Quarterly Performance Summary issued January 11, 2002

UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K
 Current Report

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

January 11, 2002

Date of Report (Date of earliest event reported)

BB&T Corporation
 (Exact name of registrant as specified in its charter)

Commission file number : 1-10853


North Carolina 56-0939887
(State of incorporation) (I.R.S. Employer Identification No.)


200 West Second Street  
Winston-Salem, North Carolina 27101
(Address of principal executive offices) (Zip Code)


(336) 733-2000
(Registrant's telephone number, including area code)

This Form 8-K has 14 pages.

ITEM 5.    OTHER EVENTS

     The purpose of this Current Report on Form 8-K is to file BB&T Corporation's Quarterly Performance Summary for the fourth quarter of 2001.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued January 11, 2002

July 12, 2001

FOR IMMEDIATE RELEASE

Contacts:    
ANALYSTS MEDIA
Tom A. Nicholson Scott E. Reed Bob Denham
Senior Vice President Sr. Exec. Vice President Senior Vice President
Investor Relations Chief Financial Officer Public Relations
(336) 733-3058 (336) 733-3088 (336) 733-1002

BB&T reports 20th consecutive year of record earnings; 4th quarter earnings up 15.3%

     WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE:BBT) reported today results for 2001, the company's 20th consecutive year of record recurring earnings.

     Net income for the fourth quarter of 2001 totaled $287.7 million, or $.63 per diluted share, excluding $9.8 million in net after-tax nonrecurring items associated primarily with recently completed mergers. Net income, excluding nonrecurring items, increased 15.3% in the fourth quarter of 2001 compared to the prior year while recurring diluted earnings per share increased 14.5% over the same time frame.

     BB&T's fourth quarter 2001 results, excluding nonrecurring items, produced an annualized return on average assets of 1.62% compared to 1.55% in the fourth quarter of 2000. The annualized return on average shareholders' equity generated by fourth quarter earnings, excluding nonrecurring items, was 18.56% in 2001 compared to 19.54% in 2000.

     Cash basis operating results, which exclude the effects of intangible assets and the related amortization expenses, also reflected double-digit growth in the fourth quarter of 2001 compared to 2000. Cash basis earnings, excluding nonrecurring items, totaled $304.5 million for the fourth quarter of 2001, or $.66 per diluted share, increases of 14.6% and 13.8%, respectively, compared to results for 2000. Cash basis earnings for the current quarter produced an annualized return on average tangible assets of 1.73%, and an annualized return on average tangible shareholders' equity of 22.87%.

      "I am pleased to announce record recurring earnings for both the fourth quarter and the full year ended Dec. 31, 2001," said Chairman and Chief Executive Officer John A. Allison. "We accomplished our earnings goals and other key strategic objectives during a very difficult economic environment. It is especially gratifying to achieve an important milestone - 20 consecutive years of record recurring earnings. BB&T has truly been a company characterized by strong financial performance, growth and reliability over many years.

     "BB&T has also proved to be a rewarding investment over the long term," said Allison. "Our compound annual total return to shareholders over the past 10 years has been 21.4%, compared to the S&P 500 Index, which returned 12.9% annually over the same period. In addition, we are very proud of BB&T's dividend history. BB&T has paid a cash dividend to shareholders every year since 1920, and the Corporation has increased its quarterly cash dividend payments for 30 consecutive years, an outstanding track record."

     Net income for the year ended Dec. 31, 2001, was $1.1 billion, or $2.40 per diluted share, excluding net after-tax nonrecurring items totaling $126.5 million. These earnings reflect increases of 14.9% and 14.3%, respectively, compared to 2000. Recurring earnings for 2001 resulted in a return on average assets of 1.60% and a return on average shareholders' equity of 18.96%, compared to prior year returns of 1.55% and 19.50%, respectively.

     Including nonrecurring items, net income for the fourth quarter of 2001 totaled $277.9 million compared to $231.7 million earned in the fourth quarter of 2000, an increase of 19.9%. On a diluted per share basis, net income for the quarter was $.61, up 19.6% compared to $.51 earned in 2000. For the full year ended Dec. 31, 2001, net income was $973.6 million, an increase of 39.4% compared to $698.5 million earned during 2000. On a diluted per share basis, net income was $2.12 for 2001 compared to $1.53 earned in 2000, an increase of 38.6%.

Growth in Noninterest Income Remains Strong

      BB&T again enjoyed solid growth in noninterest income during the fourth quarter of 2001. Excluding nonrecurring items, noninterest income totaled $355.6 million for the fourth quarter, reflecting an increase of 26.9% compared to the fourth quarter of 2000. This increase was driven by mortgage banking income, service charges on deposits, investment banking and brokerage fees and commissions, and agency insurance commissions.

     BB&T remains a leader in its market area in the origination of mortgage loans, with 2001 production in excess of $10 billion, more than double the level of originations during 2000. This growth in mortgage activity fueled a 44.3% increase in mortgage banking income in the fourth quarter of 2001 compared to the same period in 2000. BB&T recorded a $32.5 million writedown in capitalized mortgage servicing rights during the fourth quarter, which was offset by a like amount of securities gains. The writedown was necessary because of rapidly falling interest rates in the quarter.

