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
Date of Report (Date of earliest event reported)
April 11, 2000
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 12 pages.
<PAGE>
ITEM 5. OTHER EVENTS
The purpose of this Current Report on Form 8-K is to file BB&T
Corporation's Quarterly Performance Summary for the first quarter of 2000,
including sections distributed to the media and a supplement distributed to
analysts.
EXHIBIT INDEX
Exhibit 99.1 Quarterly Performance Summary issued April 11, 2000
<PAGE>
BB&T reports 10.7% increase in 1st quarter earnings
WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE:BBT) reported today first
quarter 2000 earnings totaling $182.0 million, or $.52 per diluted share,
excluding $19.8 million in after-tax nonrecurring charges principally associated
with the acquisition of Atlanta-based Premier Bancshares, Inc. Excluding
nonrecurring charges, net income for the first quarter increased 10.7% and
diluted earnings per share increased 10.6% compared to 1999 recurring results.
BB&T's first quarter 2000 results, excluding nonrecurring charges,
represent an annualized return on average assets of 1.60% and an annualized
return on average shareholders' equity of 21.30%, compared to prior year ratios
of 1.60% and 19.93%, respectively.
Including nonrecurring charges, net income for the first quarter of 2000
totaled $162.2 million, an increase of 5.3% compared to $154.0 million earned in
the first quarter of 1999. On a diluted per share basis, net income for the
quarter was $.46, an increase of 4.5% compared to $.44 earned in 1999.
BB&T's "cash basis" operating results, which exclude the effects of
intangible assets and related amortization expenses, improved in the first
quarter of 2000 compared to 1999. Recurring cash basis earnings totaled $195.1
million for the first quarter of 2000, or $.55 per diluted share, increases of
12.2% and 10.0%, respectively, compared to prior year results. Cash basis
earnings for the quarter generated an annualized return on average tangible
assets of 1.73% and an annualized return on average tangible shareholders'
equity of 28.03%.
"We are very pleased to report strong earnings for the first quarter of
2000," said Chairman and Chief Executive Officer John A. Allison. "BB&T has
continued to grow and prosper in a very competitive industry. At the same time,
we have maintained expense control and excellent asset quality, as evidenced by
our first quarter cash basis efficiency ratio, which was 50.9%, and our first
quarter net charge-off ratio of .23%. As measured by these and other ratios,
BB&T continues to outperform historic industry standards. We continued to enjoy
healthy growth in our loan portfolio during the quarter, up 10.9% compared to
the first quarter last year, and our noninterest income lines of business had
revenue growth of 16.9%."
On Feb. 7, BB&T announced plans to acquire One Valley Bancorp, Inc., of
Charleston, W.Va. With approximately $6.6 billion in assets, One Valley operates
123 branches - 76 in West Virginia and 47 in central Virginia. BB&T's merger
with One Valley combines two of the country's highest performing bank holding
companies and gives BB&T the No. 1 deposit market share in West Virginia. BB&T's
Virginia franchise is also bolstered by the merger. One Valley will expand
BB&T's Virginia franchise into 10 additional markets and will boost BB&T's
assets in Virginia to $6.6 billion. Following the completion of the One Valley
transaction, BB&T will rank sixth in deposit market share in the state.
On Jan. 13, BB&T completed its acquisition of Premier Bancshares, Inc., of
Atlanta, Ga. With $2 billion in assets, Premier operated 32 banking offices in
Atlanta and north Georgia and 10 mortgage banking offices. Premier is BB&T's
third Georgia acquisition. BB&T also has two pending mergers in Georgia - First
Banking Company of Southeast Georgia, based in Statesboro, and Hardwick Holding
Company, of Dalton. Following the completion of these transactions, BB&T will
have $5.2 billion in assets and rank as the eighth largest bank holding company
in the state.
