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CAROLINA FIRST CORPORATION ANNOUNCES SECOND QUARTER RESULTS

 CAROLINA FIRST CORPORATION ANNOUNCES SECOND QUARTER RESULTS
 GREENVILLE, S.C., July 9 /PRNewswire/ -- Carolina First Corporation (NASDAQ-NMS: CAFC) today announced that second quarter net income rose 50 percent to $596,000 from $398,000 for the same period in 1991. Earnings per common share, adjusted to reflect the preferred stock dividend for the newly issued preferred stock, were $.15, compared with $.13 for second quarter 1991.
 Net income for the first six months of 1992 increased 34 percent compared with the first six months of 1991 to $1,009,000. Earnings per common share were $.29 for the six months compared with $.25 for the same period in 1991.
 Mack I. Whittle, President and Chief Executive Officer of Carolina First Corporation, said, "Our goal has been to make Carolina First a dynamic and profitable financial institution that provides quality services, carefully tailored to meet the needs of South Carolinians. We are very pleased with the success we have enjoyed during the bank's brief history and look forward to the challenge of taking our place as the premier bank in the state."
 "In May, we raised $11 million in capital through the successful sale of convertible preferred stock that will allow us to continue to grow and to make selected acquisitions in strong markets in South Carolina."
 At June 30, 1992, total assets were $488 million, an increase of $104 million from June 30, 1991, and total shareholders' equity was $43 million, compared with $31 million a year earlier. Loans outstanding were $384 million, a 26 percent increase from $304 million at June 30, 1991. Deposits grew 27 percent to $437 million at June 30, 1992, from $343 million a year ago.
 Whittle added, "Our growth has not been achieved at the sacrifice of asset quality. The ratio of nonperforming loans to total loans was .69 percent at June 30, 1992, while the level of net charge-offs to average loans was .23 percent for the six months. Both ratios, which remain well below average for Southeastern banking companies, illustrate our high asset quality."
 Carolina First Corporation is a $488 million asset financial institution holding company and offers a broad range of commercial and consumer financial services through its two subsidiaries, Carolina First Bank and Carolina First Savings Bank. Carolina First Bank is a state- chartered commercial bank that operates eight branches principally in northwestern South Carolina. Carolina First Savings Bank, headquartered in Georgetown, S.C., is a federally chartered savings bank with eight branches in coastal South Carolina.
 Carolina First's common stock is traded in the NASDAQ National Market System under the trading symbol CAFC; its preferred stock is traded over-the-counter under the symbol CAFCP. Market makers include J.C. Bradford & Co., Interstate/Johnson Lane Securities and The Robinson-Humphrey Company, Inc.
 CAROLINA FIRST CORPORATION
 Financial Highlights
 (All Amounts, Except Per Share Data, in Thousands)
 For the three months ended
 June 30, Percent
 1992 1991 Change
 Income Statement
 Net interest income $ 4,353 $ 3,158 37.84 pct.
 Provision for loan
 losses 271 420 (35.48)
 Other income, excluding
 securities transactions 602 467 28.91
 Securities transactions (9) 92 (109.78)
 Other expenses 3,824 2,710 41.11
 Net income 596 398 49.75
 Return on average assets 0.50 pct. 0.41 pct. 21.95 pct.
 Return on average equity 6.09 5.17 17.79
 Net loan charge-offs as a
 percentage of average loans 0.25 0.08 212.50
 Net yield on earning assets 4.00 3.56 12.36
 Common Share Data (A)
 Net Income $ 0.15 $ 0.13 15.38 pct.
 Book value (June 30) 10.70 10.49 2.00
 For the six months ended
 June 30, Percent
 1992 1991 Change
 Income Statement
 Net interest income $ 8,222 $ 5,910 39.12 pct.
 Provision for loan losses 533 606 (12.05)
 Other income, excluding
 securities transactions 1,190 740 60.81
 Securities transactions (9) 92 (109.78)
 Other expenses 7,430 5,095 45.83
 Net income 1,009 751 34.35
 Return on average assets 0.44 pct. 0.41 pct. 7.32 pct.
 Return on average equity 5.61 4.91 14.26
 Net loan charge-offs as a
 percentage of average loans 0.23 0.07 228.57
 Net yield on earning assets 3.89 3.44 13.08
 Common Share Data (A)
 Net income $ 0.29 0.25 16.00 pct.
 June 30, Percent
 1992 1991 Change
 Balance Sheets
 Total assets $ 487,709 $ 383,963 27.02 pct.
 Total deposits 436,707 343,436 27.16
 Loans - net of unearned
 income 384,176 304,253 26.27
 Allowance for loan losses 4,104 3,060 34.12
 Investment securities 50,705 32,628 55.40
 Total earning assets 447,921 351,006 27.61
 Stockholders' equity 43,340 30,979 39.90
 Nonperforming loans 2,636 4,996 (47.24)
 Nonperforming loans as a
 percentage of loans 0.69 pct. 1.64 pct (57.93)
 (A) Per share data have been restated to reflect the 5 percent
 stock dividends.
 -0- 7/9/92
 /CONTACT: William S. Hummers, Carolina First Corporation, 803-255-7900/
 (CAFC) CO: Carolina First Corporation ST: South Carolina IN: FIN SU: ERN


JZ -- CH010 -- 7830 07/09/92 11:26 EDT
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