SouthState (SSB) 8-K Results of Operations and Financial Condition

Exhibit 99.1

 NEWS

For Immediate Release	Media Contact:	Donna Pullen (803) 765-4558
	Analyst Contact:	John C. Pollok (803) 765-4628

SCBT Reports Net Income of $7.0 million for the 1st Quarter of 2012;

Declares Quarterly Cash Dividend

COLUMBIA, S.C.—April 27, 2012—SCBT Financial Corporation (NASDAQ: SCBT), the holding company for SCBT, National Association, today released its unaudited results of operations and other financial information for the three-month period ended March 31, 2012.  Highlights of the first quarter 2012 include the following:

·Net income of $7.0 million, or $0.50 diluted EPS in 1Q 2012 compared to $4.8 million, or $0.35 diluted EPS in 4Q 2011 and $2.5 million, or $0.19 diluted EPS in 1Q 2011

·Return on average assets was 0.71% annualized 1Q 2012 compared to 0.49% in 4Q 2011 and 0.27% in 1Q 2011

·Return on average equity was 7.37% annualized 1Q 2012 compared to 5.00% in 4Q 2011 and 2.94% in 1Q 2011

·Net charge-offs of non-acquired loans decreased to 0.66% annualized for 1Q 2012, compared to 1.08% annualized for 4Q 2011 and 1.53% annualized for 1Q 2011;

·Non-performing Assets (NPAs):  2.26% of total assets compared to 2.44% for 4Q 2011 and 2.29% for 1Q 2011; 3.72% of loans and repossessed assets, excluding acquired assets, compared to 3.82% for 4Q 2011 and 3.83% for 1Q 2011

·Core deposits growth, excluding CDs, of $160.8 million, or 27.4% annualized, from 4Q 2011

Quarterly Cash Dividend

The Board of Directors of SCBT has declared a quarterly cash dividend of $0.17 per share payable on its common stock.  This per share amount is equal to the dividend paid in the immediately preceding quarter and will be payable on May 25, 2012 to shareholders of record as of May 18, 2012.

First Quarter 2012 Financial Performance

Please refer to the accompanying tables for detailed comparative data on results of operations and financial results.

The Company reported consolidated net income of $7.0 million, or $0.50 per diluted share for the three months ended March 31, 2012.  Driving this increase was a reduced provision for non-

acquired loan losses and reduced other real estate owned (“OREO”) write downs due to improvement in asset quality.

“We are off to a very good start in 2012, and the results our team produced were the best we have experienced in a number of years,” said Robert R. Hill, Jr., president and CEO.  These results were impacted by significant changes, improvements, and growth that our company experienced in the last year.  We experienced improvements in all asset quality metrics, with net charge-offs being 66 basis points for the quarter, the lowest since the fourth quarter of 2008.  Our bankers increased our core deposit base by more than $160 million, or 27% annualized growth during the quarter, and continue to strengthen our market share in the communities we serve.  We did experience a decline in the non-acquired loan portfolio by $33.3 million from the end of 2011, primarily in the commercial real estate portfolio.  Lastly, we announced on Tuesday that we had successfully closed the acquisition of Peoples Bancorporation, Inc. and are excited about the opportunities to expand our franchise in the fast-growing Upstate region of South Carolina.”

Asset Quality

During the first quarter of 2012, SCBT saw improvement in all asset quality metrics. These improvements were evidenced by declines in the following non-acquired categories at March 31, 2012: classified assets down to $177.5 million, loans 30-89 days past due down to $7.3 million, nonaccrual loans down to $70.0 million, and nonperforming assets down to $91.4 million.

At March 31, 2012, the allowance for non-acquired loan losses was $47.6 million or 1.95% of non-acquired period-end loans.  The current allowance for loan losses provides .68 times coverage of period-end non-acquired nonperforming loans.  Net charge-offs within the non-acquired portfolio were $4.1 million for the quarter or 0.66% annualized, the lowest rate since the fourth quarter of 2008.