"Our latest acquisitions continue our strategy of pursuing economically
advantageous merger partners," said Allison. "We have been a successful acquirer
of high quality financial institutions in recent years, and have effectively
executed these business combinations. One Valley was ranked by U.S. Banker
magazine in 1999 as the 10th highest performing bank holding company in the
country. With 18 consecutive years of increased earnings and dividends, One
Valley clearly fits within our acquisition strategy. We are very excited by the
improved earnings potential and higher franchise value that will result from our
combined organization."
At March 31, BB&T had $46.6 billion in assets and 687 banking offices in
the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland 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
10 was $28.19 per share.
<PAGE>
<TABLE>
QUARTERLY PERFORMANCE SUMMARY Tom A. Nicholson
BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058
Page 3 Investor Relations FAX(336) 733-3132
<CAPTION>
For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 3/31/00 3/31/99 $ %
INCOME STATEMENT
<S> <C> <C> <C> <C>
Interest income - taxable equivalent $ 906,616 $ 779,998 $ 126,618 16.2 %
Interest expense 452,552 370,106 82,446 22.3
Net interest income - taxable equivalent 454,064 409,892 44,172 10.8
Less: Taxable equivalent adjustment 21,588 19,177 2,411 12.6
Net interest income 432,476 390,715 41,761 10.7
Provision for loan & lease losses 23,500 21,569 1,931 9.0
Net interest income after provision for loan & lease losses 408,976 369,146 39,830 10.8
Noninterest income 213,941 183,184 30,757 16.8
Noninterest expense 384,747 325,250 59,497 18.3
Income before income taxes 238,170 227,080 11,090 4.9
Provision for income taxes 75,933 73,072 2,861 3.9
Net income $ 162,237 $ 154,008 $ 8,229 5.3 %
PER SHARE DATA
Basic earnings $ .47 $ .45 $ .02 4.4 %
Diluted earnings .46 .44 .02 4.5
Weighted average shares - Basic 348,258,984 343,404,805
Diluted 352,539,880 350,333,049
Dividends paid on common shares $ .20 $ .175 $ .03 14.3 %
PERFORMANCE RATIOS
Return on average assets 1.42 % 1.50 %
Return on average equity 18.99 18.67
Net yield on earning assets (taxable equivalent) 4.25 4.26
Efficiency (taxable equivalent) * 52.9 52.1
For the Three Months Ended Increase (Decrease)
(Dollars in thousands, except per share data) 3/31/00 3/31/99 $ %
INCOME STATEMENT EXCLUDING NONRECURRING ITEMS
Interest income - taxable equivalent $ 906,616 $ 779,998 $ 126,618 16.2 %
Interest expense 452,552 370,106 82,446 22.3
Net interest income - taxable equivalent 454,064 409,892 44,172 10.8
Less: Taxable equivalent adjustment 21,588 19,177 2,411 12.6
Net interest income 432,476 390,715 41,761 10.7
Provision for loan & lease losses 22,000 21,569 431 2.0
Net interest income after provision for
loan & lease losses 410,476 369,146 41,330 11.2
Noninterest income 214,222 183,184 31,038 16.9
Noninterest expense 354,117 309,409 44,708 14.4
Income before income taxes 270,581 242,921 27,660 11.4
Provision for income taxes 88,561 78,527 10,034 12.8
Income excluding nonrecurring items 182,020 164,394 17,626 10.7
Nonrecurring items, net of tax 19,783 10,386 9,397 NM
Net income $ 162,237 $ 154,008 $ 8,229 5.3 %
PER SHARE DATA EXCLUDING NONRECURRING ITEMS
Basic earnings $ .52 $ .48 $ .04 8.3 %
Diluted earnings .52 .47 .05 10.6
Weighted average shares - Basic 348,258,984 343,404,805
Diluted 352,539,880 350,333,049
Dividends paid on common shares $ .20 $ .175 $ .03 14.3 %
PERFORMANCE RATIOS EXCLUDING NONRECURRING ITEMS
Return on average assets 1.60 % 1.60 %
Return on average equity 21.30 19.93
Net yield on earning assets (taxable equivalent) 4.25 4.26
Efficiency (taxable equivalent) * 52.9 52.1
CASH BASIS PERFORMANCE EXCLUDING NONRECURRING ITEMS**
Net income $ 195,053 $ 173,916 $ 21,137 12.2 %
Diluted earnings per share .55 .50 .05 10.0
Return on average tangible assets 1.73 % 1.72 %
Return on average tangible equity 28.03 24.39
Efficiency ratio (taxable equivalent) * 50.9 50.4
NOTES: Applicable ratios are annualized.
