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CCB FINANCIAL CORPORATION REPORTS EARNINGS

 DURHAM, N.C., April 14 /PRNewswire/ -- For the first quarter ended March 31, 1994, CCB Financial Corporation (NASDAQ: CCBF), reported income before cumulative changes in accounting principles amounted to $8,446,000, an increase of $2,095,000 or 33.0% from the first quarter of 1993. On a per share basis, primary and fully diluted income per share amounted to $.89 in the 1994 period, compared to $.81 and $.77, respectively, in 1993. The increase in fully diluted income per share was 15.6%. Return on assets and equity were 1.07% and 13.60%, respectively, in the 1994 period, compared to 1.14% and 13.47%, respectively, in the 1993 period.
 E.C. Roessler, President and CEO of CCB Financial Corporation, commented: "The first quarter results are indicative that we are making good progress toward reaching our 1994 goals. The vast majority of changes required of policies and procedures in our efficiency improvement project are now in place."
 Roessler further commented: "Our asset quality continues to show improvement from the excellent progress made in 1993. At the same time, our loan growth, excluding the 1993 acquisitions, is in excess of 9%.
 CCB Financial Corporation is the bank holding company for Central Carolina Bank and Trust Company, CCB Savings Bank of Lenoir, Inc., SSB and Graham Savings Bank, Inc., SSB which in total operate 112 offices located primarily in the Piedmont section of North Carolina.
 CCB FINANCIAL CORPORATION
 FINANCIAL SUMMARY
 UNAUDITED
 (In Thousands Except Share and Per Share Data)
 Three Months Ended
 3/31/94 12/31/93 9/30/93 6/30/93 3/31/93
 Income Statement
 Loan and lease
 income(TE) $ 44,256 44,845 40,961 36,876 33,007
 Securities
 income(TE) 9,194 9,857 9,651 8,103 7,368
 Other interest
 income 1,600 1,301 1,081 1,203 1,086
 Total interest
 income(TE) 55,050 56,003 51,693 46,182 41,461
 Consumer time deposit
 expense 11,064 11,661 10,606 9,734 7,595
 Jumbo CD expense 1,538 1,415 1,006 1,096 1,306
 Money market account
 expense 4,991 4,814 4,577 4,323 4,181
 Savings/NOW expense 1,997 1,994 1,926 1,848 1,857
 Interest expense
 on deposits 19,590 19,884 18,115 17,001 14,939
 Fed funds and
 repurchase agree.
 expense 148 147 131 160 126
 Other short-term
 borrowed funds
 expense 62 242 222 79 125
 Long-term debt
 interest expense 1,390 761 708 655 526
 Total interest
 expense 21,190 21,034 19,176 17,895 15,716
 Net interest
 income(TE) 33,860 34,969 32,517 28,287 25,745
 Provision for loan
 and lease losses 1,252 1,918 1,835 1,700 1,000
 Net interest income
 after provision
 (TE) 32,608 33,051 30,682 26,587 24,745
 Service charges on
 deposits 4,651 4,969 4,733 4,394 4,112
 Other service charges
 and fees 636 381 456 464 463
 Trust income 1,812 1,894 1,513 1,512 1,513
 Insurance commissions 793 747 595 426 474
 Merchant discount 837 828 727 679 670
 Accretion of negative