Net Interest Income and Margin

Non-taxable equivalent net interest income was $39.0 million for the first quarter of 2012.  Tax-equivalent net interest margin increased 52 basis points from the first quarter of 2011 to 4.70%; however, compared to the fourth quarter of 2011, tax-equivalent net interest margin decreased 8 basis points from 4.78%.  The Company’s average yield on interest-earning assets increased 11 basis points while the average rate on interest-bearing liabilities decreased 45 basis points from the first quarter of 2011.  During the first quarter of 2012, the Company’s average total assets increased to almost $4.0 billion and average earning assets increased to $3.4 billion.  The growth in average total assets was supported by growth in average total deposits to $3.3 billion.

Noninterest Income and Expense

Noninterest income was $9.5 million in the first quarter of 2012.  The Company saw improvements in all categories of noninterest income over the comparable period of 2011 and in some categories from the fourth quarter of 2011.  These increases were partially offset by negative accretion on the FDIC indemnification asset resulting from the

reduction of expected cash flows of this asset related to certain pools of CBT (including Habersham Bank) acquired loans which had improved estimated cash flows.

Noninterest expense was $35.2 million in the first quarter of 2012.  The decrease from the fourth quarter of 2012 was driven by a $2.1 million decrease in OREO expense.

Balance Sheet and Capital

In the first quarter of 2012, SCBT’s total assets exceeded the $4.0 billion benchmark for the first time.  The asset growth was driven by increases in investment securities and cash and cash equivalents.  Offsetting these increases were declines of more than $33.0 million in both the non-acquired and acquired loan portfolios from the fourth quarter of 2011.  The asset growth was supported by $102.2 million in deposit growth; an increase of $160.8 million in core deposits offset by a $59.8 million decline in CDs.

Book value per share and tangible book value per share increased to $27.51 and $22.24 per share at March 31, 2012 by $0.32 and $0.35 per share from December 31, 2011 and by $1.29 and $1.42 per share from March 31, 2011.

The total risk-based capital ratio is estimated to improve by 46 basis points from the fourth quarter of 2011, due primarily to the increase in total risk-based capital from quarterly earnings and a decrease in total risk-weighted asset base.  Tier 1 leverage ratio increased by 11 basis points for the quarter.  The Company’s capital positions remain “well-capitalized” by all measures at March 31, 2012.

“Our balance sheet and capital ratios remain strong as evidenced by the increase in our risk-based capital ratios and our tangible book value,” said John C. Pollok, COO and CFO.  “Pre-tax, pre-provision operating income remained above $13.3 million for the quarter.”

SCBT Financial Corporation will hold a conference call on April 27th at 11 a.m. ET where management will review earnings and performance trends.  Callers wishing to participate may call toll-free by dialing 866-328-3013.  The number for international participants is 914-495-8535.  The conference ID number is 64351991.  Participants can also listen to the live audio webcast through the Investor Relations section of www.SCBTonline.com.  A replay will be available beginning April 27th by 2:00 pm Eastern Time until 11:59 p.m. on May 4th.  To listen to the replay, dial 855-859-2056 or 404-537-3406.  The passcode is 64351991.

***************

SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding company incorporated under the laws of South Carolina.  The Company consists of SCBT, N.A., the largest publicly traded bank headquartered in South Carolina; NCBT, a division of SCBT, N.A., and Community Bank & Trust, a division of SCBT, N.A.  Providing financial services for over 78 years, SCBT Financial Corporation operates 76 locations in 19 South Carolina counties, 10 north Georgia counties, and Mecklenburg County in North Carolina.  SCBT Financial Corporation has assets of approximately $4.5 billion and its stock is traded under the symbol SCBT in the NASDAQ Global Select Market.  More information can be found at www.SCBTonline.com.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.  Management believes that these non-GAAP measures provide additional useful information.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934. SCBT Financial Corporation cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from forecasted results. Such risks and uncertainties, include, among others: (1) credit risk associated with an obligor’s failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed; (2) interest risk involving the effect of a change in interest rates on both the bank’s earnings and the market value of the portfolio equity; (3) liquidity risk affecting the bank’s ability to meet its obligations when they come due; (4) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (5) transaction risk arising from problems with service or product delivery; (6) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (7) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (8) reputation risk that adversely affects earnings or capital arising from negative public opinion; (9) terrorist activities risk that results in loss of consumer confidence and economic disruptions; (10) economic downturn risk resulting in deterioration in the credit markets; (11) greater than expected non-interest expenses; (12) excessive loan losses; (13) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the integration of acquisitions (including, among others, Peoples), including, without limitation, potential difficulties in maintaining relationships with key personnel and other integration related-matters; (14) the risks of fluctuations in market prices for SCBT stock that may or may not reflect economic condition or performance of SCBT; (15) the payment of dividends on SCBT being subject to regulatory supervision as well as the discretion of the SCBT board of directors; and (16) other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands, except per share data)

