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BB&T Corp – ‘10-Q’ for 6/30/96

As of: Wednesday, 8/14/96 · For: 6/30/96 · Accession #: 928385-96-1077 · File #: 1-10853

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/14/96  BB&T Corp                         10-Q        6/30/96    5:487K                                   Donnelley R R & S… 09/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      27    135K 
 2: EX-4.1      Senior Indenture                                      84    313K 
 3: EX-4.2      Subordinated Indenture                                88    336K 
 4: EX-11       Computation of Earnings                                2±    11K 
 5: EX-27       Financial Data Schedule                                2      7K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Asset/Liability Management Exhibits and Reports on Form 8-K Financial Statements Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
3	Item 1. Financial Statements
10	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
12	Asset/Liability Management
25	Item 1. Legal Proceedings
"	Item 4. Submission of Matters to a Vote of Security Holders
"	Item 6. Exhibits and Reports on Form 8-K

10-Q 1st Page of 27 TOC ↑Top Previous Next ↓Bottom Just 1st
 
=============================================================================== 

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

FORM 10-Q 

--------- 

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

For the quarterly period ended: 
JUNE 30, 1996 

Commission file number: 1-10853 

SOUTHERN NATIONAL CORPORATION 
(Exact name of registrant as specified in its charter)  

    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)       

(910) 733-2000  
(Registrant's Telephone Number, Including Area Code)  

--------- 

        Indicate by check mark whether the registrant(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of   
1934 during the preceding 12 months (or for such shorter period that the        
registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past 90 days.  Yes [CHECK MARK HERE]   No           
                                        -----------------      ---

At July 31, 1996, 102,969,985 shares of the registrant's common stock, $5 par   
value, were outstanding.                                                        
--------- 

This Form 10-Q has 25 pages.  The Exhibit Index is included on page 23. 

=============================================================================== 

10-Q 2nd Page of 27 TOC 1st Previous Next ↓Bottom Just 2nd
SOUTHERN NATIONAL CORPORATION 
FORM 10-Q 
June 30, 1996 

INDEX 

                                                                        Page No.
--------------------------------------------------------------------------------

Part I.   FINANCIAL INFORMATION                                                 

 Item 1.  Financial Statements (Unaudited)                             1

          Consolidated Financial Statements                            1

          Notes to Consolidated Financial Statements                   5

Item 2.  Management's Discussion and Analysis of Financial            
          Condition and Results of Operations                          8

          Analysis of Financial Condition                              8

          Asset/Liability Management                                  10

          Capital Adequacy and Resources                              13

          Analysis of Results of Operations                           15

Part II.  OTHER INFORMATION                                               23    

 Item 1.  Legal Proceedings                                           23

Item 4.  Submission of Matters to a Vote                              
          of Security Holders                                         23

 Item 6.  Exhibits and Reports on Form 8-K                            23

SIGNATURES                                                                      

EXHIBIT 4.1  Senior Indenture (including form of                                
Senior Debt Security), between Southern National      
Corporation and State Street Bank and Trust Company,  
as Trustee, dated as of May 24, 1996.                 

EXHIBIT 4.2  Subordinated Indenture (including form of                          
Subordinated Debt Security), between Southern National
Corporation and State Street Bank and Trust Company,  
as Trustee, dated as of May 24, 1996.                 

EXHIBIT 11   Computation of Earnings Per Share                                  

EXHIBIT 27   Financial Data Schedule  -  Included with                          
electronically-filed document only.                   

10-Q 3rd Page of 27 TOC 1st Previous Next ↓Bottom Just 3rd
Part I. FINANCIAL INFORMATION 

Item 1. Financial Statements                                                    

SOUTHERN NATIONAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED BALANCE SHEETS 
(Unaudited) 
(Dollars in thousands, except per share data) 

                                                        [Enlarge/Download Table]

                                                                                                June 30,      December 31, 
                                                                                                  1996            1995     
                                                                                              ------------   --------------
                                                                                                                           
Assets                                                                                                                     
        Cash and due from banks                                                              $    571,872   $      582,612 
        Interest-bearing deposits with banks                                                          599            1,172 
        Federal funds sold and securities purchased under resale agreements or                                             
                similiar arrangements                                                              21,610          118,977 
        Securities available for sale                                                           5,127,899        5,201,344 
        Securities held to maturity (market value: $137,087 at June 30, 1996,                                              
                and $159,886 at December 31, 1995)                                                133,953          153,969 
        Loans held for sale                                                                       293,814          245,280 
        Loans and leases, net of unearned income                                               13,687,664       13,567,205 
                Allowance for loan and lease losses                                              (177,195)        (172,158)
                                                                                              ------------   --------------
                        Loans and leases, net                                                  13,510,469       13,395,047 
                                                                                              ------------   --------------
        Premises and equipment, net                                                               321,151          312,002 
        Other assets                                                                              574,770          482,526 
                                                                                              ------------   --------------
                        Total assets                                                         $ 20,556,137   $   20,492,929 
                                                                                              ============   ==============
Liabilities and Shareholders' Equity                                                                                       
        Noninterest-bearing demand deposits                                                  $  1,946,849   $    1,885,725 
        Savings and interest checking                                                           1,476,271        1,591,488 
        Money rate savings                                                                      3,046,621        3,049,810 
        Other time deposits                                                                     8,520,943        8,157,033 
                                                                                              ------------   --------------
                        Total deposits                                                         14,990,684       14,684,056 

        Short-term borrowed funds                                                               1,785,553        2,491,285 
        Long-term debt                                                                          1,955,559        1,383,935 
        Accounts payable and other liabilities                                                    247,090          259,590 
                                                                                              ------------   --------------
                        Total liabilities                                                      18,978,886       18,818,866 
                                                                                              ------------   --------------
Shareholders' equity:                                                                                                      

        Preferred stock, $5 par, 5,000,000 shares authorized, none issued and                                              
          outstanding at June 30, 1996, 733,869 issued and outstanding at December 31, 1995            --            3,669 
        Common stock, $5 par, 300,000,000 shares authorized, 103,430,150                                                   
          issued and outstanding at June 30, 1996, and 103,357,440 at                                                      
          December 31, 1995                                                                       517,151          516,787 
        Paid-in capital                                                                           158,572          279,204 
        Retained earnings                                                                         938,708          847,550 
        Loan to employee stock ownership plan and unvested restricted stock                        (3,566)          (4,314)
        Net unrealized (depreciation) appreciation on securities available for sale               (33,614)          31,167 
                                                                                              ------------   --------------
                        Total shareholders' equity                                              1,577,251        1,674,063 
                                                                                              ------------   --------------
                        Total liabilities and shareholders' equity                           $ 20,556,137   $   20,492,929 
                                                                                              ============   ==============

See accompanying notes to consolidated financial statements.  

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SOUTHERN NATIONAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF INCOME 
(Unaudited) 
(Dollars in thousands, except per share data) 

                                                        [Enlarge/Download Table]

                                                     For the Three Months Ended          For the Six Months Ended     
                                                               June 30,                           June 30,            
                                                 ----------------------------------  -------------------------------- 
                                                      1996                1995            1996             1995       
                                                 --------------      --------------  --------------    -------------- 
                                                                                                                      
Interest Income                                                                                                       
        Interest and fees on loans and leases    $      312,355      $      309,680  $      620,964    $      603,059 
        Interest and dividends on securities             76,380              79,684         151,321           154,286 
        Interest on short-term investments                  144                 733             376             1,389 
                                                 --------------      --------------  --------------    -------------- 
             Total interest income                      388,879             390,097         772,661           758,734 
                                                 --------------      --------------  --------------    -------------- 

Interest Expense                                                                                                      
        Interest on deposits                            136,870             142,180         277,358           272,314 
        Interest on short-term borrowed funds            25,409              48,194          52,986            89,253 
        Interest on long-term debt                       25,762              14,761          47,836            29,384 
                                                 --------------      --------------  --------------    -------------- 
             Total interest expense                     188,041             205,135         378,180           390,951 
                                                 --------------      --------------  --------------    -------------- 

Net Interest Income                                     200,838             184,962         394,481           367,783 
        Provision for loan and lease losses              12,000               7,000          22,500            14,000 
                                                 --------------      --------------  --------------    -------------- 
Net Interest Income After Provision                                                                                   
        for Loan and Lease Losses                       188,838             177,962         371,981           353,783 
                                                 --------------      --------------  --------------    -------------- 
Noninterest Income                                                                                                    
        Service charges on deposit accounts              26,804              22,511          52,018            43,781 
        Mortgage banking activities                       8,542               4,367          17,842             9,957 
        Trust income                                      6,166               4,715          10,840             8,995 
        General insurance commissions                     4,577               4,163          10,766             8,278 
        Other nondeposit fees and commissions            18,779              14,632          35,689            30,419 
        Securities losses, net                             (154)               --              (162)          (19,845)
        Other noninterest income                          7,089              16,989          12,477            22,769 
                                                 --------------      --------------  --------------    -------------- 
             Total noninterest income                    71,803              67,377         139,470           104,354 
                                                 --------------      --------------  --------------    -------------- 
Noninterest Expense                                                                                                   
        Personnel expense                                74,542              75,343         148,208           199,576 
        Occupancy and equipment expense                  24,870              27,729          49,833            57,284 
        Foreclosed property expense                         348               1,034           1,092             1,734 
        Federal deposit insurance expense                 3,172               7,975           6,527            15,980 
        Other noninterest expense                        47,532              47,822          91,750           114,680 
                                                 --------------      --------------  --------------    -------------- 
             Total noninterest expense                  150,464             159,903         297,410           389,254 
                                                 --------------      --------------  --------------    -------------- 
Earnings                                                                                                              
        Income before income taxes                      110,177              85,436         214,041            68,883 
        Income tax expense                               36,260              27,528          70,514            23,320 
                                                 --------------      --------------  --------------    -------------- 
        Net income                                       73,917              57,908         143,527            45,563 
             Preferred dividend requirements               --                 1,289             610             2,588 
                                                 --------------      --------------  --------------    -------------- 
             Income applicable to common shares  $       73,917      $       56,619  $      142,917    $       42,975 
                                                 ==============      ==============  ==============    ============== 

