Quarterly Performance Summary issued April 13, 2004

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 13, 2004

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 12.   Results of Operations and Financial Condition

          The purpose of this Current Report on Form 8-K is to file BB&T’s first quarter 2004 earnings release.

EXHIBIT INDEX

Exhibit 99.1 Quarterly Performance Summary issued April 13, 2004

April 13, 2004

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 announces 1st quarter net income of $328.5 million;
operating earnings increase 1.2% to $334.6 million

          WINSTON-SALEM, N.C. — BB&T Corporation (NYSE: BBT) reported today net income for the first quarter of 2004 totaling $328.5 million, or $.60 per diluted share. Net income increased slightly compared with $327.7 million earned in the first quarter of 2003, while diluted earnings per share reflected a decrease of 13.0% compared to earnings of $.69 during the same period last year.

          Excluding the effects of expenses associated with mergers and acquisitions, operating earnings totaled $334.6 million for the first quarter of 2004, an increase of 1.2% compared to 2003. Diluted operating earnings per share were $.61, a decrease of 12.9% compared with $.70 earned during the first quarter of 2003. Merger-related charges for the first quarter of 2004 totaled $6.1 million after-tax.

          BB&T’s first quarter net income produced annualized returns on average assets and average shareholders’ equity of 1.43% and 12.93%, respectively. On an operating basis, the annualized returns on average assets and average shareholders’ equity were 1.46% and 13.17%, respectively.

          Cash basis operating results exclude the unamortized balances of intangibles from assets and shareholders’ equity and exclude the effects of amortization of intangibles, as well as the net amortization of purchase accounting mark-to-market adjustments and merger-related charges from earnings. Cash basis operating earnings totaled $355.0 million for the first quarter of 2004, an increase of 6.0% compared to the first quarter of 2003. Current quarter cash basis diluted earnings per share decreased 9.9% to $.64, compared to $.71 earned during the same period in 2003. Cash basis operating earnings for the first quarter of 2004 produced an annualized return on average tangible assets of 1.62% and an annualized return on average tangible shareholders’ equity of 23.93%.

          “Our first quarter performance was disappointing in comparison to past trends,” said Chairman and Chief Executive Officer John A. Allison. “However, we continue to believe that performance will improve as the year progresses and, in fact, we are beginning to see progress in several important areas. Our first quarter earnings were hampered by a substantial decrease in mortgage banking income. Higher mortgage rates for most of the first quarter caused a substantial decrease in mortgage originations and resulting income, the retention of fixed rate mortgage loans greatly reduced gains from sales of mortgages, and a drop in rates in mid-March produced net writedowns in the value of our mortgage servicing rights, despite an effective performance from our risk management hedging program related to mortgage servicing rights. These net writedowns also negatively affected mortgage banking income. There are a number of positive trends — loan growth has significantly increased, our noninterest income generating businesses, excluding mortgage, are growing and our asset quality continues to improve and remains very strong. I remain confident about the remainder of 2004 as we work to fully integrate recent acquisitions and to improve our efficiency.

          “On March 19, we announced that we were projecting operating earnings per diluted share for 2004 in the range of $2.75 to $2.90,” said Allison. “We continue to believe that earnings will improve substantially in the third and fourth quarters of this year and we continue to feel comfortable with this earnings projection.” Calculated on a basis consistent with generally accepted accounting principles, the projection for 2004 earnings per diluted share is $2.71 to $2.86.

Average Loans Grow 10.0%

          Average loans and leases totaled $63.2 billion for the first quarter, reflecting an increase of $1.5 billion, or 10.0% on an annualized basis, compared to the fourth quarter of 2003. This reflects the strongest overall quarterly growth rate in three years. During the first quarter of 2004, commercial loan demand in BB&T’s markets noticeably improved, with loans growing at an annualized rate of 7.0% compared to the fourth quarter of 2003. Consumer loan growth also accelerated, with average direct retail loans and revolving credit each growing at annualized rates of 11.4% compared to the fourth quarter last year. The strongest performance was in mortgage loans, which grew at an annualized rate of 25.7% compared to the fourth quarter of 2003. This growth was driven, in part, by the retention of fixed rate mortgages in recent quarters. In addition, lower mortgage rates in March have produced a significant increase in mortgage applications and originations; however, since much of the growth in mortgage loans occurred late in the quarter, most of the related benefit to earnings will be realized beginning in the second quarter of this year.

Asset Quality Continues to Improve

          BB&T’s total nonperforming assets and net charge-offs both improved during the current quarter and continued their steady improvement since the first quarter of 2003. Nonperforming assets as a percentage of total assets decreased to .47% at March 31 compared to .49% and .60% at Dec. 31, 2003 and March 31, 2003, respectively. Annualized net charge-offs were .36% of average loans and leases for the first quarter of 2004, down from .42% in the fourth quarter of 2003 and ..47% in the first quarter of 2003. Excluding losses at BB&T’s specialized lending subsidiaries, annualized net charge-offs for the current quarter were .25% of average loans and leases compared to .31% in the fourth quarter of 2003 and .35% in the first quarter of 2003.

BB&T’s Noninterest Income Producing Businesses Continue to Expand

          BB&T’s noninterest income generating businesses continued to produce healthy growth with the exception of mortgage banking. Total noninterest income was $478.2 million for the first quarter of 2004, an increase of 7.5% compared with the same period in 2003. Excluding the decrease in mortgage banking and fluctuations in securities gains and losses, noninterest income grew 34.5%. Excluding mortgage banking, securities gains and losses and the effects of acquisitions, noninterest income increased 15.6%. Higher revenues from BB&T’s insurance operations, as well as growth in income from investment banking and brokerage fees and commissions, service charges on deposit accounts and other nondeposit fees and commissions, were the primary drivers of this growth.

