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EARNINGS INCREASE 16.2 PERCENT AT BB&T

 WILSON, N.C., July 19 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) today reported record earnings for both the six months and the second quarter ended June 30. For the first half of the year, net income increased by 16.2 percent to $45.4 million, compared with $39.1 million in 1992. Fully diluted earnings per share increased 8.8 percent to $1.49 from $1.37. On an annualized basis, the return on assets was 1.26 percent, compared with 1.18 percent in 1992, while the returns on shareholders' equity were 14.44 percent and 14.75 percent, respectively.
 For the second quarter, net income was $23.6 million, a 17.0 percent increase over the $20.1 million reported last year. For the quarter, fully diluted earnings per share was $.76, compared with $.70 in 1992.
 John A. Allison, chairman and chief executive officer of BB&T, attributed the growth in net income to an increase of $14.8 million in net interest income and to a reduction of $6.9 million in the provision for loan losses, as asset quality continues to improve. Nonperforming assets were .57 percent of total assets at June 30, compared with 1.05 percent a year earlier. The allowance for loan losses was 3.22 times nonperforming loans at the end of the second quarter, compared with 1.52 in 1992. Allison also said: "The smooth integration of the acquired thrifts into BB&T and increased amounts of noninterest revenues also contributed to the record earnings of 1993. We are extremely pleased that we have been able to achieve record earnings, while continuing to make significant investments for the future."
 BB&T completed its acquisitions of First Fincorp, Inc., Kinston, N.C., Security Financial Holding Company, Durham, N.C., Carolina Savings Bank, Wilmington, N.C., and Edenton Savings and Loan Association, Edenton, N.C., in the first half of 1993. These four acquisitions added approximately $840 million in assets. Also in June, BB&T acquired the Winston-Salem and Raleigh operations of 1st Home Federal Savings and Loan Association of the Carolinas, F.A., Greensboro, N.C., in a transaction which added eight branches and approximately $185 million in deposits. BB&T has pending agreements to acquire seven additional North Carolina based savings banks with total assets of approximately $1.5 billion: Old Stone Bank of North Carolina, FSB, High Point; Citizens Savings Bank, SSB, Newton; Mutual Savings bank of Rockingham County, SSB, Reidsville; Scotland Savings Bank, SSB, Laurinburg; Citizens Savings Bank, SSB, Mooresville; Home Savings Bank of Albemarle, SSB, Albemarle and Asheville Savings Bank, SSB, Asheville. Upon the completion of these acquisitions, BB&T's total assets will be approximately $9.5 billion.
 At the end of June, BB&T had total assets of $7.95 billion, total loans of $5.42 billion and total deposits of $6.09 billion. Through its subsidiaries in North and South Carolina, BB&T operates 240 offices in 126 cities. BB&T Financial Corporation common stock is traded on the NASDAQ National Market System and is listed under the symbol "BBTF."
 BB&T FINANCIAL CORPORATION
 FINANCIAL HIGHLIGHTS (A)
 ($ in Thousands, except Per Share)
 Three Months Ended Six Months Ended
 June 30, June 30,
 Percent Percent
 Increase Increase
 1993 1992 (Decrease) 1993 1992 (Decrease)
 EARNINGS
 SUMMARY
 Interest