     Income from service charges on deposit accounts continued to grow because of an increase in deposit accounts and related transaction volume. Service charges on deposits totaled $93.8 million for the fourth quarter, an increase of 20.4% compared to the fourth quarter of 2000. Investment banking and brokerage fees and commissions totaled $45.1 million for the quarter, an increase of 15.6% compared to the fourth quarter last year. Agency insurance commissions totaled $45.7 million for the fourth quarter, an increase of 15.7% compared to the fourth quarter of 2000.

     Excluding the effect of acquisitions accounted for as purchases, noninterest income totaled $346.9 million in the fourth quarter, reflecting an increase of 23.8% compared to the same period in 2000.

Loan Growth Led by Commercial Loans and Leases - up 11.3%

     Average loans and leases totaled $47.4 billion for the fourth quarter, reflecting an increase of 9.1% compared to the same period last year. This growth was led by commercial loans and leases, which increased $2.6 billion, or 11.3%. In addition, BB&T's consumer loan portfolio increased $344.3 million, or 3.2%; mortgage loans increased $875.0 million, or 10.1%; and revolving credit increased $115.0 million, or 14.3%. Excluding the effects of loans acquired through purchase acquisitions and the effects of loan securitization programs, average loans and leases totaled $48.7 billion for the fourth quarter, an increase of $2.9 billion, or 6.3%, compared to the fourth quarter of 2000.

Nonperforming Assets and Credit Losses Increase in Response to Economic Conditions

     As anticipated, BB&T's nonperforming asset levels and credit losses increased in the fourth quarter. Nonperforming assets as a percentage of total assets increased to .53% compared to .36% at Dec. 31, 2000, while net charge-offs amounted to .54% of average loans and leases for the fourth quarter of 2001 compared to .39% in the fourth quarter last year. Excluding losses at BB&T's specialized lending subsidiaries, net charge-offs for the fourth quarter were .46%. For the full year ended Dec. 31, 2001, BB&T's net charge-offs were .40% of average loans and leases.

     BB&T has traditionally enjoyed comparatively low levels of net charge-offs and nonperforming assets during periods of both economic growth and recession. According to the FDIC's Quarterly Banking Profile, the third quarter 2001 average net charge-off ratio for institutions with assets greater than $10 billion was 1.10%, approximately twice BB&T's fourth quarter level of net charge-offs. Based on this recently published industry data, BB&T remains an industry leader in terms of credit quality.

BB&T Improves Efficiency During 2001

     Careful control of noninterest expenses is among BB&T's primary ongoing objectives. Recurring noninterest expense for the fourth quarter of 2001 was $520.0 million, an increase of 13.0% compared to the fourth quarter of 2000. However, excluding the effects of acquisitions accounted for as purchases, noninterest expense totaled $500.7 million for the fourth quarter, an increase of 8.8% compared to the fourth quarter last year. For the twelve months ended Dec. 31, 2001, BB&T's recurring noninterest expense, excluding purchase accounting transactions, increased 4.5% compared to 2000. BB&T's efficiency ratio for the fourth quarter of 2001 improved to 50.3% compared to 50.7% for the same period in 2000. On a cash basis, the efficiency ratio was 48.6% for the fourth quarter, compared to a prior year ratio of 48.9%.

Net Interest Income Increases 7.4%

     BB&T's fully taxable equivalent net interest income totaled $675.1 million for the fourth quarter, an increase of $46.6 million, or 7.4%, compared to the fourth quarter of 2000. The net interest margin was 4.20% for the fourth quarter, down slightly from 4.23% in the comparable period last year, but improved compared to the first three quarters of this year. BB&T's net interest margin has remained relatively stable during 2001 despite frequent aggressive actions by the Federal Reserve to lower short-term interest rates.

BB&T Announces Plans to Acquire Strategic Merger Partners

     On Nov. 8, 2001, BB&T announced plans to acquire AREA Bancshares Corporation of Owensboro, Ky., and Mid-America Bancorp of Louisville, Ky. With $2.95 billion in assets and 72 banking offices, AREA is the largest independent bank holding company in Kentucky. Mid-America has $1.8 billion in assets and operates 30 banking offices in the metropolitan Louisville area through the Bank of Louisville. Together, the mergers will increase BB&T's assets in Kentucky to more than $5 billion and move BB&T from 29th to 4th place in terms of deposit market share in the state.

     On Dec. 12, 2001, BB&T completed its acquisition of Carrollton, Ga.-based Community First Banking Company, giving BB&T the seventh largest deposit market share in Atlanta. Also, on Nov. 8, 2001, BB&T acquired The Southeastern Trust Company of Greenville, S.C., which expands BB&T's ability to serve affluent individuals and institutional investors in South Carolina.

     On Jan. 1, BB&T completed a merger with Birmingham, Ala.-based Cooney Rikard & Curtin Inc., the largest independently owned wholesale insurance broker in the nation. The transaction is expected to substantially increase BB&T's insurance revenues and diversify BB&T's insurance operations, which already rank as the 10th largest retail insurance broker in the country.

     BB&T Insurance Services also announced acquisitions of two insurance agencies during the quarter. On Nov. 1, 2001, plans were announced to acquire U.S. Insurance Services Inc. of Greenville, S.C., and on Nov. 29, 2001, BB&T said it would acquire O'Neal & Hinson Insurance Services of Macon, Ga.

     At Dec. 31, 2001, BB&T had $70.9 billion in assets and operated 1,081 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Alabama and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT. The closing price of BB&T's common stock on Jan. 10 was $35.39 per share.

     For additional information about BB&T's financial performance, products and services, please visit our web site at www.BBandT.com.

