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

 FIRST BANCORP (N.C.) ANNOUNCES THIRD QUARTER RESULTS
 TROY, N.C., Oct. 28 /PRNewswire/ -- First Bancorp (NASDAQ: FBNC)


announced today that consolidated net income for the quarter ended Sept. 30, 1992 increased to $624,000 or 41 cents per share, compared to $591,000, or 39 cents per share, for the third quarter of 1991. The increase of $33,000, or 6 percent, was attributable to increases in net interest income. Net interest income increased $123,000, or 5 percent, to $2,703,000 for the three months ended Sept. 30, 1992 compared to $2,580,000 for the same period of the previous year.
 Earnings for the nine months ended Sept. 30, 1992 increased to $1,739,000, or $1.16 per share, compared to $1,463,000, or $0.97 per share for the same period in 1991. The year-to-date increase of $276,000, or 19 percent, was also primarily attributable to increases in net interest income.
 The North Carolina Banking Commission recently concluded a comprehensive safety and soundness examination of our holding company and bank, and we are pleased to report that their examinations did not result in any material adjustments to nonperforming assets, to losses from asset charge-offs or write-downs, or to existing reserves for possible loan losses.
 First Bancorp is a bank holding company based in Troy, N.C. Its principal activity is the ownership and operation of First Bank, a state-chartered bank that operates 26 branch offices in an eight county market area centered in Troy.
 FIRST BANCORP AND SUBSIDIARIES
 FINANCIAL SUMMARY
 ($in thousands except per share data and ratios)
 3 Months Ended 9 Months Ended
 Sept. 30, Percent Sept. 30, Percent
 1992 1991 Change 1992 1991 Change
 INCOME
 STATEMENT
 DATA
 Net Interest
 income, taxable
 equivalent
 basis $2,843 $2,707 5.0 8,466 7,821 8.2
 Taxable equivalent
 adjustment 140 127 10.2 421 368 14.4
 Net interest
 income 2,703 2,580 4.8 8,045 7,453 7.9
 Provision for
 possible
 loan losses 80 150 -46.7 455 375 21.3
 Net interest income
 after provision
 for possible
 loan losses 2,623 2,430 7.9 7,590 7,078 7.2
 Other income 714 672 6.3 2,124 2,040 4.1
 Other expenses 2,495 2,293 8.8 7,400 7,154 3.4
 Income before
 income taxes 842 809 4.1 2,314 1,964 17.8
 Income taxes 218 218 - 575 501 14.8
 Net income 624 591 5.6 1,739 1,463 18.9
 PER SHARE DATA
 Net income
 per share $0.41 $0.39 5.1 $1.16 $0.97 19.6
 Cash dividends
 declared 0.120 0.080 50.0 0.305 0.235 29.8
 Period end
 stated book
 value 16.68 15.55 7.3 16.68 15.55 7.3
 Period end
 tangible book
 value 16.15 14.78 9.3 16.15 14.78 9.3
 Average shares
 outstanding 1,504,185 1,504,185 1,504,185 1,504,185
 SELECTED PERIOD
 END BALANCES
 Investment
 securities $62,971 52,978 18.9
 Loans, net of
 unearned income 147,227 146,526 0.5
 Allowance for
 possible loan losses (2,665) (2,420) 10.1
 Total assets 235,639 227,503 3.6
 Deposits 208,169 201,323 3.4
 Total shareholders' equity 25,083 23,384 7.3
 SELECTED
 AVERAGE
 BALANCES
 Investment
 securities $ 63,889 $ 53,189 20.1 $ 63,653 $ 53,937 18.0
 Loans, net of
 unearned income 147,760 147,240 0.4 146,800 145,178 1.1
 Earning assets 217,770 207,366 5.0 216,096 204,242 5.8
 Total assets 236,632 225,124 5.1 234,538 221,822 5.7
 Deposits 208,614 199,693 4.5 207,402 196,317 5.6
 Shareholders'
 equity 25,298 22,828 10.8 24,610 22,716 8.3
 RATIOS
 Annualized return
 on average
 shareholders'
 equity (percent) 9.87 10.36 9.42 8.59
 Annualized return
 on average total
 assets (percent) 1.05 1.05 0.99 0.88
 Annualized net
 interest income
 (taxable-equivalent
 basis) to average
 earning assets
 (percent) 5.22 5.22 5.22 5.11
 Average loans to
 average deposits
 (percent) 70.83 73.73 70.78 73.95
 -0- 10/28/92
 /CONTACT: Anna G. Hollers, First Bancorp, 919-576-6171/
 (FBNC) CO: First Bancorp ST: North Carolina IN: FIN SU: ERN


SB-DF -- CH004 -- 5881 10/28/92 10:23 EST
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