* Excludes securities gains (losses), foreclosed property expense and nonrecurring items.
** Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that
do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible
assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity.
NM - not meaningful.
</TABLE>
<PAGE>
<TABLE>
QUARTERLY PERFORMANCE SUMMARY Tom A. Nicholson
BB&T Corporation (NYSE:BBT) Senior Vice President (336) 733-3058
Page 4 Investor Relations FAX(336) 733-3132
<CAPTION>
As of / For the Three Months Ended Increase (Decrease)
(Dollars in thousands) 3/31/00 3/31/99 $ %
SELECTED BALANCE SHEET DATA
<S> <C> <C> <C> <C>
End of period balances
Securities, at carrying value* $ 11,279,670 $ 11,288,311 $ (8,641) (.1)%
Commercial loans & leases 17,026,933 14,259,997 2,766,936 19.4
Consumer loans 7,943,022 6,902,441 1,040,581 15.1
Revolving credit loans 629,673 541,837 87,836 16.2
Mortgage loans 5,866,357 6,674,524 (808,167) (12.1)
Total loans & leases* 31,465,985 28,378,799 3,087,186 10.9
Allowance for loan & lease losses 417,244 387,133 30,111 7.8
Other earning assets 259,129 279,718 (20,589) (7.4)
Total earning assets 43,478,761 39,898,129 3,580,632 9.0
Total assets 46,629,171 42,826,213 3,802,958 8.9
Noninterest-bearing deposits 4,341,630 3,876,995 464,635 12.0
Savings & interest checking 1,899,028 2,209,191 (310,163) (14.0)
Money rate savings 8,583,016 7,705,448 877,568 11.4
Certificates of deposit & other time deposits 13,369,192 13,491,272 (122,080) (.9)
Other deposits 1,267,815 880,405 387,410 44.0
Total deposits 29,460,681 28,163,311 1,297,370 4.6
Short-term borrowed funds 6,861,822 5,032,090 1,829,732 36.4
Long-term debt 6,146,024 5,666,542 479,482 8.5
Total interest-bearing liabilities 38,126,897 34,984,948 3,141,949 9.0
Total shareholders' equity $ 3,481,602 $ 3,360,956 $ 120,646 3.6 %
Average balances
Securities, at amortized cost* $ 11,432,238 $ 10,351,116 $ 1,081,122 10.4 %
Commercial loans & leases 16,708,865 13,998,421 2,710,444 19.4
Consumer loans 7,833,577 6,659,145 1,174,432 17.6
Revolving credit loans 617,207 536,454 80,753 15.1
Mortgage loans 5,978,097 6,884,928 (906,831) (13.2)
Total loans & leases* 31,137,746 28,078,948 3,058,798 10.9
Other earning assets 318,907 309,390 9,517 3.1
Total earning assets 42,888,891 38,739,454 4,149,437 10.7
Total assets 45,870,339 41,560,422 4,309,917 10.4
Noninterest-bearing deposits 4,065,783 3,807,843 257,940 6.8
Savings & interest checking 2,047,804 2,302,711 (254,907) (11.1)
Money rate savings 8,268,478 7,457,822 810,656 10.9
Certificates of deposit & other time deposits 13,645,864 13,478,754 167,110 1.2
Other deposits 1,638,640 775,542 863,098 111.3
Total deposits 29,666,569 27,822,672 1,843,897 6.6
Short-term borrowed funds 6,586,123 4,312,588 2,273,535 52.7
Long-term debt 5,482,509 5,453,044 29,465 .5
