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FIRST BANCORP (N.C.) ANNOUNCES FIRST QUARTER RESULTS

 TROY, N.C., April 21 /PRNewswire/ -- First Bancorp (NASDAQ-NMS: FBNC) announced today that consolidated net income for the quarter ended March 31, 1993 increased to $582,000, or 39 cents per share, compared to $487,000, or 32 cents per share, for the first quarter of 1992. The increase of $95,000, or 20 percent, was attributable to increases in net interest income. Net interest income increased $177,000, or 7 percent, to $2,774,000 for the three months ended March 31, 1993 compared to $2,597,000 for the same period of the previous year.
 During the quarter ended March 31, 1993, First Bancorp adopted Statement of Financial Accounting Standards Number 109 (SFAS 109), "Accounting for Income Taxes." As anticipated, First Bancorp experienced no material effect on reported earnings or financial position under the provisions of this new method of accounting for income taxes.
 First Bancorp is a bank holding company based in Troy, N.C. Its principal activity is the ownership and operation of First Bank, a state-chartered bank that operates 26 branch offices in an eight county market area centered in Troy.
 FIRST BANCORP AND SUBSIDIARIES
 FINANCIAL SUMMARY
 Three Months Ended
 ($ in thousands except per March 31, Percent
 share data and ratios) 1993 1992 Change
 INCOME STATEMENT DATA
 Net interest income, taxable
 equivalent basis $ 2,903 $ 2,737 6.1
 Taxable equivalent adjustment 129 140 -7.9
 Net interest income 2,774 2,597 6.8
 Provision for possible loan losses 160 210 -23.8
 Net interest income after provision
 for possible loan losses 2,614 2,387 9.5
 Other income 684 712 -3.9
 Other expenses 2,515 2,473 1.7
 Income before income taxes 783 626 25.1
 Income taxes 201 139 44.6
 Net income 582 487 19.5
 PER SHARE DATA
 Net income per share $ 0.39 $ 0.32 21.9
 Cash dividends declared 0.140 0.090 55.6
 Period end stated book value 17.28 16.06 7.6
 Period end tangible book value 16.87 15.41 9.5
 Average shares outstanding 1,504,185 1,504,185
 SELECTED PERIOD END BALANCES
 Investment securities $ 71,910 $ 65,731 9.4
 Loans, net of unearned income 145,914 144,541 0.9
 Allowance for possible loan losses (2,652) (2,602) 1.9
 Total assets 244,253 234,931 4.0
 Deposits 216,160 208,508 3.7
 Total shareholders' equity 25,987 24,155 7.6
 SELECTED AVERAGE BALANCES
 Investment securities $ 69,947 $ 61,410 13.9
 Loans, net of unearned income 144,671 145,519 -0.6
 Earning assets 223,133 213,121 4.7
 Total assets 243,480 231,395 5.2
 Deposits 215,138 204,830 5.0
 Shareholders' equity 25,992 24,040 8.1
 RATIOS
 Annualized return on average
 shareholders' equity 8.96pct. 8.10pct.
 Annualized return on average total assets 0.96pct. 0.84pct.
 Annualized net interest income (taxable -
 equivalent basis) to average earning
 assets 5.20pct. 5.14pct.
 Average loans to average deposits 67.25pct. 71.04pct.
 -0- 4/21/93
 /CONTACT: Anna G. Hollers, First Bancorp, 919-576-6171/
 (FBNC)


CO: First Bancorp ST: North Carolina IN: FIN SU: ERN

SB -- CH010 -- 8668 04/21/93 11:11 EDT
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Date:Apr 21, 1993
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