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CCB FINANCIAL CORPORATION ANNOUNCES EARNINGS

 DURHAM, N.C., July 15 /PRNewswire/ -- CCB Financial Corporation (NASDAQ-NMS: CCBF) today announced the following earnings:
 For the quarter ended June 30, 1993, net income amounted to $6,643,000 a decrease of $896,000 or 11.9 percent from the second quarter of 1992. On a per share basis, primary and fully diluted income per share amounted to $.83 and $.78, respectively, in the 1993 period compared to $.99 and $.92, respectively, in 1992. The second quarter of 1993 includes $101,000 in net after-tax securities gains compared to $1,264,000 in the second quarter of 1992. Excluding net securities gains in both periods, net income would have increased by $267,000 or 4.3 percent.
 For the six months ended June 30, 1993, net income before cumulative changes in accounting principles amounted to $12,994,000, an increase of $450,000 or 3.6 percent over the comparable period of 1992. Primary and fully diluted income per share before the cumulative changes in accounting principles amounted to $1.64 and $1.55, respectively, compared to $1.64 and $1.54, respectively, in 1992. Excluding securities gains, net income before cumulative changes in accounting principles increased by $1,577,000 or 14.0 percent.
 E.C. Roessler, president of CCB Financial Corporation, commented: "Our results were somewhat negatively impacted in the second quarter by the acquisition of the Greensboro operation of 1st Home Federal. This negative impact will continue for the balance of 1993 as we complete the acquisition, but should be accretive to our earnings in 1994. The purchase of 1st Home Federal's operations in Guilford County is a very good strategic move for CCB. Not only are the branch locations very good but the staff is very customer oriented. The quality of assets and deposits are evident and by adding CCB resources the prospects for the future are very bright. For the six months period our operating earnings and fully diluted income per share, excluding accounting changes and securities gains, were up 14.0 percent and 10.8 percent, respectively.
 Roessler further commented: "Our remaining acquisitions in Graham, Lenoir and Shelby are on schedule to close early in the fourth quarter of 1993. We are excited about the prospects of these fine institutions becoming a part of CCB Financial."
 CCB Financial Corporation is the bank holding company for Central Carolina Bank and Trust Company and CCB Savings Bank of Lenoir, Inc., SSB which in total operates 110 offices located primarily in the Piedmont section of North Carolina.
 CCB FINANCIAL CORPORATION
 Financial Summary
 Unaudited
 (In Thousands Except Per Share Data)
 Three Months Ended
 Income Statement 6/30/93 3/31/93 12/31/92 9/30/92 6/30/92
 Loan and lease
 income (TE) 36,876 33,007 34,703 34,627 35,116
 Securities
 income (TE) 8,523 7,885 7,903 7,778 8,045
 Other interest income 783 569 722 884 664
 Total interest
 income 46,182 41,461 43,328 43,289 43,825
 Interest on
 deposits 17,001 14,939 15,599 16,340 16,959
 Other interest
 expense 894 777 789 834 834
 Total interest
 expense 17,895 15,716 16,388 17,174 17,793
 Net interest
 income 28,287 25,745 26,940 26,115 26,032
 Provision for
 losses 1,700 1,000 1,010 1,805 1,373
 Net interest income
 after provision 26,587 24,745 25,930 24,310 24,659
