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FIRST CITIZENS REPORTS INCREASED EARNINGS FOR SECOND QUARTER

 RALEIGH, N.C., July 19 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ-NMS: FCNCA) reported increased earnings for the second quarter of 1993, according to Lewis R. Holding, chairman of the board.
 Net income for the second quarter totaled $15 million, compared to $13.4 million earned during the second quarter of 1992, an increase of 12.4 percent. Per share income for the quarter ended June 30, 1993, was $1.54, compared to $1.41 earned per share in the corresponding period of 1992, an increase of 9.2 percent.
 Holding attributed the increase in second quarter earnings to a $5.9 million increase in noninterest income. When Atlantic States Bankcard Association was sold during the second quarter, First Citizens Bank realized a pre-tax gain of $3.8 million from its interest in the association. The growth in noninterest income was partially offset by costs associated with the adoption of a new corporate image.
 For the six months ended June 30, 1993, the corporation's net earnings totaled $29.7 million, compared to $25.8 million earned during the corresponding six-month period in 1992, an increase of 15.1 percent. Per share income for the six-month period totaled $3.07, a 12.5 percent increase from the $2.73 earned per share during the same period last year. The increase in year-to-date earnings resulted from a $6.3 million increase in net interest income and higher levels of noninterest income and noninterest expense.
 Assets at June 30 totaled $5.4 billion, compared to $5.3 billion at June 30, 1992, an increase of 2.8 percent. Deposits of First Citizens Bank at quarter's end were $4.8 billion, compared to $4.7 billion for 1992, an increase of 2.4 percent.
 FIRST CITIZENS BANCSHARES, INC. AND SUBSIDIARY
 CONDENSED STATEMENTS OF INCOME
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 (thousands, except
 share data)
 Net interest income $56,116 $55,229 $112,929 106,602
 Provision for loan
 losses 4,347 4,995 8,232 9,253
 Net interest income
 after provision for
 loan losses 51,769 50,234 104,697 97,349
 Other income 23,898 17,988 42,231 38,003
 Other expense 53,072 48,228 102,223 96,694
 Income before income taxes 22,595 19,994 44,705 38,658
 Income taxes 7,572 6,624 15,009 12,869
 Net income $15,023 $13,370 $29,696 $25,789
 Net income per share $1.54 $1.41 $3.07 $2.73
 Profitability Information
 (annualized) (pct.)
 Return on average assets 1.12 1.02 1.12 0.98
 Return on average equity 16.85 18.04 17.15 17.79
 Taxable equivalent
 interest rate spread 4.32 4.27 4.39 4.11
 CONDENSED STATEMENTS OF CONDITION
 (thousands, except per share data)
 June 30, June 30, Pct. Change
 1993 1992
 Cash and due from banks $353,560 $349,423 1.18
 Investment securities 1,408,635 1,421,967 (0.94)
 Loans 3,381,363 3,178,336 6.39
 Reserve for loan losses (61,111) (57,230) 6.78
 Other assets 351,931 392,823 (10.41)
 Total assets $5,434,378 $5,285,319 2.82
 Deposits $4,788,030 $4,677,198 2.37
 Other liabilities 281,228 300,065 (6.28)
 Shareholders' equity 365,120 308,056 18.52
 Total liabilities and
 shareholders' equity $5,434,378 $5,285,319 2.82
 Book value per share $37.50 $32.34 15.96
 Asset Quality June 30, June 30,
 1993 1992
 At period-end:
 Nonaccrual loans $15,126 $13,543
 Restructured debt 1,482 --
 Other real estate 9,335 13,441
 Total nonperforming assets $25,943 $26,984
 Nonperforming assets to
 gross loans plus
 foreclosed real estate 0.77pct. 0.85pct.
 Reserve for loan losses to
 nonperforming assets 235.56 212.09
 Reserve for loan losses
 to gross loans 1.81 1.80
 Annualized net charge-offs
 to average total loans
 (year-to-date) 0.35 0.36
 -0- 7/19/93
 /CONTACT: Alex G. MacFadyen Jr., Group Vice President, 919-755-7424, or Noel McLaughlin, Senior Vice President, 919-755-2716, both of First Citizens BancShares/
 (FCNCA)


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

CM-MM -- CH009 -- 3224 07/19/93 16:14 EDT
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