     To hear a live webcast of BB&T's fourth quarter earnings conference call at 10 a.m. today, please visit our web site at www.BBandT.com. Replays of the conference call will be available through our web site until 5 p.m. (EST) Jan. 25.

#

     This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. Please refer to BB&T's filings with the Securities and Exchange Commission for a summary of important factors that could affect BB&T's forward-looking statements. BB&T undertakes no obligation to revise these statements following the date of this press release.




QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 5  Investor Relations  FAX (336) 733-3132  



  For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/01 12/31/00 $ %
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS
   Interest income - taxable equivalent     $ 1,178,631   $ 1,331,114   $ (152,483 )  (11.5 )%
   Interest expense    503,484    702,591    (199,107 )  (28.3 )
     Net interest income - taxable equivalent    675,147    628,523    46,624    7.4  
   Less: Taxable equivalent adjustment    42,938    53,971    (11,033 )  (20.4 )
     Net interest income    632,209    574,552    57,657    10.0  
   Provision for loan & lease losses    65,000    37,513    27,487    73.3  
     Net interest income after provision for loan & lease losses    567,209    537,039    30,170    5.6  
   Noninterest income (3)    355,625    280,234    75,391    26.9  
   Noninterest expense (4)    520,039    460,070    59,969    13.0  
   Income before income taxes    402,795    357,203    45,592    12.8  
   Provision for income taxes    115,049    107,644    7,405    6.9  
     Income excluding nonrecurring items    287,746    249,559    38,187    15.3  
     Nonrecurring items, net of tax    9,803    17,837    (8,034 )  NM  
     Net income   $ 277,943   $ 231,722   $ 46,221     19.9 %
PER SHARE DATA EXCLUDING NONRECURRING ITEMS  
   Basic earnings   $ .63   $ .56   $ .07     12.5 %
   Diluted earnings    .63    .55    .08     14.5  
   Weighted average shares -                   Basic     454,031,392   448,630,759  
                                                                      Diluted      459,369,269     454,825,664  
   Dividends paid on common shares   $ .26   $ .23   $ .03     13.0 %
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS  
   Return on average assets     1.62 % 1.55 %      
   Return on average equity       18.56   19.54
   Return on average realized equity (5)       19.89   19.17
   Net yield on earning assets (taxable equivalent)       4.20   4.23
   Efficiency (taxable equivalent) (1)       50.3   50.7
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (2)  
   Earnings excluding nonrecurring items   $ 304,526   $ 265,709   $ 38,817     14.6 %
   Diluted earnings per share    .66    .58    .08    13.8  
   Return on average tangible assets       1.73 %   1.67 %      
   Return on average tangible equity     22.87   24.38
   Return on average realized tangible equity (5)       24.48   23.85
   Efficiency ratio (taxable equivalent) (1)       48.6   48.9
For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/01 12/31/00 $ %
INCOME STATEMENT
   Interest income - taxable equivalent     $ 1,178,631   $ 1,331,114   $ (152,483 )  (11.5 )%
   Interest expense    503,484    702,591    (199,107 )  (28.3 )
     Net interest income - taxable equivalent    675,147    628,523    46,624    7.4  
   Less: Taxable equivalent adjustment    42,938    53,971    (11,033 )  (20.4 )
     Net interest income    632,209    574,552    57,657    10.0  
   Provision for loan & lease losses    65,000    47,958    17,042    35.5  
     Net interest income after provision for loan & lease losses      567,209    526,594    40,615    7.7  
   Noninterest income    364,295    277,531    86,764    31.3  
   Noninterest expense    543,779    474,210    69,569    14.7  
   Income before income taxes    387,725    329,915    57,810    17.5  
   Provision for income taxes    109,782    98,193    11,589    11.8  
     Net income   $ 277,943   $ 231,722   $ 46,221    19.9 %  
PER SHARE DATA    
   Basic earnings     $ .61   $ .52   $ .09     17.3 %  
   Diluted earnings    .61    .51    .10    19.6  
   Weighted average shares -                       Basic       454,031,392   448,630,759  
                                                                          Diluted    459,369,269    454,825,664  
   Dividends paid on common shares   $ .26   $ .23   $ .03    13.0 %  
PERFORMANCE RATIOS  
   Return on average assets       1.56 %   1.44 %    
   Return on average equity       17.93   18.14
   Return on average realized equity (5)       19.21   17.80
   Net yield on earning assets (taxable equivalent)       4.20   4.23
   Efficiency (taxable equivalent) (1)       50.3   50.7
NOTES: Applicable ratios are annualized.  
(1) Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and nonrecurring items for all periods
(2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity
(3) Excluding purchase accounting transactions, noninterest income would have increased $66.6 million, or 23.8%, for the quarter compared to the same period in 2000
(4) Excluding purchase accounting transactions, noninterest expense would have increased $40.6 million, or 8.8%, for the quarter compared to the same period in 2000
(5) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale
NM - not meaningful



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 6  Investor Relations  FAX (336) 733-3132  