 goodwill 853 809 207 180 ---
 Other 714 1,230 1,374 360 697
 Securities gains
 (losses) 44 2,403 44 166 39
 Total other
 income 10,340 13,261 9,649 8,181 7,968
 Personnel expense 14,714 14,755 13,970 12,700 11,980
 Occupancy and
 equipment 4,585 4,580 4,616 3,815 3,633
 Foreclosed property
 expense 86 108 160 51 79
 Deposit and other
 insurance 1,672 1,843 1,258 1,247 1,120
 Amortization of
 intangible assets 642 643 648 228 27
 Other 7,411 9,235 7,789 5,730 5,395
 Total other
 expenses 29,110 31,164 28,441 23,771 22,234
 Income before income
 taxes(TE) 13,838 15,148 11,890 10,997 10,479
 Tax equivalent
 adjustment 1,181 1,354 1,234 1,025 1,037
 Income before income
 taxes 12,657 13,794 10,656 9,972 9,442
 Income taxes 4,211 4,543 3,676 3,329 3,091
 Income before
 cumulative changes
 in accounting
 principles 8,446 9,251 6,980 6,643 6,351
 Cumulative changes in
 accounting
 principles(A) --- --- --- --- (1,371)
 Net income $ 8,446 9,251 6,980 6,643 4,980
 Per Share Data(A)
 Income before cumulative
 changes in accounting
 principles:
 Primary $ .89 1.03 .83 .83 .81
 Fully diluted .89 1.03 .83 .78 .77
 Net income:
 Primary .89 1.03 .83 .83 .64
 Fully diluted .89 1.03 .83 .78 .61
 Cash dividends
 per share .32 .32 .32 .30 .30
 Three Months Ended
 3/31/94 12/31/93 9/30/93 6/30/93 3/31/93
 Ratios
 Income before cumulative
 changes in accounting
 principles:
 Return on average
 assets 1.07% 1.17 .96 1.05 1.14
 Return on average
 equity 13.60 15.71 13.04 13.26 13.47
 Net income:
 Return on average
 assets 1.07 1.17 .96 1.05 .90
 Return on average
 equity 13.60 15.71 13.04 13.26 10.56
 Net interest margin 4.62 4.75 4.89 4.85 5.02
 Average equity to
 average assets 7.89 7.43 7.36 7.94 8.48
 Operating Efficiency Ratios
 As a percentage of
 average assets:
 Noninterest income 1.31% 1.67 1.33 1.30 1.43
 Personnel expense 1.87 1.86 1.92 2.01 2.16
 Occupancy and equipment
 expense .58 .58 .63 .60 .65
 Other operating
 expense 1.25 1.49 1.36 1.15 1.19
 Noninterest expense 3.70 3.93 3.91 3.76 4.00
 Net overhead
 (noninterest exp.-
 noninterest inc.) 2.39% 2.26 2.58 2.46 2.57
 Noninterest exp. as a
 percentage of net
 interest income (TE)
 and other income 65.86% 64.62 67.45 65.18 65.95
 Assets per employee
 (in millions) $ 2.06 1.99 1.86 1.59 1.62
 Average Balances
 Assets $ 3,193,115 3,142,556 2,884,992 2,532,556 2,254,434
 Loans and lease
 financing
 (all dom-
 estic) 2,156,573 2,123,504 1,886,402 1,695,530 1,509,686
 Investment
 securities:
 Taxable 578,690 583,958 569,270 440,302 390,019
 Tax-exempt 50,400 44,820 43,326 44,201 43,501
 Earning assets 2,975,268 2,922,864 2,637,392 2,341,370 2,078,840
 Deposits:
 Consumer time
 deposits 1,017,605 1,021,940 933,270 767,793 612,478
 Jumbo CD's 175,445 166,144 148,798 141,459 153,799
 Money market
 accounts 781,864 760,848 703,639 625,597 574,473
 Savings/ NOW
 accounts 405,451 400,180 377,771 340,380 316,163
 Demand deposits
 (non-int.