Per Common Share                                                                                                      
        Net income:                                                                                                   
             Primary                             $          .70      $          .55  $         1.38    $          .42 
                                                 ==============      ==============  ==============    ============== 
             Fully diluted                       $          .70      $          .53  $         1.35    $          .42 
                                                 ==============      ==============  ==============    ============== 
        Cash dividends declared                  $          .23      $          .20  $          .46    $          .40 
                                                 ==============      ==============  ==============    ============== 

Average Shares Outstanding                                                                                            
             Primary                                105,150,050         103,523,801     103,840,916       103,342,418 
                                                 ==============      ==============  ==============    ============== 
             Fully diluted                          105,436,287         108,774,906     106,038,145       108,665,929 
                                                 ==============      ==============  ==============    ============== 
----------------------------------                                                                                    

See accompanying notes to consolidated financial statements.  

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SOUTHERN NATIONAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY  
For the Six Months Ended June 30, 1996 and 1995 
(Unaudited) 
(Dollars in thousands)  

                                                        [Enlarge/Download Table]


                                                         Shares of                                            
                                                           Common         Preferred    Common       Paid-In   
                                                           Stock           Stock        Stock       Capital   
                                                       --------------  -----------    ---------    -----------
                                                                                                              
Balance, December 31, 1994                               102,215,032    $   3,850   $  511,075   $   285,599  
Add (Deduct)                                                                                                  
    Net income                                                    --           --           --            --  
    Common stock issued                                    1,154,024           --        5,770        13,319  
    Redemption of common stock                              (659,750)          --       (3,299)      (10,561) 
    Net appreciation on securities available for sale             --           --           --            --  
    Preferred stock cancellations and conversions                 --          (91)          --        (2,267) 
    Cash dividends declared:                                                                                  
            Common stock                                          --           --           --            --  
            Preferred stock                                       --           --           --            --  
    Amortization of unearned stock compensation                   --           --           --            --  
                                                       --------------  -----------    ---------    -----------
Balance, June 30, 1995                                   102,709,306    $   3,759   $  513,546   $   286,090  
                                                       ==============  ===========    =========    ===========

Balance, December 31, 1995                               103,357,440    $   3,669   $  516,787   $   279,204  
Add (Deduct)                                                                                                  
    Net income                                                    --           --           --            --  
    Common stock issued                                    1,189,018           --        5,945        22,679  
    Redemption of common stock                            (5,451,000)          --      (27,255)     (125,306) 
    Net depreciation on securities available for sale             --           --           --            --  
    Preferred stock cancellations and conversions          4,334,692       (3,669)      21,674       (18,005) 
    Cash dividends declared:                                                                                  
            Common stock                                          --           --           --            --  
            Preferred stock                                       --           --           --            --  
    Amortization of unearned stock compensation                   --           --           --            --  
                                                       --------------  -----------    ---------    -----------
Balance, June 30, 1996                                   103,430,150    $      --   $  517,151   $   158,572  
                                                       ==============  ===========    =========    ===========


                                                                          Retained                            
                                                                          Earnings                            
                                                                         and Other*       Total               
                                                                         ------------  ------------           
Balance, December 31, 1994                                               $    695,953  $  1,496,477           
Add (Deduct)                                                                                                  
    Net income                                                                 45,563        45,563           
    Common stock issued                                                            --        19,089           
    Redemption of common stock                                                     --       (13,860)          
    Net appreciation on securities available for sale                          81,639        81,639           
    Preferred stock cancellations and conversions                                  --        (2,358)          
    Cash dividends declared:                                                                                  
            Common stock                                                      (53,948)      (53,948)          
            Preferred stock                                                    (2,552)       (2,552)          
    Amortization of unearned stock compensation                                   919           919           
                                                                           ------------  ------------         
Balance, June 30, 1995                                                   $    767,574  $  1,570,969           
                                                                           ============  ============         

Balance, December 31, 1995                                               $    874,403  $  1,674,063           
Add (Deduct)                                                                                                  
    Net income                                                                143,527       143,527           
    Common stock issued                                                            --        28,624           
    Redemption of common stock                                                     --      (152,561)          
    Net depreciation on securities available for sale                         (64,781)      (64,781)          
    Preferred stock cancellations and conversions                                  --            --           
    Cash dividends declared:                                                                                  
            Common stock                                                      (51,759)      (51,759)          
            Preferred stock                                                      (610)         (610)          
    Amortization of unearned stock compensation                                   748           748           
                                                                           ------------  ------------         
Balance, June 30, 1996                                                   $    901,528  $  1,577,251           
                                                                           ============  ============         

----------------------                                                          
* Includes net unrealized appreciation (depreciation) on securities available   
  for sale, unvested restricted stock and loan to employee stock ownership plan.

See accompanying notes to consolidated financial statements.  

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SOUTHERN NATIONAL CORPORATION AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF CASH FLOWS 
For the Six Months Ended June 30, 1996 and 1995 
(Unaudited) 
(Dollars in thousands)  

                                                        [Enlarge/Download Table]


                                                                                                   1996            1995     
                                                                                               -------------   ------------ 
                                                                                                                            
Cash Flows From Operating Activities:                                                                                       
  Net income ........................................................................          $     143,527   $     45,563 
  Adjustments to reconcile net income to net cash provided                                                                  
    by operating activities:                                                                                                
       Provision for loan and lease losses...........................................                 22,500         14,000 
       Depreciation of premises and equipment........................................                 18,135         15,357 
       Amortization of intangibles...................................................                  6,022          4,801 
       Accretion of negative goodwill................................................                 (3,119)        (3,191)
       Amortization of unearned stock compensation...................................                    748            919 
       Discount accretion and premium amortization on securities, net................                  1,520          2,038 
       Loss (gain) on sales of trading account securities, net.......................                      5            (38)
       Loss (gain) on sales of securities, net.......................................                    162         19,845 
       Loss (gain) on sales of loans and mortgage loan servicing rights, net.........                  1,175            470 
       Loss (gain) on disposals of premises and equipment, net.......................                   (279)        (8,516)
       Loss (gain) on foreclosed property and other real estate, net.................                    493            927 
       Proceeds from sales of trading account securities, net of purchases...........                     (5)            38 
       Proceeds from sales of loans held for sale....................................                738,369        186,924 
       Purchases of loans held for sale..............................................               (233,994)       (76,390)
       Origination of loans held for sale, net of principal collected................               (554,084)      (177,976)
       Decrease (increase) in:                                                                                              
          Accrued interest receivable................................................                 13,028        (38,967)
          Other assets...............................................................               (102,059)       102,979 
       Increase (decrease) in:                                                                                              
          Accrued interest payable...................................................                  3,405         11,512 
          Accounts payable and other liabilities.....................................                 19,269         64,719 
                                                                                               -------------   ------------ 
            Net cash provided by operating activities................................                 74,818        165,014 
                                                                                               -------------   ------------ 

Cash Flows From Investing Activities:                                                                                       
  Proceeds from sales of securities available for sale ..............................                265,477        977,827 
  Proceeds from maturities of securities available for sale..........................              1,116,494        529,885 
  Purchases of securities available for sale.........................................               (907,827)    (1,591,094)
  Proceeds from maturities of securities held to maturity............................                 21,279        125,469 
  Purchases of securities held to maturity...........................................                 (1,350)       (42,550)
  Leases made to customers...........................................................                (24,475)       (22,219)
  Principal collected on leases......................................................                 10,499         23,378 
  Loan originations, net of principal collected......................................               (586,565)      (631,652)
  Purchases of loans.................................................................                (52,609)       (94,686)
  Proceeds from disposals of premises and equipment..................................                  1,298          7,632 
  Purchases of premises and equipment................................................                (28,303)       (35,552)
  Proceeds from sales of foreclosed property.........................................                  6,519          5,439 
  Proceeds from sales of other real estate held for development or sale..............                  3,123          2,947 
  Other, net.........................................................................                 (6,836)        (8,216)
                                                                                               -------------   ------------ 
            Net cash used in investing activities....................................               (183,276)      (753,392)
                                                                                               -------------   ------------ 

Cash Flows From Financing Activities:                                                                                       
  Net increase in deposits...........................................................                306,628         22,402 
  Net (decrease) increase in short-term borrowed funds...............................               (705,732)       244,685 
  Proceeds from long-term debt.......................................................                960,059        521,181 
  Repayments of long-term debt.......................................................               (388,435)      (119,472)
  Net proceeds from common stock issued..............................................                 28,624         19,089 
  Redemption of common stock.........................................................               (152,561)       (13,860)
  Preferred stock cancellations and conversions......................................                      -         (2,358)
  Cash dividends paid on common and preferred stock..................................                (48,805)       (44,681)
                                                                                               -------------   ------------ 
            Net cash (used in) provided by financing activities......................                   (222)       626,986 
                                                                                               -------------   ------------ 

Net (Decrease) Increase in Cash and Cash Equivalents.................................               (108,680)        38,608 
Cash and Cash Equivalents at Beginning of Period.....................................                702,761        671,777 
                                                                                               -------------   ------------ 
Cash and Cash Equivalents at End of Period...........................................          $     594,081   $    710,385 
                                                                                               =============   ============ 

                                  See accompanying notes to consolidated financial statements.                              

