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CCB FINANCIAL CORPORATION ANNOUNCES EARNINGS AND DIVIDEND

 CCB FINANCIAL CORPORATION ANNOUNCES EARNINGS AND DIVIDEND
 DURHAM, N.C., Jan. 21 /PRNewswire/ -- In 1991, CCB Financial Corporation (NASDAQ-NMS: CCBF) posted record earnings. Net income per share on a fully diluted basis was $3.99 compared to $3.84 in 1990 and primary income per share was $4.22 compared to $4.05. Total assets reached $2,158,196,000.
 For the fourth quarter of 1991 and 1990, fully diluted income per share was $.93 and $.99, respectively. Primary income per share was $.99 and $1.05.
 Return on assets for 1991 was l.04 percent and return on equity was 13.32 percent which compare favorably with the banking industry and to our North Carolina peer banks according to E.C. Roessler, Executive Vice President of CCB Financial Corporation.
 Roessler also stated: "We are encouraged by the increase in earnings in spite of a slow recovery in the economy and a substantial investment we have made in new computer technology. This will provide for more efficient service in the future and a better means to accommodate expansion such as the acquisition of the First Hanover Bank of Wilmington in October."
 Additionally, the Board of Directors of CCB declared a regular quarterly dividend of $.405 per share payable April 1, 1992 to shareholders of record March 16, 1992.
 CCB Financial Corporation is the bank holding company for Central Carolina Bank and Trust Company and Republic Bank & Trust Company and operates 102 offices located primarily in the Piedmont section of North Carolina.
 CCB FINANCIAL CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (In Thousands Except Per Share Data)
 Three Months Years
 Ended Ended
 Dec. 31 Pct. Incr. Dec. 31 Pct. Incr.
 1991 1990 (Decr.) 1991 1990 (Decr.)
 Net Income and
 Dividends
 Net income $ 5,009 5,300 (5.5) 21,454 20,517 4.6
 Income per share:
 Primary .99 1.05 (5.7) 4.22 4.05 4.2
 Fully diluted(A) .93 .99 (6.1) 3.99 3.84 3.9
 Average shares
 outstanding:
 Primary 5,094 5,066 .6 5,086 5,066 .4
 Fully diluted(A) 5,719 5,691 .5 5,711 5,691 .4
 Cash dividends
 per share .405 .38 6.6 1.57 1.48 6.1
 Average Balances
 Assets $ 2,099,596 2,036,580 3.1 2,062,153 1,996,695 3.3
 Loans and
 lease
 financing 1,424,105 1,360,342 4.7 1,408,595 1,331,896 5.8
 Deposits 1,834,324 1,784,833 2.8 1,805,230 1,750,897 3.1
 Shareholders'
 equity 166,674 150,927 10.4 161,010 146,595 9.8
 Performance Ratios
 Net income to:
 Average assets .95pct 1.04 -- 1.04 1.03 --
 Average share-
 holders'
 equity 12.02pct 14.05 -- 13.32 14.00 --
 Dec. 31 Pct. Incr.
 1991 1990 (Decr.)
 At Period End
 Assets $ 2,158,196 2,102,248 2.7
 Loans and lease
 financing 1,444,875 1,379,290 4.8
 Reserve for
 loan and
 lease
 losses 17,742 16,234 9.3
 Deposits 1,885,597 1,845,054 2.2
 Long-term debt 25,600 25,650 (.2)
 Shareholders'
 equity 169,847 154,867 9.7
 Book value per
 share 33.34 30.57 9.1
 Nonaccrual loans 17,639 13,507 30.6
 Restructured loans 143 -- --
 Foreclosed real
 estate 9,904 5,666 74.8
 Accruing loans
 ninety days past
 due 4,216 10,323 (59.2)
 (A) Assumes full conversion of subordinated debentures issued in 1985.
 -0- 1/21/92
 /CONTACT: W. Harold Parker, Jr., CCB Financial Corporation, 919-683-7631/
 (CCBF) CO: CCB Financial Corporation ST: North Carolina IN: FIN SU: ERN


CM-BR -- CH014 -- 2071 01/21/92 16:49 EST
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Date:Jan 21, 1992
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