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FIRST BANCORP (N.C.) ANNOUNCES RECORD EARNINGS

 TROY, N.C., Oct. 15 /PRNewswire/ -- First Bancorp (NASDAQ-NMS: FBNC) announced today that consolidated net income for the quarter ended Sept. 30, 1993 increased to a record $719,000, or 48 cents per share, compared to $624,000, or 41 cents per share, for the third quarter of 1992. The increase of $95,000, or 15 percent, was attributable to an 8 percent increase in net interest income and a decline in noninterest overhead expenses.
 Earnings for the nine months ended Sept. 30, 1993, grew to a record $2,014,000, or $1.34 per share, compared to $1,739,000, or $1.16 per share for the same period in 1992. The year to date increase of $275,000, or 16 percent, was also primarily attributable to an increase in net interest income and the containment of overhead growth.
 First Bancorp is a bank holding company based in Troy, N.C. Its principal activity is the ownership and operation of First Bank, a state- chartered bank that operates 26 branch offices in an eight county market area centered in Troy.
 FIRST BANCORP AND SUBSIDIARIES
 FINANCIAL SUMMARY
 Three Months Nine Months
 Ended Ended
 ($ in thousands Sept. 30, Percent Sept. 30, Percent
 except per share 1993 1992 Change 1993 1992 Change
 data and ratios)
 INCOME STATEMENT DATA
 Net interest income,
 taxable equivalent
 basis $ 3,028 $ 2,843 6.5 $ 8,904 $ 8,466 5.2
 Taxable equivalent
 adjustment 120 140 -14.3 372 421 -11.6
 Net interest income 2,908 2,703 7.6 8,532 8,045 6.1
 Provision for
 possible loan
 losses 160 80 100.0 445 455 -2.2
 Net interest income
 after provision for
 possible loan
 losses 2,748 2,623 4.8 8,087 7,590 6.5
 Other income 707 714 -1.0 2,104 2,124 -0.9
 Other expenses 2,446 2,495 -2.0 7,416 7,400 0.2
 Income before
 income taxes 1,009 842 19.8 2,775 2,314 19.9
 Income taxes 290 218 33.0 761 575 32.3
 Net income 719 624 15.2 2,014 1,739 15.8
 PER SHARE DATA
 Net income per
 share $ 0.48 $ 0.41 17.1 $ 1.34 $ 1.16 15.5
 Cash dividends
 declared 0.15 0.12 25.0 0.43 0.305 41.0
 Period end stated
 book value 17.94 16.68 7.6 17.94 16.68 7.6
 Period end tangible
 book value 17.63 16.15 9.2 17.63 16.15 9.2
 Average shares
 outstanding 1,504,185 1,504,185 1,504,185 1,504,185
 SELECTED PERIOD END BALANCES
 Investment securities $70,052 $62,971 11.2
 Loans, net of unearned income 152,899 147,227 3.9
 Allowance for possible loan losses (2,768) (2,665) 3.9
 Total assets 246,575 235,639 4.6
 Deposits 217,669 208,169 4.6
 Total shareholders' equity 26,984 25,083 7.6
 SELECTED AVERAGE BALANCES
 Investment
 securities $69,747 $63,889 9.2 $70,173 $63,653 10.2
 Loans, net of
 unearned income 150,509 147,760 1.9 147,321 146,800 0.4
 Earning assets 226,549 217,770 4.0 225,291 216,096 4.3
 Total assets 247,614 236,320 4.8 246,106 234,434 5.0
 Deposits 218,777 208,662 4.8 217,567 207,418 4.9
 Shareholders'
 equity 26,721 24,938 7.1 26,329 24,490 7.5
 RATIOS
 (PERCENT)
 Annualized return
 on average
 shareholders'
 equity 10.76 10.01 10.20 9.47
 Annualized return
 on average total
 assets 1.16 1.06 1.09 0.99
 Annualized net
 interest income
 (taxable-equivalent
 basis) to average
 earning assets 5.35 5.22 5.27 5.22
 Average loans to
 average deposits 68.80 70.81 67.71 70.77
 -0- 10/15/93
 /CONTACT: Anna G. Hollars of First Bancorp, 919-576-6171/
 (FBNC)


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

SB -- CH005 -- 2642 10/15/93 10:11 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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