Supplemental Disclosure of Cash Flow Information:                                                                           

  Cash paid during the year for:                                                                                            
    Interest                                                                                   $     374,775   $    379,439 
    Income taxes                                                                                      64,656         70,121 
  Noncash financing and investing activities:                                                                               
    Transfer of loans to foreclosed property                                                           5,068          4,101 
    Common stock issued upon conversion of debentures                                                      -             35 
    Restricted stock issued                                                                               85              - 
    Securitization of mortgage loans                                                                 510,160         53,540 

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SOUTHERN NATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1996 
(Unaudited) 

A. Basis of Presentation                                                        

In the opinion of management, the accompanying unaudited consolidated     
financial statements contain all adjustments (consisting of only normal   
 recurring adjustments) necessary to present fairly the consolidated balance
   sheets of Southern National Corporation and subsidiaries ("Southern National"
or "SNC") as of June 30, 1996 and December 31, 1995; the consolidated     
  statements of income for the three months and six months ended June 30, 1996
  and 1995; the consolidated statements of changes in shareholders' equity for
  the six months ended June 30, 1996 and 1995; and the consolidated statements
of cash flows for the six months ended June 30, 1996 and 1995.            

 The consolidated financial statements and notes are presented in accordance
with the instructions for Form 10-Q. The information contained in the     
 footnotes included in Southern National's latest annual report on Form 10-K
should be referred to in connection with the reading of these unaudited   
interim consolidated financial statements.                                

Certain 1995 amounts have been reclassified to conform with statement     
   presentations for 1996. The reclassifications have no effect on shareholders'
equity or net income as previously reported. The preparation of financial 
  statements requires management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the    
   reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.                                

B. Nature of Operations                                                         

 Southern National is a multi-bank holding company headquartered in Winston-
Salem, North Carolina. Southern National conducts its operations in North 
Carolina, South Carolina and Virginia primarily through its commercial    
   banking subsidiaries and, to a lesser extent, through its other subsidiaries.
The commercial banking subsidiaries provide a wide range of traditional   
banking services for retail and commercial customers, including small and 
 mid-size businesses, public agencies and local governments, trust companies
and individuals. Substantially all of Southern National's loans are to    
   businesses and individuals in the Carolinas and Virginia. Subsidiaries of the
   commercial banks offer lease financing to commercial businesses and municipal
  governments; investment alternatives, including discount brokerage services,
   annuities, mutual funds and government and municipal bonds; life and property
 and casualty insurance on an agency basis; and insurance premium financing.

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C. New Accounting Pronouncements                                                

During 1995, the Financial Accounting Standards Board ("FASB") issued     
   Statement of Financial Accounting Standards ("SFAS") No. 121, "Accounting for
  the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
 Of." This statement establishes accounting standards for long-lived assets,
 certain identifiable intangibles and goodwill related to those assets to be
   held and to be disposed of. The statement requires such assets to be reviewed
  for impairment whenever events or changes in circumstances indicate that the
  carrying amount of an asset may not be recoverable. Any resulting impairment
loss is required to be reported in the period in which the recognition    
  criteria are first applied and met. Southern National adopted the provisions
of the statement on January 1, 1996. The implementation did not have a    
material impact on the consolidated financial position or consolidated    
results of operations.                                                    

   In May 1995, the FASB issued SFAS No. 122, "Accounting for Mortgage Servicing
 Rights," which amends SFAS No. 65, "Accounting for Certain Mortgage Banking
Activities." SFAS No. 122 requires that mortgage banking enterprises      
 recognize, as separate assets, rights to service mortgage loans for others,
 however those servicing rights are acquired. The statement further requires
 mortgage banking enterprises to assess their capitalized mortgage servicing
rights for impairment based on the fair value of those rights. Southern   
National elected, in the third quarter of 1995, to adopt this statement   
   effective as of January 1, 1995. The impact of the adoption of this statement
   resulted in additional mortgage banking income of $1.8 million, before taxes,
or $.01 per fully diluted share, after taxes, during 1995. SFAS No. 122   
prohibits retroactive application to prior years.                         

   In October of 1995, the FASB issued SFAS No. 123, "Accounting for Stock-Based
   Compensation," which establishes financial accounting and reporting standards
  for stock-based compensation plans. The statement defines a fair value based
method of accounting for an employee stock option or similar equity       
   instrument and encourages the adoption of that method of accounting. However,
the statement also allows entities to continue to account for such plans  
 under Accounting Principles Board ("APB") Opinion No. 25. Entities electing
   to account for such plans in accordance with APB Opinion No. 25 must make pro
 forma disclosures of net income and earnings per share as if the fair value
based method of accounting defined in the statement had been applied.     
   Southern National adopted the statement effective January 1, 1996 and elected
to continue to account for stock-based compensation plans under the       
  provisions of Opinion No. 25. Therefore, the implementation of the statement
   did not have an impact on Southern National's consolidated financial position
or consolidated results of operations. Southern National will make the    
required pro forma disclosures of net income and earnings per share using 
 accounting methods prescribed by SFAS No. 123 in the Form 10-K for the year
ending December 31, 1996.                                                 

  In June of 1996, the FASB issued SFAS No. 125, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities." The    
  statement, which becomes effective for transactions occurring after December
31, 1996, provides accounting and                                         

6 

10-Q 9th Page of 27 TOC 1st Previous Next ↓Bottom Just 9th
reporting standards for transfers and servicing of financial assets and   
extinguishments of liabilities based on the financial components approach 
 that focuses on control. Under this approach, after a transfer of financial
 assets, an entity recognizes the financial and servicing assets it controls
and the liabilities it has incurred, derecognizes all assets it does not  
control and derecognizes liabilities when extinguished. The statement also
provides consistent standards for distinguishing transfers of financial   
  assets that are sales from transfers that are secured borrowings. Management
does not anticipate that the implementation of the statement will have a  
material impact on the consolidated financial position or consolidated    
results of operations of Southern National.                               

D. Mergers and Acquisitions                                                     

On March 29, 1996, Southern National announced plans to acquire Regional  
Acceptance Corporation of Greenville, N.C., ("Regional") in a stock       
transaction to be accounted for under the pooling-of-interests method of  
accounting. Regional's shareholders will receive .3929 shares of Southern 
 National stock for each share of Regional stock held. The exchange ratio is
fixed between Southern National stock prices of $26 and $30, with an      
 adjustment provision within an outer collar of $24 and $32. Pursuant to the
   acquisition, Southern National will issue approximately 6.0 million shares of
  common stock. Regional, which specializes in indirect financing for consumer
purchases of mid-model and late-model used automobiles, operates 28 branch
offices in North Carolina, South Carolina, Tennessee and Virginia.        

E. Supplemental Cash Flow Information                                           

  During the first quarter of 1996, Southern National redeemed all outstanding
  shares of Convertible Preferred Stock. This transaction, a noncash financing
activity, resulted in the conversion of 733,869 shares of preferred stock 
into 4,334,692 shares of common stock.                                    

7 

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Item 2. Management's Discussion and Analysis of Financial Condition and Results 
of Operations                                                   

ANALYSIS OF FINANCIAL CONDITION 

Southern National's total assets at June 30, 1996 were $20.6 billion, a 
$63.2 million increase from the balance at December 31, 1995. The primary       
component of the increase was loans and leases, which grew $169.0 million, or   
2.5% on an annualized basis. This increase was offset by declines in securities 
holdings of $93.5 million, or 3.5% on an annualized basis.                      