          BB&T’s insurance operations were the largest provider of noninterest income during the quarter, as insurance commissions totaled $123.7 million, an increase of 39.5% compared with $88.7 million earned during the first quarter of 2003. The expansion of BB&T’s insurance network through acquisitions, the largest of which was the merger with McGriff, Seibels & Williams Inc., combined with solid internal growth, drove the increase. Excluding the effect of acquisitions, insurance commissions increased 10.1%.

          BB&T’s investment banking and brokerage fees and commissions totaled $76.6 million for the first quarter of 2004, an increase of 46.4% compared to the $52.3 million earned during the same period last year. The increase was driven by growth in retail brokerage commissions and revenues from investment banking services.

          Service charges for deposit-related services totaled $122.8 million during the first quarter of 2004, an increase of 26.9% compared to the first quarter of 2003. This increase resulted from service charge income from acquired institutions and growth in commercial account analysis fees. Excluding the effect of acquisitions, service charges for deposits increased 6.6%.

          Other nondeposit fees and commissions increased 27.3% to $71.6 million compared with the same quarter last year. This growth resulted primarily from increased income from credit and debit card-related services, ATM services and other miscellaneous bank services. Excluding the effect of acquisitions, other nondeposit fees and commissions increased 9.7%.

BB&T’s Commitment to its Clients and Employees Recognized Nationally

           During the first quarter, BB&T's commitment to client service was recognized by national research organizations. J.D. Power and Associates ranked BB&T 2nd overall in home mortgage servicing customer satisfaction in the country. In the same survey, BB&T ranked No. 1 among banks for the second consecutive year. BB&T's commitment to employee advancement through innovative training was also nationally recognized during the quarter. BB&T placed in the top 6% of organizations evaluated in Training Magazine’s 2004 “Training Top 100.” 2004 marks the second consecutive year BB&T has been recognized in this evaluation.

BB&T Insurance Services Expands to New Markets and Business Lines

          On Feb. 1, BB&T Insurance Services successfully completed its acquisition of McGriff, Seibels & Williams Inc. of Birmingham, Ala., creating the sixth largest insurance broker in the nation. The merger vastly enhanced BB&T's national insurance presence and positioned BB&T Insurance Services as one of the premier providers of insurance and risk management services in the country.

          On April 1, BB&T Insurance Services acquired Iler Wall & Shonter (“IWS”) of St. Petersburg, Fla. IWS is a full-service agency specializing in commercial property and casualty insurance, personal property and liability, employee benefits, life insurance and financial planning.

          At March 31, BB&T had $94.3 billion in assets and operated more than 1,350 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 12 was $34.90 per share.

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

Earnings Webcast

          To hear a live webcast of BB&T’s first quarter 2004 earnings conference call at 10:30 a.m. (EDT) today, please visit our website at www.BBandT.com. Replays of the conference call will be available through our website until 5 p.m. (EDT) April 26.

#

           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 and purchase accounting mark-to-market adjustments in the case of “cash basis” performance measures. These non-GAAP measures may also exclude other significant gains, losses or expenses that are unusual in nature and not expected to recur. 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 results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that 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) 3/31/04 3/31/03 $ %
OPERATING EARNINGS STATEMENTS (1)
     Interest income - taxable equivalent     $ 1,101,178   $ 1,084,878   $ 16,300     1.5  %
     Interest expense    273,626    362,702    (89,076 )  (24.6 )
       Net interest income - taxable equivalent    827,552    722,176    105,376    14.6  
     Less: Taxable equivalent adjustment    20,729    29,998    (9,269 )  (30.9 )
       Net interest income    806,823    692,178    114,645    16.6  
     Provision for loan and lease losses    62,500    63,000    (500 )  (.8 )
       Net interest income after provision for loan and lease losses    744,323    629,178    115,145    18.3  
     Noninterest income (2)    478,178    444,921    33,257    7.5  
     Noninterest expense (3)    728,336    599,359    128,977    21.5  
     Operating earnings before income taxes    494,165    474,740    19,425    4.1  
     Provision for income taxes    159,521    143,941    15,580     10.8  
       Operating earnings (1)   $334,644   $330,799   $3,845     1.2  %
PER SHARE DATA BASED ON OPERATING EARNINGS (1)  
     Basic earnings   $.61   $.70   $(.09 )   (12.9 ) %
     Diluted earnings    .61    .70    (.09 )  (12.9 )
     Weighted average shares -          Basic       546,576,484     470,529,359  
                                                     Diluted     550,547,045    474,348,203  
     Dividends paid per common share   $.32   $.29   $.03    10.3  %
PERFORMANCE RATIOS BASED ON OPERATING EARNINGS (1)  
     Return on average assets       1.46  % 1.69  %
     Return on average equity   13.17   17.94 
     Net yield on earning assets (taxable equivalent)(4)   4.09   4.13 
     Efficiency ratio (taxable equivalent) (4)   55.1   51.6 
CASH BASIS PERFORMANCE  
     BASED ON OPERATING EARNINGS (1)(5)  
     Cash basis operating earnings     $ 354,965   $ 334,919   $ 20,046     6.0  %
     Diluted earnings per share    .64    .71    (.07 )   (9.9 )
     Return on average tangible assets       1.62  %   1.76  %
     Return on average tangible equity     23.93   24.26 
     Efficiency ratio (taxable equivalent) (4)     52.9   51.0 
For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 3/31/04 3/31/03 $ %
INCOME STATEMENTS
     Interest income     $ 1,080,449   $ 1,054,880   $ 25,569     2.4  %
     Interest expense    273,626    362,702    (89,076 )  (24.6 )
       Net interest income    806,823    692,178    114,645    16.6  
     Provision for loan and lease losses    62,500    63,000    (500 )  (.8 )
       Net interest income after provision for loan and lease losses    744,323    629,178    115,145    18.3  
     Noninterest income    478,178    444,921    33,257    7.5  
     Noninterest expense    737,986    604,088    133,898    22.2  
     Income before income taxes    484,515    470,011    14,504    3.1  
     Provision for income taxes    156,015    142,263    13,752    9.7  
          Net income   $ 328,500   $ 327,748   $ 752    .2 %  
PER SHARE DATA  
     Basic earnings     $ .60   $ .70   $ (.10 )   (14.3 ) %
     Diluted earnings    .60    .69    (.09 )  (13.0 )
     Weighted average shares -          Basic       546,576,484     470,529,359
                                                     Diluted    550,547,045    474,348,203  
PERFORMANCE RATIOS BASED ON NET INCOME  
     Return on average assets   1.43  %   1.68  %
     Return on average equity       12.93     17.78  
     Efficiency ratio (taxable equivalent) (4)       55.8     52.0  