 bearing) 369,994 387,233 348,887 338,187 310,489
 Total
 deposits 2,750,359 2,736,345 2,512,365 2,213,416 1,967,402
 Fed funds purchased
 and repurchase
 agreements 30,616 30,435 25,899 33,158 26,566
 Other short-term
 borrowings 11,605 23,971 26,242 14,537 19,593
 Long-term debt 77,271 50,909 34,493 34,172 27,014
 Interest bearing
 liabilities 2,499,857 2,454,427 2,250,112 1,957,096 1,730,086
 Shareholders
 equity $ 251,778 233,649 212,358 200,963 191,203
 Share Data
 Common shares
 outstanding 9,516,379 9,517,277 8,443,223 8,445,398 7,816,476
 Weighted average
 shares
 outstanding:
 Primary 9,516,408 9,081,384 8,443,223 8,042,997 7,809,810
 Fully
 diluted 9,516,408 9,081,384 8,443,223 8,798,041 8,581,110
 As Of Or For the Three Months Ended
 3/31/94 12/31/93 9/30/93 6/30/93 3/31/93
 Reserve For Loan
 Losses
 Beginning balance $ 26,963 23,685 23,198 18,928 19,027
 Provision for loan and
 lease losses 1,252 1,922 1,831 1,700 1,000
 Recoveries 367 424 333 446 349
 Charge-offs (1,645) (1,340) (1,677) (1,376) (1,448)
 Allowance for
 loans acquired -- 2,272 -- 3,500 --
 Ending balance $ 26,937 26,963 23,685 23,198 18,928
 Non-Performing and
 Risk Assets
 Nonperforming assets:
 Beginning
 balance $ 21,008 18,222 19,753 19,868 20,355
 Activity during
 the quarter:
 Additions 2,301 5,448 1,185 3,591 3,200
 Payments or sales (3,851) (1,381) (2,037) (2,084) (2,710)
 Return to performing
 status -- (1,138) (164) (1,422) (835)
 Charge-offs or
 write-downs (259) (143) (515) (200) (142)
 Net increase
 (decrease) (1,809) 2,786 (1,531) (115) (487)
 Ending balance
 comprised of:
 Nonaccrual loans
 and leases 11,817 12,975 9,971 10,480 10,700
 Foreclosed real
 estate 7,382 8,033 8,251 9,273 9,168
 Total nonperforming
 assets 19,199 21,008 18,222 19,753 19,868
 Restructured loans
 and lease financing -- -- 40 104 71
 Ninety day past
 due and accruing 1,991 2,244 5,869 3,928 3,189
 Total risk
 assets $ 21,190 23,252 24,131 23,785 23,128
 Asset Quality Ratios
 Total risk assets to:
 Total loans and
 foreclosed real
 estate .98 1.07 1.26 1.28 1.52
 Total assets .65 .71 .84 .84 1.02
 Loan loss reserve to
 total risk assets 1.27 1.16 .98 .98 .82
 Net charge-offs to
 average loans .24 .18 .28 .22 .29
 Loan loss reserve
 to total loans 1.25 1.25 1.24 1.25 1.25
 Other Information
 Number of banking
 offices 112 112 114 112 99
 Number of employees 1,551 1,578 1,547 1,596 1,392
 Number of ATMs 82 82 81 82 70
 Intangible assets:
 Goodwill $ 22,568 23,184 23,787 20,537 --
 Deposit base
 premium 851 879 906 934 961
 Negative goodwill 32,604 33,471 7,349 7,758 --
 Cash dividends 3,045 3,034 2,702 2,305 2,345
 Financial Summary
 Unaudited
 (In Thousands Except Share and Per Share Data)
 Income Statement Year Ended December 31 Increase(Decrease)
 1994 1993 Amount %
 Loan and lease income(TE) $ 44,256 33,007 11,249 34.1
 Securities income(TE) 9,194 7,368 1,826 24.8
 Other interest income 1,600 1,086 514 47.3
 Total interest income(TE) 55,050 41,461 13,589 32.8
 Consumer time deposit expense 11,064 7,595 3,469 45.7
 Jumbo CD expense 1,538 1,306 232 17.8
 Money market account expense 4,991 4,181 810 19.4
 Savings/NOW expense 1,997 1,857 140 7.5
 Interest expense on deposits 19,590 14,939 4,651 31.1
 Fed funds and repurchase
 agree. expense 148 126 22 17.5
 Other short-term borrowed
 funds expense 62 125 (63) (50.4)
 Long-term debt interest expense 1,390 526 864 164.3
 Total interest expense 21,190 15,716 5,474 34.8
 Net interest income(TE) 33,860 25,745 8,115 31.5
 Provision for loan and
 lease losses 1,252 1,000 252 25.2
 Net interest income after
 provision(TE) 32,608 24,745 7,863 31.8
 Service charges on deposits 4,651 4,112 539 13.1
 Other service charges and fees 636 463 173 37.4
 Trust income 1,812 1,513 299 19.8