																First
	Three Months Ended															Quarter
	March 31,			December 31,			September 30,			June 30,			March 31,			2012 - 2011
	2012			2011			2011			2011			2011			% Change
EARNINGS SUMMARY (non tax equivalent)
Interest income	$	42,220		$	43,825		$	45,307		$	43,331		$	39,255		7.6	%
Interest expense	3,182			3,900			4,627			5,330			6,409			-50.4	%
Net interest income	39,038			39,925			40,680			38,001			32,846			18.9	%
Provision for loan losses (1)	2,723			7,057			8,323			4,215			10,641			-74.4	%
Noninterest income	9,473			9,663			20,791			8,792			15,873			-40.3	%
Noninterest expense	35,219			36,548			37,158			35,048			34,224			2.9	%
Income before provision for income taxes	10,569			5,983			15,990			7,530			3,854			174.2	%
Provision for income taxes	3,541			1,154			5,658			2,612			1,338			164.6	%
Net income	$	7,028		$	4,829		$	10,332		$	4,918		$	2,516		179.3	%
Basic weighted-average common shares	13,882,801			13,845,444			13,818,012			13,805,428			13,184,572			5.3	%
Diluted weighted-average common shares	13,951,290			13,914,814			13,883,897			13,885,921			13,272,765			5.1	%
Earnings per share - Basic	$	0.51		$	0.35		$	0.75		$	0.36		$	0.19		168.4	%
Earnings per share - Diluted	0.50			0.35			0.74			0.35			0.19			163.2	%
Cash dividends declared per share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		0.0	%
Dividend payout ratio (2)	49.48		%	23.07		%	48.39		%	94.45		%	424.00		%	-88.3	%
Operating Earnings (non-GAAP) (3)
Net income (GAAP)	$	7,028		$	4,829		$	10,332		$	4,918		$	2,516		179.3	%
Gains on acquisitions, net of tax	—			—			(6,806		)	—			(3,420		)
Merger-related expense, net of tax	64			327			1,102			390			398			-84.0	%
Net operating earnings (loss) (non-GAAP)	$	7,092		$	5,156		$	4,628		$	5,308		$	(506	)	-1501.1	%
Operating earnings (loss) per share - Basic	$	0.51		$	0.37		$	0.33		$	0.38		$	(0.04	)	-1375.0	%
Operating earnings (loss) per share - Diluted	0.51			0.37			0.33			0.38			(0.04		)	-1375.0	%

