Quarterly Performance Summary issued April 14, 2003

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

April 14, 2003

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 9. Regulation FD Disclosure (Information provided pursuant to Item 12)

The purpose of this Current Report on Form 8-K is to file BB&T Corporation's Quarterly Performance Summary for the first quarter of 2003.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued April 14, 2003

April 14, 2003

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's net income up 5.8% in 1st quarter; earnings increase 7.0% excluding merger charges

WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today first quarter 2003 net income totaling $327.7 million, or $.69 per diluted share. Net income increased 5.8% compared to $309.6 million earned in the first quarter of 2002 and diluted earnings per share increased 4.5% compared to prior year earnings of $.66.

Excluding the effect of expenses associated with completing mergers and acquisitions, operating earnings totaled $330.8 million in 2003, an increase of 7.0% compared to 2002. Diluted operating earnings per share for the current quarter were $.70, excluding merger-related charges, an increase of 6.1% compared with the $.66 earned during the same period of 2002. Merger-related charges for the first quarter of 2003 totaled $3.1 million after-tax.

BB&T’s first quarter 2003 operating earnings produced annualized returns on average assets and average shareholders’ equity of 1.69% and 17.94%, respectively.

Cash basis operating results exclude the effects of intangible assets and related amortization expenses, as well as merger-related charges. Cash basis operating earnings totaled $334.9 million for the first quarter of 2003, or $.71 per diluted share. These results reflect increases of 7.4% and 6.0%, respectively, compared to results for the first quarter of 2002. Cash basis operating earnings for the current quarter produced an annualized return on average tangible assets of 1.76% and an annualized return on average tangible shareholders’ equity of 24.26%.

“I am pleased to announce solid first quarter earnings, particularly given the continued weakness in overall economic conditions,” said Chairman and Chief Executive Officer John A. Allison. “An already slow economy was negatively affected by global uncertainties and poor weather conditions. The combination of these factors reduced loan demand in our markets and led to a modest increase in first quarter levels of nonperforming assets. Notwithstanding economic challenges, our noninterest income generating businesses continue to produce strong results and our asset quality compares favorably with the industry.”

Noninterest Income Producing Businesses Have Another Strong Quarter

Solid growth from BB&T’s noninterest income generating businesses was a leading contributor to first quarter results. Total noninterest income was $444.9 million for the quarter, an increase of 24.4% compared with the same period in 2002. This increase was primarily driven by mortgage banking income, insurance commissions and income from nondeposit services.

Aided by the low interest rate environment, BB&T originated mortgage loans totaling $5.2 billion during the current quarter compared to $2.8 billion during the same period in 2002. As a result, mortgage banking income, composed primarily of gains from loan sales, origination fees and servicing fees, increased 79.6% to $60.0 million in the first quarter of 2003 compared to the $33.4 million earned in the first quarter last year. BB&T’s income from mortgage banking for the current quarter was reduced by a $36.9 million writedown in the value of mortgage servicing rights resulting from high levels of mortgage loan refinance activity. In the first quarter of 2002, BB&T recorded a writedown in mortgage servicing rights totaling $9.8 million. These writedowns were largely offset by gains from sales of securities.

Commissions from BB&T’s insurance operations totaled $88.7 million in the first quarter of 2003, up 31.6% compared with the first quarter last year. The primary drivers of this growth were increased sales of insurance products to BB&T’s client base and additional revenues from insurance agencies acquired during 2003 and 2002. Excluding the effect of these acquisitions, insurance commissions increased approximately 15%.

Nondeposit service charges and fees totaled $56.3 million for the quarter, an increase of 27.5% compared to the $44.1 million earned during the same period in 2002. This growth resulted primarily from increased income in bankcard-related services, ATM and point-of-sale fees, safe deposit box fees, and income from other nondeposit-related services.

BB&T Recognized Nationally for Its Reputation and Performance

During the first quarter, BB&T earned notably high marks from several national financial publications and organizations. Fortune magazine’s 21^stannual survey of “America’s Most Admired Companies” ranked BB&T at No. 4 in the “Superregional Bank” category. BB&T ranked 7^th in the survey a year ago, gaining more ground than any institution in the Superregional category. In addition, BB&T was named to the Forbes Platinum 400 list of America’s “Best Big Companies” for a fourth consecutive year.

BB&T also received an overall rating of “A” in the first ever survey of the nation’s 21 largest banks conducted by Rating Research LLC. The survey rated banks in seven categories, including strength of reputation, customer focus, and ethical behavior. Only two other banks received higher marks. Finally, BB&T’s commitment to employee development through innovative training initiatives placed BB&T in the top 6% among more than 800 organizations evaluated in Training magazine’s 2003 “Training Top 100” list.

“We are proud to be recognized for our performance and the manner in which we achieve those results,” Allison said. “Our success is the result of our steadfast adherence to a core set of values that have long been synonymous with BB&T’s approach to doing business, and our commitment to creating an environment where our employees can realize their potential and excel in serving our clients.”