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings statements exclude the effect of merger-related and nonrecurring charges. These charges totaled $6.1 million and $3.1 million, net of tax, in the first quarters of 2004 and 2003, respectively. See Reconciliation Tables included herein.
  (2) Excluding purchase accounting transactions, noninterest income would have decreased approximately 5.2% for the quarter, compared to the same period in 2003.
  (3) Excluding purchase accounting transactions, noninterest expense would have increased approximately .8% for the quarter, compared to the same period in 2003.
  (4) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage banking-related derivatives. Cash basis and operating ratios also exclude merger-related charges and nonrecurring charges. See Reconciliation Tables included herein.
  (5) Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles from assets and equity, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.


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) 3/31/04 3/31/03 $ %
CONSOLIDATED BALANCE SHEETS
   End of period balances
Cash and due from banks     $ 1,867,913   $ 1,931,702   $ (63,789 )   (3.3 ) %
Interest-bearing deposits with banks    250,179    172,494    77,685    45.0  
Federal funds sold and other earning assets    260,113    262,572    (2,459 )  (0.9 )
Securities available for sale    17,584,687    16,721,662    863,025    5.2  
Securities held to maturity    125    57,489    (57,364 )  (99.8 )
Trading securities    364,481    172,789    191,692    110.9  
  Total securities    17,949,293    16,951,940    997,353    5.9  
Commercial loans and leases    31,743,612    29,331,744    2,411,868    8.2  
Direct retail loans    12,447,494    9,477,267    2,970,227    31.3  
Sales finance loans    6,190,940    3,388,430    2,802,510    82.7  
Revolving credit loans    1,167,467    1,037,135    130,332    12.6  
Mortgage loans    12,821,573    10,542,311    2,279,262    21.6  
  Total loans and leases    64,371,086    53,776,887    10,594,199    19.7  
Allowance for loan and lease losses    790,271    716,276    73,995    10.3  
  Total earning assets    82,607,385    70,709,082    11,898,303    16.8  
Premises and equipment, net    1,227,251    1,071,721    155,530    14.5  
Goodwill    3,837,956    1,737,617    2,100,339    120.9  
Other intangible assets    552,527    146,145    406,382    278.1  
Other assets    4,755,456    4,313,088    442,368    10.3  
  Total assets    94,281,503    79,647,890    14,633,613    18.4  
Noninterest-bearing deposits    11,500,136    8,614,360    2,885,776    33.5  
Savings and interest checking    4,379,735    3,076,491    1,303,244    42.4  
Money rate savings    20,569,144    16,388,917    4,180,227    25.5  
CDs and other time deposits    27,675,877    23,161,261    4,514,616    19.5  
  Total deposits    64,124,892    51,241,029    12,883,863    25.1  
Short-term borrowed funds    5,748,572    4,229,003    1,519,569    35.9  
Long-term debt    10,625,382    13,565,934    (2,940,552 )  (21.7 )
  Total interest-bearing liabilities    68,998,710    60,421,606    8,577,104    14.2  
Other liabilities    3,355,829    3,050,846    304,983    10.0  
  Total liabilities    83,854,675    72,086,812    11,767,863    16.3  
  Total shareholders' equity   $ 10,426,828   $ 7,561,078   $ 2,865,750    37.9  %
Average balances  
Securities, at amortized cost   $ 17,188,281   $ 16,428,321   $ 759,960    4.6 %  
Commercial loans and leases    31,460,865    28,999,821    2,461,044    8.5  
Direct retail loans    12,269,198    9,417,240    2,851,958    30.3  
Sales finance loans    6,165,341    3,481,107    2,684,234    77.1  
Revolving credit loans    1,168,516    1,038,444    130,072    12.5  
Mortgage loans    12,156,224    10,772,525    1,383,699    12.8  
  Total loans and leases    63,220,144    53,709,137    9,511,007    17.7  
Allowance for loan and lease losses    786,556    729,456    57,100    7.8  
Other earning assets    697,659    452,010    245,649    54.3  
  Total earning assets    81,106,084    70,589,468    10,516,616    14.9  
  Total assets    92,112,359    79,154,304    12,958,055    16.4  
Noninterest-bearing deposits    10,744,997    7,687,410    3,057,587    39.8  
Savings and interest checking    4,575,373    3,375,038    1,200,335    35.6  
Money rate savings    20,230,460    16,228,100    4,002,360    24.7  
CDs and other time deposits    25,993,720    24,322,564    1,671,156    6.9  
  Total deposits    61,544,550    51,613,112    9,931,438    19.2  
Short-term borrowed funds    6,597,199    4,019,301    2,577,898    64.1  
Long-term debt    10,621,546    13,582,346    (2,960,800 )  (21.8 )
  Total interest-bearing liabilities    68,018,298    61,527,349    6,490,949    10.5  
  Total shareholders' equity   $ 10,218,527   $ 7,477,149   $ 2,741,378    36.7  %