For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/01 12/31/00 $ %
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS
   Interest income - taxable equivalent     $ 5,042,452   $ 5,012,075   $ 30,377    .6 %  
   Interest expense    2,415,053    2,563,912    (148,859 )  (5.8 )
     Net interest income - taxable equivalent    2,627,399    2,448,163    179,236    7.3  
   Less: Taxable equivalent adjustment    190,865    133,666    57,199    42.8  
     Net interest income    2,436,534    2,314,497    122,037    5.3  
   Provision for loan & lease losses    187,968    117,292    70,676    60.3  
     Net interest income after provision for loan & lease losses       2,248,566  2,197,205    51,361     2.3
   Noninterest income    1,331,434    1,070,992    260,442    24.3  
   Noninterest expense    2,029,442    1,857,906    171,536    9.2  
   Income before income taxes    1,550,558    1,410,291    140,267    9.9  
   Provision for income taxes    450,425    452,427    (2,002 )  (.4 )
     Income excluding nonrecurring items    1,100,133    957,864    142,269    14.9  
     Nonrecurring items, net of tax    126,495    259,376    (132,881 )  NM  
     Net income   $ 973,638   $ 698,488   $ 275,150    39.4 %  
PER SHARE DATA EXCLUDING NONRECURRING ITEMS  
   Basic earnings   $ 2.43   $ 2.12   $ .31     14.6 %
   Diluted earnings    2.40    2.10    .30     14.3  
   Weighted average shares -                       Basic       453,188,403   450,789,079  
                                                                          Diluted    459,269,330     456,213,609  
   Dividends paid on common shares   $ .98   $ .86   $ .12     14.0 %
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS  
   Return on average assets       1.60 %   1.55 %      
   Return on average equity       18.96   19.50
   Return on average realized equity (3)       19.89   18.49
   Net yield on earning assets (taxable equivalent)     4.18   4.25
   Noninterest income as a percentage of  
     total income (taxable equivalent) (1)     32.9   30.3
   Efficiency (taxable equivalent) (1)     51.4   52.7
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS (2)  
   Earnings excluding nonrecurring items   $ 1,169,165   $ 1,020,665   $ 148,500     14.5 %
   Diluted earnings per share     2.55    2.24    .31    13.8  
   Return on average tangible assets     1.72 %   1.67 %      
   Return on average tangible equity       23.58   24.39
   Return on average realized tangible equity (3)       24.94   22.91
   Efficiency ratio (taxable equivalent) (1)       49.5   50.9
For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 12/31/01 12/31/00 $ %
INCOME STATEMENT
   Interest income - taxable equivalent     $ 5,040,403   $ 5,012,075   $ 28,328    .6 %  
   Interest expense    2,415,053    2,563,912    (148,859 )  (5.8 )
     Net interest income - taxable equivalent    2,625,350    2,448,163    177,187    7.2  
   Less: Taxable equivalent adjustment    190,865    133,666    57,199    42.8  
     Net interest income    2,434,485    2,314,497    119,988    5.2  
   Provision for loan & lease losses    224,318    147,187    77,131    52.4  
     Net interest income after provision for loan & lease losses     2,210,167     2,167,310     42,857 2.0
   Noninterest income    1,378,691    846,787    531,904    62.8  
   Noninterest expense    2,228,430    2,001,091    227,339    11.4  
   Income before income taxes    1,360,428    1,013,006    347,422    34.3  
   Provision for income taxes    386,790    314,518    72,272    23.0  
     Net income   $ 973,638   $ 698,488   $ 275,150     39.4 %
PER SHARE DATA  
   Basic earnings   $ 2.15   $ 1.55   $ .60     38.7 %
   Diluted earnings    2.12    1.53    .59    38.6  
   Weighted average shares -                       Basic       453,188,403   450,789,079  
                                                                          Diluted    459,269,330    456,213,609  
   Dividends paid on common shares   $ .98   $ .86   $ .12    14.0 %  
PERFORMANCE RATIOS  
   Return on average assets       1.41 %   1.13 %    
   Return on average equity       16.78   14.22
   Return on average realized equity (3)       17.60   13.48
   Net yield on earning assets (taxable equivalent)     4.17   4.25
   Efficiency (taxable equivalent) (1)       51.4   52.7
NOTES: Applicable ratios are annualized.  
(1) Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and nonrecurring items for all periods.
(2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity.
(3) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.
NM - not meaningful



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 7  Investor Relations  FAX (336) 733-3132  