Loan Growth and Asset Quality Affected by Weak Economic Conditions

The continuing effects of the difficult economic environment in BB&T’s core markets were evident in the levels of total nonperforming assets, which increased slightly during the first quarter of 2003. Nonperforming assets as a percentage of total assets increased to .60% at March 31 compared to .56% at both March 31, 2002 and at the end of 2002. Annualized net charge-offs were .47% of average loans and leases for the first quarter of 2003, down slightly compared with .48% for the first quarter of 2002 and .51% in the fourth quarter of 2002. Excluding losses at BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .35% of average loans and leases compared to .37% for the same period in 2002.

Despite the increase in the level of nonperforming assets, BB&T’s loan portfolio continues to outperform the industry in terms of credit quality. According to the most recently available FDIC Quarterly Banking Profile, the average net charge-off ratio for institutions with assets greater than $5 billion was 1.28%, and the ratio of nonperforming assets to total assets was 1.01%.

BB&T Announces First Virginia Merger

On Jan. 21, BB&T announced plans to acquire First Virginia Banks Inc., headquartered in Falls Church, Va. First Virginia, which had $11.2 billion in assets at year-end, is the parent company of eight community banks and operated 364 branches in Virginia, Maryland and Northeast Tennessee. The merger will substantially expand BB&T's presence in these key fast-growing markets and grow BB&T's deposit market share to No. 2 in Virginia, to No. 4 in the Washington, D.C. area, to No. 7 in Maryland, and to No. 10 in Tennessee. Subsequent to the merger, the combined company is expected to have more than $91 billion in assets, which would make it the 11th largest financial holding company in the nation.

“The acquisition of First Virginia is an important milestone in the history of BB&T,” said Allison. “By capitalizing on the tremendous synergies between our companies in terms of operating philosophy, community banking structure, client-focused culture and excellent asset quality, we will be able to improve our operating efficiency and significantly enhance the value of our franchise.”

On April 1, BB&T completed the acquisition of Southeastern Fidelity Corporation of Tallahassee, Fla., which will be combined with Prime Rate Premium Finance Corporation, thus making BB&T’s wholly-owned insurance premium finance subsidiary one of the largest companies of its type in the Southeast and mid-Atlantic. On Jan. 2, BB&T Insurance Services completed the acquisition of Cranman & Company of Savannah, Ga. On April 3, BB&T Insurance Services announced plans to acquire Old Colony Insurance Service Inc. of Louisville, Ky., and Cromwell Insurance Agency of Lexington, Ky. These acquisitions are the first steps in expanding BB&T’s insurance agency network into Kentucky’s economically attractive insurance market and bringing diversified, high quality insurance products to BB&T’s clients in the state.

In addition to the mergers and acquisitions described above, BB&T successfully completed the acquisition and systems integration of Equitable Bank of Wheaton, Md., during the first quarter. Through this acquisition, BB&T expanded its presence in the fast-growing and economically appealing suburbs of Washington, D.C.

At March 31, BB&T had $79.6 billion in assets and operated 1,118 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana 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 April 11 was $32.15 per share.

For additional information about BB&T’s financial performance, company news, products and services, please visit our Web site at www.BBandT.com.

Earnings Webcast

To hear a live webcast of BB&T’s first quarter 2003 earnings conference call at 11 a.m. (EDT) 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. (EDT) April 25.

_________________

This press release contains financial information determined by methods other than in accordance with Generally Accepted Accounting Principles (“GAAP”). BB&T’s management uses these non-GAAP measures in their analysis of the Company’s performance. These measures typically adjust GAAP performance measures to exclude the effects of charges, expenses and gains related to the consummation of mergers and acquisitions, and costs related to the integration of merged entities, as well as the amortization of intangibles in the case of “cash basis” performance measures. These non-GAAP measures may also exclude other significant gains or losses that are unusual in nature or are associated with acquiring and converting merged entities. Since these items and their impact on BB&T’s performance are difficult to predict, management believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of BB&T’s core businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

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)	3/31/03			3/31/02			$			%

OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent	$	1,084,878		$	1,119,617		$	(34,739	)		(3.1	) %
Interest expense		362,702			434,361			(71,659	)		(16.5	)
Net interest income - taxable equivalent		722,176			685,256			36,920			5.4
Less: Taxable equivalent adjustment		29,998			37,990			(7,992	)		(21.0	)
Net interest income		692,178			647,266			44,912			6.9
Provision for loan & lease losses		63,000			56,500			6,500			11.5
Net interest income after provision for loan & lease losses		629,178			590,766			38,412			6.5
Noninterest income (2)		444,921			357,551			87,370			24.4
Noninterest expense (3)		599,359			516,516			82,843			16.0
Operating earnings before income taxes		474,740			431,801			42,939			9.9
Provision for income taxes		143,941			122,554			21,387			17.5
Operating earnings (1)	$	330,799		$	309,247		$	21,552			7.0	%

PER SHARE DATA BASED ON OPERATING EARNINGS
Basic earnings	$	.70		$	.67		$	.03			4.5	%
Diluted earnings		.70			.66			.04			6.1
Weighted average shares - Basic		470,529,359			462,902,144
Diluted		474,348,203			468,604,312
Dividends paid on common shares	$	.29		$	.26		$	.03			11.5	%