As of / For the Quarter Ended
(Dollars in thousands) 3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
MISCELLANEOUS INFORMATION (1)
Unrealized appreciation (depreciation) on                                        
  securities available for sale, net of tax        $145,119   $11,450   $98,196   $240,474   $280,309  
Derivatives (notional value)         20,219,582    14,608,690    9,625,035    12,377,125    13,195,050  
Fair value of derivatives portfolio          214,865    136,025    184,467    274,749    179,474  
Common stock prices:       High     38.80     39.69     38.19     35.93     38.80  
        Low     34.48     35.98     33.72     31.42     30.66  
        End of period     35.30     38.64     35.91     34.30     31.43
Weighted average shares -       Basic     546,576,484     544,871,908     551,018,984     471,713,450     470,529,359  
        Diluted     550,547,045     549,858,403     555,543,993     475,293,564     474,348,203
End of period shares outstanding         548,022,164    541,942,987    548,886,598    472,118,220    471,218,625  
End of period banking offices         1,353    1,359    1,456    1,109    1,118  
ATMs         1,848    1,880    1,948    1,675    1,694  

NOTES:   All items referring to loans and leases include loans held for sale and are net of unearned income.
  (1) BB&T had approximately 26,600 full-time equivalent employees at March 31, 2004.


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) 3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
OPERATING EARNINGS STATEMENTS (1)
  Interest income - taxable equivalent
     Interest and fees on loans and leases     $ 919,030   $ 925,614   $ 931,997   $ 853,094   $ 858,137  
     Interest and dividends on securities       179,639    186,210    191,261    218,872    224,940  
     Interest on short-term investments    2,509    2,316    1,798    1,744    1,801  
       Total interest income - taxable equivalent    1,101,178    1,114,140    1,125,056    1,073,710    1,084,878  
     Interest expense  
     Interest on deposits    166,777    171,380    184,168    192,505    207,624  
     Interest on short-term borrowed funds    17,395    15,033    14,651    15,494    13,664  
     Interest on long-term debt    89,454    89,451    93,291    134,112    141,414  
       Total interest expense    273,626    275,864    292,110    342,111    362,702  
     Net interest income - taxable equivalent    827,552    838,276    832,946    731,599    722,176  
     Less: Taxable equivalent adjustment    20,729    26,600    26,488    28,179    29,998  
       Net interest income    806,823    811,676    806,458    703,420    692,178  
     Provision for loan and lease losses    62,500    58,500    65,000    61,500    63,000  
       Net interest income after provision for                                  
          loan and lease losses    744,323    753,176    741,458    641,920    629,178  
     Noninterest income  
     Service charges on deposits    122,763    122,120    121,981    96,645    96,778  
     Mortgage banking income (loss)    7,110    45,628    98,330    (32,711 )  59,972  
     Investment banking and brokerage fees and commissions    76,598    68,667    65,805    60,597    52,325  
     Trust revenue    29,985    29,099    31,871    26,248    26,009  
     Insurance commissions    123,706    102,070    103,592    101,500    88,658  
     Other nondeposit fees and commissions    71,634    73,618    73,312    60,770    56,272  
     Securities gains (losses), net    (511 )  (7,529 )  (29,127 )  109,500    34,234  
     Other noninterest income    46,893    37,342    46,339    38,547    30,673  
       Total noninterest income    478,178    471,015    512,103    461,096    444,921  
     Noninterest expense  
     Personnel expense    422,966    374,788    412,350    367,497    352,701  
     Occupancy and equipment expense    100,147    100,463    97,352    85,625    87,727  
     Foreclosed property expense    6,002    6,556    5,163    3,541    4,069  
     Amortization of intangibles    24,056    21,100    20,990    6,806    6,754  
     Other noninterest expense    175,165    179,778    173,393    155,610    148,108  
       Total noninterest expense    728,336    682,685    709,248    619,079    599,359  
     Operating earnings before income taxes    494,165    541,506    544,313    483,937    474,740  
     Provision for income taxes    159,521    164,657    165,055    147,009    143,941  
       Operating earnings (1)    334,644    376,849    379,258    336,928    330,799  
PER SHARE DATA BASED ON  
     OPERATING EARNINGS (1)  
     Basic earnings   $ .61   $ .69   $ .69   $ .71   $ .70  
     Diluted earnings    .61    .69    .68    .71    .70  
     Dividends paid per common share    .32    .32    .32    .29    .29  
     Book value per share    19.03    18.33    18.61    16.32    16.05  
     Tangible book value per share (2)    11.01    10.92    11.20    12.36    12.05  
PERFORMANCE RATIOS BASED ON  
     OPERATING EARNINGS (1)  
     Return on average assets       1.46  %   1.66  %   1.66  %   1.67  %   1.69  %
     Return on average equity    13.17    14.80    14.73    17.45    17.94  
     Net yield on earning assets (taxable equivalent) (3)    4.09    4.22    4.17    4.06    4.13  
     Efficiency ratio (taxable equivalent) (3)    55.1    52.7    53.0    52.0    51.6  
     Noninterest income as a percentage of                                  
       total income (taxable equivalent) (3)    36.9    34.7    37.3    38.2    37.4  
     Equity as a percentage of total assets at  
       end of period    11.1    11.0    11.3    9.6    9.5  
     Average earning assets as a percentage of                                  
       average total assets    88.1    87.9    87.6    89.3    89.2  
     Average loans and leases as a percentage of  
       average deposits    102.7    100.7    99.4    102.9    104.1  
CASH BASIS PERFORMANCE BASED ON  
     OPERATING EARNINGS (1) (4)  
     Cash basis operating earnings     $ 354,965   $ 393,646   $ 395,987   $ 341,080   $ 334,919  
     Diluted earnings per share       .64     .72     .71     .72     .71  
     Return on average tangible assets       1.62  %   1.81  %   1.81  %   1.73  %   1.76  %
     Return on average tangible equity    23.93    25.84    25.62    23.38    24.26  
     Efficiency ratio (taxable equivalent) (3)       52.9     50.8     51.2     51.4     51.0  

