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FIRST CITIZENS REPORTS INCREASED THIRD QUARTER EARNINGS

 FIRST CITIZENS REPORTS INCREASED THIRD QUARTER EARNINGS
 RALEIGH, N.C., Oct. 19 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) reports increased earnings for the third quarter, according to Lewis R. Holding, chairman of the board.
 Net income for the third quarter totaled $14 million, compared to $9.5 million earned during the third quarter of 1991, an increase of 48 percent. Per share income for the third quarter totaled $1.47, up from the $1.00 earned per share in the corresponding period of 1991, an increase of 47 percent.
 Holding attributed the increase in third quarter earnings to improved net interest income, which, for the quarter, amounted to $55.8 million, an 18.8 percent increase from the comparable period of 1991. The taxable-equivalent interest rate spread during the third quarter was 4.35 percent, an 83 basis point increase over the comparable period of 1991.
 The corporation's net earnings totaled $39.8 million for the nine months ended Sept. 30, 1992, compared to $21.1 million earned during the nine-month period in 1991, an increase of 88.6 percent. Per share income for the nine-month period totaled $4.20, an 85.8 percent increase from the $2.26 earned per share during the same period last year.
 The increase in year-to-date income is primarily attributed to a $33.2 million increase in net interest income during 1992,. This is a 25.7 percent increase that is the combined result of a $302.7 million increase in average interest-earning assets during 1992 and an improved interest rate spread. The 4.19 percent taxable-equivalent interest rate spread for 1992 is 84 basis points above the 3.35 percent for the comparable period of 1991.
 As of Sept. 30, 1992, First Citizens' nonperforming assets totaled $27.8 million, a 30.8 percent increase from Sept. 30, 1991. The current balance represents 0.88 percent of gross loans and other real estate, compared to 0.69 percent at Sept. 30, 1991.
 First Citizens BancShares, Inc. is the holding company of First Citizens Bank, a statewide financial institution that operates 322 offices in 171 North Carolina towns and cities.
 CONDENSED STATEMENTS OF INCOME
 First Citizens BancShares Inc. and Subsidiary
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 (thousands, except
 share data)
 Net interest income $55,825 $46,975 $162,427 $129,204
 Provision for loan
 losses 3,412 3,636 12,665 9,284
 Net interest income
 after provision for
 loan losses 52,413 43,339 149,762 119,920
 Other income 18,592 18,886 56,595 51,122
 Other expense 50,219 48,172 146,913 139,808
 Income before income
 taxes 20,786 14,053 59,444 31,234
 Income taxes 6,778 4,586 19,647 10,129
 Net income $14,008 $9,467 $39,797 $21,105
 Net income per share $1.47 $1.00 $4.20 $2.26
 Profitability Information
 (annualized)(Pct.)
 Return on average
 assets 1.05 0.70 1.00 0.57
 Return on average
 equity 17.74 13.92 17.64 10.84
 Taxable equivalent
 interest rate spread 4.35 3.52 4.19 3.35
 CONDENSED STATEMENTS OF CONDITION
 Sept. 30 Sept. 30 Pct. Change
 1992 1991
 (thousands, except
 share data)
 Cash and due from banks $345,143 $366,938 (5.94)
 Investment securities 1,454,261 1,616,858 (10.06)
 Loans 3,161,242 3,060,929 3.28
 Reserve for loan losses (57,730) (51,631) 11.81
 Other assets 450,487 444,666 1.31
 Total assets $5,353,403 $5,437,760 (1.55)
 Deposits $4,731,502 $4,814,994 (1.73)
 Other liabilities 300,499 346,462 (13.27)
 Shareholders' equity 321,402 276,304 16.32
 Total liabilities and
 shareholders' equity $5,353,403 $5,437,760 (1.55)
 Book value per share $33.68 $29.24 15.18
 Asset Quality
 At period-end
 Nonaccrual loans $15,306 $11,185 36.84
 Other real estate 12,472 10,060 23.98
 Total nonperforming assets $27,778 $21,245 30.75
 Nonperforming assets to
 gross loans plus
 foreclosed real
 estate 0.88pct. 0.69pct.
 Reserve for loan losses
 to nonperforming
 assets 207.83pct. 243.03pct.
 Reserve for loan losses
 to gross loans 1.83pct. 1.69pct.
 Annualized net charge-offs
 to average total loans
 (year-to-date) 0.36pct. 0.39pct.
 -0- 10/19/92
 /CONTACT: Alex MacFadyen, First Citizens BancShares, 919-755-7424/
 (FCNCA) CO: First Citizens BancShares, Inc. ST: North Carolina IN: FIN SU: ERN


CM -- CH010 -- 1819 10/19/92 16:45 EDT
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