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CAROLINA FIRST BANCSHARES REPORTS RESULTS

 LINCOLNTON, N.C., Oct. 12 /PRNewswire/ -- Carolina First BancShares, Inc., reported consolidated net income of $1,881,281, or $1.55 per share, for the nine months ended Sept. 30, as compared to $1,368,047, or $1.13 per share, for the same period a year ago.
 This 37.5 percent increase in earnings resulted primarily from expanded interest margins and the negative effect of an accounting change in the first quarter of 1992.
 Net income for the quarter ending Sept. 30 was $631,225, as compared to $548,265 for the same period in 1992, an increase of 15.1 percent. Third quarter earnings were aided by growth in short-term deposits accounts and increased loan demand from the improving economy.
 At Sept. 30, Carolina First had consolidated assets of $293.5 million, a 9.36 percent increase over Sept. 30, 1992. Deposits increased 12.74 percent to $270.8 million, while gross loans continued to respond to improved economic conditions and increased to $190.6 million, 11.2 percent over the previous period.
 Non-performing assets were $2.5 million, or .84 percent of total assets compared to 1.00 percent at Sept. 30, 1992. The company's allowance for loan losses was 1.31 percent of outstanding loans at Sept. 30, compared to 1.26 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- 10/12/93
 /CONTACT: James E. Burt III, of Carolina First BancShares, 704-732-6204/


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

BR-TG -- AT017 -- 1334 10/12/93 17:20 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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