NOTES:   Applicable ratios are annualized.
  (1) Operating earnings statements exclude the effect of merger-related and nonrecurring charges. These charges totaled $6.1 million, $71.8 million, $263.4 million, $20.7 million, and $3.1 million, net of tax, for the quarters ended March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively. See Reconciliation Tables included herein.
  (2) Excludes carrying value of goodwill and other intangible assets from shareholders' equity.
  (3) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, gains or losses on mortgage banking-related derivatives, merger-related charges and nonrecurring charges. See Reconciliation Tables included herein.
  (4) Cash basis performance information excludes the effect on earnings of amortization expense applicable to intangible assets, the unamortized balances of intangibles from assets and equity, and the net amortization of purchase accounting mark-to-market adjustments. See Reconciliation Tables included herein.


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) 3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
INCOME STATEMENTS
     Interest income
     Interest and fees on loans and leases     $ 912,156   $ 982,319   $ 920,451   $ 841,961   $ 846,671  
     Interest and dividends on securities    165,784    171,178    176,319    201,826    206,408  
     Interest on short-term investments    2,509    2,316    1,798    1,744    1,801  
       Total interest income    1,080,449    1,155,813    1,098,568    1,045,531    1,054,880  
     Interest expense  
     Interest on deposits    166,777    171,380    184,168    192,505    207,624  
     Interest on short-term borrowed funds    17,395    15,033    14,651    15,494    13,664  
     Interest on long-term debt    89,454    89,451    93,291    134,112    141,414  
       Total interest expense    273,626    275,864    292,110    342,111    362,702  
     Net interest income    806,823    879,949    806,458    703,420    692,178  
     Provision for loan and lease losses    62,500    58,500    65,000    61,500    63,000  
       Net interest income after provision for                                  
          loan and lease losses    744,323    821,449    741,458    641,920    629,178  
     Noninterest income  
     Service charges on deposits    122,763    122,120    121,981    96,645    96,778  
     Mortgage banking income (loss)    7,110    45,628    98,330    (32,711 )  59,972  
     Investment banking and brokerage fees and commissions    76,598    68,667    65,805    60,597    52,325  
     Trust revenue    29,985    29,099    31,871    26,248    26,009  
     Insurance commissions    123,706    102,070    103,592    101,500    88,658  
     Other nondeposit fees and commissions    71,634    73,618    73,312    60,770    56,272  
     Securities gains (losses), net    (511 )  (7,529 )  (29,127 )  109,500    34,234  
     Other noninterest income    46,893    37,342    46,339    38,547    30,673  
       Total noninterest income    478,178    471,015    512,103    461,096    444,921  
     Noninterest expense                                  
     Personnel expense    422,966    374,788    412,350    367,497    352,701  
     Occupancy and equipment expense    100,147    100,463    97,352    85,625    87,727  
     Foreclosed property expense    6,002    6,556    5,163    3,541    4,069  
     Amortization of intangibles    24,056    21,100    20,990    6,806    6,754  
     Merger-related and restructuring charges    9,650    51,451    22,820    10,775    4,729  
     Loss on early extinguishment of debt    --    --    384,898    --    --  
     Other noninterest expense    175,165    179,778    173,393    176,676    148,108  
       Total noninterest expense    737,986    734,136    1,116,966    650,920    604,088  
     Income before income taxes    484,515    558,328    136,595    452,096    470,011  
     Provision for income taxes    156,015    253,301    20,704    135,859    142,263  
       Net income    328,500    305,027    115,891    316,237    327,748  
PER SHARE DATA  
     Basic earnings   $ .60   $ .56   $ .21   $ .67   $ .70  
     Diluted earnings    .60    .55    .21    .67    .69  

For the Quarter Ended
3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
ANNUALIZED INTEREST YIELDS / RATES (1)
Interest income:
Securities and other earning assets       4.07  %   4.30  %   4.28  %   4.92  %   5.38  %
Loans and leases    5.84    5.96    6.02    6.29    6.46  
  Total earning assets    5.45    5.60    5.62    5.95    6.20  
Interest expense:  
Interest-bearing deposits    1.32    1.35    1.44    1.73    1.92  
Short-term borrowed funds    1.06    .98    .99    1.29    1.36  
Long-term debt    3.38    3.55    3.60    4.04    4.16  
  Total interest-bearing liabilities    1.62    1.65    1.73    2.19    2.38  
Net yield on earning assets    4.09  %  4.22  %  4.17  %  4.06  %  4.13  %

NOTES: (1) Fully taxable equivalent yields. Excludes nonrecurring items. 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 9  Investor Relations  FAX (336) 733-3132  