 Service charges on
 deposits 4,394 4,112 4,178 4,149 4,222
 Trust income 1,512 1,513 1,325 1,513 1,512
 Other 2,109 2,304 2,078 2,286 1,881
 Securities gains
 (losses) 166 39 (2) 6 2,081
 Total other income 8,181 7,968 7,579 7,954 9,696
 Personnel expense 12,700 11,980 11,434 11,329 11,605
 Occupancy and
 equipment 3,815 3,633 3,904 4,056 3,707
 Other 7,256 6,621 7,722 6,196 6,742
 Total other
 expenses 23,771 22,234 23,060 21,581 22,054
 Income before income
 taxes (TE) 10,997 10,479 10,449 10,683 12,301
 Tax equivalent
 adjustment 1,025 1,037 1,061 1,087 1,111
 Income before
 income taxes 9,972 9,442 9,388 9,596 11,190
 Income taxes 3,329 3,091 3,032 3,174 3,651
 Income before
 cumulative changes
 in accounting
 principles 6,643 6,351 6,356 6,422 7,539
 Cumulative changes
 in accounting
 principles (B) -- (1,371) -- -- --
 Net income 6,643 4,980 6,356 6,422 7,539
 Per Share Data (A)(B)
 Income before cumulative changes in accounting principles:
 Primary .83 .81 .82 .84 .99
 Fully diluted .78 .77 .77 .79 .92
 Net income:
 Primary .83 .64 .82 .84 .99
 Fully diluted .78 .61 .77 .79 .92
 Cash dividends .30 .30 .30 .30 .27
 Book value 25.12 24.78 24.40 23.88 23.31
 Weighted average
 shares outstanding:
 Primary 8,042,997 7,809,810 7,722,558 7,651,514 7,640,612
 Fully diluted 8,798,041 8,581,110 8,577,782 8,577,782 8,578,112
 Ratios
 Income before cumulative changes in accounting principles:
 Return on
 average assets 1.05pct. 1.14 1.12 1.17 1.42
 Return on
 average
 equity 13.22pct. 13.47 13.75 14.37 17.36
 Net income:
 Return on
 average assets 1.05pct. .90 1.12 1.17 1.42
 Return on
 average
 equity 13.22pct. 10.56 13.75 14.37 17.36
 Net interest
 margin 4.83pct. 5.02 5.17 5.14 5.31
 Average equity to
 average assets 7.94pct. 8.48 8.16 8.12 8.15
 Average Balances
 Assets 2,532,556 2,254,434 2,264,289 2,202,019 2,130,733
 Loans and lease
 financing 1,695,526 1,509,686 1,525,022 1,501,632 1,483,917
 Earning assets 2,340,370 2,078,840 2,083,117 2,032,019 1,959,723
 Deposits 1,875,229 1,967,402 1,989,537 1,929,749 1,872,649
 Interest bearing
 liabilities 1,957,096 1,730,086 1,735,774 1,704,596 1,644,654
 Shareholders'
 equity 200,963 191,203 184,843 178,801 173,758
 FINANCIAL SUMMARY
 Unaudited
 (In Thousands Except Per Share Data)
 Six Months Ended June 30, Increase (Decrease)
 Income Statement 1993 1992 Amount Pct.
 Loan and lease
 income(TE) 69,883 69,599 284 .4
 Securities income(TE) 16,408 16,417 (9) (.1)
 Other interest income 1,352 1,491 (139) (9.3)
 Total interest income 87,643 87,507 136 .2
 Interest on deposits 31,940 35,293 (3,353) (9.5)
 Other interest expense 1,671 1,782 (111) (6.2)
 Total interest expense 33,611 37,075 (3,464) (9.3)
 Net interest income 54,032 50,432 3,600 7.1
 Provision for losses 2,700 3,168 (468) (14.8)
 Net interest income
 after provision 51,332 17,264 4,068 8.6
 Service charges on
 deposits 8,506 8,298 208 2.5
 Trust income 3,025 3,024 1 --
 Other 4,413 3,779 634 16.8
 Securities gains (losses) 205 2,061 (1,856) --
 Total other income 16,149 17,162 (1,013) (5.9)
 Personnel expense 24,680 23,342 1,338 5.7
 Occupancy and equipment 7,448 7,711 (263) (3.4)
 Other 13,877 12,880 997 7.7
 Total other expenses 46,005 43,933 2,072 4.7
 Income before income
 taxes(TE) 21,476 20,493 983 4.8
 Tax equivalent
 adjustment 2,062 2,240 (178) (7.9)
 Income before income