 income $ 132,761 132,329 .3 $ 258,063 265,634 (2.9)
 Interest
 expense 54,181 61,689 (12.2) 106,436 128,825 (17.4)
 Net interest
 income 78,580 70,640 11.2 151,627 136,809 10.8
 Provision
 for Loan
 Losses 4,250 7,675 (44.6) 9,500 16,351 (41.9)
 Noninterest
 income 25,740 20,727 24.2 51,042 44,244 15.4
 Noninterest
 expense 65,927 54,767 20.4 126,921 108,516 17.0
 Income tax
 expense 10,583 8,794 20.3 20,837 17,102 21.8
 Net
 income $23,560 20,131 17.0 $45,411 39,084 16.2
 Securities gains
 included in
 noninterest
 income $ 147 1,676 (91.2) $ 1,259 4,007 (68.6)
 Taxable
 equivalent
 adjustment 3,637 4,402 (17.4) 7,058 8,463 (16.6)
 PER SHARE DATA
 Net income:
 Primary $ .77 .73 5.5 $ 1.53 1.43 7.0
 Fully
 diluted .76 .70 8.6 1.49 1.37 8.8
 Cash dividends
 paid .25 .22 13.6 .50 .44 13.6
 Book value 22.25 20.45 8.8 22.25 20.45 8.8
 Closing market
 price 34.38 28.25 21.7 34.38 28.25 21.7
 AVERAGE SHARES
 OUTSTANDING
 Primary 30,560,537 27,518,150 11.1 29,660,309 27,314,133 8.6
 Fully
 diluted 30,947,826 29,439,544 5.1 30,819,109 29,303,150 5.2
 RATIOS
 Return on
 average
 assets 1.25pct 1.22 1.26pct 1.18
 Return on
 average
 equity 14.31 14.92 14.44 14.75
 Net interest
 margin,
 taxable
 equivalent 4.66 4.80 4.70 4.67
 BALANCE SHEET
 DATA (DAILY
 AVERAGES)
 Assets $7,532,886 6,656,020 13.2 $7,268,565 6,641,051 9.4
 Investment
 secur-
 ities 1,877,752 1,714,144 9.5 1,800,955 1,714,472 5.0
 Loans 5,181,662 4,559,096 13.7 5,007,716 4,535,861 10.4
 Earning
 assets 7,072,352 6,284,482 12.5 6,815,401 6,256,947 8.9
 Deposits 5,942,759 5,486,786 8.3 5,790,616 5,472,443 5.8
 Interest
 bearing
 liabil-
 ities 6,086,520 5,453,444 11.6 5,885,882 5,450,528 8.0
 Share-
 holders'
 equity 660,519 542,737 21.7 634,218 533,029 19.0
 BALANCE SHEET DATA
 (PERIOD END)
 Assets $7,953,422 6,587,086 20.7
 Investment
 Secur-
 ities 1,982,290 1,582,460 25.3
 Loans 5,421,926 4,564,316 18.8
 Earning
 assets 7,438,645 6,165,639 20.6
 Deposits 6,093,758 5,566,671 9.5
 Interest-
 bearing
 liabil-
 ities 6,450,626 5,328,621 21.1
 Shareholders'
 equity 691,271 562,843 22.8
 CAPITAL RATIOS
 Risk-based
 capital ratios:
 Tier 1
 capital 12.96pct 12.26
 Total
 capital 14.98 15.37
 Equity to
 assets (period
 end) 8.69 8.54
 CREDIT QUALITY
 Net charge-offs
 to average loans
 outstanding .09pct .51 .12pct .48
 Nonperforming
 assets to total
 assets .57 1.05 .57 1.05
 Allowance for
 loan losses to
 loans out-
 standing 1.54 1.53 1.54 1.53
 Allowance for
 loan losses
 to nonperform-
 ing loans 3.22x 1.52 3.22x 1.52
 (A) BB&T completed the acquisitions of Peoples Federal Savings Bank of Thomasville, Thomasville, N.C.; First Fincorp, Inc., Kinston, N.C.; Carolina Savings Bank, Wilmington, N.C.,; and Edenton Savings and Loan Association, Edenton, N.C., on June 26, 1992; Feb. 24, 1993; May 18, 1993; and May 18, 1993, respectively, in transactions accounted for as purchases. BB&T acquired Security Financial Holding Company, Durham, N.C., on Feb. 25, 1993, in a pooling-of-interests transaction.
 -0- 7/19/93
 /CONTACT: B. Gloyden Stewart Jr., Senior Vice President, Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President and Treasurer, 919-399-4418, both of BB&T Financial Corporation/
 (BBTF)


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

MM-CM -- CH007 -- 3187 07/19/93 15:26 EDT
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Date:Jul 19, 1993
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