As of / For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/01 12/31/00 $ %
SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale     $ 16,621,684   $ 15,231,123   $ 1,390,561    9.1 %
Securities held to maturity    40,496    622,102    (581,606 )   (93.5 )
Trading securities    97,675    96,719    956    1.0  
  Total securities    16,759,855    15,949,944    809,911    5.1  
Commercial loans & leases    25,959,142    23,986,611    1,972,531    8.2  
Consumer loans    11,214,193    11,181,338    32,855    .3  
Revolving credit loans    951,319    863,089    88,230    10.2  
Mortgage loans    9,318,519    8,796,037    522,482    5.9  
  Total loans & leases    47,443,173    44,827,075    2,616,098    5.8  
Allowance for loan & lease losses    644,418    578,107    66,311    11.5  
Other earning assets    360,789    391,343    (30,554 )  (7.8 )
  Total earning assets    64,087,088    60,986,973    3,100,115    5.1  
  Total assets    70,869,945    66,552,823    4,317,122    6.5  
Noninterest-bearing deposits    6,939,640    6,178,233    761,407    12.3  
Savings & interest checking    3,013,702    3,397,973    (384,271 )   (11.3 )
Money rate savings    13,902,088    11,853,614    2,048,474    17.3  
CD's and other time deposits    20,877,845    22,447,499    (1,569,654 )  (7.0 )
  Total deposits    44,733,275    43,877,319    855,956    2.0  
Short-term borrowed funds    6,649,100    7,309,978    (660,878 )  (9.0 )
Long-term debt    11,721,076    8,646,018    3,075,058    35.6  
  Total interest-bearing liabilities    56,163,811    53,655,082    2,508,729    4.7  
  Total shareholders' equity   $ 6,150,209   $ 5,419,809   $ 730,400    13.5  
Average balances  
Securities, at amortized cost   $ 15,886,736   $ 15,241,243   $ 645,493    4.2 %
Commercial loans & leases    25,144,433    22,215,255    2,929,178    13.2  
Consumer loans    11,145,546    10,587,091    558,455    5.3  
Revolving credit loans    884,836    752,166    132,670    17.6  
Mortgage loans    9,415,151    8,379,129    1,036,022    12.4  
  Total loans & leases    46,589,966    41,933,641    4,656,325    11.1  
Other earning assets    443,615    440,804    2,811    .6  
  Total earning assets    62,920,317    57,615,688    5,304,629    9.2  
  Total assets    68,841,638    61,813,415    7,028,223    11.4  
Noninterest-bearing deposits    6,206,120    5,897,181    308,939    5.2  
Savings & interest checking    3,361,286    3,888,958    (527,672 )   (13.6 )
Money rate savings    12,564,986    10,494,588    2,070,398    19.7  
CD's and other time deposits    22,171,613    21,135,213    1,036,400    4.9  
  Total deposits    44,304,005    41,415,940    2,888,065    7.0  
Short-term borrowed funds    6,239,137    6,910,849    (671,712 )  (9.7 )
Long-term debt    11,011,408    7,705,449    3,305,959    42.9  
  Total interest-bearing liabilities    55,348,430    50,135,057    5,213,373    10.4  
  Total shareholders' equity   $ 5,802,189   $ 4,911,435   $ 890,754    18.1  
As of / For the Quarter Ended
(Dollars in thousands) 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00
MISCELLANEOUS INFORMATION (1)
     Unrealized appreciation (depreciation) on
  securities available for sale, net of tax     $ 288,107   $ 407,966   $ 250,548   $ 248,575   $ 104,297      
Derivatives (notional value)    5,614,502    3,752,445    3,361,296    2,821,040    2,254,558  
Fair value of derivatives portfolio    43,973    (2,407 )  8,667    (12,954 )  (12,193 )
Common stock prices (daily close):      High     36.96   38.48   37.01   37.88   38.25
                                                                    Low       32.10   33.57   34.25   31.42   27.38
                                                                    End of period     36.11   36.45   36.70   35.17   37.31
Weighted average shares -                    Basic       454,031,392     454,346,907     451,712,342     452,634,896     448,630,759      
                                                                    Diluted    459,369,269    460,387,879    457,879,467    459,429,071    454,825,664  
End of period shares outstanding    455,682,560    452,984,331    456,031,476    453,380,066    453,307,379  
End of period banking offices    1,081    1,085    1,095    1,096    1,091  
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.  
(1) BB&T had approximately 20,400 full-time equivalent employees at December 31, 2001.



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 8  Investor Relations  FAX (336) 733-3132  