PERFORMANCE RATIOS BASED ON OPERATING EARNINGS
Return on average assets		1.69	%		1.75
Return on average equity		17.94			19.39
Net yield on earning assets (taxable equivalent)		4.13			4.26
Efficiency (taxable equivalent) (4)		50.9			49.7

CASH BASIS PERFORMANCE
BASED ON OPERATING EARNINGS (1)(5)
Earnings excluding merger-related charges	$	334,919		$	311,951		$	22,968			7.4	%
Diluted earnings per share		.71			.67			.04			6.0
Return on average tangible assets		1.76	%		1.80	%
Return on average tangible equity		24.26			23.46
Efficiency ratio (taxable equivalent) (4)		50.3			49.3

	For the Three Months Ended						Increase (Decrease)

(Dollars in thousands, except per share data)	3/31/03			3/31/02			$			%

INCOME STATEMENTS
Interest income - taxable equivalent	$	1,084,878		$	1,119,617		$	(34,739	)		(3.1)	%
Interest expense		362,702			434,361			(71,659	)		(16.5	)
Net interest income - taxable equivalent		722,176			685,256			36,920			5.4
Less: Taxable equivalent adjustment		29,998			37,990			(7,992	)		(21.0	)
Net interest income		692,178			647,266			44,912			6.9
Provision for loan & lease losses		63,000			56,500			6,500			11.5
Net interest income after provision for loan & lease losses		629,178			590,766			38,412			6.5
Noninterest income		444,921			357,551			87,370			24.4
Noninterest expense		604,088			531,135			72,953			13.7
Income before income taxes and cumulative effect of change in accounting principle		470,011			417,182			52,829			12.7
Provision for income taxes		142,263			117,317			24,946			21.3
Income before cumulative effect of change in accounting principle		327,748			299,865			27,883			9.3
Cumulative effect of change in accounting principle		--			9,780			(9,780	)		NM
Net income	$	327,748		$	309,645		$	18,103			5.8	%

PER SHARE DATA
Basic earnings
Income before cumulative effect of change in accounting principle	$	.70		$	.65		$	.05			7.7	%
Cumulative effect of change in accounting principle		--			.02			(.02	)		NM
Net income		.70			.67			.03			4.5
Diluted earnings
Income before cumulative effect of change in accounting principle		.69			.64			.05			7.8
Cumulative effect of change in accounting principle		--			.02			(.02	)		NM
Net income	$	.69		$	.66		$	.03			4.5	%

Weighted average shares - Basic		470,529,359			462,902,144
Diluted		474,348,203			468,604,312

PERFORMANCE RATIOS BASED ON NET INCOME
Return on average assets		1.68	%		1.76	%
Return on average equity		17.78			19.41


NOTES:		Applicable ratios are annualized.
	(1)	Operating earnings statements exclude the effect of charges primarily resulting from mergers, and the cumulative effect of a change in accounting principle, which resulted in the recognition of income totaling $9.8 million in the first quarter of 2002. Merger-related charges totaled $3.1 million and $9.4 million in the first quarters of 2003 and 2002, respectively. See Reconciliation Table.
	(2)	Excluding purchase accounting transactions, noninterest income would have increased $55.8 million, or 14.3% for the quarter, compared to the same period in 2002.
	(3)	Excluding purchase accounting transactions, noninterest expense would have increased $29.9 million, or 5.2% for the quarter, compared to the same period in 2002.
	(4)	Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and merger-related charges.
	(5)	Cash basis performance excludes the effect on earnings of amortization expense applicable to intangible assets and the unamortized balances of intangibles from assets and equity. See Reconciliation Table.
	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

	As of / For the Three Months Ended				Increase (Decrease)

(Dollars in thousands)	3/31/03		3/31/02		$			%

SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	16,721,662	$	17,515,228	$	(793,566	)		(4	.5) %
Securities held to maturity		57,489		44,189		13,300			30	.1
Trading securities		172,789		143,976		28,813			20	.0
Total securities		16,951,940		17,703,393		(751,453	)		(4	.2)
Commercial loans & leases		29,331,744		28,166,060		1,165,684			4	.1
Consumer loans		12,865,697		11,944,978		920,719			7	.7
Revolving credit loans		1,037,135		953,748		83,387			8	.7
Mortgage loans		10,542,311		9,092,620		1,449,691			15	.9
Total loans & leases		53,776,887		50,157,406		3,619,481			7	.2
Allowance for loan & lease losses		716,276		705,905		10,371			1	.5
Other earning assets		435,066		333,035		102,031			30	.6
Total earning assets		70,709,082		67,924,614		2,784,468			4	.1
Total assets		79,647,890		74,949,720		4,698,170			6	.3
Noninterest-bearing deposits		8,614,360		7,142,729		1,471,631			20	.6
Savings & interest checking		3,076,491		3,287,663		(211,172	)		(6	.4)
Money rate savings		16,388,917		14,894,883		1,494,034			10	.0
CDs and other time deposits		23,161,261		23,145,964		15,297				.1
Total deposits		51,241,029		48,471,239		2,769,790			5	.7
Short-term borrowed funds		4,229,003		6,043,367		(1,814,364	)		(30	.0)
Long-term debt		13,565,934		11,444,091		2,121,843			18	.5
Total interest-bearing liabilities		60,421,606		58,815,968		1,605,638			2	.7
Total shareholders' equity	$	7,561,078	$	7,055,418	$	505,660			7.2	%

