First Citizens Reports Earnings for First Quarter 2000

April 24, 2000

RALEIGH, N.C. - First Citizens BancShares Inc. (Nasdaq: FCNCA) reports increased earnings for the quarter ending March 31, 2000. Earnings for the first quarter totaled $19.5 million compared to $19.0 million for the corresponding period of 1999, an increase of 2.4 percent, according to Lewis R. Holding, chairman of the board.

Per share income for the first quarter 2000 totaled $1.84 compared to $1.79 for the same period a year ago. First Citizens' current quarter results generated an annualized return on average assets of 0.81 percent and an annualized return on average equity of 10.68 percent.

Holding attributed the higher net income during the quarter to gains in both net interest income and noninterest income. Net interest income increased 4.5 percent as a result of an improved net yield on interest earning assets. For the three-month period ending March 31, 2000, the net yield equaled 4.19 percent, up ten basis points from the same period in 1999.

Noninterest income grew by 8.26 percent in the first quarter of 2000 when compared to the same period in 1999. Noninterest income was $41.4 million and $38.2 million in the first quarter of 2000 and 1999, respectively. Noninterest income benefited from higher service charge income, credit card income and fees generated by First Citizens Investor Services.

Noninte rest expenses totaled $96.3 million in the first quarter of 2000, an increase of 5.6 percent over the $91.2 million in the corresponding period of 1999. Higher personnel and occupancy costs resulting from branch expansion in Georgia and Florida contributed to much of the growth in noninterest expenses.

The provision for loan losses charged to operations was $3.5 million during the first three months of 2000, compared to $2.7 million during the same period of 1999. The 29.9 percent increase was the result of additions to the reserve for loan losses resulting from continued growth in the loan portfolio. The ratio of net charge-offs to average loans outstanding was 0.15 percent for the first quarter of 2000, compared to 0.16 percent for the same period of 1999.

As of March 31, 2000, Raleigh, N.C.-based First Citizens had assets of $9.88 billion. Two of BancShares' major subsidiaries are First Citizens Bank with 365 branches in more than 200 communities in North Carolina, Virginia and West Virginia, and Atlantic States Bank with 35 branches in North Metro Atlanta and Southwest Florida. For more information, visit the First Citizens web site.

CONDENSED STATEMENTS OF INCOME
	Three Months Ended March 31
(thousand, except share data; unaudited)	2000	1999
Interest Income	$163,986	$155,456
Interest expense	74,381	69,713
Net interest Income	89,605	85,743
Provision for loan losses	3,459	2,662
Net interest income after provision for loan losses	86,146	83,081
Noninterest Income	41,351	38,195
Noninterest expense	96,287	91,218
Income before income taxes	31,210	30,058
Income taxes	11,696	11,010
Net Income	$19,514	$19,048
Taxable-equivalent net interest income	$90,374	$86,338
Net income per share	$1.84	$1.79
Cash dividends per share	0.25	0.25
Profitability Information (annualized)
Return on average assets	0.81%	0.81%
Return on average equity	10.68	11.56
Taxable-equivalent net yield on interest-earning assets	4.19	4.09

CONDENSED BALANCE SHEETS
	March 31	December 31	March 31
(thousand, except share data; unaudited)	2000	1999	1999
Cash and due from banks	$446,995	$591,605	$483,590
Investment securities	1,547,214	1,371,894	2,449,882
Loans	6,828,095	6,751,039	6,244,828
Reserve for loan losses	(99,590)	(98,690)	(96,340)
Other assets	1,158,018	1,101,251	620,203
Total assets	$9,880,732	$9,717,099	$9,702,163
Deposits	$8,295,850	$8,173,598	$8,179,098
Other liabilities	843,746	814,744	846,812
Shareholder's equity	741,136	728,757	676,253
Total liabilities and shareholder's equity	$9,880,732	$9,717,099	$9,702,163
Book value per shared	$70.14	$68.68	$63.64
Tangible book value per share	59.79	58.13	52.27

SELECTED AVERAGE BALANCES
	Three Months Ended March 31
(thousand, except shares outstanding; unaudited)	2000	1999
Total assets	$9,658,251	$9,517,513
Investment securities	1,497,277	2,091,575
Loans	6,789,203	6,180,106
Interest-earning assets	8,667,039	8,558,123
Deposits	8,128,968	8,018,971
Interest-bearing liabilities	8,128,968 8,018,971	7,410,007
Shareholder's equity	$734,777	$668,087
Shares Outstanding	10,592,378	10,625,559

ASSET QUALITY
	March 31	December 31	March 31
(dollars in thousand, unaudited)	2000	1999	1999
Nonaccrual loans	$10,546	$10,720	$12,322
Other real estate	2,071	1,600	3,062
Total nonperforming assets	$12,617	$12,320	$15,384
Accuring loans 90 days or more past due	$5,294	$3,576	$5,541
Year-to-date net charge-offs	2,559	9,097	2,437
Nonperforming assets to gross loans plus other real estate	0.18%	0.18%	0.25%
Reserve for loan losses to gross loans	1.46	1.46	1.54
Net charge-offs to average total loans (annualized)	0.15	0.14	0.16

CAPITAL INFORMATION
	March 31	December 31	March 31
(dollars in thousands, unaudited)	2000	1999	1999
Tier 1 capital	$776,973	$760,195	$697,209
Total qaulifying capital	876,282	859,638	789,187
Risk-weighted assets	7,709,312	7,616,890	6,915,722
Tier 1 capital ratio	10.08%	9.98%	10.08%
Total capital ratio	11.37	11.29	11.41
Leverage capital ratio	8.14	7.91	7.42
First Citizens BancShare, Inc. and Subsidiaries

For more information, contact:
Barbara Thompson
First Citizens BancShares
(919) 716-2716