As of / For the Quarter Ended
(Dollars in thousands, except per share data) 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00
INCOME STATEMENTS EXCLUDING
     NONRECURRING ITEMS
     Interest income - taxable equivalent
   Interest & fees on loans & leases     $ 897,700   $ 978,540   $ 998,845   $ 1,028,814   $ 1,042,159  
   Interest & dividends on securities    278,716    279,121    278,358    285,254    281,596  
   Interest on short-term investments    2,215    3,489    4,963    6,437    7,359  
     Total interest income - taxable equivalent    1,178,631    1,261,150    1,282,166    1,320,505    1,331,114  
   Interest expense  
   Interest on deposits    315,904    381,984    422,538    448,411    458,239  
   Interest on short-term borrowed funds    35,111    55,366    57,624    87,823    109,707  
   Interest on long-term debt    152,469    154,489    153,423    149,911    134,645  
     Total interest expense    503,484    591,839    633,585    686,145    702,591  
   Net interest income - taxable equivalent    675,147    669,311    648,581    634,360    628,523  
   Less: Taxable equivalent adjustment    42,938    45,572    53,404    48,951    53,971  
     Net interest income    632,209    623,739    595,177    585,409    574,552  
   Provision for loan & lease losses    65,000    45,500    44,298    33,170    37,513  
     Net interest income after provision for  
       loan & lease losses    567,209    578,239    550,879    552,239    537,039  
   Noninterest income  
   Service charges on deposits    93,803    88,383    88,054    79,518    77,933  
   Mortgage banking income    38,886    51,840    51,102    41,007    26,940  
   Investment banking & brokerage fees & commissions    45,085    43,569    42,585    43,350    39,013  
   Trust revenue    18,962    22,931    23,929    25,076    18,831  
   Agency insurance commissions    45,724    44,179    45,049    41,953    39,528  
   Other insurance commissions    4,122    3,089    3,549    2,840    3,938  
   Other nondeposit fees & commissions    46,719    48,341    48,144    45,037    47,474  
   Securities gains (losses), net    32,344    3,786    3,576    3,632    5,247  
   Other income    29,980    30,199    27,561    23,530    21,330  
     Total noninterest income    355,625    336,317    333,549    305,943    280,234  
   Noninterest expense  
   Personnel expense    288,227    282,180    282,487    274,324    255,022  
   Occupancy & equipment expense    74,364    79,724    75,453    75,525    70,367  
   Foreclosed property expense    1,158    (192 )  500    382    2,151  
   Amortization of intangibles    17,852    18,529    18,404    17,906    16,570  
   Other noninterest expense    138,438    134,780    132,879    116,522    115,960  
     Total noninterest expense    520,039    515,021    509,723    484,659    460,070  
   Income before income taxes    402,795    399,535    374,705    373,523    357,203  
   Provision for income taxes    115,049    116,020    107,278    112,078    107,644  
     Income excluding nonrecurring items   $ 287,746   $ 283,515   $ 267,427   $ 261,445   $ 249,559  
PER SHARE DATA EXCLUDING  
   NONRECURRING ITEMS  
   Basic earnings   $ .63   $ .62   $ .59   $ .58   $ .56  
   Diluted earnings    .63    .62    .58    .57    .55  
   Dividends paid on common shares    .26    .26    .23    .23    .23  
   Book value per common share   $ 13.50   $ 13.18   $ 12.84   $ 12.41   $ 11.96  
RATIOS EXCLUDING  
   NONRECURRING ITEMS  
   Return on average assets     1.62 %   1.62 %   1.58 %   1.58 %   1.55 %
   Return on average equity    18.56    19.05    18.95    19.32    19.54  
   Return on average realized equity (3)    19.89    20.00    19.75    19.91    19.17  
   Net yield on earning assets (taxable equivalent)    4.20    4.19    4.16    4.14    4.23  
   Efficiency (taxable equivalent) (1)    50.3    51.4    52.0    51.7    50.7  
   Noninterest income as a percentage of  
     total income (taxable equivalent) (1)    32.4    33.2    33.7    32.3    30.4  
   Equity as a percentage of total assets  
     end of period    8.7    8.5    8.5    8.3    8.1  
   Average earning assets as a percentage of  
     average total assets    90.7    91.4    91.7    91.9    92.9  
   Average loans & leases as a percentage of  
     average deposits    105.5    105.8    104.2    105.2    103.0  
CASH BASIS PERFORMANCE (2)  
   Earnings excluding nonrecurring items   $ 304,526   $ 300,643   $ 285,243   $ 278,753   $ 265,709  
   Diluted earnings per share    .66    .65    .62    .61    .58  
   Return on average tangible assets       1.73 %   1.73 %   1.72 %   1.71 %   1.67 %
   Return on average tangible equity    22.87    23.57    24.00    24.22    24.38  
   Return on average realized tangible equity (3)    24.48    24.94    24.92    25.09    23.85  
   Efficiency ratio (taxable equivalent) (1)    48.6    49.6    50.2    49.8    48.9  
NOTES: Applicable ratios are annualized.  
(1) Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and nonrecurring items for all periods.
(2) Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity.
(3) Excludes the effect on average shareholders' equity of unrealized gains (losses) on securities available for sale.



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 9  Investor Relations  FAX (336) 733-3132  