Average balances
Securities, at amortized cost	$	16,428,321	$	16,481,523	$	(53,202	)		(	.3) %
Commercial loans & leases		29,100,165		26,398,376		2,701,789			10	.2
Consumer loans		12,798,003		11,346,619		1,451,384			12	.8
Revolving credit loans		1,038,444		944,385		94,059			10	.0
Mortgage loans		10,772,525		9,143,932		1,628,593			17	.8
Total loans & leases		53,709,137		47,833,312		5,875,825			12	.3
Allowance for loan & lease losses		729,456		658,067		71,389			10	.8
Other earning assets		452,010		455,620		(3,610	)		(	.8)
Total earning assets		70,589,468		64,770,455		5,819,013			9	.0
Total assets		79,154,304		71,481,754		7,672,550			10	.7
Noninterest-bearing deposits		7,687,410		6,498,675		1,188,735			18	.3
Savings & interest checking		3,375,038		3,201,268		173,770			5	.4
Money rate savings		16,228,100		13,721,226		2,506,874			18	.3
CDs and other time deposits		24,322,564		22,276,896		2,045,668			9	.2
Total deposits		51,613,112		45,698,065		5,915,047			12	.9

Short-term borrowed funds		4,019,301		5,930,643		(1,911,342	)		(32	.2)
Long-term debt		13,582,346		11,572,300		2,010,046			17	.4
Total interest-bearing liabilities		61,527,349		56,702,333		4,825,016			8	.5
Total shareholders' equity	$	7,477,149	$	6,469,084	$	1,008,065			15	.6

	As of / For the Quarter Ended

(Dollars in thousands)	3/31/03		12/31/02		9/30/02		6/30/02		3/31/02

MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on
securities available for sale, net of tax	$	280,309	$	329,149	$	333,476	$	291,101	$	160,399
Derivatives (notional value)		13,195,050		11,697,739		9,476,733		5,787,952		5,222,994
Fair value of derivatives portfolio		179,474		149,498		79,380		40,848		46,936
Common stock prices (daily close): High		38.63		38.23		38.40		39.23		39.11
Low		31.15		31.26		32.18		36.60		34.47
End of period		31.43		36.99		35.04		38.60		38.11
Weighted average shares - Basic		470,529,359		474,905,234		477,112,074		478,121,878		462,902,144
Diluted		474,348,203		480,065,651		482,325,535		484,009,961		468,604,312
End of period shares outstanding		471,218,625		470,452,260		480,439,801		475,535,863		481,195,674
End of period banking offices		1,118		1,122		1,123		1,122		1,132
ATMs		1,694		1,698		1,701		1,723		1,718


NOTES:		All items referring to loans and leases include loans held for sale and are net of unearned income.
	(1)	BB&T had approximately 23,000 full-time equivalent employees at March 31, 2003.


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 Quarter Ended

(Dollars in thousands, except per share data)	3/31/03			12/31/02			9/30/02			6/30/02			3/31/02

OPERATING EARNINGS STATEMENTS (1)
Interest income - taxable equivalent
Interest & fees on loans & leases	$	858,137		$	899,264		$	897,969		$	881,019		$	844,798
Interest & dividends on securities		224,940			236,880			267,667			276,837			272,326
Interest on short-term investments		1,801			1,879			1,922			1,554			2,493
Total interest income - taxable equivalent		1,084,878			1,138,023			1,167,558			1,159,410			1,119,617
Interest expense
Interest on deposits		207,624			231,021			254,248			258,187			259,602
Interest on short-term borrowed funds		13,664			18,770			24,140			26,464			26,449
Interest on long-term debt		141,414			145,360			146,515			147,518			148,310
Total interest expense		362,702			395,151			424,903			432,169			434,361
Net interest income - taxable equivalent		722,176			742,872			742,655			727,241			685,256
Less: Taxable equivalent adjustment		29,998			34,801			40,563			37,210			37,990
Net interest income		692,178			708,071			702,092			690,031			647,266
Provision for loan & lease losses		63,000			84,700			64,000			58,500			56,500
Net interest income after provision for
loan & lease losses		629,178			623,371			638,092			631,531			590,766
Noninterest income
Service charges on deposits		96,778			105,686			104,754			101,874			90,162
Mortgage banking income		59,972			103,010			(88,343	)		24,695			33,387
Investment banking & brokerage fees & commissions		51,909			53,742			47,912			56,039			52,893
Trust revenue		26,009			19,750			27,388			24,197			23,128
Insurance commissions		88,658			87,618			80,401			78,049			67,368
Other nondeposit fees & commissions		56,272			58,135			54,145			52,100			44,122
Securities gains (losses), net		34,234			1,508			135,519			19,666			13,407
Other noninterest income		31,089			27,172			31,583			28,244			33,084
Total noninterest income		444,921			456,621			393,359			384,864			357,551
Noninterest expense
Personnel expense		352,701			350,213			323,119			319,622			304,893
Occupancy & equipment expense		87,727			87,383			85,550			84,688			83,451
Foreclosed property expense		4,069			3,226			2,874			880			341
Amortization of intangibles		6,754			3,203			7,073			6,258			4,351
Other noninterest expense		148,108			165,128			145,863			144,582			123,480
Total noninterest expense		599,359			609,153			564,479			556,030			516,516
Operating earnings before income taxes		474,740			470,839			466,972			460,365			431,801
Provision for income taxes		143,941			127,122			131,003			131,363			122,554
Operating earnings (1)	$	330,799		$	343,717		$	335,969		$	329,002		$	309,247

