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FIRST BANCORP (N.C.) ANNOUNCES SECOND QUARTER RESULTS

 FIRST BANCORP (N.C.) ANNOUNCES SECOND QUARTER RESULTS
 TROY, N.C., July 14 /PRNewswire/ -- First Bancorp (NASDAQ: FBNC) announced today that consolidated net income for the quarter ended June 30, 1992 increased to $628,000, or 42 cents per share, compared to $513,000, or 34 cents per share, for the second quarter of 1991. The increase of $115,000, or 22 percent, was attributable to increases in net interest income. Net interest income increased $292,000, or 12 percent, to $2,745,000 for the three months ended June 30, 1992 compared to $2,453,000 for the same period of the previous year.
 Earnings for the six months ended June 30, 1992 increased to $1,115,000, or 74 cents per share, compared to $872,000, or 58 cents per share for the same period in 1991. Like the quarter, the increase of $243,000, or 28 percent, was primarily attributable to increases in net interest income.
 First Bancorp is a bank holding company based in Troy, North Carolina. Its principal activity is the ownership and operation of First Bank, a state-chartered bank that operates 26 branch offices in an eight county market area centered in Troy.
 FIRST BANCORP AND SUBSIDIARIES
 FINANCIAL SUMMARY
 ($ in thousands
 except per
 share data Three Months Six Months
 and ratios) Ended Ended
 June 30, Pct. June 30, Pct.
 1992 1991 Change 1992 1991 Change
 INCOME STATEMENT DATA
 Net interest income,
 taxable equivalent
 basis $ 2,887 $ 2,574 12.2 $5,623 $ 5,114 10.0
 Taxable equivalent
 adjustment 142 121 17.4 281 241 16.6
 Net interest income 2,745 2,453 11.9 5,342 4,873 9.6
 Provision for
 possible loan losses 165 100 65.0 375 225 66.7
 Net interest income
 after provision for
 possible loan
 losses 2,580 2,353 9.6 4,967 4,648 6.9
 Other income 698 669 4.3 1,410 1,368 3.1
 Other expenses 2,432 2,327 4.5 4,905 4,861 0.9
 Income before
 income taxes 846 695 21.7 1,472 1,155 27.4
 Income taxes 218 182 19.8 357 283 26.1
 Net income 628 513 22.4 1,115 872 27.9
 PER SHARE DATA
 Net income per
 share $0.42 $0.34 23.5 $0.74 $0.58 27.6
 Cash dividends
 declared 0.10 0.08 25.0 0.19 0.16 18.8
 Period end book
 value 16.38 15.23 7.6 16.38 15.23 7.6
 Average shares
 outstanding 1,504,185 1,504,185 -- 1,504,185 1,504,185 --
 SELECTED PERIOD
 END BALANCES
 Investment securities $64,035 $53,866 18.9
 Loans, net of unearned
 income 148,621 144,751 2.7
 Allowance for possible
 loan losses (2,710) (2,365) 14.6
 Total assets 233,464 222,280 5.0
 Deposits 206,382 196,723 4.9
 Total shareholders' equity 24,637 22,911 7.5
 SELECTED AVERAGE
 BALANCES
 Investment
 securities $65,660 $55,047 19.3 $63,535 $54,311 17.0
 Loans, net of
 unearned income 147,121 143,509 2.5 146,320 144,147 1.5
 Earning Assets 217,397 203,970 6.6 215,259 202,680 6.2
 Total assets 235,587 222,111 6.1 233,491 220,171 6.0
 Deposits 208,762 196,757 6.1 206,796 194,629 6.3
 Shareholders'
 equity 24,492 22,798 7.4 24,266 22,660 7.1
 RATIOS
 Annualized return on
 average shareholders'
 equity 10.26 pct. 9.00 pct. -- 9.19 pct. 7.70 pct. --
 Annualized return
 on average total
 assets 1.07 pct. 0.92 pct. -- 0.96 pct. 0.79 pct. --
 Annualized net
 interest income
 (taxable-equivalent
 basis) to average
 earning
 assets 5.31 pct. 5.05 pct. -- 5.22 pct. 5.05 pct. --
 Average loans
 to average
 deposits 70.47 pct. 72.94 pct. -- 70.76 pct. 74.06 pct. --
 -0- 7/14/92
 /CONTACT: Anna G. Hollers, First Bancorp, 919-576-6171/
 (FBNC) CO: First Bancorp ST: North Carolina IN: FIN SU: ERN


JZ -- CH007 -- 9256 07/14/92 16:32 EDT
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