											First
	AVERAGE for Quarter Ended										Quarter
	March 31,		December 31,		September 30,		June 30,		March 31,		2012 - 2011
	2012		2011		2011		2011		2011		% Change
BALANCE SHEET HIGHLIGHTS
Loans held for sale	$	34,073	$	52,743	$	21,331	$	13,385	$	19,271	76.8	%
Acquired loans, net of allowance for acquired loan losses	357,668		386,713		400,651		370,468		360,376		-0.8	%
Non-acquired loans	2,456,080		2,467,363		2,444,185		2,366,905		2,310,586		6.3	%
Total loans (1)	2,813,748		2,854,076		2,844,836		2,737,373		2,670,962		5.3	%
FDIC receivable for loss share agreements	246,556		267,904		304,089		290,768		236,149		4.4	%
Total investment securities	324,473		317,940		304,642		236,798		248,317		30.7	%
Intangible assets	74,089		74,601		74,960		75,106		73,011		1.5	%
Earning assets	3,371,704		3,346,444		3,319,083		3,302,888		3,229,928		4.4	%
Total assets	3,957,918		3,947,773		3,935,427		3,936,572		3,795,668		4.3	%
Noninterest-bearing deposits	700,438		675,998		636,883		610,109		539,329		29.9	%
Interest-bearing deposits	2,570,595		2,614,304		2,641,606		2,658,638		2,611,307		-1.6	%
Total deposits	3,271,033		3,290,302		3,278,489		3,268,747		3,150,636		3.8	%
Federal funds purchased and repurchase agreements	229,099		194,427		195,777		224,163		226,534		1.1	%
Other borrowings	46,480		46,774		47,272		46,379		48,551		-4.3	%
Shareholders’ equity	383,377		382,909		380,933		369,019		347,074		10.5	%

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands, except per share data)

																First
	ENDING Balance															Quarter
	March 31,			December 31,			September 30,			June 30,			March 31,			2012 - 2011
	2012			2011			2011			2011			2011			% Change
BALANCE SHEET HIGHLIGHTS
Loans held for sale	$	34,706		$	45,809		$	45,870		$	17,956		$	10,755		222.7	%
Acquired loans	369,144			402,201			435,793			379,341			417,894			-11.7	%
Non-acquired loans	2,437,314			2,470,565			2,461,613			2,405,613			2,348,309			3.8	%
Total loans (1)	2,806,458			2,872,766			2,897,406			2,784,954			2,766,203			1.5	%
FDIC receivable for loss share agreements	231,331			262,651			274,658			299,200			303,795			-23.9	%
Total investment securities	357,448			324,056			321,047			249,483			233,207			53.3	%
Intangible assets	73,926			74,426			74,949			74,915			75,421			-2.0	%
Allowance for acquired loan losses	(34,355		)	(31,620		)	(29,870		)	(25,545		)	(25,833		)	33.0	%
Allowance for non-acquired loan losses (1)	(47,607		)	(49,367		)	(49,110		)	(48,180		)	(48,164		)	-1.2	%
Premises and equipment	93,209			94,250			90,020			90,529			87,326			6.7	%
Total assets	4,046,343			3,896,557			3,935,518			3,839,935			3,962,866			2.1	%
Noninterest-bearing deposits	757,777			658,454			653,923			598,112			606,140			25.0	%
Interest-bearing deposits	2,598,860			2,596,018			2,633,729			2,607,716			2,713,415			-4.2	%
Total deposits	3,356,637			3,254,472			3,287,652			3,205,828			3,319,555			1.1	%
Federal funds purchased and repurchase agreements	235,412			180,436			184,403			187,550			206,560			14.0	%
Other borrowings	46,397			46,683			46,955			46,275			46,587			-0.4	%
Total liabilities	3,659,836			3,514,777			3,553,796			3,468,830			3,596,816			1.8	%
Shareholders’ equity	386,507			381,780			381,722			371,105			366,050			5.6	%
Common shares issued and outstanding	14,052,177			14,039,422			14,004,372			13,987,686			13,958,824			0.7	%