PER SHARE DATA BASED ON
OPERATING EARNINGS
Basic earnings	$	.70		$	.72		$	.70		$	.69		$	.67
Diluted earnings		.70			.72			.70			.68			.66
Dividends paid on common shares		.29			.29			.29			.26			.26
Book value per share	$	16.05		$	15.70		$	15.68		$	14.99		$	14.66

PERFORMANCE RATIOS BASED ON
OPERATING EARNINGS
Return on average assets		1.69	%		1.74	%		1.72	%		1.75	%		1.75	%
Return on average equity		17.94			18.32			18.09			18.44			19.39
Net yield on earning assets (taxable equivalent)		4.13			4.22			4.25			4.27			4.26
Efficiency (taxable equivalent) (2)		50.9			50.6			49.6			50.1			49.7
Noninterest income as a percentage of
total income (taxable equivalent) (2)		38.3			38.0			34.4			34.4			34.1
Equity as a percentage of total assets
end of period		9.5			9.2			9.6			9.3			9.4
Average earning assets as a percentage of
average total assets		89.2			89.5			89.8			90.3			90.6
Average loans & leases as a percentage of
average deposits		104.1			105.5			102.1			101.9			104.7

CASH BASIS PERFORMANCE BASED ON
OPERATING EARNINGS (1) (3)
Cash basis operating earnings	$	334,919		$	345,564		$	340,261		$	332,899		$	311,951
Diluted earnings per share		.71			.72			.71			.69			.67
Return on average tangible assets		1.76	%		1.79	%		1.78	%		1.81	%		1.80	%
Return on average tangible equity		24.26			24.58			23.72			23.94			23.46
Efficiency ratio (taxable equivalent) (2)		50.3			50.3			49.0			49.5			49.3


NOTES:		Applicable ratios are annualized.
	(1)	Operating income statements exclude the effect of expenses primarily associated with mergers. Net merger-related charges totaled $3.1 million, $6.5 million, $7.8 million, $1.1 million and $(.4 million), net of tax, for the quarters ended March 31, 2003, , December 31, 2002, September 30, 2002, June 30, 2002, and March 31, 2002, respectively. See Reconcilation Table
	(2)	Excludes securities gains (losses), foreclosed property expense, provisions for the impairment of mortgage servicing rights and merger-related charges.
	(3)	Cash basis performance excludes the effect on earnings of amortization expense applicable to intangible assets and the unamortized balances of intangibles from assets and equity. See Reconciliation Table.


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)	3/31/03			12/31/02			9/30/02			6/30/02		3/31/02

SELECTED BALANCE SHEET DATA
End of period balances
Securities available for sale	$	16,721,662		$	17,599,477		$	16,416,181		$	18,076,387	$	17,515,228
Securities held to maturity		57,489			55,523			51,401			47,366		44,189
Trading securities		172,789			148,488			121,525			132,305		143,976
Total securities		16,951,940			17,803,488			16,589,107			18,256,058		17,703,393
Commercial loans & leases		29,331,744			29,054,232			28,955,027			28,433,219		28,166,060
Consumer loans		12,865,697			12,811,120			12,708,072			12,305,600		11,944,978
Revolving credit loans		1,037,135			1,050,738			1,010,860			985,487		953,748
Mortgage loans		10,542,311			10,601,923			10,390,742			8,806,304		9,092,620
Total loans & leases		53,776,887			53,518,013			53,064,701			50,530,610		50,157,406
Allowance for loan & lease losses		716,276			723,685			723,688			706,446		705,905
Other earning assets		435,066			442,570			518,476			330,555		333,035
Total earning assets		70,709,082			71,227,929			69,629,079			68,638,124		67,924,614
Total assets		79,647,890			80,216,816			78,186,831			76,333,441		74,949,720
Noninterest-bearing deposits		8,614,360			7,864,338			7,967,366			7,625,530		7,142,729
Savings & interest checking		3,076,491			3,071,551			2,970,575			3,290,255		3,287,663
Money rate savings		16,388,917			17,188,942			15,636,969			14,632,630		14,894,883
CDs and other time deposits		23,161,261			23,155,185			23,236,561			25,360,774		23,145,964
Total deposits		51,241,029			51,280,016			49,811,471			50,909,189		48,471,239
Short-term borrowed funds		4,229,003			5,396,959			4,797,992			4,930,434		6,043,367
Long-term debt		13,565,934			13,587,841			13,384,826			10,979,492		11,444,091
Total interest-bearing liabilities		60,421,606			62,400,478			60,026,923			59,193,585		58,815,968
Total shareholders' equity		7,561,078			7,387,914			7,534,817			7,128,356		7,055,418
Goodwill		1,737,617			1,723,379			1,698,563			1,457,257		1,417,993
Core deposit & other intangibles		146,145			148,824			138,616			119,533		137,202
Total intangibles		1,883,762			1,872,203			1,837,179			1,576,790		1,555,195
Mortgage servicing rights	$	313,805		$	318,839		$	280,821		$	395,654	$	386,386