  Growth in loans was affected by a securitization program Southern National
implemented during 1995. During the second quarter of 1996, Southern National   
securitized $510.2 million of loans. This program is designed to provide        
Southern National with additional liquidity and flexibility in managing mortgage
loan assets. The resulting mortgage-backed securities are being used to replace 
lower-yielding U.S. Treasuries in the securities portfolio as they mature.      
Annualized loan growth, excluding the impact of this securitization program, was
9.6% comparing end of period loans at June 30, 1996 and December 31, 1995.      
Average loans, excluding the impact of $503.2 million of securitized loans,     
increased at an annualized rate of 7.5% comparing the quarters ended June 30,   
1996 and 1995, respectively. This loan growth has primarily resulted from a     
14.1% increase in average mortgage loans excluding the impact of the loan       
securitizations. However, Southern National has also seen growth in average     
commercial loans of 4.6% and average consumer loans of 5.1%. The strong increase
in mortgage loans resulted from a special incentive program which began during  
the first quarter of 1996.                                                      

    At June 30, 1996, securities available for sale had unrealized depreciation,
after tax, of $33.6 million compared to unrealized appreciation, after tax, of  
$31.2 million at December 31, 1995. The taxable equivalent yield on the         
securities portfolio during the second quarter was 6.59%, up from 6.32% for the 
fourth quarter of 1995 and up from 6.28% for the second quarter of the prior    
year. During the fourth quarter of 1995, Southern National began to reshape the 
balance sheet by changing the mix of investments held. The change in mix was    
undertaken to improve the overall interest yield of the securities portfolio. As
previously discussed, this effort continued into the second quarter of 1996 and 
has contributed to significantly improved margins.                              

On the liability side of the balance sheet, long-term debt rose $571.6  
million compared to December 31, 1995, primarily as a result of the issuance of 
$225.0 million of senior bank notes and $250.0 million of subordinated notes of 
Southern National during 1996. This growth was more than offset by a $705.7     
million reduction in short-term borrowed funds compared to the year end 1995.   

   Total deposits increased by $306.6 million from the balance at December 31,
1995. Southern National, as well as many other financial institutions, has been 
experiencing a trend of slower deposit growth because of competition for        
deposits from various non-financial institution sources.                        

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However, through an increased emphasis on demand deposits, Southern National has
experienced stronger growth during 1996. Noninterest-bearing demand deposits    
increased $61.1 million, or 3.2% during the first six months of 1996. Slower    
deposit growth during 1995 caused management to rely more heavily on nondeposit 
funding sources, such as Federal Home Loan Bank advances and Federal funds      
purchased. The improved deposit growth during 1996 also contributed to the      
reduction in short-term borrowed funds. Less reliance on short-term borrowed    
funds should provide more stability for the net interest margin.                

Asset Quality                                                                   

   Nonperforming assets were $70.7 million at June 30, 1996, compared to $71.2
million at December 31, 1995. The allowance for losses as a percentage of loans 
and leases was 1.27% compared to 1.25% six months earlier, and nonperforming    
assets as a percentage of loan-related assets were .51% at both June 30, 1996   
and December 31, 1995. Certain asset quality measures deteriorated somewhat     
during the third quarter of 1995 and have remained steady through the second    
quarter of 1996. This deterioration reflected a reorganization of the           
collections function which resulted from the merger of Southern National and    
BB&T Financial Corporation ("BB&T"). Also, for a number of quarters, Southern   
National's asset quality ratios were unusually strong compared to historic      
norms. Increases in net charge-offs to a more normalized level have been        
expected by management as segments of the overall economy softened during 1995. 
Management does not anticipate a material change in asset quality levels during 
the remainder of 1996.                                                          

Loans 90 days or more past due and still accruing interest totaled $18.0
million compared to a prior year-end balance of $29.1 million. This reduction   
occurred principally in mortgage loans, as the mortgage banking function focused
a great deal of attention on past due situations during the second quarter.     

    The provision for loan and lease losses for the first six months of 1996 was
$22.5 million compared to $14.0 million in the first six months of 1995. The    
increase in the provision reflects higher net charge-offs during 1996. Asset    
quality statistics relevant to the last five calendar quarters are presented in 
the accompanying table.                                                         

ASSET QUALITY ANALYSIS  
(Dollars in thousands)  

                                                        [Enlarge/Download Table]

                                                ------------------------------------------------------------------- 
                                                  6/30/96       3/31/96      12/31/95       9/30/95       6/30/95   
                                                -----------   -----------   -----------   -----------   ----------- 
                                                                                                                    
Allowance For Loan & Lease Losses                                                                                   
  Beginning balance                            $   175,104   $   172,158   $   174,069   $   176,175   $   174,189  
  Provision for loan and lease losses               12,000        10,500        10,400         7,000         7,000  
  Net charge-offs                                   (9,909)       (7,554)      (12,311)       (9,106)       (5,014) 
                                                -----------   -----------   -----------   -----------   ----------- 
    Ending balance                             $   177,195   $   175,104   $   172,158   $   174,069   $   176,175  
                                                ===========   ===========   ===========   ===========   =========== 
Risk Assets                                                                                                         
  Nonaccrual loans and leases                  $    62,670   $    64,796   $    61,489   $    62,763   $    48,927  
  Foreclosed real estate                             4,926         4,938         6,868         6,981         8,759  
  Other foreclosed property                          3,115         2,662         2,817         2,717         1,518  
                                                -----------   -----------   -----------   -----------   ----------- 
    Nonperforming assets                       $    70,711   $    72,396   $    71,174   $    72,461   $    59,204  
                                                ===========   ===========   ===========   ===========   =========== 
  Loans 90 days or more past due                                                                                    
    and still accruing                         $    18,025   $    28,249   $    29,094   $    26,909   $    30,335  
                                                ===========   ===========   ===========   ===========   =========== 
Asset Quality Ratios                                                                                                
Nonaccrual loans and leases as a                                                                                    
  percentage of total loans and leases                 .45 %         .46 %         .45 %         .45 %         .36 %
Nonperforming assets as a percentage of:                                                                            
  Total assets                                         .34           .36           .35           .35           .29  
  Loans and leases plus                                                                                             
    foreclosed property                                .51           .51           .51           .52           .43  
Net charge-offs as a percentage of                                                                                  
  average loans and leases                             .28           .22           .35           .26           .15  
Allowance for loan and lease losses as a                                                                            
  percentage of loans and leases                      1.27          1.25          1.25          1.24          1.28  
Ratio of allowance for loan and lease losses to:                                                                    
  Net charge-offs                                     4.45 x        5.76 x        3.52 x        4.82 x        8.76 x
  Nonaccrual loans and leases                         2.83          2.70          2.80          2.77          3.60  

------------------------------------                                            
 All items referring to loans and leases include loans held for sale and are net
of unearned income.                                                           
The second quarter of 1995 has been adjusted to reflect the adoption of SFAS  
No. 122, "Accounting for Mortgage Sevicing Rights."                           
Applicable ratios are annualized.                                             

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ASSET/LIABILITY MANAGEMENT                                                      

   Asset/liability management activities are designed to assure liquidity and,
through the management of Southern National's interest sensitivity position, to 
manage the impact of interest rate fluctuations on net interest income. It is   
the responsibility of the Asset/Liability Management Committee ("ALCO") to set  
policy guidelines and to establish long-term strategies with respect to interest
rate exposure and liquidity. The ALCO meets regularly to review Southern        
National's interest rate and liquidity risk exposures in relation to present and
prospective market and business conditions, and adopts funding and balance sheet
management strategies that are                                                  
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intended to assure that the potential impact on earnings and liquidity is within
established parameters.                                                         

   A prime objective in interest rate risk management is the avoidance of wide
fluctuations in net interest income through balancing the impact of changes in  
interest rates on interest-sensitive assets and interest-sensitive liabilities. 
Management uses Interest Sensitivity Simulation Analysis to measure the interest
rate sensitivity of earnings.                                                   

  Balance sheet repositioning is the most efficient and cost-effective means
of managing interest rate risk and is accomplished through strategic pricing of 
asset and liability accounts. The expected result of strategic pricing is the   
development of appropriate maturity and repricing streams in those accounts to  
produce consistent net income during adverse interest rate environments. The    
ALCO monitors loan, investment and liability portfolios to ensure comprehensive 
management of interest rate risk on the balance sheet. These portfolios are     
analyzed for proper fixed-rate and variable-rate "mixes" given a specific       
interest rate outlook.                                                          

  Management has established parameters for asset/liability management which
prescribe a maximum impact on net interest income of 3% for a 150 basis point   
change over six months, for the most likely interest rate scenario, and a       
maximum of 6% for a 300 basis point change over 12 months. It is management's   
ongoing objective to effectively manage the impact of changes in interest rates 
and minimize the resulting effect on earnings. At June 30, 1996, changes in     
interest rates would not have a significant impact on Southern National's       
earnings.                                                                       

Derivatives and Off-Balance Sheet Financial Instruments                         

Interest rate volatility often increases to the point that balance sheet
repositioning through the use of account repricing and other on-balance sheet   
strategies cannot occur rapidly enough to avoid adverse net income effects. At  
those times, off-balance sheet or synthetic hedges are utilized. Management uses
interest rate swaps, caps and floors to supplement balance sheet repositioning. 
Such products are designed to move the interest sensitivity of Southern National
toward a neutral position.                                                      

Interest rate swaps are contractual agreements between two parties to   
exchange a series of cash flows representing interest payments. A swap allows   
both parties to transform the repricing characteristics of an asset or liability
from a fixed to a floating rate, a floating rate to a fixed rate, or one        
floating rate to another floating rate. The underlying principal positions are  
not affected. Swap terms generally range from one year to ten years depending on
need. At June 30, 1996, interest rate swaps and floors with a total notional    
value of $973.6 million, and terms of up to seven years, were outstanding.      