																First
																Quarter
	March 31,			December 31,			September 30,			June 30,			March 31,			2012 - 2011
	2012			2011			2011			2011			2011			% Change
NONPERFORMING ASSETS (ENDING BALANCE)
Non-acquired
Non-acquired nonaccrual loans	$	59,278		$	64,170		$	61,163		$	57,806		$	58,870		0.7	%
Restructured loans	10,578			11,807			11,698			10,880			11,168			-5.3	%
Other real estate owned (“OREO”) not covered under
FDIC loss share agreements	21,381			18,022			22,686			24,900			19,816			7.9	%
Accruing loans past due 90 days or more	130			926			495			94			339			-61.7	%
Other nonperforming assets	24			24			24			50			575			-95.8	%
Total non-acquired nonperforming assets	91,391			94,949			96,066			93,730			90,768			0.7	%
Acquired (7)
Acquired nonaccrual loans	—			—			—			—			—
OREO covered under FDIC loss share agreements	61,788			65,849			79,739			74,591			77,286			-20.1	%
Acquired accruing loans past due 90 days or more	—			—			—			—			—
Other nonperforming assets	215			251			347			408			308
Total acquired nonperforming assets	62,003			66,100			80,086			74,999			77,594			-20.1	%
Total nonperforming assets	$	153,394		$	161,049		$	176,152		$	168,729		$	168,362		-8.9	%
Excluding Acquired Assets
Total nonperforming assets as a percentage of total non-acquired loans and repossessed assets (1) (4)	3.72		%	3.82		%	3.87		%	3.86		%	3.83		%
Total nonperforming assets as a percentage of total assets (5)	2.26		%	2.44		%	2.44		%	2.44		%	2.29		%
NPLs as a percentage of period end non-acquired loans	2.87		%	3.11		%	2.98		%	2.86		%	3.00		%
Including Acquired Assets
Total nonperforming assets as a percentage of total loans and repossessed assets (1) (4)	5.31		%	5.45		%	5.91		%	5.87		%	5.88		%
Total nonperforming assets as a percentage of total assets	3.79		%	4.13		%	4.48		%	4.39		%	4.25		%
NPLs as a percentage of period end loans	2.49		%	2.68		%	2.55		%	2.48		%	2.54		%
OTHER ASSET QUALITY INFORMATION
Classified Assets (Ending Balance) (11)
Classified loans	$	156,118		$	166,383		$	157,569		$	163,856		$	166,722		-6.4	%
OREO and other nonperforming assets	21,405			18,046			22,710			24,950			20,391			5.0	%
Total classified assets	$	177,523		$	184,429		$	180,279		$	188,806		$	187,113		-5.1	%
Tier 1 capital and non-acquired allowance for loan losses	$	406,070		$	402,470		$	398,231		$	388,659		$	384,706		5.6	%
Classified assets as a percentage of Tier 1 capital and non-acquired allowance for loan losses	43.72		%	45.82		%	45.27		%	48.58		%	48.64		%
Non-acquired Loans 30-89 Day Past Due	$	7,290		$	9,235		$	8,371		$	11,451		$	12,420		-41.3	%

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands)

																First
	Quarter Ended															Quarter
	March 31,			December 31,			September 30,			June 30,			March 31,			2012 - 2011
	2012			2011			2011			2011			2011			% Change
ALLOWANCE FOR LOAN LOSSES (1)
Non-acquired Loans:
Balance at beginning of period	$	49,367		$	49,110		$	48,180		$	48,164		$	47,512		3.9	%
Loans charged off	(5,344		)	(6,846		)	(7,426		)	(4,574		)	(9,200		)	-41.9	%
Overdrafts charged off	(354		)	(413		)	(432		)	(196		)	(122		)	190.2	%
Loan recoveries	1,424			409			569			454			456			212.3	%
Overdraft recoveries	216			138			112			103			169			27.8	%
Net charge-offs	(4,058		)	(6,712		)	(7,177		)	(4,213		)	(8,697		)	-53.3	%
Provision for loan losses on non-acquired loans	2,298			6,969			8,107			4,229			9,349			-75.4	%
Balance at end of period, non-acquired loans	47,607			49,367			49,110			48,180			48,164			-1.2	%
Acquired Loans:
Balance at beginning of period	31,620			29,870			25,545			25,833			—
Loans charged off	—			—			—			—			—
Loan recoveries	—			—			—			—			—
Net charge-offs	—			—			—			—			—
Provision for loan losses on acquired loans:
Provision for loan losses before benefit attributable to FDIC loss share agreements	2,735			1,750			4,325			(288		)	25,833
Benefit attributable to FDIC loss share agreements	(2,310		)	(1,663		)	(4,109		)	274			(24,541		)
Net provision for loan losses on acquired loans	425			87			216			(14		)	1,292
Provision for loan losses recorded through the FDIC loss share receivable	2,310			1,663			4,109			(274		)	24,541
Balance at end of period, acquired loans	34,355			31,620			29,870			25,545			25,833
Balance at end of period, total allowance for loan losses	$	81,962		$	80,987		$	78,980		$	73,725		$	73,997		10.8	%
Total provision for loan losses charged to operations	$	2,723		$	7,057		$	8,323		$	4,215		$	10,641
Allowance for non-acquired loan losses as a percentage of non-acquired loans (1)	1.95		%	2.00		%	2.00		%	2.00		%	2.05		%
Allowance for loan losses as a percentage of total loans (1)	2.92		%	2.82		%	2.73		%	2.65		%	2.68		%
Allowance for non-acquired loan losses as a percentage of non-acquired nonperforming loans	68.02		%	64.19		%	66.95		%	70.05		%	68.44		%
Net charge-offs on non-acquired loans as a percentage of average non-acquired loans (annualized) (1)	0.66		%	1.08		%	1.16		%	0.71		%	1.53		%