Average balances
Securities, at amortized cost	$	16,428,321		$	16,103,478		$	17,574,918		$	17,593,605	$	16,481,523
Commercial loans & leases		29,100,165			28,916,175			28,550,713			28,278,986		26,398,376
Consumer loans		12,798,003			12,771,340			12,557,457			12,210,161		11,346,619
Revolving credit loans		1,038,444			1,020,357			997,863			968,088		944,385
Mortgage loans		10,772,525			10,898,394			9,522,243			8,808,602		9,143,932
Total loans & leases		53,709,137			53,606,266			51,628,276			50,265,837		47,833,312
Allowance for loan & lease losses		729,456			731,126			716,160			708,395		658,067
Other earning assets		452,010			488,991			456,474			354,745		455,620
Total earning assets		70,589,468			70,198,735			69,659,668			68,214,187		64,770,455
Total assets		79,154,304			78,428,911			77,571,231			75,538,200		71,481,754
Noninterest-bearing deposits		7,687,410			7,753,037			7,383,310			7,157,722		6,498,675
Savings & interest checking		3,375,038			3,331,195			3,350,476			3,568,247		3,201,268
Money rate savings		16,228,100			15,821,819			15,110,502			14,617,809		13,721,226
CDs and other time deposits		24,322,564			23,892,511			24,708,799			24,007,125		22,276,896
Total deposits		51,613,112			50,798,562			50,553,087			49,350,903		45,698,065
Short-term borrowed funds		4,019,301			4,626,091			5,245,126			5,788,023		5,930,643
Long-term debt		13,582,346			13,344,191			12,313,297			11,287,626		11,572,300
Total interest-bearing liabilities		61,527,349			61,015,807			60,728,200			59,268,830		56,702,333
Total shareholders' equity	$	7,477,149		$	7,444,431		$	7,370,304		$	7,156,600	$	6,469,084

RISK-BASED CAPITAL (1)
Risk-based capital:
Tier 1	$	5,497,767		$	5,290,310		$	5,523,128		$	5,347,662	$	5,371,989
Total		7,942,486			7,741,048			7,714,898			7,021,213		7,205,160
Risk-weighted assets		58,333,041			57,701,308			56,973,337			54,996,625		54,080,258
Average quarterly tangible assets		76,722,517			76,209,580			75,364,440			73,627,410		69,534,802
Risk-based capital ratios:
Tier 1		9.43	%		9.17	%		9.69	%		9.72		9.93	%
Total		13.62			13.42			13.54			12.77		13.32
Leverage capital ratio		7.17			6.94			7.33			7.26		7.73


NOTES:		All items referring to loans & leases include loans held for sale & are net of unearned income.
	(1)	Current quarter information is preliminary.


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)	3/31/03			12/31/02			9/30/02			6/30/02			3/31/02

ASSET QUALITY ANALYSIS
Allowance For Loan & Lease Losses
Beginning balance	$	723,685		$	723,688		$	706,446		$	705,905		$	644,418
Allowance for acquired loans, net		1,267			(16,075	)		16,861			136			61,177
Reclassification of allowance related
to unfunded commitments		(8,986	)		--			--			--			--
Provision for loan & lease losses		63,000			84,700			64,000			58,500			56,500
Charge-offs		(76,867	)		(83,067	)		(77,732	)		(69,144	)		(67,206	)
Recoveries		14,177			14,439			14,113			11,049			11,016

Net charge-offs		(62,690	)		(68,628	)		(63,619	)		(58,095	)		(56,190	)

Ending balance	$	716,276		$	723,685		$	723,688		$	706,446		$	705,905

Nonperforming Assets
Nonaccrual loans & leases	$	392,701		$	374,842		$	358,823		$	335,287		$	354,916
Foreclosed real estate		60,110			55,448			46,378			49,009			46,687
Other foreclosed property		21,714			21,199			17,712			15,803			20,734
Restructured loans		175			175			2,358			--			--

Nonperforming assets	$	474,700		$	451,664		$	425,271		$	400,099		$	422,337

Loans 90 days or more past due
& still accruing	$	93,609		$	115,047		$	100,147		$	98,143		$	100,962
Loans 90 days or more past due & still accruing
as a percentage of total loans and leases		.17	%		.21	%		.19	%		.19	%		.20	%