As of / For the Quarter Ended
(Dollars in thousands) 3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
SELECTED BALANCE SHEET DATA
     End of period balances
     Securities available for sale     $ 17,584,687   $ 15,562,954   $ 16,032,688   $ 16,030,474   $ 16,721,662  
     Securities held to maturity    125    60,122    57,076    55,099    57,489  
     Trading securities    364,481    693,819    710,387    180,711    172,789  
       Total securities    17,949,293    16,316,895    16,800,151    16,266,284    16,951,940  
     Commercial loans and leases    31,743,612    31,335,752    30,939,186    29,418,569    29,331,744  
     Direct retail loans    12,447,494    12,130,101    11,791,148    9,716,242    9,477,267  
     Sales finance loans    6,190,940    6,035,662    6,164,851    3,381,745    3,388,430  
     Revolving credit loans    1,167,467    1,180,480    1,111,208    1,059,313    1,037,135  
     Mortgage loans    12,821,573    11,623,391    11,166,084    11,368,328    10,542,311  
       Total loans and leases    64,371,086    62,305,386    61,172,477    54,944,197    53,776,887  
     Allowance for loan and lease losses    790,271    784,937    791,527    719,576    716,276  
     Other earning assets    510,292    604,006    603,425    533,478    435,066  
       Total earning assets    82,607,385    79,208,578    78,410,936    71,351,630    70,709,082  
       Total assets    94,281,503    90,466,613    90,355,131    80,444,806    79,647,890  
     Noninterest-bearing deposits    11,500,136    11,098,251    10,909,953    9,238,605    8,614,360  
     Savings and interest checking    4,379,735    4,307,069    4,217,404    2,946,606    3,076,491  
     Money rate savings    20,569,144    20,348,969    20,231,596    16,608,916    16,388,917  
     CDs and other time deposits    27,675,877    23,595,496    25,936,345    23,561,639    23,161,261  
       Total deposits    64,124,892    59,349,785    61,295,298    52,355,766    51,241,029  
     Short-term borrowed funds    5,748,572    7,334,900    6,294,995    4,627,801    4,229,003  
     Long-term debt    10,625,382    10,807,700    9,837,910    12,831,350    13,565,934  
       Total interest-bearing liabilities    68,998,710    66,394,134    66,518,250    60,576,312    60,421,606  
       Total shareholders' equity    10,426,828    9,934,731    10,214,832    7,703,424    7,561,078  
     Goodwill    3,837,956    3,616,526    3,642,068    1,714,938    1,737,617  
     Core deposit and other intangibles    552,527    401,944    422,716    152,054    146,145  
       Total intangibles    4,390,483    4,018,470    4,064,784    1,866,992    1,883,762  
       Mortgage servicing rights   $ 256,341   $ 334,931   $ 327,376   $ 220,300   $ 313,805  
     Average balances  
     Securities, at amortized cost   $ 17,188,281   $ 16,937,451   $ 17,423,216   $ 17,432,923   $ 16,428,321  
     Commercial loans and leases    31,460,865    30,919,252    30,746,686    29,231,383    28,999,821  
     Direct retail loans    12,269,198    11,931,318    11,597,522    9,586,676    9,417,240  
     Sales finance loans    6,165,341    6,278,763    6,285,902    3,486,168    3,481,107  
     Revolving credit loans    1,168,516    1,136,268    1,098,690    1,044,083    1,038,444  
     Mortgage loans    12,156,224    11,425,458    11,790,843    11,032,165    10,772,525  
       Total loans and leases    63,220,144    61,691,059    61,519,643    54,380,475    53,709,137  
     Allowance for loan and lease losses    786,556    794,394    792,914    720,432    729,456  
     Other earning assets    697,659    590,519    633,744    514,879    452,010  
       Total earning assets    81,106,084    79,219,029    79,576,603    72,328,277    70,589,468  
       Total assets    92,112,359    90,116,726    90,845,816    81,012,962    79,154,304  
     Noninterest-bearing deposits    10,744,997    10,967,480    11,023,396    8,326,827    7,687,410  
     Savings and interest checking    4,575,373    4,425,717    4,497,102    3,303,608    3,375,038  
     Money rate savings    20,230,460    20,162,364    20,018,836    16,406,576    16,228,100  
     CDs and other time deposits    25,993,720    25,712,445    26,350,439    24,824,328    24,322,564  
       Total deposits    61,544,550    61,268,006    61,889,773    52,861,339    51,613,112  
     Short-term borrowed funds    6,597,199    6,006,630    5,763,994    4,744,761    4,019,301  
     Long-term debt    10,621,546    9,936,570    10,205,592    13,173,214    13,582,346  
       Total interest-bearing liabilities    68,018,298    66,243,726    66,835,963    62,452,487    61,527,349  
       Total shareholders' equity   $ 10,218,527   $ 10,099,916   $ 10,215,142   $ 7,745,395   $ 7,477,149  
SELECTED CAPITAL INFORMATION (1)  
     Risk-based capital:  
       Tier 1   $ 6,218,080   $ 6,166,160   $ 6,274,986   $ 5,684,767   $ 5,497,767  
       Total    8,260,303    8,211,674    8,683,707    8,022,774    7,946,913  
     Risk-weighted assets    67,174,692    65,511,840    65,442,593    58,324,722    57,651,703  
     Average quarterly tangible assets    87,835,594    86,157,150    86,828,988    78,631,225    76,718,630  
     Risk-based capital ratios:  
       Tier 1       9.26  %   9.41  %   9.59  %   9.75  %   9.54  %
       Total    12.30    12.53    13.27    13.76    13.78  
     Leverage capital ratio    7.08    7.16    7.23    7.23    7.17  
     Equity as a percentage of total assets    11.1    11.0    11.3    9.6    9.5  
     Book value per share   $ 19.03   $ 18.33   $ 18.61   $ 16.32   $ 16.05  
     Tangible book value per share (2)    11.01    10.92    11.20    12.36    12.05  

NOTES:   All items referring to loans and leases include loans held for sale and are net of unearned income.
  (1) Current quarter risk-based capital information is preliminary.
  (2) Excludes the carrying value of goodwill and other intangible assets from shareholders' equity.