											First
											Quarter
	March 31,		December 31,		September 30,		June 30,		March 31,		2012 - 2011
	2012		2011		2011		2011		2011		% Change
LOAN PORTFOLIO (ENDING balance) (1)
Acquired loans	$	369,144	$	402,201	$	435,793	$	379,341	$	417,894	-11.7	%
Non-acquired loans:
Commercial non-owner occupied real estate:
Construction and land development	294,865		310,845		316,072		338,288		370,442		-20.4	%
Commercial non-owner occupied	284,044		299,698		304,616		306,698		332,773		-14.6	%
Total commercial non-owner occupied real estate	578,909		610,543		620,688		644,986		703,215		-17.7	%
Consumer real estate:
Consumer owner occupied	407,697		391,529		394,205		367,910		339,948		19.9	%
Home equity loans	258,054		264,986		264,588		263,667		263,331		-2.0	%
Total consumer real estate	665,751		656,515		658,793		631,577		603,279		10.4	%
Commercial owner occupied real estate	744,441		742,890		719,791		669,224		606,795		22.7	%
Commercial and industrial	216,083		220,454		216,573		215,901		206,348		4.7	%
Other income producing property	130,177		140,693		142,325		133,152		131,909		-1.3	%
Consumer non real estate	85,350		85,342		84,972		80,072		73,464		16.2	%
Other	16,603		14,128		18,471		30,701		23,299		-28.7	%
Total non-acquired loans	2,437,314		2,470,565		2,461,613		2,405,613		2,348,309		3.8	%
Total loans (net of unearned income) (1)	$	2,806,458	$	2,872,766	$	2,897,406	$	2,784,954	$	2,766,203	1.5	%
Loans held for sale	$	34,706	$	45,809	$	45,870	$	17,956	$	10,755	222.7	%

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands, except per share data)

	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2012			2011			2011			2011			2011
SELECTED RATIOS
Return on average assets (annualized)	0.71		%	0.49		%	1.04		%	0.50		%	0.27		%
Return on average equity (annualized)	7.37		%	5.00		%	10.76		%	5.35		%	2.94		%
Return on average tangible equity (annualized) (non-GAAP) (10)	9.57		%	6.76		%	13.83		%	7.16		%	4.15		%
Net interest margin (tax equivalent)	4.70		%	4.78		%	4.95		%	4.70		%	4.18		%
Efficiency ratio (tax equivalent) (6)	72.02		%	73.09		%	59.97		%	74.33		%	70.17		%
Book value per common share	$	27.51		$	27.19		$	27.26		$	26.53		$	26.22
Tangible book value per common share (non-GAAP) (10)	$	22.24		$	21.89		$	21.91		$	21.18		$	20.82
Common shares issued and outstanding	14,052,177			14,039,422			14,004,372			13,987,686			13,958,824
Equity-to-assets	9.55		%	9.80		%	9.70		%	9.66		%	9.24		%
Tangible equity-to-tangible assets (non-GAAP) (10)	7.87		%	8.04		%	7.95		%	7.87		%	7.48		%
Tier 1 leverage (9)	9.23		%	9.12		%	9.04		%	8.82		%	9.04		%
Tier 1 risk-based capital (9)	14.54		%	14.09		%	13.92		%	13.89		%	13.96		%
Total risk-based capital (9)	15.82		%	15.36		%	15.19		%	15.15		%	15.23		%

