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CAROLINA FIRST BANCSHARES REPORTS RESULTS

 LINCOLNTON, N.C., July 20 /PRNewswire/ -- Carolina First BancShares, Inc. reported consolidated net income of $1,250,056, or $1.03 per share, for the six months ended June 30 as compared to $819,782, or $.70 per share, for the same period a year ago.
 This 52.5 percent increase in earnings resulted primarily from expanded interest margins resulting from falling deposit rates and the negative effect of an accounting change in the first quarter of 1992.
 Net income for the quarter ending June 30 was $627,286, as compared to $543,913 for the same period in 1992, an increase of 15.3 percent. Second quarter earnings were aided by growth in short-term deposits accounts and increased commercial loan demand from the improving economy.
 At June 30, Carolina First had consolidated assets of $292.4 million, a 10.3 percent increase over June 30, 1992. Deposits increased 14.0 percent to $270.8 million, while gross loans continued to respond to improved economic conditions and increased to $185.1 million, 8.7 percent over the previous period.
 Non-performing assets were $3.2 million, or 1.09 percent of the total assets compared to 1.05 percent at June 30, 1992. The company's allowance for loan losses was 1.26 percent of outstanding loans at June 30, compared to 1.19 percent a year earlier.
 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- 7/20/93
 /CONTACT: James E. Burt III of Carolina First BancShares, 704-732-6204/


CO: Carolina First BancShares, Inc. ST: North Carolina IN: FIN SU: ERN

BN-RA -- AT014 -- 3604 07/20/93 17:14 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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