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FIRST CITIZENS REPORTS INCREASED EARNINGS FOR FIRST QUARTER

 RALEIGH, N.C., April 19 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ-NMS: FCNCA) reported increased earnings for the first quarter of 1993, according to Lewis R. Holding, chairman of the board.
 Net income for the first quarter totaled $14.7 million, compared to $12.4 million earned during the first quarter of 1992, an increase of 18.1 percent. Per share income for the quarter ending March 31, 1993, was $1.53, compared to $1.32 earned per share in the corresponding period of 1992, an increase of 15.9 percent.
 Holding attributed the increase in first quarter earnings to the growth in net interest income, which was up by $5.4 million over the corresponding period of 1992.
 First Citizens BancShares is the holding company of First Citizens Bank, a statewide financial institution that serves 170 cities and towns with 319 offices.
 CONDENSED STATEMENTS OF INCOME
 First Citizens BancShares, Inc. and Subsidiary
 Three Months Ended March 31
 (thousands, except share data) 1993 1992 Pct. Change
 Net interest income $56,813 $51,373 10.59
 Provision for loan losses 3,885 4,258 (8.76)
 Net interest income after
 provision for loan losses 52,928 47,115 12.34
 Other income 18,333 20,015 (8.40)
 Other expense 49,151 48,466 1.41
 Income before income taxes 22,110 18,664 18.46
 Income taxes 7,437 6,245 19.09
 Net income $14,673 $12,419 18.15
 Net income per share $1.53 $1.32 15.91
 Profitability Information (annualized)
 Return on average assets 1.13pct. 0.94pct.
 Return on average equity 17.46 17.29
 Taxable equivalent interest
 rate spread 4.46 3.95
 CONDENSED STATEMENTS OF CONDITION
 March 31 March 31 Pct. Change
 (thousands, except share data) 1993 1992
 Cash and due from banks $283,474 $336,058 (15.65)
 Investment securities 1,415,757 1,536,642 (7.87)
 Loans 3,263,647 3,176,114 2.76
 Reserve for loan losses (60,030) (55,230) 8.69
 Other assets 409,883 352,850 16.16
 Total assets $5,312,731 $5,346,434 (0.63)
 Deposits $4,681,610 $4,752,333 (1.49)
 Other liabilities 280,815 299,344 (6.19)
 Shareholders' equity 350,306 294,757 18.85
 Total liabilities and
 shareholders' equity $5,312,731 $5,346,434 (0.63)
 Book value per share $36.08 $31.13 15.90
 Asset Quality 1993 1992
 At period-end:
 Nonaccrual loans $ 18,868 $ 14,397
 Restructured debt 1,855 --
 Other real estate 10,451 13,771
 Total nonperforming assets $ 31,174 $ 28,168
 Nonperforming assets to gross
 loans plus foreclosed real
 estate 0.97pct. 0.88pct.
 Reserve for loan losses to
 nonperforming assets 192.56 196.07
 Reserve for loan losses
 to gross loans 1.84 1.74
 Annualized net charge-offs
 to average total loans
 (year-to-date) 0.28 0.35
 -0- 4/19/93
 /CONTACT: Noel McLaughlin, Communications Department, First Citizens BancShares, Inc., 919-755-2716/
 (FCNCA)


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

SB-CM -- CH013 -- 7614 04/19/93 16:44 EDT
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Date:Apr 19, 1993
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