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands)

	Three Months Ended
	March 31, 2012							March 31, 2011
	Average			Interest		Average		Average			Interest		Average
	Balance			Earned/Paid		Yield/Rate		Balance			Earned/Paid		Yield/Rate
YIELD ANALYSIS
Interest-Earning Assets:
Federal funds sold, reverse repo, and time deposits	$	199,410		$	212	0.43	%	291,378			$	353	0.49	%
Investment securities (taxable)	300,952			2,036		2.72	%	218,394			1,858		3.45	%
Investment securities (tax-exempt)	23,521			195		3.33	%	29,923			216		2.93	%
Loans held for sale	34,073			321		3.79	%	19,271			145		3.05	%
Acquired loans, net of allowance for acquired loan losses	357,668			9,110		10.24	%	360,376			7,044		7.93	%
Non-acquired loans (1)	2,456,080			30,346		4.97	%	2,310,586			29,639		5.20	%
Total interest-earning assets	3,371,704			42,220		5.04	%	3,229,928			39,255		4.93	%
Noninterest-Earning Assets:
Cash and due from banks	92,208							80,777
Other assets	543,323							532,137
Allowance for non-acquired loan losses	(49,317		)					(47,174		)
Total noninterest-earning assets	586,214							565,740
Total Assets	$	3,957,918						$	3,795,668
Interest-Bearing Liabilities:
Transaction and money market accounts	$	1,430,819		$	1,007	0.28	%	$	1,251,225		$	2,174	0.70	%
Savings deposits	268,251			146		0.22	%	228,626			262		0.46	%
Certificates and other time deposits	871,526			1,341		0.62	%	1,131,456			3,281		1.18	%
Federal funds purchased and repurchase agreements	229,099			126		0.22	%	226,534			160		0.29	%
Other borrowings	46,480			562		4.86	%	48,551			532		4.44	%
Total interest-bearing liabilities	2,846,175			3,182		0.45	%	2,886,392			6,409		0.90	%
Noninterest-Bearing Liabilities:
Demand deposits	700,438							539,329
Other liabilities	27,928							22,873
Total noninterest-bearing liabilities (“Non-IBL”)	728,366							562,202
Shareholders’ equity	383,377							347,074
Total Non-IBL and shareholders’ equity	1,111,743							909,276
Total liabilities and shareholders’ equity	$	3,957,918						$	3,795,668
Net interest income and margin (NON-TAX EQUIV.)				$	39,038	4.66	%				$	32,846	4.12	%
Net interest margin (TAX EQUIVALENT)						4.70	%						4.18	%

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands)