Total interest-bearing liabilities 37,669,418 33,780,461 3,888,957 11.5
Total shareholders' equity $ 3,436,432 $ 3,345,572 $ 90,860 2.7 %
</TABLE>
<TABLE>
As of / For the Quarter Ended
<CAPTION>
(Dollars in thousands, except per share data) 3/31/00 12/31/99 9/30/99 6/30/99 3/31/99
MISCELLANEOUS INFORMATION
<S> <C> <C> <C> <C> <C>
Unrealized (depreciation) appreciation on
securities available for sale, net of tax $ (296,390) $ (281,494) $ (143,771) $ (123,408) $ 29,899
Derivatives (notional value) 1,938,201 1,301,611 1,339,937 1,987,264 3,342,143
Unrealized gain (loss) on derivatives portfolio 1,930 (301) 7,889 15,010 25,350
Common stock prices (daily close):
High 29.19 36.94 36.63 40.25 40.44
Low 22.00 27.31 30.50 33.81 34.94
End of period 28.06 27.38 32.38 36.69 36.19
Weighted average shares - Basic 348,258,984 347,357,691 344,155,452 343,438,884 343,404,805
Diluted 352,539,880 352,563,523 349,990,559 350,288,696 350,333,049
End of period shares outstanding 348,472,442 347,906,156 345,781,252 343,151,317 344,266,221
End of period banking offices 687 687 688 679 692
NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income.
* Balances reflect the securitization of $247.9 million of loans during 2000 and $304.8 million of loans during 1999. The
increase in end of period loans, excluding the impact of the securitizations, was 11.6%. The increase in average loans,
excluding the securitizations, was 12.0%.
</TABLE>
<PAGE>
<TABLE>
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
As of / For the Quarter Ended
<CAPTION>
(Dollars in thousands, except per share data) 3/31/00 12/31/99 9/30/99 6/30/99 3/31/99
INCOME STATEMENTS EXCLUDING
NONRECURRING ITEMS
<S> <C> <C> <C> <C> <C>
Interest income - taxable equivalent
Interest & fees on loans & leases $ 710,447 $ 692,294 $ 656,701 $ 629,203 $ 607,320
Interest & dividends on securities 191,558 192,114 195,556 188,926 169,266
Interest on short-term investments 4,611 5,058 5,362 4,712 3,412
Total interest income - taxable equivalent 906,616 889,466 857,619 822,841 779,998
Interest expense
Interest on deposits 283,716 266,858 257,800 247,136 245,812
Interest on short-term borrowed funds 90,462 79,508 72,421 64,544 49,802
Interest on long-term debt 78,374 86,557 81,499 77,750 74,492
Total interest expense 452,552 432,923 411,720 389,430 370,106
Net interest income - taxable equivalent 454,064 456,543 445,899 433,411 409,892
Less: Taxable equivalent adjustment 21,588 22,278 23,149 22,388 19,177
Net interest income 432,476 434,265 422,750 411,023 390,715
Provision for loan & lease losses 22,000 22,064 21,862 23,499 21,569
Net interest income after provision for
loan & lease losses 410,476 412,201 400,888 387,524 369,146
Noninterest income
Service charges on deposits 53,932 55,337 53,141 51,454 51,559
Mortgage banking income 25,710 27,692 34,955 44,048 46,325