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) 3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
ASSET QUALITY ANALYSIS
Allowance For Loan and Lease Losses
  Beginning balance     $ 784,937   $ 791,527   $ 719,576   $ 716,276   $ 723,685  
  Allowance for acquired loans, net    --    --    68,768    --    1,267  
  Reclassification of allowance related                                  
     to unfunded commitments    --    --    --    --    (8,986 )
  Provision for loan and lease losses    62,500    58,500    65,000    61,500    63,000  
     Charge-offs  
          Commercial loans and leases    (22,176 )  (38,577 )  (27,194 )  (27,853 )  (29,018 )
          Direct retail    (11,295 )  (12,395 )  (10,340 )  (10,078 )  (12,535 )
          Sales finance    (22,518 )  (21,856 )  (23,309 )  (24,751 )  (22,233 )
          Revolving credit    (14,286 )  (12,279 )  (12,387 )  (12,955 )  (12,423 )
          Mortgage    (1,375 )  (1,733 )  (1,523 )  (1,178 )  (658 )
     Total charge-offs    (71,650 )  (86,840 )  (74,753 )  (76,815 )  (76,867 )
     Recoveries  
          Commercial loans and leases    6,057    13,703    4,102    10,668    6,369  
          Direct retail    2,489    2,442    3,269    2,857    3,233  
          Sales finance    3,511    3,279    3,305    2,848    2,493  
          Revolving credit    2,178    2,205    2,155    2,159    1,901  
          Mortgage    249    121    105    83    181  
     Total recoveries    14,484    21,750    12,936    18,615    14,177  
  Net charge-offs    (57,166 )  (65,090 )  (61,817 )  (58,200 )  (62,690 )
  Ending balance   $ 790,271   $ 784,937   $ 791,527   $ 719,576   $ 716,276  
Nonperforming Assets  
  Nonaccrual loans and leases:  
          Commercial loans and leases   $ 218,111   $ 219,558   $ 226,655   $ 233,938   $ 251,364  
          Direct retail    52,426    50,085    47,618    43,023    39,179  
          Sales finance    12,062    13,082    14,182    15,794    27,999  
          Revolving credit    367    342    354    278    266  
          Mortgage    62,756    67,373    66,611    70,491    73,893  
  Total nonaccrual loans and leases    345,722    350,440    355,420    363,524    392,701  
  Foreclosed real estate    74,832    78,964    70,178    64,347    60,110  
  Other foreclosed property    21,247    17,106    20,902    17,575    21,714  
  Restructured loans    573    592    613    145    175  
     Nonperforming assets   $ 442,374   $ 447,102   $ 447,113   $ 445,591   $ 474,700  
Loans 90 days or more past due  
  and still accruing:  
          Commercial loans and leases   $ 18,885   $ 17,759   $ 34,965   $ 19,925   $ 15,994  
          Direct retail    20,359    25,695    24,019    20,934    24,451  
          Sales finance    26,091    27,863    18,379    15,688    16,311  
          Revolving credit    4,644    5,601    4,626    4,466    4,651  
          Mortgage    33,917    39,840    39,918    36,466    32,202  
  Total loans 90 days or more past due  
     and still accruing    103,896    116,758    121,907    97,479    93,609  
  Loans 90 days or more past due and still accruing                                  
     as a percentage of total loans and leases       .16  %   .19  %   .20  %   .18  %   .17  %
Asset Quality Ratios  
  Nonaccrual and restructured loans and leases                                  
     as a percentage of total loans and leases       .54  %   .56  %   .58  %   .66  %   .73  %
  Nonperforming assets as a percentage of:  
     Total assets    .47    .49    .49    .55    .60  
     Loans and leases plus                                  
        foreclosed property    .69    .72    .73    .81    .88  
  Net charge-offs as a percentage of  
     average loans and leases    .36    .42    .40    .43    .47  
  Net charge-offs excluding specialized                                 
     lending as a percentage of average                                 
     loans and leases (1)    .25    .31    .30    .31    .35  
  Allowance for loan and lease losses as  
     a percentage of loans and leases    1.23    1.26    1.29    1.31    1.33  
  Allowance for loan and lease losses as                                 
     a percentage of loans and leases                                 
     held for investment    1.25    1.27    1.32    1.39    1.39  
  Ratio of allowance for loan and lease losses to:  
     Net charge-offs       3.44  x   3.04  x   3.23  x   3.08  x   2.82  x
     Nonaccrual and restructured loans and leases       2.28     2.24     2.22     1.98     1.82  

NOTES:   All items referring to loans and leases include loans held for sale and are net of unearned income. Applicable ratios are annualized.
  (1) Excludes net charge-offs and average loans from BB&T's specialized lending subsidiaries.


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  


Percentage Increase (Decrease)
1Q04 vs. 1Q03 1Q04 vs. 4Q03
PERCENTAGE CHANGES IN SELECTED BALANCES ADJUSTED FOR PURCHASE ACQUISTIONS (1)
     Average Balances
     Commercial loans and leases       3.0  %   7.0  %
     Direct retail loans    9.0    11.4  
     Sales finance loans    (2.2 )  (7.3 )
     Revolving credit loans    9.0    11.4  
     Mortgage loans    10.3    25.7  
       Total loans and leases    5.0    10.0  
     Noninterest-bearing deposits    9.9    (8.1 )
     Interest-bearing transaction accounts    8.0    14.6  
     CDs and other time deposits    (2.4 )  4.9  
     Other deposits    3.2    (2.9 )
       Total deposits       2.5  %   2.0  %
 
 
PERCENTAGE CHANGES IN SELECTED INCOME STATEMENT ITEMS  
     BASED ON OPERATING EARNINGS ADJUSTED FOR PURCHASE ACQUISITIONS (1)  
       Net interest income - taxable equivalent       (.7 ) %   (4.1 ) %
       Noninterest income  
     Service charges on deposits    6.6    2.1  
     Mortgage banking income    (88.2 )  NM  
     Investment banking and brokerage fees and commissions    45.1    46.5  
     Trust revenue    1.2    12.2  
     Insurance commissions    10.1    (24.9 )
     Other nondeposit fees and commissions    9.7    (10.8 )
     Securities gains (losses), net    (101. 3)  NM  
     Other income    47.2    102.9  
       Total noninterest income (2)    (5.2 )  (18.5 )
       Noninterest expense  
     Personnel expense    .4    33.3  
     Occupancy and equipment expense    (2.6 )  (7.4 )
     Other noninterest expense    3.4    (15.8 )
       Total noninterest expense       .8  %   12.6  %

NOTES:   Applicable growth rates are annualized.
  (1) Adjusted to exclude estimated growth that resulted from the timing of acquisitions during 2004 and 2003.
  (2) Excluding mortgage banking income and securities gains (losses), noninterest income increased 15.6% from the first quarter of 2003 to the first quarter of 2004 and increased 6.2% on an annualized basis from the fourth quarter of 2003 to the first quarter of 2004.
  NM  - not meaningful.