 Insurance commissions 793 474 319 67.3
 Merchant discount 837 670 167 24.9
 Accretion of negative goodwill 853 - 853 -
 Other 714 697 17 2.4
 Securities gains (losses) 44 39 5 12.8
 Total other income 10,340 7,968 2,372 29.8
 Personnel expense 14,714 11,980 2,734 22.8
 Occupancy and equipment 4,585 3,633 952 26.2
 Foreclosed property expense 86 79 7 8.9
 Deposit and other insurance 1,672 1,120 552 49.3
 Amortization of intangible
 assets 642 27 615 --
 Other 7,411 5,395 2,016 37.4
 Total other expenses 29,110 22,234 6,876 30.9
 Income before income taxes(TE) 13,838 10,479 3,359 32.1
 Tax equivalent adjustment 1,181 1,037 144 13.9
 Income before income taxes 12,657 9,442 3,215 34.0
 Income taxes 4,211 3,091 1,120 36.2
 Income before cumulative changes
 in accounting principles 8,446 6,351 2,095 33.0
 Cumulative changes in
 accounting principles(A) -- (1,371) 1,371 --
 Net income $ 8,446 4,980 3,466 69.6
 Per Share Data (A)
 Income before cumulative
 changes in accounting
 principles:
 Primary $ .89 .81 .08 9.9
 Fully diluted .89 .77 .12 15.6
 Net income:
 Primary .89 .64 .25 39.1
 Fully diluted .89 .61 .28 45.9
 Cash dividends per share .32 .30 .02 6.7
 Financial Summary
 Unaudited
 (In Thousands Except Per Share and Per Share Data)
 Three Months Ended March 31,
 Ratios 1994 1993
 Income before cumulative changes in
 accounting principles:
 Return on average assets 1.07% 1.14
 Return on average equity 13.60 13.47
 Net income:
 Return on average assets 1.07 .90
 Return on average equity 13.60 10.56
 Net interest margin 4.62 5.02
 Average equity to average assets 7.89 8.48
 As of March 31, YTD Averages
 Balance Sheet Data 1994 1993 1994 1993
 Assets $3,238,613 2,276,349 3,193,115 2,254,434
 Loans and lease financing 2,161,402 1,515,128 2,156,573 1,509,686
 Securities held for
 investment:
 Book value 64,009 415,636 64,185 433,520
 Market value 66,893 430,194 -- --
 Securities available
 for sale 605,238 -- 564,905 --
 Earning assets 2,985,125 2,019,364 2,975,268 2,078,840
 Total deposits 2,786,018 1,990,029 2,750,359 1,967,402
 Core deposits 2,613,738 1,861,835 2,574,914 1,813,603
 Fed funds purchased and
 repurchase agreements 31,339 26,364 30,616 26,566
 Other short-term borrowings 12,985 12,927 11,605 19,593
 Long-term debt 78,460 25,834 77,271 27,014
 Interest bearing
 liabilities 2,533,280 1,722,946 2,499,857 1,730,086
 Shareholders' equity $257,652 193,683 251,778 191,203
 Share Data
 Weighted average shares
 outstanding:
 Primary 9,516,408 7,809,810
 Fully diluted 9,516,408 8,581,110
 Book value $27.07 24.78
 Market value(B):
 High 37.50 41.00
 Low 32.75 36.00
 Close 35.00 38.75
 Risk-Adjusted Capital (Estimated)
 On-balance sheet
 risk assets $2,173,839 1,545,299
 Off-balance sheet
 risk assets 134,794 177,849
 Total risk-adjusted
 assets 2,308,633 1,723,148
 Tier I capital 234,205 192,722
 Tier II capital 66,937 39,518
 Total capital 301,142 232,240
 Tier I capital ratio 10.14% 11.24
 Total capital ratio 13.04 13.86
 Leverage capital ratio 7.39 8.48
 (A) The cumulative changes in accounting principles reflect the adoption of Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," which resulted in a one-time net charge of $2,271,000 ($3,736,000 pre- tax) in recognition of the entire Accumulated Postretirement Benefit Obligation and adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which resulted in a one-time benefit of $900,000. Both Statements of Financial Accounting Standards were adopted on January 1, 1993.
 (B) Trading symbol on NASDAQ: CCBF.
 -0- 4/14/94
 /CONTACT: W. Harold Parker, Jr. of CCB Financial Corporation, 919-683-7631/
 (CCBF)


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

MB -- CH017 -- 7651 04/14/94 18:24 EDT
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