 17.6 $76,076 60,172 26.4
 PER SHARE DATA
 Net income:
 Primary $ .73 .65 12.3 $ 2.89 2.57 12.5
 Fully diluted .70 .62 12.9 2.75 2.44 12.7
 Cash dividends
 paid .25 .22 13.6 .91 .85 7.1
 Book value 21.32 19.19 11.1 21.32 19.19 11.1
 Closing market
 price 31.88 22.00 44.9 31.88 22.00 44.9
 AVERAGE SHARES OUTSTANDING
 Primary 26,725,256 25,451,339 5.0 26,312,788 23,426,858 12.3
 Fully diluted 28,696,927 27,387,690 4.8 28,349,464 25,422,381 11.5
 RATIOS
 Return on average
 assets 1.15pct 1.06 1.18pct 1.06
 Return on average
 equity 14.05 13.75 14.50 14.11
 Net interest
 margin, taxable
 equivalent 4.67 4.44 4.69 4.48
 BALANCE SHEET DATA
 (DAILY AVERAGES)
 Assets $6,735,545 6,192,199 8.8 $6,439,038 5,676,520 13.4
 Investment
 securities 1,784,757 1,653,075 8.0 1,658,607 1,472,972 12.6
 Loans 4,545,144 4,183,049 8.7 4,398,867 3,813,131 15.4
 Earning
 assets 6,431,332 5,850,107 8.4 6,064,983 5,347,481 13.4
 Deposits 5,272,072 5,184,531 1.7 5,240,684 4,782,945 9.6
 Interest-
 bearing
 liabilities 5,450,149 5,102,895 6.8 5,237,814 4,693,997 11.6
 Shareholders'
 equity 551,798 478,052 15.4 524,639 426,591 23.0
 BALANCE SHEET DATA (PERIOD END)
 Assets $6,691,484 6,229,014 7.4
 Investment
 securities 1,725,014 1,585,935 8.8
 Loans 4,524,665 4,233,429 6.9
 Earning assets 6,250,279 5,820,120 7.4
 Deposits 5,346,320 5,203,499 2.7
 Interest-bearing
 liabilities 5,369,001 5,059,530 6.1
 Shareholders' equity 560,908 486,502 15.3
 CAPITAL RATIOS
 Risk-based capital ratios
 (fully phased-in
 guidelines):
 Tier 1 capital 12.35pct 11.13
 Total capital 15.24 14.33
 Equity to assets (period end) 8.38 7.81
 CREDIT QUALITY
 Net charge-offs to
 average loans
 outstanding .57pct 1.00 .48pct .66
 Nonperforming assets
 to total assets .70 1.29 .70 1.29
 Allowance for loan
 losses to loans
 outstanding 1.56 1.46 1.56 1.46
 Allowance for loan
 losses to
 nonperforming
 loans 2.61x 1.08 2.61x 1.08
 (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. All of these acquisitions were accounted for as purchases, and, accordingly, financial data includes the operations of the acquired companies subsequent to the dates acquired.
 -0- 1/14/93
 /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 Financial Corporation/
 (BBTF)


CO: BB&T Financial Corporation ST: North Carolina IN: FIN SU: ERN

CM-MM -- CH011 -- 5058 01/14/93 16:52 EST
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