The following tables set forth certain information concerning Southern  
National's interest rate swaps at June 30, 1996:                                

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Interest Rate Swaps and Floors  
June 30, 1996 
(Dollars in thousands)  

                                                        [Enlarge/Download Table]

                               Notional          Receive            Pay             Unrealized  
Type                            Amount             Rate             Rate          Gains (Losses)
----                        ---------------  ---------------   ---------------   ---------------
                                                                                                
Receive fixed swaps         $      310,000             6.92 %            5.57 %  $        1,654 

Pay fixed swaps                    308,564             5.47              5.46                92 

Basis swaps                        250,000             5.53              5.51            (2,311)

Floors                             105,000              --                --                289 

                            ---------------  ---------------   ---------------   ---------------
Total                       $      973,564             6.00 %            5.51 %  $         (276)
                            ===============  ===============   ===============   ===============



                                Receive         Pay Fixed         Basis Swaps                   
Year-to-date Activity         Fixed Swaps         Swaps           and Floors          Total     
---------------------       ---------------  ---------------   ---------------   ---------------
                                                                                                
Balance, December 31, 1995  $      140,000   $      353,413    $      250,000    $      743,413 

Additions                          250,000               --           105,000           355,000 

Maturities/amortizations           (80,000)         (44,849)               --          (124,849)

Terminations                            --               --                --                -- 
                            ---------------  ---------------   ---------------   ---------------
Balance, June 30, 1996      $      310,000   $      308,564    $      355,000    $      973,564 
                            ===============  ===============   ===============   ===============


                                One Year       One to Five        After Five                    
Maturity Schedule*              or Less           Years             Years             Total     
------------------          ---------------  ---------------   ---------------   ---------------
                                                                                                
Receive fixed swaps         $       10,000   $       50,000    $      250,000    $      310,000 

Pay fixed swaps                     14,965          289,118             4,481           308,564 

Basis swaps                             --          250,000                --           250,000 

Floors                                  --          105,000                --           105,000 
                            ---------------  ---------------   ---------------   ---------------
Total                       $       24,965   $      694,118    $      254,481    $      973,564 
                            ===============  ===============   ===============   ===============

*  Maturities are based on full contract extensions.                            

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   As of June 30, 1996, there was no unearned income or deferred premiums from
new swap transactions. Deferred losses from terminated swap transactions were   
$363,000. The deferred losses will be recognized in the next year. The          
combination of active and terminated transactions resulted in income of $745,000
during the first six months of 1996.                                            

In addition to interest rate swaps, Southern National utilizes written  
covered over-the-counter call options on specific securities in the available-  
for-sale portfolio in order to enhance returns. Option fee income was $670,000  
for the first six months of 1996. Unexercised options on securities with total  
par values of $25.0 million were outstanding at June 30, 1996.                  

 Southern National also utilizes purchased over-the-counter put options in
its mortgage banking activities to hedge the mortgage pipeline. During 1996,    
options with a par value of $30.0 million were purchased and remained           
outstanding at June 30, 1996.                                                   

CAPITAL ADEQUACY AND RESOURCES                                                  

  The maintenance of appropriate levels of capital is a management priority.
Capital adequacy is monitored on an ongoing basis by management. Southern       
National's principal capital planning goals are to provide an adequate return to
shareholders while retaining a sufficient base from which to provide future     
growth and compliance with all regulatory standards.                            

Total shareholders' equity was $1.6 billion at June 30, 1996 and $1.7   
billion at December 31, 1995. As a percentage of total assets, total            
shareholders' equity was 7.7% at June 30, 1996, down from 8.2% at December 31,  
1995. Southern National's book value per common share at June 30, 1996 was      
$15.25, versus $15.52 at December 31, 1995. Average shareholders' equity as a   
percentage of average assets was 7.9% for the quarter ended June 30, 1996 and   
8.0% for the three months ended December 31, 1995.                              

  Tier 1 and total risk-based capital ratios at June 30, 1996 were 11.7% and
14.9%, respectively. The leverage ratio was 7.8% at the end of the second       
quarter. The comparable ratios at the end of 1995 were 13.0%, 14.3% and 7.8%,   
respectively. These capital ratios measure the capital to risk-weighted assets  
and off-balance sheet items as defined by Federal Reserve Board ("FRB")         
guidelines. An 8.00% minimum of total capital to risk-weighted assets is        
required. One-half of the 8.00% minimum must consist of tangible common         
shareholders' equity (Tier 1 capital) under regulatory guidelines. The leverage 
ratio, established by the FRB, measures Tier 1 capital to average total assets  
less goodwill and must be maintained in conjunction with the risk-based capital 
standards. The regulatory minimum for the leverage ratio is 3.00%.              

   The declines in certain capital ratios reflect the impact of a common stock
repurchase plan which was undertaken to facilitate the conversion of all of     
Southern National's preferred stock outstanding. On January 11, 1996, Southern  
National announced that these shares would be used in the anticipated conversion
of the preferred stock which was redeemed on March 29, 1996, at the price of    
$104.05 per share. Each share of preferred stock was convertible into 5.9068    
shares of common stock.                                                         

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CAPITAL ADEQUACY RATIOS                                                         

                                                        [Enlarge/Download Table]

                                            1996                               1995                   
                                  ------------------------   ---------------------------------------- 
                                   Second          First      Fourth          Third           Second  
                                  Quarter         Quarter    Quarter         Quarter         Quarter  
                                  --------        --------   --------        --------        -------- 
                                                                                                      
Average equity to average assets     7.86 %          8.07 %     8.05 %          7.71 %          7.61 %
Equity to assets at period end       7.67            7.75       8.17            7.77            7.60  
Risk-based capital ratios:                                                                            
        Tier 1 capital               11.7            12.1       13.0            12.0            11.3  
        Total capital                14.9            13.4       14.3            13.3            12.6  
Leverage ratio                        7.8             7.6        7.8             7.5             7.4  


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ANALYSIS OF RESULTS OF OPERATIONS                                               

  Southern National had net income for the first six months of 1996 totaling
$143.5 million, compared to $45.6 million during the first six months of 1995.  
On a fully diluted per share basis, earnings for the six months ended June 30,  
1996 were $1.35, compared to $.42 for the same period in 1995. The significant  
increase from the prior year earnings results from $72.7 million in after-tax   
nonrecurring charges and securities losses related to the merger between        
Southern National and BB&T which were recorded in the first six months of 1995. 
Excluding nonrecurring items from the prior year, Southern National's net income
would have increased 21.4%, or $25.3 million. For the second quarter, net income
totaled $73.9 million compared to $57.9 million recorded for the second quarter 
of 1995, an increase of $16.0 million, or 27.6%. On a fully diluted per share   
basis, net income for the quarter was $.70, a 32.1% increase over the $.53      
earned in the second quarter of 1995. Southern National's significant growth in 
recurring earnings results from three factors. First, net interest margin       
improved from 4.10% for the first six months of 1995 to 4.34% for the first half
of 1996. Second, following the merger of Southern National and BB&T, management 
targeted a growth rate in noninterest income of 20%. The 23.7% growth in        
recurring noninterest income for the six months ended June 30, 1996 compared to 
the same period in 1995 demonstrates progress in achieving the revenue          
enhancements which were expected to be a strength of the combined bank. Third,  
Southern National has controlled expenses following the merger, as shown by the 
improvement in the efficiency ratio to 53.8% from 58.3% for the six months ended
June 30, 1996 and 1995, respectively.                                           

Net Interest Income                                                             

  Net interest income on a fully taxable equivalent ("FTE") basis was $394.5
million for the first six months of 1996 compared to $367.8 million for the same
period in 1995, a 7.3% increase. For the six months ended June 30, 1996 and     
1995, average interest-earning assets increased $130.8 million, or .7%, to $19.0
billion, while average interest-bearing liabilities decreased by $115.2 million.
As discussed previously, Southern National also experienced substantial positive
development in the net interest margin. The 24 basis point increase in margin   
was caused primarily by a 39 basis point increase in yields from securities,    
combined with a 74 basis point decrease in rates paid on short-term borrowed    
funds and a 68 basis point decrease in rates paid on long-term debt. These      
fluctuations reflect the restructuring of the securities portfolio, as well as  
other categories of the balance sheet, which has slowed growth in total assets, 
thus reducing Southern National's dependence on costly nondeposit funding       
sources. The improvement in margin also reflects a change in management focus   
from pricing strategies to quality strategies. Loans and deposits were very     
competitively priced following the merger of Southern National and BB&T to      
protect current market positions and retain customer relationships.             

