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CAROLINA FIRST BANCSHARES REPORTS RESULTS

 LINCOLNTON, N.C., April 21 /PRNewswire/ -- Carolina First BancShares, Inc., Lincolnton, reported consolidated net income of $622,771, or $.51 per share for the quarter ended March 31, as compared to $275,869, or $.25 per share, for the same period a year ago.
 Earnings for the first quarter of 1992 reflect the change in accounting for income taxes required by the Financial Accounting Standards 109. Earnings, prior to the 1992 adjustment, increased $171,837, or 38.1 percent, resulting primarily from the company's ability to reduce its funding cost, providing a $368,699 increase in net interest income.
 At March 31, Carolina First had consolidated assets of $271.6 million, a 3.2 percent increase over March 31, 1992. This relatively modest asset growth is the result of restructuring in the company's balance sheet to improve earning capacity. Deposits increased 6.8 percent to $249.7 million, while gross loans continued to increase to $176 million, up 5.1 percent over the previous period.
 Non-performing assets increased to 1.17 percent of the total assets as compared to 1.02 percent at March 31, 1992. Management believes that reserves and asset values are adequate to facilitate the timely disposition of these assets. The company's allowance for loan losses was 1.24 percent of outstanding loans at March 31, compared to 1.34 percent a year earlier.
 The company's board of directors announced the implementation of a Dividend Reinvestment Plan. This plan will provide holders of record of Carolina First Common Stock with a convenient and economical method of investing cash dividends for the purchase of additional shares of Carolina First Common Stock.
 Carolina First is the parent company of Lincoln Bank of North Carolina and Cabarrus Bank of North Carolina. Its stock is traded over the counter.
 -0- 4/21/93
 /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-RA -- AT013 -- 8793 04/21/93 13:27 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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