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RECORD EARNINGS IN 1991 REPORTED AT BB&T

 RECORD EARNINGS IN 1991 REPORTED AT BB&T
 WILSON, N.C., Jan. 15 /PRNewswire/ -- BB&T Financial Corporation


(NASDAQ-NMS: BBTF) today reported record earnings for 1991. Consolidated net income for the year increased 12.2 percent to $60.2 million, compared with $53.6 million in 1990. Fully diluted net income per share rose to $2.44 from $2.37 last year, and primary earnings per share totalled $2.57 compared with $2.49 in 1990. The return on assets was 1.06 percent in 1991, compared with 1.05 percent in the previous year, while the returns on shareholders' equity were 14.11 percent and 15.01 percent, respectively.
 For the fourth quarter, net income totalled $16.6 million, an increase of 29.0 percent over the 12.8 million earned in the final quarter of 1990. Primary net income per share was $.65 and fully diluted income per share was $.62, compared with $.60 and $.57, respectively, for the quarter ended Dec. 31, 1990.
 In releasing earnings, John A. Allison, Chairman and Chief Executive Officer of BB&T, said: "1991 was a landmark year for BB&T. We generated a ninth consecutive year of record earnings, while, at the same time, completing the acquisitions of three savings institutions with total assets of approximately $800 million. The record earnings for 1991 followed an increase of 15.4 percent in 1990. We are extremely pleased to have achieved such results in a period characterized by economic recession and adverse results for the banking industry."
 Allison continued: "We experienced higher levels of nonperforming assets and charges against earnings for possible loan losses in 1991; however, when the final results are reported for 1991, we are confident that they will show that the credit quality at BB&T is still superior to our national peer group. It is pleasing that nonperforming assets declined in the fourth quarter. Finally, we continued to strengthen our capital position in 1991. At the end of the year, BB&T had an equity to asset ratio of 7.81 percent, up from 7.24 percent a year earlier. Our risk-based capital ratios continued to be in the top 10 percent of large bank holding companies, with a total risk-based capital ratio of 14.33 percent at year end."
 At the end of December, BB&T had total assets of $6.23 billion, total loans of $4.23 billion and total deposits of $5.20 billion. Through its subsidiaries in North and South Carolina, BB&T operates 220 offices in 117 cities. BB&T Financial Corporation common stock is traded on the NASDAQ national market system and is listed under the symbol BBTF.
 BB&T Financial Corporation
 Financial Highlights (A)
 ($ In Thousands, Except Per Share)
 Three Months Ended Twelve Months Ended
 December 31 December 31
 Pct. Pct.
 Incr. Incr.
 1991 1990 (Decr.) 1991 1990 (Decr.)
 EARNINGS SUMMARY
 Interest income $133,802 126,238 6.0 $510,227 499,280 2.2
 Interest expense 72,618 76,902 (5.6) 288,064 307,825 (6.4)
 Net interest
 income 61,184 49,336 24.0 222,163 191,455 16.0
 Provision for
 loan losses 12,000 6,600 81.8 38,000 19,235 97.6
 Noninterest income 25,443 16,880 50.7 83,552 62,103 34.5
 Noninterest
 expense 51,554 42,531 21.2 184,833 162,433 13.8
 Income tax
 expense 6,505 4,242 53.3 22,710 18,275 24.3
 Net income $16,568 12,843 29.0 $60,172 53,615 12.2
 PER SHARE DATA
 Net income:
 Primary $.65 .60 8.3 $2.57 2.49 3.2
 Fully diluted .62 .57 8.8 2.44 2.37 3.0
 Cash dividends paid .22 .21 4.8 .85 .81 4.9
 Book value 19.19 17.51 9.6 19.19 17.51 9.6
 Closing market
 price 22.00 15.88 38.5 22.00 15.88 38.5
 AVERAGE SHARES
 OUTSTANDING
 Primary 25,451,339 21,278,784 19.6 23,426,858 21,493,24ge
 assets(Pct.) 1.06 .98 1.06 1.05
 Return on
 average
 equity 13.75 13.87 14.11 15.01
 Net interest
 margin, taxable
 equivalent 4.44 4.41 4.48 4.40
 BALANCE SHEET
 DATA (DAILY
 AVERAGES)
 Assets $6,192,199 5,204,571 19.0 $5,676,520 5,124,573 10.8
 Investment
 securities 1,653,075 1,311,034 26.1 1,472,972 1,211,350 21.6
 Loans 4,183,049 3,432,991 21.8 3,813,131 3,469,454 9.9
 Earning
 assets 5,850,107 4,858,819 20.4 5,347,481 4,777,248 11.9
 Deposits 5,184,531 4,227,001 22.7 4,782,945 4,147,377 15.3
 Interest-
 bearing
 liabilities 5,102,895 4,297,090 18.8 4,693,997 4,233,730 10.9
 Shareholders'
 equity 478,052 367,348 30.1 426,591 357,102 19.5
 BALANCE SHEET
 DATA (PERIOD END)
 Assets $6,229,014 5,158,726 20.7
 Investment securities 1,585,935 1,257,751 26.1
 Loans 4,233,429 3,423,810 23.6
 Earning assets 5,820,120 4,799,074 21.3
 Deposits 5,203,499 4,406,442 18.1
 Interest-bearing
 liabilities 5,059,530 4,172,705 21.3
 Shareholders'
 equity 486,502 373,506 30.3
 CAPITAL RATIOS
 Risk-based
 capital ratios
 (fully
 phased-in
 guidelines):
 Tier 1
 capital 11.13 9.72
 Total
 capital 14.33 13.04
 Equity to
 assets
 (period end) 7.81 7.24
 CREDIT QUALITY
 Net
 charge-offs
 to average
 loans
 outstanding 1.00 .69 .66 .40
 Nonperforming
 assets to
 total assets 1.29 .93 1.29 .93
 Allowance for
 loan losses
 to loans
 outstanding 1.46 1.25 1.46 1.25
 Allowance for loan
 losses to
 nonperforming
 loans 1.08x 1.12 1.08x 1.12
 (A) BB&T completed the acquisition of Home Savings and Loan Association, Inc. of Durham, North Carolina on March 15, 1991, and the acquisition of Gate City Federal Savings and Loan Association of Greensboro, North Carolina and Albemarle Savings and Loan Association of Elizabeth City, North Carolina on Aug. 8, 1991. The acquisitions were accounted for as purchases, and, accordingly, financial data includes the operations of the acquired companies subsequent to the dates acquired.
 -0- 1/15/92
 /CONTACT: B. Gloyden Stewart, Jr., 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


DF -- CH006 -- 0124 01/15/92 15:45 EST
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