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FIRST CHARTER CORPORATION ANNOUNCES RESULTS

 CONCORD, N.C., July 8 /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 and six month periods ended June 30, 1993.
 Net income for the three month period ended June 30, 1993 was $977,074 versus $938,070 for the comparable period in 1992, which represents a 4.2 percent increase. Earnings per share for the quarter were $0.27 compared to $0.26 for the second quarter of 1992.
 Net income for the six month period ended June 30, 1993 was $2,243,075, up 44.2 percent when compared to the first half of 1992. 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 $1,943,075 for a 24.9 percent increase over the same period last year. Earnings per share for the first six months of 1993 were $0.64 and $0.55 before the cumulative effect of the change in accounting method, compared to $0.44 for the same period in 1992.
 On an annualized basis, excluding the effect of the change in accounting method, these results represent a return on average assets of 1.43 percent versus 1.26 percent and a return on average equity of 11.79 percent versus 10.27 percent.
 Total assets at June 30, 1993 were $273,885,281, down 1.3 percent from Dec. 31, 1992. Gross loans increased 0.8 percent to $164,205,410, and total deposits increased 2.1 percent to $234,802,512 from Dec. 31, 1992. Total shareholders' equity was $33,474,830 at June 30, 1993 which represents a book value per share of $9.53 and an equity/asset ratio of 12.2 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
 June 30, Dec. 31, June 30,
 1993 1992 1992
 (Unaudited) (Unaudited)
 (Dollars in thousands)
 ASSETS:
 Cash and due from banks $15,519 $14,310 $9,998
 Federal funds sold 3,800 6,200 6,100
 Investment securities 80,645 84,799 69,284
 Loans, net 161,608 160,103 153,047
 Other assets 12,313 12,036 11,702
 Total assets $273,885 $277,448 $250,131
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Total deposits $234,802 $229,995 $211,503
 Short-term borrowings 4,071 13,848 6,082
 Other liabilities 1,537 1,544 1,649
 Total liabilities 240,410 245,387 219,234
 Total shareholders'
 equity 33,475 32,061 30,897
 Total liabilities and
 shareholders' equity $273,885 $277,448 $250,131
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per share)
 For the Three Months For the Six Months
 Ended Ended
 June 30, June 30, June 30, June 30,
 1993 1992 1993 1992
 Total interest income $4,683 $4,868 $9,414 $9,411
 Total interest expense 1,676 1,934 3,375 3,969
 Net interest income 3,007 2,934 6,039 5,442
 Provision for loan
 losses 105 --- 105 207
 Net interest income after
 provision for loan
 losses 2,902 2,934 5,934 5,235
 Total noninterest
 income 798 704 1,569 1,514
 Total noninterest
 expense 2,419 2,466 4,919 4,824
 Income before income
 taxes 1,281 1,172 2,584 1,925
 Income taxes 304 234 641 369
 Net income before
 cumulative effect of
 a change in accounting
 principle 977 938 1,943 1,556
 Cumulative effect on
 prior years (to Dec. 31,
 1992) of changing the
 method of accounting
 for income taxes --- --- 300 ---
 Net income $977 $938 $2,243 $1,556
 Per share data:
 Primary and fully diluted
 Net income before
 cumulative effect $0.27 $0.26 $0.55 $0.44
 Net income from
 cumulative effect --- --- 0.09 ---
 Net income $0.27 $0.26 $0.64 $0.44
 Cash dividends declared $0.10 $0.08 $0.20 $0.16
 Book value $9.53 $8.79 $9.53 $8.79
 Average common
 equivalent shares 3,556,883 3,515,321 3,557,947 3,515,844
 FIRST CHARTER CORPORATION AND SUBSIDIARY
 ALLOWANCE FOR LOAN LOSSES
 (Dollars in thousands)
 June 30, Dec. 31, June 30,
 1993 1992 1992
 Beginning balance $2,750 $2,377 $2,377
 Add:
 Provision charged to
 operations 105 397 207
 2,855 2,774 2,584
 Less:
 Loan charge-offs 374 333 199
 Less loan recoveries 47 309 216
 Net loan charge-offs 327 24 (17)
 Ending balance $2,528 $2,750 $2,601
 ASSET QUALITY RATIOS
 (PERCENT)
 June 30, Dec. 31, June 30,
 1993 1992 1992
 Nonaccruals to gross loans,
 excluding loans held for sale 0.74 1.26 1.21
 Annualized net charge-offs to
 average loans 0.40 0.02 -0.02
 Allowance for loan losses to
 gross loans, excluding loans
 held for sale 1.54 1.69 1.68
 SIGNIFICANT OPERATING RATIOS
 (PERCENT)
 June 30, Dec. 31, June 30,
 1993 1992 1992
 Gross loans to total deposits 69.93 70.84 73.63
 Annualized return on average
 assets (A) 1.43 1.30 1.26
 Annualized return on average
 equity (A) 11.79 10.66 10.27
 (A) Excludes the cumulative effect on change in accounting principle in 1993.
 -0- 7/8/93
 /CONTACT: Lawrence M. Kimbrough, First Charter Corporation, 704-786-3300/
 (FCTR)


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

SB-CM -- CH005 -- 9407 07/08/93 10:12 EDT
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