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Net Interest Income and Rate/Volume Analysis  
For the Six Months Ended June 30, 1996 and 1995 

                                                        [Enlarge/Download Table]

                                                         Average Balances                Yield / Rate        
-------------------------------------------------  ----------------------------  ----------------------------
Fully Taxable Equivalent - (Dollars in thousands)       1996           1995           1996           1995    
-------------------------------------------------  -------------  -------------  -------------  -------------
                                                                                                             
Assets                                                                                                       
Securities (1):                                                                                              
   U.S. Treasury, government and other (5)         $  4,809,201   $  5,248,737         6.46 %         6.02 % 
   States and political subdivisions                    157,386        175,898         9.11           8.93   
-------------------------------------------------  -------------  -------------  -------------  -------------
      Total securities (5)                            4,966,587      5,424,635         6.55           6.16   
Other earning assets (2)                                 14,170         47,188         5.65           5.92   
Loans and leases, net                                                                                        
    of unearned income (1)(3)(4)(5)                  13,996,301     13,374,454         8.98           9.15   
-------------------------------------------------  -------------  -------------  -------------  -------------
      Total earning assets                           18,977,058     18,846,277         8.34           8.28   
-------------------------------------------------  -------------  -------------  -------------  -------------
      Non-earning assets                              1,146,869      1,171,269                               
-------------------------------------------------  -------------  -------------                              
        Total assets                               $ 20,123,927   $ 20,017,546                               
=================================================  =============  =============                              

Liabilities and Shareholders' Equity                                                                         
Interest-bearing deposits                                                                                    
    Savings and interest checking deposits         $  3,159,031   $  3,212,847         1.81           2.32   
    Money market deposits                             1,379,319      1,695,203         3.51           3.58   
    Time deposits                                     8,185,337      7,684,996         5.52           5.39   
-------------------------------------------------  -------------  -------------  -------------  -------------
      Total interest-bearing deposits                12,723,687     12,593,046         4.38           4.36   
Short-term borrowed funds                             2,060,851      3,044,118         5.17           5.91   
Long-term debt                                        1,645,608        908,230         5.84           6.52   
-------------------------------------------------  -------------  -------------  -------------  -------------
      Total interest-bearing liabilities             16,430,146     16,545,394         4.63           4.76   
-------------------------------------------------  -------------  -------------  -------------  -------------
      Demand deposits                                 1,823,309      1,693,399                               
      Other liabilities                                 267,203        256,619                               
      Shareholders' equity                            1,603,269      1,522,134                               
-------------------------------------------------  -------------  -------------                              
      Total Liabilities and                                                                                  
        shareholders' equity                       $  20,123,927  $  20,017,546                              
=================================================  =============  =============                              
Average interest rate spread                                                           3.71           3.52   
Net yield on earning assets                                                            4.34%          4.10%  
=================================================                                =============  =============
Taxable equivalent adjustment                                                                                
=================================================                                                            

                                                        [Enlarge/Download Table]


                                                          Income / Expenses                              Changes due to       
-------------------------------------------------   ----------------------------     Increase     ----------------------------
Fully Taxable Equivalent - (Dollars in thousands)        1996           1995        (Decrease)         Rate         Volume    
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
                                                                                                                              
Assets                                                                                                                        
Securities (1):                                                                                                               
   U.S. Treasury, government and other (5)          $    155,395   $    158,050   $     (2,655)   $     11,022   $    (13,677)
   States and political subdivisions                       7,167          7,787           (620)            213           (833)
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
      Total securities (5)                               162,562        165,837         (3,275)         11,235        (14,510)
Other earning assets (2)                                     398          1,389           (991)            (61)          (930)
Loans and leases, net                                                                                                         
    of unearned income (1)(3)(4)(5)                      626,215        606,918         19,297         (10,337)        29,634 
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
      Total earning assets                               789,175        774,144         15,031             837         14,194 
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
      Non-earning assets                                                                                                      
-------------------------------------------------                                                                             
        Total assets                                                                                                          
=================================================                                                                             

Liabilities and Shareholders' Equity                                                                                          
Interest-bearing deposits                                                                                                     
    Savings and interest checking deposits                 28,415         36,886        (8,471)         (7,964)          (507)
    Money market deposits                                  24,079         30,136        (6,057)           (531)        (5,526)
    Time deposits                                         224,864        205,292        19,572           5,353         14,219 
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
      Total interest-bearing deposits                     277,358        272,314        5,044           (3,142)         8,186 
Short-term borrowed funds                                  52,986         89,253       (36,267)         (9,971)       (26,296)
Long-term debt                                             47,836         29,384        18,452          (3,347)        21,799 
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
      Total interest-bearing liabilities                  378,180        390,951       (12,771)        (16,460)         3,689 
-------------------------------------------------   -------------  -------------  -------------   -------------  -------------
      Demand deposits                                                                                                         
      Other liabilities                                                                                                       
      Shareholders' equity                                                                                                    
-------------------------------------------------                                                                             
      Total Liabilities and                                                                                                   
        shareholders' equity                                                                                                  
=================================================                                                                             
Average interest rate spread                                                                                                  
Net yield on earning assets                        $    410,995   $    383,193   $     27,802    $     17,297   $     10,505  
=================================================  =============  =============  =============   =============  ============= 
Taxable equivalent adjustment                      $     16,514   $     15,410                                                
=================================================  =============  =============                                               

(1) Yields related to securities, loans and leases exempt from both federal and 
    state income taxes, federal income taxes only or state income taxes only are
    stated on a taxable equivalent basis using statutory tax rates in effect for
the periods presented.                                                  
(2) Includes federal funds sold and securities purchased under resale agreements
or similar arrangements.                                                
(3) Loan data, which are not material for the periods shown, are included for   
rate calculation purposes.                                              
(4) Noaccrual loans have been included in the average balances.                 
(5) Includes assets which were held for sale or available for sale at amortized 
cost.                                                                   
------------------------------------------------------------------------------- 

  Net interest income FTE for the second quarter of 1996 was $200.8 million,
up from $185.0 million for the second quarter of 1995. The higher level of net  
interest income reflects a significant                                          

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10-Q 19th Page of 27 TOC 1st Previous Next ↓Bottom Just 19th
increase in the net interest margin, from 4.06% to 4.39% comparing the second   
quarters. The average yield earned on earning assets decreased 3 basis points.  
However, the rates paid on interest-bearing liabilities declined by 35 basis    
points, with reductions in rates paid on deposits, short-term borrowed funds and
long-term debt.                                                                 

Net Interest Income and Rate/Volume Analysis  
For the Three Months Ended June 30, 1996 and 1995 

                                                        [Enlarge/Download Table]

                                                            Average Balances                   Yield/Rate                        
---------------------------------------------------  ------------------------------  ------------------------------              
Fully Taxable Equivalent - (Dollars in thousands)         1996            1995            1996            1995                   
---------------------------------------------------  --------------  --------------  --------------  --------------              
                                                                                                                                 
Assets                                                                                                                           
Securities (1):                                                                                                                  
  U.S. Treasury, government and other (5)            $   4,821,477   $   5,295,064           6.51 %          6.20 %              
  States and political subdivisions                        153,754         171,520           9.01            8.85                
---------------------------------------------------  --------------  --------------  --------------  --------------              
    Total Securities (5)                                 4,975,231       5,466,584           6.59            6.28                
Other earning assets (2)                                    10,780          47,557           5.75            6.18                
Loans and leases, net                                                                                                            
  of unearned income (1)(3)(4)(5)                       14,114,524      13,543,229           8.97            9.23                
---------------------------------------------------  --------------  --------------  --------------  --------------              
    Total earning assets                                19,100,535      19,057,370           8.35            8.38                
---------------------------------------------------  --------------  --------------  --------------  --------------              
    Non-earning assets                                   1,141,222       1,192,916                                               
---------------------------------------------------  --------------  --------------                                              
      Total assets                                   $  20,241,757   $  20,250,286                                               
===================================================  ==============  ==============                                              

Liabilities and Shareholders' Equity                                                                                             
Interest-bearing deposits:                                                                                                       
  Savings deposits                                   $   3,129,090   $   3,252,568           1.69            2.31                
  Money market deposits                                  1,410,414       1,580,537           3.49            3.79                
  Time deposits                                          8,201,556       7,772,237           5.47            5.60                
---------------------------------------------------  --------------  --------------  --------------  --------------              
    Total interest-bearing deposits                     12,741,060      12,605,342           4.32            4.52                
Short-term borrowed funds                                2,012,842       3,219,920           5.08            6.00                
Long-term debt                                           1,779,639         910,946           5.82            6.50                
---------------------------------------------------  --------------  --------------  --------------  --------------              
    Total interest-bearing liabilities                  16,533,541      16,736,208           4.57            4.92                
---------------------------------------------------  --------------  --------------  --------------  --------------              
    Demand deposits                                      1,848,295       1,700,458                                               
    Other liabilities                                      268,494         273,191                                               
    Shareholders' equity                                 1,591,427       1,540,429                                               
---------------------------------------------------  --------------  --------------                                              
    Total liabilities and                                                                                                        
      shareholders' equity                           $  20,241,757   $  20,250,286                                               
===================================================  ==============  ==============                                              
Average interest rate spread                                                                 3.78            3.46                
Net yield on earning assets                                                                  4.39 %          4.06 %              
===================================================                                  ==============   =============              
Taxable equivalent adjustment                                                                                                    
===================================================                                                                              


                                                             Income/Expense                                Change due to         
---------------------------------------------------  ------------------------------    Increase    ------------------------------
Fully Taxable Equivalent - (Dollars in thousands)         1996            1995        (Decrease)       Rate            Volume    
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
                                                                                                                                 
