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FIRST CITIZENS REPORTS EARNINGS

 RALEIGH, N.C., Oct. 18 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ-NMS: FCNCA) reported increased earnings for the nine-month period ending Sept. 30, 1993, according to Lewis R. Holding, chairman of the board.
 The corporation's net earnings totaled $42.2 million for the nine months ended Sept. 30, 1993, compared to $39.8 million earned during the nine-month period in 1992, an increase of 5.9 percent. Per share income for the nine-month period totaled $4.35, a 3.6 percent increase from the $4.20 earned per share during the same period last year.
 The increase in year-to-date earnings is due primarily to higher net interest income resulting from an improved interest rate spread, according to Holding. Net interest income totaled $169.9 million for the nine-month period ending Sept. 30, 1993, compared to $162.4 million in the same period of 1992, an increase of $7.4 million or 4.6 percent.
 Net income for the third quarter totaled $12.5 million, compared to $14 million earned during the third quarter of 1992, a decrease of 11 percent. Per share income for the third quarter totaled $1.28, down from the $1.47 earned per share in the corresponding period of 1992, a decrease of 12.9 percent.
 Holding attributed the decrease in third quarter earnings to higher noninterest expense associated with salary and equipment costs.
 Nonperforming assets as of Sept. 30, 1993, were $56.3 million, compared to $25.9 million at June 30, 1993. Holding said the increase in nonperforming assets was primarily due to the third quarter acquisition of Rocky Mount-based Pioneer Savings Bank, which contributed $18.3 million in nonaccrual loans and $14 million in foreclosed properties (other real estate).
 Total deposits of First Citizens Bank as of Sept. 30, 1993, were $5.2 billion, compared to $4.7 billion at Sept. 30, 1992, reflecting an increase of 8.9 percent.
 First Citizens BancShares, Inc. is the holding company of Raleigh- based First Citizens Bank, a statewide full-service financial institution that operates 318 offices in 180 North Carolina towns and cities.
 FIRST CITIZENS BANCSHARES, INC. AND SUBSIDIARY
 CONDENSED STATEMENTS OF INCOME
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 (thousands, except
 share data) 1993 1992 1993 1992
 Net interest income $56,929 $55,825 $169,858 $162,427
 Provision for loan losses 3,865 3,412 12,097 12,665
 Net interest income after
 provision for loan losses 53,064 52,413 157,761 149,762
 Other income 19,232 18,592 61,463 56,595
 Other expense 53,299 50,219 155,522 146,913
 Income before income taxes 18,997 20,786 63,702 59,444
 Income taxes 6,531 6,778 21,540 19,647
 Net income $12,466 $14,008 $42,162 $39,797
 Net income per share $1.28 $1.47 $4.35 $4.20
 Profitability Information
 (annualized)
 Return on average asset(pct) 0.89 1.05 1.04 1.00
 Return on average equity 13.35 17.74 15.83 17.64
 Taxable equivalent interest
 rate spread 4.21 4.35 4.34 4.19
 CONDENSED STATEMENTS OF CONDITION
 Sept. 30, Sept. 30, Pct.
 (thousands, except share data) 1993 1992 Change
 Cash and due from banks $320,374 $345,143 (7.18)
 Investment securities 1,521,906 1,454,261 4.65
 Loans 3,691,175 3,161,242 16.76
 Reserve for loan losses (70,449) (57,730) 22.03
 Other assets 437,274 450,487 (2.93)
 Total assets $5,900,280 $5,353,403 10.22
 Deposits $5,151,415 $4,731,502 8.87
 Other liabilities 372,079 300,499 23.82
 Shareholders' equity 376,786 321,402 17.23
 Total liabilities and
 shareholders' equity $5,900,280 $5,353,403 10.22
 Book value per share $38.64 $33.68 14.73
 Asset Quality 1993 1992
 At period-end
 Nonaccrual loans $33,989 $15,306
 Restructured debt 992 ---
 Other real estate 21,344 12,472
 Total nonperforming assets $56,325 $27,778
 Nonperforming assets to gross
 loans plus foreclosed real
 estate 1.52 pct. 0.88 pct.
 Reserve for loan losses to
 nonperforming assets 125.08 207.83
 Reserve for loan losses to gross
 loans 1.91 1.83
 Annualized net charge-offs to
 average total loans
 (year-to-date) 0.35 0.36
 -0- 10/18/93
 /CONTACT: Noel McLaughlin, senior vice president, First Citizens BancShares, 919-755-2716/
 (FCNCA)


CO: First Citizens BancShares, Inc. ST: North Carolina IN: FIN SU: ERN

CM -- CH011 -- 3529 10/18/93 15:57 EDT
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Date:Oct 18, 1993
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