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FIRST CHARTER CORPORATION ANNOUNCES EARNINGS

 CONCORD, N.C., April 7 /PRNewswire/ -- First Charter Corporation (NASDAQ-NMS: FCTR), Concord, N.C., the holding company for First Charter National Bank, has announced unaudited results for the three month period ended March 31, 1993.
 Net income for the three month period ended March 31, 1993, was $1,266,001 versus $617,910 for the comparable period in 1992, which represents a 105 percent increase. Of that amount $300,000 represents a one time increase to net income resulting from a required change in the method of accounting for income taxes. Net income excluding the effect of the accounting change was $966,001 for a 56 percent increase over the same period last year. Earnings per share for the quarter were $0.36 and $0.27 before the cumulative effect of the change in accounting method, compared to $0.18 for the first quarter of 1992.
 On an annualized basis, excluding the effect of the change in accounting method, these results represent a return on average assets of 1.42 percent versus 1.02 percent and a return on average equity of 11.87 percent versus 8.23 percent.
 Total assets at March 31, 1993, were $271,799,275, down 2.0 percent from Dec. 31, 1992. Gross loans decreased 0.8 percent to $161,633,888, while total deposits were down 1.6 percent to $226,345,061 from Dec. 31, 1992. Total shareholders' equity was $32,976,033 at March 31, 1993, which represents a book value per share of $9.36 and an equity/asset ratio of 12.1 percent.
 First Charter National Bank provides a full range of retail and commercial banking services in markets throughout the Southern Piedmont. It also provides a broad range of personal and employee benefit programs through its trust department.
 The common stock of First Charter Corporation is traded on the NASDAQ National Market System under the symbol "FCTR." For information on specific offerings, contact: Dean Witter Reynolds, Inc. (Larry Biggers, 1-800-786-0006); Koonce Securities, Inc. (Lewis Sosnowik, 1-800-368-2802); Legg-Mason (A. Paul Newton, 1-800-628-5770); and Interstate/Johnson Lane Corporation (Connie Bailey, 1-800-929-0747).
 FIRST CHARTER CORPORATION AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEETS
 March 31, Dec. 31, March 31,
 1993 1992 1992
 (Unaudited) (Unaudited)
 (Dollars in thousands)
 ASSETS:
 Cash and due from
 banks $16,521 $14,310 $14,806
 Federal funds sold -- 6,200 62,974
 Investment securities 83,458 84,799 7,200
 Loans, net 158,953 160,103 151,606
 Other assets 12,866 12,036 11,727
 Total assets $271,798 $277,448 $248,313
 LIABILITIES AND
 SHAREHOLDERS' EQUITY:
 Total deposits $226,345 $229,995 $212,443
 Short-term borrowings 10,581 13,848 4,072
 Other liabilities 1,896 1,544 1,634
 Total liabilities 238,822 245,387 218,149
 Total shareholders'
 equity 32,976 32,061 30,164
 Total liabilities and
 shareholders' equity $271,798 $277,448 $248,313
 CONSOLIDATED STATEMENTS OF INCOME
 For the Three Months Ended
 (Dollars in thousands, March 31, March 31,
 except per share) 1993 1992
 Total interest income $4,732 $4,543
 Total interest expense 1,700 2,035
 Net interest income 3,032 2,508
 Provision for loan losses -- 207
 Net interest income after
 provision for loan losses 3,032 2,301
 Total noninterest income 772 809
 Total noninterest expense 2,501 2,357
 Income before income taxes 1,303 753
 Income taxes 337 135
 Net income before cumulative
 effect of a change in
 accounting principle 966 618
 Cumulative effect on prior years
 (to Dec. 31, 1992) of changing
 the method of accounting for
 income taxes 300 --
 Net income $1,266 $618
 Per share data:
 Primary and fully diluted
 Net income before cumulative
 effect $0.27 $0.18
 Net income from cumulative
 effect 0.09 --
 Net income $0.36 $0.18
 Cash dividends declared $0.10 $0.08
 Book value $9.36 $8.48
 Average common equivalent
 shares 3,551,803 3,516,302
 March 31, Dec. 31, March 31,
 1993 1992 1992
 (Dollars in thousands)
 ALLOWANCE FOR LOAN LOSSES
 Beginning balance $2,750 $2,377 $2,377
 Add:
 Provision charged
 to operations -- 397 207
 Less:
 Loan charge-offs 159 333 57
 Less loan recoveries 22 309 37
 Net loan charge-offs 137 24 20
 Ending balance $2,613 $2,750 $2,564
 ASSET QUALITY RATIOS
 Nonaccruals to gross
 loans, excluding loans
 held for sale 0.91pct. 1.26pct. 2.87pct.
 Annualized net charge-offs
 to average loans 0.34pct. 0.02pct. 0.05pct.
 Allowance for loan losses
 to gross loans, excluding
 loans held for sale 1.62pct. 1.69pct. 1.67pct.
 SIGNIFICANT OPERATING RATIOS
 Gross loans to total
 deposits 71.41pct. 70.84pct. 72.62pct.
 Annualized return on
 average assets(A) 1.42pct. 1.30pct. 1.02pct.
 Annualized return on
 average equity(A) 11.87pct. 10.66pct. 8.23pct.
 (A) Excludes the cumulative effect on change in accounting principle in 1993.
 -0- 4/7/93
 /CONTACT: Lawrence M. Kimbrough of First Charter Corporation, 704-786-3300/
 (FCTR)


CO: First Charter Corporation ST: North Carolina IN: FIN SU: ERN

MM-SB -- CH001 -- 0249 04/07/93 11:32 EDT
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