 taxes 19,414 18,253 1,161 6.4
 Income taxes 6,420 5,709 711 12.5
 Income before cumulative
 changes in accounting
 principles 12,994 12,544 450 3.6
 Cumulative changes in
 accounting
 principles(B) (1,371) -- 1,371 --
 Net income 11,623 12,544 (921) (7.3)
 Per Share Data (A)(B)
 Income before cumulative changes
 in accounting principles:
 Primary 1.64 1.64 -- --
 Fully diluted 1.55 1.54 .01 .6
 Net income:
 Primary 1.47 1.64 (.17) (10.4)
 Fully diluted 1.39 1.54 (.15) (9.7)
 Cash dividends .60 .54 .06 11.1
 Book value 25.12 23.31 1.81 7.8
 Weighted average shares
 outstanding:
 Primary 7,926,403 7,640,612 285,791 3.7
 Fully diluted 8,689,575 8,578,112 111,463 1.3
 Ratios
 Income before cumulative changes
 in accounting principles:
 Return on average
 assets 1.09 pct. 1.18 -- --
 Return on average
 equity 13.25 pct. 14.59 -- --
 Net income:
 Return on average
 assets .97 pct. 1.18 -- --
 Return on average
 equity 11.86 pct. 14.59 -- --
 Net interest margin 4.89 pct. 5.17 -- --
 Average equity to
 average assets 8.19 pct. 8.09 -- --
 June 30, YTD Averages
 Balance Sheet Data 1993 1992 1993 1992
 Assets 2,834,785 2,158,036 2,393,495 2,125,750
 Loans and lease
 financing 1,851,017 1,490,098 1,602,606 1,466,559
 Earning assets 2,601,114 1,967,951 2,210,105 1,950,227
 Deposits 2,500,291 1,885,117 1,766,071 1,865,081
 Interest bearing
 liabilities 2,231,165 1,653,928 1,843,591 1,646,669
 Shareholders'
 equity 212,123 178,098 196,083 171,916
 Financial Summary
 Unaudited
 (In Thousands Except Per Share Data)
 As Of Or For The Three Months Ended
 6/30/93 3/31/93 12/31/92 9/30/92 6/30/92
 Reserve for Loan Losses
 Beginning
 balance 18,928 19,027 18,940 18,432 18,145
 Provision for
 losses 1,700 1,000 1,010 1,805 1,373
 Recoveries 446 349 405 309 379
 Charge-offs (1,376) (1,448) (1,328) (1,606) (1,465)
 Allowance for
 loans acquired 3,500 --- --- --- ---
 Ending balance 23,198 18,928 19,027 18,940 18,432
 Non-Performing Assets
 Nonaccrual loans
 and leases 10,480 10,700 11,059 11,185 14,160
 Restructured
 loans and
 leases 104 71 86 100 114
 Foreclosed real
 estate 9,273 9,168 9,296 9,795 9,571
 Ninety day past
 due and
 accruing 5,493 3,189 2,871 2,562 2,242
 Total 25,350 23,128 23,312 23,642 26,087
 Asset Quality Ratios
 Non-performing assets to:
 Total loans 1.37pct. 1.53 1.53 1.55 1.75
 Total assets .89pct. 1.02 1.01 1.04 1.21
 Loan loss reserve
 in non-performing
 assets .92x .82 .82 .80 .71
 Net charge-offs to
 average
 loans .22pct. .29 .24 .35 .29
 Loan loss reserve to
 total loans 1.25pct. 1.25 1.25 1.24 1.24
 (A) Restated for the three for two stock split effected in the form of a 50 percent stock dividend paid Oct. 1, 1992.
 (B) The cumulative changes in accounting principles reflect the adoption of FASB 106, Post Retirement Benefits, which resulted in a one time net charge of $2,271,000 (53,736,000 pre-tax) in recognition of the entire Accumulated Post Retirement Benefit Obligation and adoption of FASB 109, Accounting for Income Taxes, which resulted in a one time benefit of $900,000.
 -0- 7/15/93 R
 /CONTACT: W. Harold Parker Jr., CCB Financial Corporation, 919-683-7631/
 (CCBF)


Co: CCB Financial Corporation ST: North Carolina IN: FIN SU: ERN

SB-CM -- CH012 -- 2382 07/16/93 10:14 EDT
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Date:Jul 16, 1993
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