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FIRST CITIZENS REPORTS INCREASED EARNINGS FOR SECOND QUARTER

 FIRST CITIZENS REPORTS INCREASED EARNINGS FOR SECOND QUARTER
 RALEIGH, N.C., July 20 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ-NMS: FCNCA) reports increased earnings for the second quarter of 1992, according to Lewis R. Holding, chairman of the board.
 Net income for the second quarter totaled $13.4 million, compared to $7.1 million earned during the second quarter of 1991, an increase of 87.4 percent. Per share income for the quarter ended June 30, 1992, was $1.41, compared to 77 cents earned per share in the corresponding period of 1991, an increase of 83.1 percent.
 Holding attributed the increase in second quarter earnings to improved net interest income, which, for the quarter ended June 30, 1992, exceeded net interest income for the comparable period of 1991 by $13.4 million or 32.1 percent. The improved net interest income has resulted from increased interest earning assets and a larger interest rate spread, the result of lower interest rates during 1992.
 For the six months ended June 30, 1992, the corporation's net earnings totaled $25.8 million, compared to $11.6 million earned during the corresponding six-month period in 1991, an increase of 121.6 percent. Per share income for the six-month period totaled $2.73, a 116.7 percent increase from the $1.26 earned per share during the same period last year. The increase in year-to-date earnings resulted from higher net interest income and non-recurring securities gains experienced in the first quarter.
 Assets at June 30 totaled $5.3 billion, compared to $4.9 billion in the corresponding period of 1991, an increase of 8.8 percent. Deposits of First Citizens Bank at quarter's end were $4.7 billion, compared to $4.3 billion in 1991, an increase of 9.3 percent.
 FIRST CITIZENS BANCSHARES, INC.
 CONDENSED STATEMENT OF INCOME
 (in thousands)
 Three Months Ended Six Months Ended
 June 30 June 30
 1992 1991 1992 1991
 Net interest income $55,229 $41,807 $106,602 $82,229
 Provision for loan losses (4,995) (3,972) (9,253) (5,648)
 50,234 37,835 97,349 76,581
 Other income 17,988 18,140 38,003 32,236
 Other expense (48,228) (45,391) (96,694) (91,636)
 Income before income taxes 19,994 10,584 38,658 17,181
 Income taxes (6,624) (3,451) (12,869) (5,543)
 Net income $13,370 $7,133 $25,789 $11,638
 Earnings per share $1.41 $0.77 $2.73 $1.26
 Profitability information
 Annualized return on
 average total assets(pct) 1.02 0.60 0.98 0.49
 Annualized return on
 average total equity(pct) 18.04 11.11 17.79 9.19
 CONDENSED STATEMENT OF CONDITION
 (in thousands)
 June 30, June 30, Percent
 1992 1991 Change
 Cash and due from banks $349,423 $286,281 22.06
 Investment securities 1,421,967 1,549,974 -8.26
 Loans 3,178,336 2,718,392 16.92
 Reserve for loan losses (57,230) (45,839) 24.85
 Other assets 392,823 348,385 12.76
 Total assets $5,285,319 $4,857,193 8.81
 Deposits $4,677,198 $4,278,685 9.31
 Other liabilities 300,065 313,033 -4.14
 Shareholders' equity 308,056 265,475 16.04
 Total liabilities and
 shareholders' equity $5,285,319 $4,857,193 8.81
 Book value per share $32.34 $28.65 12.88
 Asset Quality (Percent) 1992 1991
 Nonperforming assets to
 gross loans plus foreclosed
 real estate (at June 30) 0.85 0.50
 Reserve for loan losses to
 nonperforming assets
 (at June 30) 212.09 338.60
 Reserve for loan losses to gross
 loans (at June 30) 1.80 1.69
 Annualized net charge-offs to
 average loans outstanding
 (year-to-date) 0.36 0.33
 -0- 7/20/92
 /CONTACT: Alex MacFadyen, First Citizens BancShares, 919-755-7424/
 (FCNCA) CO: First Citizens Bancshares, Inc. ST: North Carolina IN: FIN SU: ERN


CM-DF -- CH006 -- 0881 07/20/92 16:01 EDT
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Date:Jul 20, 1992
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