Assets                                                                                                                           
Securities (1):                                                                                                                  
  U.S. Treasury, government and other (5)            $      78,509   $      81,813   $   (3,304)   $       4,239   $     (7,543) 
  States and political subdivisions                          3,462           3,788         (326)              72           (398) 
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
    Total Securities (5)                                    81,971          85,601       (3,630)           4,311         (7,941) 
Other earning assets (2)                                       155             733         (578)             (45)          (533) 
Loans and leases, net                                                                                                            
  of unearned income (1)(3)(4)(5)                          315,199         311,721        3,478           (8,591)        12,069  
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
    Total earning assets                                   397,325         398,055         (730)          (4,325)         3,595  
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
    Non-earning assets                                                                                                           
---------------------------------------------------                                                                              
      Total assets                                                                                                               
===================================================                                                                              

Liabilities and Shareholders' Equity                                                                                             
Interest-bearing deposits:                                                                                                       
  Savings deposits                                          13,146          18,733       (5,587)          (4,863)          (724) 
  Money market deposits                                     12,250          14,932       (2,682)          (1,148)        (1,534) 
  Time deposits                                            111,474         108,515        2,959           (2,630)         5,589  
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
    Total interest-bearing deposits                        136,870         142,180       (5,310)          (8,641)         3,331  
Short-term borrowed funds                                   25,409          48,194      (22,785)          (6,693)       (16,092) 
Long-term debt                                              25,762          14,761       11,001           (1,683)        12,684  
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
    Total interest-bearing liabilities                     188,041         205,135      (17,094)         (17,017)           (77) 
---------------------------------------------------  --------------  --------------  ------------  --------------  --------------
    Demand deposits                                                                                                              
    Other liabilities                                                                                                            
    Shareholders' equity                                                                                                         
---------------------------------------------------                                                                              
    Total liabilities and                                                                                                        
      shareholders' equity                                                                                                       
===================================================                                                                              
Average interest rate spread                                                                                                     
Net yield on earning assets                          $     209,284   $     192,920   $   16,364    $      12,692   $      3,672  
===================================================  ==============  ==============  ============  ==============  ==============
Taxable equivalent adjustment                        $       8,446   $       7,958                                               
===================================================  ==============  ==============                                              

(1) Yields related to securities, losses and leases exempt from both federal and
    state income taxes, federal income taxes only or state income taxes only are
    stated on a taxable equivalent basis using statutory tax rates in effect for
the periods presented.                                                  
(2) Includes federal funds sold and securities purchased under resale agreements
or similar arrangements.                                                
(3) Loan fees, which are not material for the periods shown are included for    
rate calculation purposes.                                              
(4) Nonaccrued loans have been included in the average balances. Only the       
interest collected on such loans is included as income.                 
(5) Includes assets held for sale or available for sale at amortized cost.      
--------------------------------------------------------------------------------

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 Hedging strategies have been used in the past and will be utilized in the
future to reduce sensitivity to interest rate movements. See "ASSET/LIABILITY   
MANAGEMENT" for additional discussion of hedging strategies.                    

Noninterest Income                                                              

Noninterest income for the six months ended June 30, 1996 was $139.5    
million, compared to $104.4 million for the same period in 1995. Securities     
losses of $19.8 million recorded in the first quarter of 1995 were a major      
contributing factor to the increase in noninterest income. These securities     
losses resulted from a restructuring of the securities portfolio done in        
connection with the merger. However, Southern National also experienced positive
development in service charges on deposits, mortgage banking activities, general
insurance commissions and trust income. The percentage of total revenues,       
calculated as net interest income plus noninterest income excluding securities  
gains or losses, derived from noninterest (fee-based) income for the six months 
ended June 30, 1996 was 26.1%, up from 25.2% for the first six months of 1995.  
Management anticipates continued growth in noninterest income, with a target    
ratio of noninterest income to total revenues of 30%.                           

  Service charges on deposits grew for the first six months in 1996 compared
to 1995, increasing by $8.2 million, or 18.8%. The primary factor contributing  
to the significant growth in service charges on deposits was increased fees     
during 1996. For the second quarter, service charges increased $4.3 million, or 
19.1%, over the same quarter last year. The greatest increases involved         
commercial account analysis income and overdraft charges. Additionally, rising  
interest rates during 1995 negatively affected service charges on deposit       
accounts by increasing the earnings credit used in service charge computations. 
Looking forward, management anticipates new fees on automated teller machines   
("ATMs"), to provide an additional $6.0 million in fee income on an annual basis
with no additional expenses. As a component of Southern National's emphasis on  
alternative delivery systems, management anticipates the addition of 75 new ATMs
in existing branches and an additional 200 ATMs in non-branch locations.        

Trust income grew $1.8 million, or 20.5%, for the six months ended June 
30,1996 compared to the same period in 1995. For the second quarter of 1996,    
trust services income totaled $6.2 million, an increase of $1.5 million over the
second quarter of 1995. The significant second quarter growth results from fees 
collected during the second quarter which are only collected annually,          
principally administration fees for corporate benefit plans. The rate of growth 
is expected to return to a more normalized level for the remainder of the year. 

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Southern National also realized substantial growth in general insurance 
commissions, up $2.5 million, or 30.1%, compared to the first six months of     
1995. The growth in general insurance commissions resulted from unusually large 
contingency commissions and earnings from sales of life insurance contracts.    
Comparing the second quarters of 1996 and 1995, general insurance commissions   
grew at a rate of 9.9%.                                                         

 Mortgage banking activities increased 79.2%, or $7.9 million, for the six
months ended June 30, 1996 compared to the same period in 1995. For the second  
quarter of 1996, mortgage banking activities increased $4.2 million, or 95.6%.  
These increases resulted from significant gains on higher volumes of sales of   
mortgage loans during the first six months of 1996.                             

  Other nondeposit fees and commissions increased by $5.3 million to a level
of $35.7 million in 1996 compared with $30.4 million for the first six months of
1995. The primary component generating the increase in nondeposit fees and      
commissions was investment services, which increased $4.9 million. For the      
second quarter of 1996, other nondeposit fees and commissions increased $4.1    
million compared to the prior year, also driven by investment services.         

Other income decreased $10.3 million for the first six months of 1996   
because of a premium totaling $11.9 million relating to a divestiture of        
deposits in 1995. This divestiture was necessary in order to comply with anti-  
trust laws following the merger of Southern National and BB&T.                  

Noninterest Expense                                                             

Noninterest expense was $297.4 million for the first six months of 1996 
compared to $389.3 million for the same period a year ago. Merger-related       
accruals and expenses led to an elevated level of noninterest expense in the    
first six months of 1995. These items included $98.2 million of pretax          
nonrecurring charges which primarily affected personnel expense, occupancy and  
equipment expense and other noninterest expense.                                

   Excluding nonrecurring charges, personnel expense, the largest component of
noninterest expense, increased from $144.3 million for the first six months of  
1995 to $148.2 million for the same period in 1996. This relatively steady level
of personnel expense reflects efficiencies of scale accomplished as a result of 
the Southern National / BB&T merger. The only component of personnel expense    
currently increasing is the incentive compensation program because of increased 
sales in many areas. The nonrecurring charges discussed above contributed $55.3 
million to total personnel costs during the first six months of 1995 in the form
of severance pay, termination of employment contracts, early retirement packages
and related benefits. For the second quarter of 1996, personnel expense totaled 
$74.5 million, a increase of $3.9 million from the $70.7 million recorded in the
second quarter of 1995 on recurring basis. This increase reflects additional    
incentive compensation, as discussed above.                                     

    Occupancy and equipment expense, excluding nonrecurring charges, for the six
months ended June 30, 1996 increased $2.6 million, or 5.5%, compared to 1995.   
On-going depreciation of property and equipment purchased in connection with    
implementing the merger is a major                                              

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10-Q 22nd Page of 27 TOC 1st Previous Next ↓Bottom Just 22nd
component of the increase. The $10.1 million in nonrecurring charges relating to
branch closings and the consolidation of bank operations and systems associated 
with the merger had a significant impact on the total occupancy and equipment   
expense in the prior year. For the second quarter of 1996, occupancy and        
equipment expense totaled $24.9 million, up slightly from the $24.5 million     
incurred on a recurring basis in the prior year.                                

   Federal deposit insurance expense decreased $9.5 million, or 59.2%, for the
six months ended June 30, 1996, compared to the same period in the prior year,  
as a result of a reduction in insurance premiums charged by the FDIC for deposit
insurance. Because of the recapitalization of the Bank Insurance Fund ("BIF"),  
the FDIC eliminated the insurance premium on FDIC-insured deposits. For the     
first six months of last year, this premium was calculated as $.23 per $100 of  
insured deposits. Southern National incurred Federal deposit insurance expense  
of $3.2 million during the second quarter of 1996, down from $8.0 million       
recorded in the prior year. Southern National continues to incur insurance      
expense, despite the actions of the FDIC because of Southern National's         
acquisitions of thrift institutions in prior years. Thrift deposits are insured 
by the Savings Association Insurance Fund ("SAIF"), which still assesses a      
premium of $.23 per $100 for deposits held by Southern National.                