Investment banking & brokerage fees &
commissions 44,761 36,791 37,725 38,633 14,217
Trust income 14,862 14,456 14,351 13,451 13,158
Agency insurance commissions 28,090 24,779 20,464 16,820 16,882
Other insurance commissions 2,896 2,869 3,113 2,810 3,022
Other nondeposit fees & commissions 26,853 26,274 26,526 28,337 24,304
Securities gains (losses), net 5 1,047 (175) (2,895) 194
Other income 17,113 17,228 12,665 11,979 13,523
Total noninterest income 214,222 206,473 202,765 204,637 183,184
Noninterest expense
Personnel expense 198,098 185,044 189,008 183,654 159,346
Occupancy & equipment expense 54,301 52,926 53,717 53,017 49,564
Foreclosed property expense 856 1,282 1,249 724 645
Amortization of intangibles & mortgage
servicing rights 17,450 19,368 18,240 18,354 17,535
Other noninterest expense 83,412 93,483 91,737 93,373 82,319
Total noninterest expense 354,117 352,103 353,951 349,122 309,409
Income before income taxes 270,581 266,571 249,702 243,039 242,921
Provision for income taxes 88,561 89,289 80,167 78,166 78,527
Net income $ 182,020 $ 177,282 $ 169,535 $ 164,873 $ 164,394
PER SHARE DATA EXCLUDING
NONRECURRING ITEMS
Basic earnings $ .52 $ .51 $ .49 $ .48 $ .48
Diluted earnings .52 .50 .48 .47 .47
Dividends paid on common shares .20 .20 .20 .175 .175
Book value per common share $ 9.99 $ 9.76 $ 9.80 $ 9.45 $ 9.76
PERFORMANCE RATIOS EXCLUDING
NONRECURRING ITEMS
Return on average assets 1.60 % 1.55 % 1.51 % 1.52 % 1.60 %
Return on average equity 21.30 20.51 20.37 19.60 19.93
Net yield on earning assets (taxable
equivalent) 4.25 4.31 4.27 4.28 4.26
Efficiency (taxable equivalent) * 52.9 53.0 54.4 54.4 52.1
Noninterest income as a percentage of total
income (taxable equivalent) * 32.1 31.0 31.3 32.4 30.9
Equity as a percentage of total assets
end of period 7.5 7.5 7.5 7.3 7.8
Average earning assets as a percentage
of average total assets 93.5 93.3 93.6 93.3 93.2
Average loans & leases as a percentage
of average deposits 105.0 104.9 102.1 101.7 100.9
CASH BASIS PERFORMANCE EXCLUDING
NONRECURRING ITEMS**
Net income $ 195,053 $ 190,297 $ 181,345 $ 175,897 $ 173,916
Diluted earnings per share .55 .54 .52 .50 .50
Return on average tangible assets 1.73 % 1.69 % 1.64 % 1.64 % 1.72 %
Return on average tangible equity 28.03 26.96 26.37 24.85 24.39
Efficiency ratio (taxable equivalent) * 50.9 51.0 52.4 52.5 50.4
NOTES: Applicable ratios are annualized.
* Excludes securities gains (losses), foreclosed property expense and nonrecurring items for all periods.
** Cash basis operating results exclude the effect on earnings of amortization expense applicable to intangible assets that
do not qualify as regulatory capital. Cash basis performance ratios exclude the amortization of nonqualifying intangible
assets from earnings and the unamortized balances of nonqualifying intangibles from assets and equity.