Asset Quality Ratios
Nonaccrual and restructured loans & leases
as a percentage of total loans & leases		.73	%		.70	%		.68	%		.66	%		.71	%
Nonperforming assets as a percentage of:
Total assets		.60			.56			.54			.52			.56
Loans & leases plus
foreclosed property		.88			.84			.80			.79			.84
Net charge-offs as a percentage of
average loans & leases		.47			.51			.49			.46			.48
Net charge-offs excluding specialized
lending as a percentage of average
loans & leases (1)		.35			.40			.39			.37			.37
Allowance for loan & lease losses as
a percentage of loans & leases		1.33			1.35			1.36			1.40			1.41
Allowance for loan & lease losses as
a percentage of loans & leases
held for investment		1.39			1.42			1.42			1.43			1.45
Ratio of allowance for loan & lease losses to:
Net charge-offs		2.82	x		2.66	x		2.87	x		3.03	x		3.10	x
Nonaccrual and restructured loans & leases		1.82			1.93			2.00			2.11			1.99

	For the Quarter Ended

	3/31/03			12/31/02			9/30/02			6/30/02			3/31/02
ANNUALIZED INTEREST YIELDS / RATES (2)
Interest income:
Securities & other		5.38	%		5.76	%		5.98	%		6.20	%		6.49	%
Loans & leases		6.46			6.67			6.91			7.03			7.14

Total earning assets		6.20			6.45			6.67			6.81			6.97

Interest expense:
Interest-bearing deposits		1.92			2.13			2.34			2.45			2.69
Short-term borrowed funds		1.36			1.61			1.83			1.83			1.81
Long-term debt		4.16			4.33			4.73			5.24			5.19

Total interest-bearing liabilities		2.38			2.57			2.78			2.92			3.10

Net yield on earning assets		4.13	%		4.22	%		4.25	%		4.27	%		4.26	%


NOTES:		All items referring to loans & leases include loans held for sale & are net of unearned income. Applicable ratios are annualized.
	(1)	Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.
	(2)	Fully taxable equivalent yields. Securities yields calculated based on amortized cost.


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 Three Months Ended				Increase (Decrease)

(Dollars in thousands)	3/31/03		3/31/02		$			%

SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Average Balances
Commercial loans & leases	$	29,181,352	$	28,443,683	$	737,669			2.6	%
Consumer loans		12,807,778		11,977,181		830,597			6.9
Revolving credit loans		1,038,489		962,688		75,801			7.9
Mortgage loans		10,889,877		10,765,533		124,344			1.2
Total loans & leases		53,917,496		52,149,085		1,768,411			3.4
Noninterest-bearing deposits		7,691,076		6,964,977		726,099			10.4
Interest-bearing transaction accounts		6,903,292		6,107,190		796,102			13.0
CDs and other time deposits		24,481,640		24,473,395		8,245			--
Other deposits		12,733,712		12,355,653		378,059			3.1
Total deposits	$	51,809,720	$	49,901,215	$	1,908,505			3.8	%

SELECTED INCOME STATEMENT ITEMS BASED ON
OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Net interest income - taxable equivalent	$	724,036	$	734,191	$	(10,155	)		(1.4	) %
Noninterest income
Service charges on deposits		96,809		95,281		1,528			1.6
Mortgage banking income (2)		60,099		39,328		20,771			52.8
Investment banking & brokerage fees & commissions		51,932		53,176		(1,244	)		(2.3	)
Trust revenue		26,009		29,713		(3,704	)		(12.5	)
Insurance commissions		88,659		77,407		11,252			14.5
Other nondeposit fees & commissions		56,293		47,198		9,095			19.3
Securities gains (losses), net (2)		34,234		13,520		20,714			NM
Other income		31,090		33,690		(2,600	)		(7.7	)
Total noninterest income		445,125		389,313		55,812			14.3
Noninterest expense
Personnel expense		353,555		334,308		19,247			5.8
Occupancy & equipment expense		87,937		89,691		(1,754	)		(2.0	)
Other noninterest expense		159,321		146,868		12,453			8.5
Total noninterest expense	$	600,813	$	570,867	$	29,946			5.2	%

	For the Three Months Ended				Increase (Decrease)

(Dollars in thousands)	3/31/03		12/31/02		$			%

SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Average Balances
Commercial loans & leases	$	29,181,352	$	29,042,268	$	139,084			1.9	%
Consumer loans		12,807,778		12,786,260		21,518			0.7
Revolving credit loans		1,038,489		1,020,425		18,064			7.2
Mortgage loans		10,889,877		11,079,846		(189,969	)		(7.0	)
Total loans & leases		53,917,496		53,928,799		(11,303	)		(0.1	)
Noninterest-bearing deposits		7,691,076		7,758,540		(67,464	)		(3.5	)
Interest-bearing transaction accounts		6,903,292		6,712,494		190,798			11.5
CDs and other time deposits		24,481,640		24,142,938		338,702			5.7
Other deposits		12,733,712		12,490,628		243,084			7.9
Total deposits	$	51,809,720	$	51,104,600	$	705,120			5.6	%