QUARTERLY PERFORMANCE SUMMARY   Tom A. Nicholson    
BB&T Corporation (NYSE:BBT)  Senior Vice President  (336) 733-3058  
Page 12  Investor Relations  FAX (336) 733-3132  


For the Three Months Ended
(Dollars in thousands, except per share data) 3/31/04 12/31/03 9/30/03 6/30/03 3/31/03
RECONCILIATION TABLE
Net income     $ 328,500   $ 305,027   $ 115,891   $ 316,237   $ 327,748  
   Merger-related charges, net of tax    6,144    30,176    14,829    6,998    3,051  
   Other, net of tax (3)    --    41,646    248,538    13,693    --  
Operating earnings    334,644    376,849    379,258    336,928    330,799  
   Amortization of intangibles, net of tax    15,215    12,871    12,804    4,152    4,120  
   Amortization of mark-to-market adjustments, net of tax    5,106    3,926    3,925    --    --  
Cash basis operating earnings    354,965    393,646    395,987    341,080    334,919  
Return on average assets       1.43  %   1.34  %   .51  %   1.57  %   1.68  %
   Effect of merger-related charges, net of tax    .03    .13    .06    .03    .01  
   Effect of other, net of tax (3)    --    .19    1.09    .07    --  
Operating return on average assets    1.46    1.66    1.66    1.67    1.69  
   Effect of amortization of intangibles, net of tax (2)    .14    .13    .13    .06    .07  
   Effect of amortization of mark-to-market adjustments,                                  
      net of tax    .02    .02    .02    --    --  
Cash basis operating return on average  
    tangible assets    1.62    1.81    1.81    1.73    1.76  
Return on average equity       12.93  %   11.98  %   4.50  %   16.38  %   17.78  %
   Effect of merger-related charges, net of tax    .24    1.19    .58    .36    .16  
   Effect of other, net of tax (3)    --    1.63    9.65    .71    --  
Operating return on average equity    13.17    14.80    14.73    17.45    17.94  
   Effect of amortization of intangibles, net of tax (2)    10.42    10.89    10.64    5.93    6.32  
   Effect of amortization of mark-to-market adjustments,  
      net of tax    .34    .15    .25    --    --  
Cash basis operating return on average                                  
   tangible equity    23.93    25.84    25.62    23.38    24.26  
Efficiency ratio (taxable equivalent) (1)       55.8  %   59.7  %   83.7  %   54.7  %   52.0  %
   Effect of merger-related charges    (.7 )  (4.0 )  (1.7 )  (.9 )  (.4 )
   Effect of other (3)    --    (3.0 )  (29.0 )  (1.8 )  --  
Operating efficiency ratio (1)    55.1    52.7    53.0    52.0    51.6  
   Effect of amortization of intangibles    (1.9 )  (1.6 )  (1.6 )  (.6 )  (.6 )
   Effect of amortization of mark-to-market adjustments    (.3 )  (.3 )  (.2 )  --    --  
Cash basis operating efficiency ratio (1)    52.9    50.8    51.2    51.4    51.0  
Basic earnings per share     $ .60   $ .56   $ .21   $ .67   $ .70  
   Effect of merger-related charges, net of tax    .01    .06    .03    .01    --  
   Effect of other, net of tax (3)    --    .07    .45    .03    --  
Operating basic earnings per share    .61    .69    .69    .71    .70  
Diluted earnings per share   $ .60   $ .55   $ .21   $ .67   $ .69  
   Effect of merger-related charges, net of tax    .01    .05    .03    .01    .01  
   Effect of other, net of tax (3)    --    .09    .44    .03    --  
Operating diluted earnings per share    .61    .69    .68    .71    .70  
   Effect of amortization of intangibles, net of tax    .02    .02    .02    .01    .01  
   Effect of amortization of mark-to-market adjustments,  
      net of tax    .01    .01    .01    --    --  
Cash basis operating diluted earnings per share    .64    .72    .71    .72    .71  
Net yield on earning assets (taxable equivalent)       4.09  %   3.89  %   4.17  %   4.06  %   4.13  %
   Effect of other, net of tax (3)    --    .33    --    --    --  
Operating net yield on earning assets    4.09    4.22    4.17    4.06    4.13  

NOTES:   Applicable ratios are annualized.
  (1) Excludes securities gains (losses), foreclosed property expense, provisions for or recaptures of the impairment of mortgage servicing rights, and gains or losses on mortgage banking-related derivatives. Operating and cash basis ratios also exclude merger-related and nonrecurring charges.
  (2) Reflects the effect of excluding average intangible assets from average assets and average equity to calculate cash basis ratios.
  (3) Reflects nonrecurring contributions made by an affiliated trust totaling $13.7 million in the second quarter of 2003, a loss on early extinguishment of debt totaling $248.5 million in the third quarter of 2003, and a one-time charge related to deferred income taxes associated with BB&T's leasing operatings totaling $41.6 million in the fourth quarter of 2003.


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/ EDWARD D. VEST

                                                                                Edward D. Vest
                                                                                Senior Vice President and Controller
                                                                                (Principal Accounting Officer)

Date:       April 13, 2004