</TABLE>
<PAGE>
<TABLE>
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 Quarter Ended
<CAPTION>
(Dollars in thousands) 3/31/00 12/31/99 9/30/99 6/30/99 3/31/99
SELECTED BALANCE SHEET DATA
<S> <C> <C> <C> <C> <C>
End of period balances
Securities, at carrying value $ 11,279,670 $ 10,961,590 $ 11,480,342 $ 11,645,111 $ 11,288,311
Commercial loans & leases 17,026,933 16,261,138 15,608,933 15,123,540 14,259,997
Consumer loans 7,943,022 7,730,026 7,530,956 7,020,528 6,902,441
Revolving credit loans 629,673 630,201 584,629 574,254 541,837
Mortgage loans 5,866,357 6,115,318 6,196,357 6,175,953 6,674,524
Total loans & leases 31,465,985 30,736,683 29,920,875 28,894,275 28,378,799
Allowance for loan & lease losses 417,244 411,188 400,869 393,306 387,133
Other earning assets 259,129 316,155 421,634 600,006 279,718
Total earning assets 43,478,761 42,463,941 42,050,261 41,336,282 39,898,129
Total assets 46,629,171 45,479,056 45,032,967 44,278,467 42,826,213
Noninterest-bearing deposits 4,341,630 4,139,422 4,075,840 4,010,319 3,876,995
Savings & interest checking 1,899,028 1,980,944 1,953,223 2,134,588 2,209,191
Money rate savings 8,583,016 8,480,285 7,978,102 7,696,124 7,705,448
Certificates of deposit & other time
deposits 13,369,192 13,661,522 13,925,868 13,448,420 13,491,272
Other deposits 1,267,815 529,401 361,994 737,575 880,405
Total deposits 29,460,681 28,791,574 28,295,027 28,027,026 28,163,311
Short-term borrowed funds 6,861,822 7,080,882 6,313,616 6,773,821 5,032,090
Long-term debt 6,146,024 5,520,484 6,377,669 5,634,877 5,666,542
Total interest-bearing liabilities 38,126,897 37,253,518 36,910,472 36,425,405 34,984,948
Total shareholders' equity 3,481,602 3,396,411 3,389,941 3,242,664 3,360,956
Goodwill 614,878 632,075 602,768 512,120 498,651
Core deposit & other intangibles 13,057 11,902 13,987 13,266 12,214
Total intangibles 627,935 643,977 616,755 525,386 510,865
Mortgage servicing rights 185,685 156,771 172,663 159,624 139,579
Negative goodwill $ 18,946 $ 20,507 $ 22,067 $ 23,628 $ 25,189
Average balances
Securities, at amortized cost $ 11,432,238 $ 11,529,896 $ 11,851,013 $ 11,516,038 $ 10,351,116
Commercial loans & leases 16,708,865 16,020,754 15,387,028 14,802,861 13,998,421
Consumer loans 7,833,577 7,643,418 7,331,334 7,070,522 6,659,145
Revolving credit loans 617,207 589,990 567,063 549,522 536,454
Mortgage loans 5,978,097 6,128,028 6,010,554 6,265,206 6,884,928
Total loans & leases 31,137,746 30,382,190 29,295,979 28,688,111 28,078,948
Other earning assets 318,907 325,319 443,046 389,599 309,390
Total earning assets 42,888,891 42,237,405 41,590,038 40,593,748 38,739,454
Total assets 45,870,339 45,292,012 44,416,597 43,491,518 41,560,422
Noninterest-bearing deposits 4,065,783 4,141,527 4,009,375 3,923,713 3,807,843
Savings & interest checking 2,047,804 2,078,670 2,091,938 2,265,325 2,302,711
Money rate savings 8,268,478 8,102,861 7,822,434 7,579,754 7,457,822
Certificates of deposit & other time
deposits 13,645,864 13,766,124 13,542,262 13,487,976 13,478,754
Other deposits 1,638,640 866,315 1,217,764 954,165 775,542
Total deposits 29,666,569 28,955,497 28,683,773 28,210,933 27,822,672
Short-term borrowed funds 6,586,123 6,142,365 5,828,576 5,546,130 4,312,588
Long-term debt 5,482,509 6,084,206 5,939,927 5,717,413 5,453,044
Total interest-bearing liabilities 37,669,418 37,040,541 36,442,901 35,550,763 33,780,461
Total shareholders' equity $ 3,436,432 $ 3,429,785 $ 3,302,696 $ 3,374,246 $ 3,345,572
RISK-BASED CAPITAL
Risk-based capital:
Tier 1 $ 3,171,254 $ 3,037,105 $ 2,988,967 $ 2,914,796 $ 2,919,771
Total 4,345,868 4,198,145 4,131,446 4,061,129 4,110,224
Risk-based capital ratios:
Tier 1 9.5 % 9.4 % 9.6 % 9.7 % 10.0 %
Total 13.0 13.0 13.3 13.5 14.1
Tier 1 leverage capital ratio 7.0 6.8 6.8 6.7 7.1
NOTES: All items referring to loans and leases include loans held for sale and are net of unearned income.
