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CAROLINA FIRST BANCSHARES REPORTS RESULTS

 CAROLINA FIRST BANCSHARES REPORTS RESULTS
 LINCOLNTON, N.C., Oct. 14 /PRNewswire/ -- Carolina First BancShares,


Inc., Lincolnton, N.C. (OTC) reported consolidated net income of $548,265 or $.45 per share, for the three months ended Sept. 30, as compared to $277,957, or $.23 per share, for the same period a year ago.
 This 97.3 percent improvement in quarterly earnings reflects continuing strength in the net interest margin primarily as a result of lower funding costs. Net income for the nine months ending Sept. 30 was $1,543,112, or $1.28 per share, up 93.5 percent from $.66 per share a year ago.
 At Sept. 30, Carolina First had consolidated assets of $268.5 million, a 4.88 percent increase over Sept. 30, 1991. Deposits increased 4.61 percent to $240.2 million, while gross loans continued to respond to improved economic conditions and increased to $171.4 million or 3.46 percent over the previous period.
 Non-performing assets fell to $2.7 million, or 1.00 percent of total assets compared to 1.03 percent at Sept. 30, 1991. The company's allowance for loan losses was 1.26 percent of outstanding loans at Sept. 30, compared to 1.07 percent a year earlier.
 Carolina First completed the merger with Cabarrus Savings Bank, Concord, N.C., on Jan. 30. This merger was accounted for as a pooling of interests, and therefore, historical results have been restated to reflect the combined entity as if the merger had been affected during the periods indicated.
 Carolina First is the parent company of Lincoln Bank of North Carolina and Cabarrus Savings Bank. Its stock is traded Over-the- Counter.
 CAROLINA FIRST BANCSHARES, INC.
 Financial Highlights
 Sept. 30, 1992
 At Sept. 30 1992 1991
 Total assets $268,542,666 $256,044,821
 Gross loans 171,365,512 165,633,115
 Allowance for loan losses 2,162,557 1,767,387
 Deposits 240,241,487 229,650,781
 Stockholders' equity 19,470,154 17,494,240
 Book value $16.12 $14.51
 Three months ended Sept. 30
 Net income $548,265 $277,957
 Net income per share 0.45 0.23
 Return on avg. equity -- annualized 11.05 pct. 6.18 pct.
 Return on avg. assets -- annualized 0.82 pct. 0.45 pct.
 Nine months ended Sept. 30
 Net income $1,543,112 $797,433
 Net income per share 1.28 0.66
 Return on avg. equity -- annualized 10.89 pct. 6.01 pct.
 Return on avg. assets -- annualized 0.78 pct. 0.44 pct.
 -0- 10/14/92 R
 /CONTACT: James E. Burt III of Carolina First BancShares, 704-732-2222/ CO: Carolina First BancShares, Inc. ST: North Carolina IN: FIN SU: ERN


BR-BN -- AT002 -- 9997 10/14/92 15:09 EDT
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Date:Oct 14, 1992
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