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EARNINGS INCREASE 31.7 PERCENT AT BB&T

 EARNINGS INCREASE 31.7 PERCENT AT BB&T
 WILSON, N.C., July 14 /PRNewswire/ -- BB&T Financial Corporation


(NASDAQ-NMS: BBTF) today reported record earnings for both the six months and second quarter ended June 30. For the first half of the year, net income increased by 31.7 percent, while primary net income per share was up 11.6 percent. Net income for the period totalled $37.4 million, $1.44 per share, compared with $28.4 million, $1.29 per share, in 1991. Fully diluted earnings per share was $1.37 up from $1.23 last year. On an annualized basis, the return on assets was 1.19 percent, compared with 1.08 percent in 1991, while the returns on shareholders' equity were 14.95 percent and 14.63 percent, respectively.
 For the second quarter, net income was $19.3 million, a 32.4 percent increase over the $14.6 million reported last year. For the quarter, primary net earnings per share was $.74, and fully diluted earnings per share was $.71, compared with $.65 and $.62, respectively, in 1991.
 In reported earnings, John Allison, Chairman & Chief Executive Officer of BB&T, said, "The first half of 1992 has been particularly successful for BB&T. We achieved one of our strongest combinations of return on assets and return on equity. Asset quality has improved for three consecutive quarters, while we have significantly strengthened our coverage of nonperforming assets. Our capital position continues to improve as BB&T remains in the upper 10 percent of the top 100 bank holding companies in risk adjusted capital.
 The 31.7 percent increase in net income is particularly pleasing considering that these results are in comparison to a strong 1991. Increased net interest margins, improved asset quality, and our thrift acquisitions all contributed to the positive trends.
 It is encouraging that the overall banking industry is showing significant improvement in financial performance. BB&T has been fortunate to produce consistently good results through the recession and the beginning, we hope, of a recovery. More important than financial results, we have attempted to be reliable and responsive to our customers throughout the economic cycle."
 At the end of June, BB&T had total assets of $6.25 billion, total loans of $4.35 billion and total deposits of $5.29 billion. Through its subsidiaries in North and South Carolina, BB&T operates 215 offices in 116 cities. BB&T Financial Corporation common stock is traded on the NASDAQ National Market System and is listed under the symbol "BBTF."
 BB&T FINANCIAL CORPORATION
 FINANCIAL HIGHLIGHTS (A)
 ($ in Thousands, Except Per Share)
 Three Months Ended Six Months Ended
 June 30, June 30,
 Pct. Pct.
 Increase Increase
 (Decrease) (Decrease)
 1992 1991 1992 1991
 EARNINGS SUMMARY
 Interest
 income $125,483 123,169 1.9 $251,898 245,164 2.7
 Interest
 expense 57,700 70,502 (18.2) 120,631 141,622 (14.8)
 Net interest
 income 67,783 52,667 28.7 131,267 103,542 26.8
 Provision for
 loan losses 7,500 8,500 (11.8) 16,000 16,000 N/A
 Noninterest
 income 20,598 19,757 4.3 43,933 36,844 19.2
 Noninterest
 expense 53,258 43,824 21.5 105,609 85,462 23.6
 Income tax
 expense 8,318 5,516 50.8 16,155 10,499 53.9
 Net income $ 19,305 14,584 32.4 $ 37,436 28,425 31.7
 PER SHARE DATA
 Net income:
 Primary $ .74 .65 13.8 $ 1.44 1.29 11.6
 Fully diluted .71 .62 14.5 1.37 1.23 11.4
 Cash dividends
 paid .22 .21 4.8 .44 .42 4.8
 Book value 20.34 18.32 11.0 20.34 18.32 11.0
 Closing market
 price 28.25 20.75 36.1 28.25 20.75 36.1
 AVERAGE SHARES OUTSTANDING
 Primary 26,114,922 22,446,246 16.3 25,924,138 22,013,861 17.8
 Fully
 diluted 28,036,316 24,406,988 14.9 27,913,155 24,028,005 16.2
 RATIOS (PCT)
 Return on average
 assets 1.23 1.08 1.19 1.08
 Return on Average
 equity 15.14 14.52 14.95 14.63
 Net interest
 margin, taxable
 equivalent 4.87 4.47 4.73 4.53
 BALANCE SHEET DATA
 (DAILY AVERAGES)
 Assets $6,318,779 5,437,713 16.2 $6,306,080 5,316,170 18.6
 Investment
 securities 1,613,822 1,389,193 16.2 1,614,616 1,370,014 17.9
 Loans 4,342,308 3,658,119 18.7 4,319,873 3,556,013 21.5
 Earning
 assets 5,963,597 5,112,430 16.6 5,939,154 4,996,300 18.9
 Deposits 5,214,724 4,621,948 12.8 5,200,753 4,468,628 16.4
 Interest-bearing
 liabil-
 ities 5,164,489 4,503,918 14.7 5,161,155 4,405,053 17.2
 Shareholders'
 equity 512,836 402,819 27.3 503,508 391,866 28.5
 BALANCE SHEET DATA
 (PERIOD END)
 Assets $6,245,916 5,572,492 12.1
 Investment
 securities 1,480,306 1,422,233 4.1
 Loans 4,347,795 3,687,779 17.9
 Earning assets 5,839,575 5,133,014 13.8
 Deposits 5,294,571 4,655,399 13.7
 Interest-bearing
 liabilities 5,036,985 4,604,056 9.4
 Shareholders'
 equity 532,434 410,375 29.7
 CAPITAL RATIOS (PCT)
 Risk-based capital
 ratios (fully
 phased-in guidelines):
 Tier 1
 capital 12.08 10.19
 Total capital 15.25 13.55
 Equity to assets
 (period end) 8.52 7.36
 CREDIT QUALITY (PCT)
 Net charge-offs to
 averages loans
 outstanding .53 .60 .49 .54
 Nonperforming assets
 to total assets 1.09 1.26 1.09 1.26
 Allowance for loan
 losses to loans
 outstanding 1.57 1.38 1.57 1.38
 Allowance for loan
 losses to
 nonperforming
 loans 1.49x .87 1.49x .87
 (A) BB&T completed the acquisition of Home Savings and Loan Association, Inc., of Durham, N.C. on March 15, 1991, and the acquisitions of Gate City Federal Savings Association of Greensboro, N.C. and Albemarle Savings and Loan Association of Elizabeth City, N.C., on Aug. 8, 1991, and the acquisiton 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- 7/14/92
 /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


CM -- CH006 -- 9266 07/14/92 16:47 EDT
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