SELECTED INCOME STATEMENT ITEMS BASED ON
OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)
Net interest income - taxable equivalent	$	724,036	$	745,527	$	(21,491	)		(11.7)	%
Noninterest income
Service charges on deposits		96,809		105,737		(8,928	)		(34.2	)
Mortgage banking income (2)		60,099		103,242		(43,143	)		(169.5	)
Investment banking & brokerage fees & commissions		51,932		53,752		(1,820	)		(13.7	)
Trust revenue		26,009		19,750		6,259			128.5
Insurance commissions		88,659		89,026		(367	)		(1.7	)
Other nondeposit fees & commissions		56,293		58,169		(1,876	)		(13.1	)
Securities gains (losses), net (2)		34,234		1,508		32,726			NM
Other income		31,090		27,195		3,895			58.1
Total noninterest income		445,125		458,379		(13,254	)		(11.7	)
Noninterest expense
Personnel expense		353,555		352,173		1,382			1.6
Occupancy & equipment expense		87,937		87,808		129			0.6
Other noninterest expense		159,321		172,362		(13,041	)		(30.7	)
Total noninterest expense	$	600,813	$	612,343	$	(11,530	)		(7.6)	%


NOTES:		Applicable growth rates are annualized.
	(1)	Amounts adjusted to exclude growth that resulted from the timing of acquisitions purchased during 2003 and 2002.
	(2)	Mortgage banking income includes provisions for the impairment of mortgage servicing rights totaling $36.9 million and $9.8 million for the three months ended March 31, 2003 and 2002, respectively. These provisions are substantially offset by securities gains.
	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 Quarter Ended

(Dollars in thousands, except per share data)	3/31/03			12/31/02			9/30/02			6/30/02			3/31/02

RECONCILIATION TABLE
Net income	$	327,748		$	337,255		$	328,157		$	327,952		$	309,645
Merger-related charges, net of tax		3,051			6,462			7,812			1,050			9,382
Other, net (1)		--			--			--			--			(9,780	)
Operating earnings		330,799			343,717			335,969			329,002			309,247
Amortization of intangibles, net of tax		4,120			1,847			4,292			3,897			2,704
Cash basis operating earnings		334,919			345,564			340,261			332,899			311,951

Return on average assets		1.68	%		1.71	%		1.68	%		1.74	%		1.76	%
Effect of merger-related charges, net of tax		.01			.03			.04			.01			.05
Effect of other, net (1)		--			--			--			--			(.06	)
Operating return on average assets		1.69			1.74			1.72			1.75			1.75
Effect of amortization of intangibles, net of tax (3)		.07			.05			.06			.06			.05
Cash basis operating return on average assets		1.76			1.79			1.78			1.81			1.80

Return on average equity		17.78	%		17.97	%		17.66	%		18.38	%		19.41	%
Effect of merger-related charges, net of tax		.16			.35			.43			.06			.59
Effect of other, net (1)		--			--			--			--			(.61	)
Operating return on average equity		17.94			18.32			18.09			18.44			19.39
Effect of amortization of intangibles, net of tax (3)		6.32			6.26			5.63			5.50			4.07
Cash basis operating return on average equity		24.26			24.58			23.72			23.94			23.46

Efficiency (taxable equivalent) (2)		51.3	%		51.4	%		50.8	%		50.2	%		50.6	%
Effect of merger-related charges, net of tax		(.4	)		(.8	)		(1.2	)		(.1	)		(.9	)
Operating efficiency (2)		50.9			50.6			49.6			50.1			49.7
Effect of amortization of intangibles, net of tax		(.6	)		(.3	)		(.6	)		(.6	)		(.4	)
Cash basis operating efficiency (2)		50.3			50.3			49.0			49.5			49.3

Fee income ratio (2)		38.3	%		38.0	%		34.4	%		34.4	%		34.7	%
Effect of other, net (1)		--			--			--			--			(.6	)
Operating fee income ratio (2)		38.3			38.0			34.4			34.4			34.1

Basic earnings per share	$	.70		$	.71		$	.69		$	.69		$	.67
Effect of merger-related charges, net of tax		--			.01			.01			--			.02
Effect of other, net (1)		--			--			--			--			(.02	)
Operating basic earnings per share		.70			.72			.70			.69			.67

Diluted earnings per share	$	.69		$	.70		$	.68		$	.68		$	.66
Effect of merger-related charges, net of tax		.01			.02			.02			--			.02
Effect of other, net (1)		--			--			--			--			(.02	)
Operating diluted earnings per share		.70			.72			.70			.68			.66
Effect of amortization of intangibles, net of tax		.01			--			.01			.01			.01
Cash basis operating diluted earnings per share		.71			.72			.71			.69			.67


NOTES:		Applicable ratios are annualized.
	(1)	Other, net includes a $9.8 million gain resulting from the cumulative effect of adopting a new accounting standard in 2002.
	(2)	Excludes securities gains (losses), foreclosed property expense, and provisions for the impairment of mortgage servicing rights. Operating ratios also exclude merger-related charges.
	(3)	Reflects the effect of excluding intangible assets from average assets and average equity to calculate cash basis ratios.

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: April 14, 2003

BB&T's net income up 5.8% in 1st quarter; earnings increase 7.0% excluding merger charges

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