In late 1995, proposed legislation was passed in Congress that contained
provisions to recapitalize the SAIF. However, the President vetoed the proposed 
legislation on December 6, 1995, for reasons unrelated to the SAIF              
recapitalization issue. The legislation included provisions for a one-time      
special assessment, as determined by the FDIC, on SAIF-assessable deposits of   
insured depository institutions in an amount adequate to cause the SAIF to      
achieve its specific designated reserve ratio of 1.25%, which would have called 
for a special assessment in the range of $.80 per $100 of insured deposits for  
SAIF institutions.                                                              

    Under the vetoed legislation, the special assessment would have been applied
to the amount of SAIF-assessable deposits held as of March 31, 1995. The SAIF-  
assessable deposits of BB&T-NC and BB&T-SC as of March 31, 1995 totaled         
approximately $4.3 billion and $1.5 billion, respectively. Under the vetoed     
legislation, BB&T-NC would have received a 20% discount on the assessment,      
because the bank's SAIF-assessable deposits were less than 50% of its total     
assessable deposits as of June 30, 1995. The pretax impact on Southern National 
of a one-time assessment of the type included in the vetoed legislation would   
not have exceeded $41.0 million. The vetoed legislation contained additional    
provisions that, among other things, would have required BIF member institutions
to share pro rata in the obligations of SAIF members for certain government     
bonds.                                                                          

Although the SAIF-recapitalization provisions discussed in the preceding
paragraphs were included in legislation that was vetoed and therefore have not  
been enacted into law, similar provisions have already been considered in 1996, 
and may be considered again and included in other legislation later in 1996. The
final form of the legislation, including whether the legislation will contain   
some or all of the provisions discussed above, cannot be determined with        
certainty at this time. Similarly, the date of passage of the final form of any 
such legislation cannot be determined with certainty at this time. In the event 
that the SAIF is recapitalized pursuant to any                                  

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10-Q 23rd Page of 27 TOC 1st Previous Next ↓Bottom Just 23rd
such legislation, it is expected that future assessment rates applicable to     
SAIF-assessable deposits would be reduced.                                      

  Excluding $32.9 million in nonrecurring charges which were recorded in the
first six months of last year, other noninterest expenses increased $10.0       
million, or 12.2%. This increase was driven by increases in advertising, up $2.2
million, loan and lease expenses, up $4.5 million and other charge-offs, up $2.8
million. The increased advertising costs are related to a marketing program to  
increase BB&T brand identity. Additional loan and lease expenses result from a  
home equity incentive program. For the second quarter, other expenses totaled   
$47.5 million, up from the $40.8 million recorded in the second quarter of 1995 
on a recurring basis. This increase reflects higher levels of advertising and   
promotional expenditures made during the second quarter of 1996.                

Southern National's efficiency ratio improved to 53.8% for the first six
months of 1996 compared to 58.3%, excluding nonrecurring charges, for the same  
period in 1995.                                                                 

Provision for Income Taxes                                                      

   The provision for income taxes increased to $70.5 million for the first six
months of 1996 compared to $23.3 million recorded in the first six months of    
1995. Excluding the impact of the nonrecurring charges recorded in 1995, the    
income tax provision for the prior year totaled $57.3 million. Comparing the    
recurring balances, the provision for income taxes increased $13.2 million, or  
23.0%, because of higher pretax income. Effective tax rates were 32.9% and 32.6%
for the six months ended June 30, 1996 and 1995, respectively. For the second   
quarter of 1996, the provision for income taxes totaled $36.3 million, up $8.7  
million, or 31.7%, compared to the second quarter 1995 balance.                 

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PROFITABILITY MEASURES                                                          

                                                        [Enlarge/Download Table]

                                                1996                     1995              
                                        -------------------  ----------------------------- 
                                         Second     First     Fourth     Third     Second  
                                        Quarter    Quarter   Quarter    Quarter   Quarter  
                                        --------   --------  --------   --------  -------- 
                                                                                           
Return on average assets                   1.47 %     1.40 %    1.36 %     1.20 %    1.15 %
Return on average common equity           18.68      17.86     17.35      16.00     15.48  
Net interest margin                        4.39       4.28      4.07       3.95      4.06  
Efficiency ratio (taxable equivalent)*     53.4       54.3      53.2       54.5      57.9  

----------------                                                                
*   Excludes securities gains (losses) and foreclosed property expense for all  
periods and nonrecurring items totaling $3,458 for the second quarter of
1995 and $6,117 for the third quarter of 1995.                          

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10-Q 25th Page of 27 TOC 1st Previous Next ↓Bottom Just 25th
PART II.  OTHER INFORMATION 

Item 1.  Legal Proceedings                                                      
-----------------                                             

The nature of the business of Southern National's banking subsidiaries          
ordinarily results in a certain amount of litigation. The subsidiaries of       
Southern National are involved in various legal proceedings, all of which are   
considered incidental to the normal conduct of business. Management believes    
that the liabilities arising from these proceedings will not have a materially  
adverse effect on the consolidated financial position or consolidated results of
operations of Southern National.                                                

Item 4.  Submission of Matters to a Vote of Security Holders                    
---------------------------------------------------           

Southern National Corporation held its annual meeting of the shareholders on    
April 23, 1996 to consider and vote upon the following matters:                 

(1) To elect eight Directors for three-year terms expiring in 1999. Of shares   
represented by proxy, votes in favor were 71,565,720 and votes opposed were     
538,760.                                                                        

(2) To approve amendments to the Corporation's 1995 Omnibus Stock Incentive     
Plan. Of shares represented by proxy, votes in favor were 63,737,006; votes     
against were 7,103,930 and abstentions were 1,329,590.                          

(3) To approve the Corporation's Amended and Restated Short-Term Incentive Plan.
Of shares represented by proxy, votes in favor were 66,499,687; votes against   
were 4,214,526 and abstentions were 1,466,343.                                  

(4) To ratify the reappointment of Arthur Andersen LLP as the Corporation's     
auditors for 1996. Of shares represented by proxy, votes in favor were          
71,271,714; votes against were 383,279 and abstentions were 505,489.            

Item 6.     Exhibits and Reports on Form 8-K                                    
--------------------------------                        

(a) Exhibit 4.1 - Senior Indenture (including form of Senior Debt Security),    
between Southern National Corporation and State Street Bank and Trust   
Company, as Trustee, dated as of May 24, 1996 is included herein.       

 Exhibit 4.2 - Subordinated Indenture (including form of Subordinated Debt
  Security), between Southern National Corporation and State Street Bank and
Trust Company, as Trustee, dated as of May 24, 1996 is included herein. 

Exhibit 11 - "Computation of Earnings Per Share" is included herein.    

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10-Q 26th Page of 27 TOC 1st Previous Next ↓Bottom Just 26th
 Exhibit 27 - "Financial Data Schedule" is included in the electronically-
filed document as required.                                             

(b) Southern National filed a Form 8-K under Item 5 on April 15, 1996 to report 
the results of operations and financial condition as of March 31, 1996. 
    Southern National filed a Form 8-K under Item 5 on May 3, 1996 to report the
   plans to acquire Regional Acceptance Corporation. Southern National filed a
  Form 8-K under Item 5 on July 12, 1996 to report the results of operations
and financial condition as of June 30, 1996.                            

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SIGNATURES

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 thereunto duly authorized.                                    

             SOUTHERN NATIONAL CORPORATION
              (Registrant)

Date: August 14, 1996                        By:      /s/ Scott E. Reed         
      ---------------                           --------------------------------
                              Scott E. Reed, Senior Executive Vice President
                               and Chief Financial Officer

Date: August 14, 1996                        By:    /s/ Sherry A. Kellett       
     ----------------                           --------------------------------
                               Sherry A. Kellett, Executive Vice President and
                                 Controller (Principal Accounting Officer)

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	12/31/96	8		10-K, 8-K
Filed on:	8/14/96	27
	7/31/96	1
	7/12/96	26		8-K
For Period End:	6/30/96	1	26
	5/24/96	2	25
	5/3/96	26		8-K
	4/23/96	25		DEF 14A
	4/15/96	26		8-K
	3/31/96	26		10-Q, 8-K
	3/29/96	9	15
	1/11/96	15
	1/1/96	8
	12/31/95	3	15	10-K
	12/6/95	22
	6/30/95	5	23	10-Q, 11-K, 8-K
	3/31/95	22		10-Q
	1/1/95	8
	12/31/94	5		10-K405, 11-K
				List all Filings

6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/27/24  Truist Financial Corp.            10-K       12/31/23  171:36M
 1/19/24  Truist Financial Corp.            S-3ASR      1/19/24    8:663K                                   Donnelley … Solutions/FA
 2/28/23  Truist Financial Corp.            10-K       12/31/22  159:36M
 2/23/22  Truist Financial Corp.            10-K       12/31/21  161:36M
12/22/21  Truist Financial Corp.            S-3                    8:694K                                   Donnelley … Solutions/FA
 2/24/21  Truist Financial Corp.            10-K       12/31/20  162:37M

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Filing Submission 0000928385-96-001077 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

BB&T Corp – ‘10-Q’ for 6/30/96

As of: Wednesday, 8/14/96 · For: 6/30/96 · Accession #: 928385-96-1077 · File #: 1-10853

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

6 Subsequent Filings that Reference this Filing

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Quarterly Report
Document Table of Contents