As of / For the Quarter Ended
(Dollars in thousands) 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00
SELECTED BALANCE SHEET DATA
End of period balances
   Securities available for sale     $ 16,621,684   $ 16,679,755   $ 15,370,474   $ 15,244,516   $ 15,231,123  
   Securities held to maturity    40,496    38,379    308,846    438,199    622,102  
   Trading securities    97,675    116,523    120,381    187,218    96,719  
     Total securities    16,759,855    16,834,657    15,799,701    15,869,933    15,949,944  
   Commercial loans & leases    25,959,142    25,532,901    25,102,074    24,587,877    23,986,611  
   Consumer loans    11,214,193    11,278,277    11,228,486    11,124,471    11,181,338  
   Revolving credit loans    951,319    908,868    892,969    860,396    863,089  
   Mortgage loans    9,318,519    9,429,390    9,803,743    9,588,919    8,796,037  
     Total loans & leases    47,443,173    47,149,436    47,027,272    46,161,663    44,827,075  
   Allowance for loan & lease losses    644,418    634,552    610,171    601,788    578,107  
   Other earning assets    360,789    370,912    506,263    532,472    391,343  
     Total earning assets    64,087,088    63,685,851    62,923,591    62,153,135    60,986,973  
     Total assets    70,869,945    70,309,046    68,811,370    67,859,827    66,552,823  
   Noninterest-bearing deposits    6,939,640    6,356,051    6,419,145    6,096,581    6,178,233  
   Savings & interest checking    3,013,702    3,094,104    3,263,459    3,295,178    3,397,973  
   Money rate savings    13,902,088    13,156,255    12,768,711    12,481,532    11,853,614  
   CD's and other time deposits    20,877,845    22,607,819    22,499,458    22,056,193    22,447,499  
     Total deposits    44,733,275    45,214,229    44,950,773    43,929,484    43,877,319  
   Short-term borrowed funds    6,649,100    5,923,442    5,704,614    6,001,435    7,309,978  
   Long-term debt    11,721,076    11,408,329    10,864,249    10,912,235    8,646,018  
     Total interest-bearing liabilities    56,163,811    56,189,949    55,100,491    54,746,573    53,655,082  
     Total shareholders' equity    6,150,209    5,969,828    5,855,699    5,624,614    5,419,809  
   Goodwill    879,903    792,689    804,916    797,494    770,617  
   Core deposit & other intangibles    54,456    42,950    41,721    43,030    40,217  
     Total intangibles    934,359    835,639    846,637    840,524    810,834  
     Mortgage servicing rights    359,037    340,746    295,527    237,978    239,251  
     Negative goodwill   $ 9,780   $ 10,465   $ 11,143   $ 12,704   $ 14,264  
   Average balances  
   Securities, at amortized cost   $ 16,239,595   $ 16,015,659   $ 15,542,138   $ 15,742,675   $ 15,482,384  
   Commercial loans & leases    25,717,454    25,369,466    24,943,475    24,531,835    23,101,303  
   Consumer loans    11,212,143    11,250,337    11,097,123    11,019,311    10,867,849  
   Revolving credit loans    916,816    896,847    871,841    853,007    801,810  
   Mortgage loans    9,576,761    9,671,732    9,502,981    8,898,860    8,701,750  
     Total loans & leases    47,423,174    47,188,382    46,415,420    45,303,013    43,472,712  
   Other earning assets    393,338    451,010    451,487    479,490    394,260  
     Total earning assets    64,056,107    63,655,051    62,409,045    61,525,178    59,349,356  
     Total assets    70,651,064    69,607,180    68,086,413    66,973,065    63,917,592  
   Noninterest-bearing deposits    6,560,741    6,319,729    6,117,192    5,817,401    5,855,202  
   Savings & interest checking    3,240,977    3,313,820    3,398,441    3,495,223    3,545,839  
   Money rate savings    13,291,175    12,725,908    12,420,119    11,804,638    11,171,283  
   CD's and other time deposits    21,863,915    22,238,104    22,629,282    21,955,426    21,648,786  
     Total deposits    44,956,808    44,597,561    44,565,034    43,072,688    42,221,110  
   Short-term borrowed funds    6,401,138    6,412,413    5,543,707    6,599,566    6,954,172  
   Long-term debt    11,475,259    11,155,640    10,955,001    10,446,846    8,697,105  
     Total interest-bearing liabilities    56,272,464    55,845,885    54,946,550    54,301,699    52,017,185  
     Total shareholders' equity   $ 6,150,335   $ 5,903,303   $ 5,659,565   $ 5,487,154   $ 5,081,679  
RISK-BASED CAPITAL *  
   Risk-based capital:  
     Tier 1   $ 5,002,896   $ 4,829,647   $ 4,828,028   $ 4,628,313   $ 4,591,023  
     Total    6,804,203    6,613,329    5,950,114    5,860,999    5,800,668  
   Risk-weighted assets    51,644,441    50,130,294    49,587,717    48,396,432    47,391,701  
   Average quarterly tangible assets    69,264,013    68,411,234    67,464,682    65,781,373    63,125,936  
   Risk-based capital ratios:  
     Tier 1      9.7 %   9.6 %   9.7 %   9.6 %   9.7 %
     Total    13.2    13.2    12.0    12.1    12.2  
   Leverage capital ratio    7.2    7.1    7.2    7.0    7.3  
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.  
* Current quarter information is estimated.



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 10  Investor Relations  FAX (336) 733-3132  



As of / For the Quarter Ended
(Dollars in thousands) 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00
ASSET QUALITY ANALYSIS
     Allowance For Loan & Lease Losses
  Beginning balance     $ 634,552   $ 610,171   $ 601,788   $ 578,107   $ 559,455  
  Allowance for acquired loans    9,047    --    9,470    10,566    12,934  
  Provision for loan & lease losses    65,000    68,500    48,798    42,020    47,958  
    Charge-offs    (76,082 )  (54,885 )  (59,750 )  (40,512 )  (53,736 )
    Recoveries    11,901    10,766    9,865    11,607    11,496  
  Net charge-offs    (64,181 )  (44,119 )  (49,885 )  (28,905 )  (42,240 )
    Ending balance   $ 644,418   $ 634,552   $ 610,171   $ 601,788   $ 578,107  
Nonperforming Assets  
  Nonaccrual loans & leases   $ 316,607   $ 266,384   $ 244,711   $ 203,710   $ 180,638  
  Foreclosed real estate    39,106    34,601    27,725    41,132    37,966  
  Other foreclosed property    17,858    17,733    20,494    22,946    17,233  
  Restructured loans    --    183    521    2,574    492  
    Nonperforming assets   $ 373,571   $ 318,901   $ 293,451   $ 270,362   $ 236,329  
  Loans 90 days or more past due    
     & still accruing     $ 101,778   $ 93,968   $ 84,399   $ 83,001   $ 81,629  
  Loans 90 days or more past due & still accruing  
    as a percentage of total loans and leases       .21 %   .20 %   .18 %   .18 %   .18 %
Asset Quality Ratios    
  Nonaccrual and restructured loans & leases    
    as a percentage of total loans & leases       .67 %   .57 %   .52 %   .45 %   .40 %
  Nonperforming assets as a percentage of:  
    Total assets    .53    .45    .43    .40    .36  
    Loans & leases plus  
     foreclosed property    .79    .68    .62    .58    .53  
  Net charge-offs as a percentage of  
    average loans & leases    .54    .37    .43    .26    .39  
  Net charge-offs excluding specialized  
    lending as a percentage of average  
    loans & leases (1)    .46    .30    .37    .20    .33  
  Allowance for loan & lease losses as  
    a percentage of loans & leases    1.36    1.35    1.30    1.30    1.29  
  Ratio of allowance for loan & lease losses to:  
    Net charge-offs       2.53 x   3.63 x   3.05 x   5.13 x   3.44 x
    Nonaccrual and restructured loans & leases    2.04    2.38    2.49    2.92    3.19  
As of / for the Twelve Months Ended Increase (Decrease)
12/31/01 12/31/00 $ %
Allowance For Loan & Lease Losses
  Beginning balance     $ 578,107   $ 529,236   $ 48,871    9.2 %
  Allowance for acquired loans    29,083    14,311    14,772    NM  
  Provision for loan & lease losses    224,318    147,187    77,131    52.4  
    Charge-offs    (231,229 )  (150,515 )  (80,714 )   (53.6 )
    Recoveries    44,139    37,888    6,251    16.5  
  Net charge-offs    (187,090 )  (112,627 )  (74,463 )   (66.1 )
    Ending balance   $ 644,418   $ 578,107   $ 66,311    11.5  
Asset Quality Ratios  
  Net charge-offs as a percentage of  
    average loans & leases     .40 %   .27 %    
  Ratio of allowance for loan & lease losses to  
    net charge-offs       3.44 x   5.13 x  
For the Quarter Ended
12/31/01 9/30/01 6/30/01 3/31/01 12/31/00
ANNUALIZED INTEREST YIELDS / RATES (2)
     Interest income:
Securities & other       6.76 %   6.86 %   7.09 %   7.20 %   7.28 %
Loans & leases     7.52   8.24   8.63   9.19   9.55
  Total earning assets       7.32   7.88   8.23   8.66   8.94
Interest expense:   
Interest-bearing deposits       3.26   3.96   4.41   4.88   5.01
Short-term borrowed funds       2.18   3.43   4.17   5.40   6.28
Long-term debt       5.28   5.50   5.61   5.80   6.17
  Total interest-bearing liabilities       3.55   4.21   4.62   5.12   5.38
Net yield on earning assets       4.20 %   4.19 %   4.16 %   4.14 %   4.23 %
NOTES: All items referring to loans & leases include loans held for sale & are net of unearned income.  
(1) Excludes net charge-offs and average loans from BB&T's consumer finance subsidiaries.
(2) Excludes nonrecurring items. Fully taxable equivalent yields. Securities yields calculated based on amortized cost.
NM - not meaningful.



QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 11  Investor Relations  FAX (336) 733-3132  



For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/01 12/31/00 $ %
SELECTED BALANCES EXCLUDING PURCHASE ACQUISITIONS (1)
     Average Balances
Commercial loans & leases     $ 25,168,040   $ 22,825,746   $ 2,342,294    10.3  
Consumer loans    11,169,639    10,830,025    339,614    3.1  
Revolving credit loans    885,009    758,110    126,899    16.7  
Mortgage loans (2)    10,847,538    9,463,535    1,384,003    14.6  
  Total loans & leases    48,070,226    43,877,416    4,192,810    9.6  
Noninterest-bearing deposits (3)    6,457,277    6,140,664    316,613    5.2  
Interest-bearing transaction accounts    15,969,307    14,753,658    1,215,649    8.2  
CD's and other time deposits    22,331,695    22,013,641    318,054    1.4  
  Total deposits   $ 44,758,279   $ 42,907,963   $ 1,850,316    4.3 %
For the Twelve Months Ended Increase (Decrease)
(Dollars in thousands) 12/31/01 12/31/00 $ %
SELECTED RECURRING INCOME STATEMENT ITEMS
     EXCLUDING PURCHASE ACQUISITIONS (1)
  Net interest income - taxable equivalent     $ 2,568,759   $ 2,448,163   $ 120,596    4.9 %
  Noninterest income  
Service charges on deposits   $ 342,863   $ 292,492   $ 50,371    17.2  
Mortgage banking income (4)    166,254    104,579    61,675    59.0  
Investment banking & brokerage fees & commissions    169,641    163,480    6,161    3.8  
Trust revenue    89,895    80,039    9,856    12.3  
Agency insurance commissions    152,380    146,684    5,696    3.9  
Other insurance commissions    13,439    15,370    (1,931 )   (12.6 )
Other nondeposit fees & commissions    187,301    166,472    20,829    12.5  
Securities gains (losses), net (4)    43,336    5,792    37,544    NM  
Other income    110,449    96,084    14,365    15.0  
  Total noninterest income    1,275,558    1,070,992    204,566    19.1  
  Noninterest expense  
Personnel expense    1,082,105    1,015,775    66,330    6.5  
Occupancy & equipment expense    295,755    282,507    13,248    4.7  
Other noninterest expense    562,875    559,624    3,251    0.6  
  Total noninterest expense   $ 1,940,735   $ 1,857,906   $ 82,829    4.5 %
NOTES: (1) Amounts adjusted to exclude growth that resulted from the timing of acquisitions purchased during 2001 and 2000.
  (2) Excludes the impact of mortgage loan securitization programs in both 2001 and 2000.
  (3) Excludes the impact of the outsourcing of official checks in both 2001 and 2000.
  (4) Mortgage banking income includes a $32.5 million provision for the impairment of mortgage servicing rights in the fourth quarter of 2001. Securities gains (losses), net also includes a $32.5 million gain to offset this provision.
  NM - not meaningful.



S  I  G  N  A  T  U  R  E

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                                                                                BB&T CORPORATION
                                                                                (Registrant)

                                                                                By: /S/ SHERRY A. KELLETT

                                                                                Sherry A. Kellett
                                                                                Senior Executive Vice President and Controller
                                                                                (Principal Accounting Officer)

Date:       January 11, 2002