Applicable ratios are annualized.
</TABLE>
<PAGE>
<TABLE>
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
<CAPTION>
(Dollars in thousands, except per share data) 3/31/00 12/31/99 9/30/99 6/30/99 3/31/99
ASSET QUALITY ANALYSIS
<S> <C> <C> <C> <C> <C>
Allowance For Loan & Lease Losses
Beginning balance $ 411,188 $ 400,869 $ 393,306 $ 387,133 $ 378,531
Allowance for acquired loans - 1,120 7,473 169 1,935
Provision for loan & lease losses 23,500 37,737 21,862 23,499 21,569
Charge-offs (25,644) (36,631) (28,610) (25,163) (21,830)
Recoveries 8,200 8,093 6,838 7,668 6,928
Net charge-offs (17,444) (28,538) (21,772) (17,495) (14,902)
Ending balance $ 417,244 $ 411,188 $ 400,869 $ 393,306 $ 387,133
Nonperforming Assets
Nonaccrual loans & leases $ 108,176 $ 108,708 $ 95,367 $ 97,787 $ 109,664
Foreclosed real estate 15,968 15,123 19,262 19,060 24,221
Other foreclosed property 14,654 13,398 10,728 8,812 10,965
Restructured loans 925 1,094 1,378 1,560 3,103
Nonperforming assets $ 139,723 $ 138,323 $ 126,735 $ 127,219 $ 147,953
Loans 90 days or more past due
& still accruing $ 42,961 $ 54,493 $ 49,902 $ 45,021 $ 41,801
Asset Quality Ratios
Nonaccrual loans & leases as a
percentage of total loans & leases .34 % .35 % .32 % .34 % .39 %
Nonperforming assets as a percentage of:
Total assets .30 .30 .28 .29 .35
Loans & leases plus
foreclosed property .44 .45 .42 .44 .52
Net charge-offs as a percentage of
average loans & leases .23 .37 .29 .24 .22
Allowance for loan & lease losses as
a percentage of loans & leases 1.33 1.34 1.34 1.36 1.36
Ratio of allowance for loan & lease
losses to:
Net charge-offs 5.95 x 3.63 x 4.64 x 5.60 x 6.41 x
Nonaccrual and restructured loans & leases 3.82 3.74 4.14 3.96 3.43
For the Quarter Ended
3/31/00 12/31/99 9/30/99 6/30/99 3/31/99
INTEREST YIELDS/RATES (Taxable equivalent)
Interest income:
Securities & other* 6.68 % 6.65 % 6.53 % 6.51 % 6.49 %
Loans & leases 9.17 9.04 8.91 8.79 8.75
Total earning assets* 8.49 8.37 8.20 8.12 8.13
Interest expense:
Interest-bearing deposits 4.46 4.27 4.15 4.08 4.15
Short-term borrowed funds 5.52 5.14 4.93 4.67 4.68
Long-term debt 5.74 5.66 5.46 5.45 5.50
Total interest-bearing liabilities 4.83 4.64 4.49 4.39 4.44
Net yield on earning assets 4.25 % 4.30 % 4.27 % 4.28 % 4.26 %
NOTES: *Yields calculated based on securities at amortized cost.
All items referring to loans and leases include loans held for sale and are net of unearned income.
Applicable ratios are annualized.
</TABLE>
<PAGE>
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 11, 2000