																First
	Three Months Ended															Quarter
	March 31,			December 31,			September 30,			June 30,			March 31,			2012 - 2011
	2012			2011			2011			2011			2011			% Change
NONINTEREST INCOME & EXPENSE
Noninterest income:
Gain on acquisition	$	—		$	—		$	11,001		$	—		$	5,528
Service charges on deposit accounts	5,447			5,959			6,050			5,615			5,030			8.3	%
Mortgage banking income	1,830			1,942			2,341			1,125			863			112.1	%
Bankcard services income	3,320			3,037			2,980			3,045			2,659			24.9	%
Trust and investment services income	1,397			1,237			1,453			1,525			1,249			11.8	%
Securities gains (losses), net (8)	—			(25		)	(100		)	10			323			100.0	%
Accretion (amortization) on FDIC indemnification asset	(3,233		)	(3,086		)	(3,515		)	(3,133		)	(401		)	-706.2	%
Other	712			599			581			605			622			14.5	%
Total noninterest income	$	9,473		$	9,663		$	20,791		$	8,792		$	15,873		-40.3	%
Noninterest expense:
Salaries and employee benefits	$	18,048		$	16,930		$	17,345		$	18,016		$	16,646		8.4	%
Federal Home Loan Bank advances prepayment fee	—			—			—			—			—
Net occupancy expense	2,248			2,309			2,443			2,346			2,525			-11.0	%
Furniture and equipment expense	2,239			2,211			2,127			2,181			1,986			12.7	%
Information services expense	2,468			2,817			2,851			2,503			2,322			6.3	%
FDIC assessment and other regulatory charges	1,037			980			859			1,255			1,479			-29.9	%
OREO expense and loan related	2,716			4,835			4,037			2,662			2,517			7.9	%
Advertising and marketing	757			707			824			289			909			-16.7	%
Business development and staff related	752			944			771			873			805			-6.6	%
Professional fees	633			253			458			616			449			41.0	%
Amortization of intangibles	500			523			517			505			446			12.1	%
Merger-related expense	96			404			1,587			598			609			-84.2	%
Other	3,725			3,635			3,339			3,204			3,531			5.5	%
Total noninterest expense	$	35,219		$	36,548		$	37,158		$	35,048		$	34,224		2.9	%

	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2012			2011			2011			2011			2011
RECONCILIATION OF NON-GAAP TO GAAP
Pre-tax, Pre-provision Operating Earnings (non-GAAP) (12)
Net income (GAAP)	$	7,028		$	4,829		$	10,332		$	4,918		$	2,516		179.3	%
Provision for loan losses (1)	2,723			7,057			8,323			4,215			10,641			-74.4	%
Provision for income taxes	3,541			1,154			5,658			2,612			1,338			164.6	%
Pre-tax, pre-provision income	13,292			13,040			24,313			11,745			14,495			-8.3	%
Gains on acquisitions	—			—			(11,001		)	—			(5,528		)
Other-than-temporary impairment (OTTI)	—			—			—			—			—
Merger-related expense	96			404			1,587			598			609			-84.2	%
Termination of group insurance	—			—			—			—			—
FHLB advances prepayment penalty	—			—			—			—			—
Pre-tax, pre-provision operating earnings (non-GAAP)	$	13,388		$	13,444		$	14,899		$	12,343		$	9,576		39.8	%
Return on Average Tangible Equity (10)
Return on average tangible equity (non-GAAP)	9.57		%	6.76		%	13.83		%	7.16		%	4.15		%
Effect to adjust for tangible assets	-2.20		%	-1.76		%	-3.07		%	-1.81		%	-1.21		%
Return on average equity (GAAP)	7.37		%	5.00		%	10.76		%	5.35		%	2.94		%
Tangible Book Value Per Common Share (10)
Tangible book value per common share (non-GAAP)	$	22.24		$	21.89		$	21.91		$	21.18		$	20.82
Effect to adjust for tangible assets	5.26			5.30			5.35			5.35			5.40
Book value per common share (GAAP)	$	27.51		$	27.19		$	27.26		$	26.53		$	26.22
Tangible Equity-to-Tangible Assets (10)
Tangible equity-to-tangible assets (non-GAAP)	7.87		%	8.04		%	7.95		%	7.87		%	7.48		%
Effect to adjust for tangible assets	1.68		%	1.76		%	1.75		%	1.79		%	1.76		%
Equity-to-assets (GAAP)	9.55		%	9.80		%	9.70		%	9.66		%	9.24		%

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands)

Notes:

(1) Loan data excludes mortgage loans held for sale.

(2) The Company pays cash dividends on common shares out of earnings generated in the preceding quarter; therefore, the dividend payout ratio is calculated by dividing total dividends paid during the first quarter of 2012 by the total net income reported in the fourth quarter of 2011.

(3) Operating earnings is a non-GAAP measure and excludes the after-tax effect of gains on acquisitions, OTTI, and merger-related expense.  Management believes that non-GAAP operating earnings provides additional useful information that allows readers to evaluate the ongoing performance of the company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.  Operating earnings (non-GAAP) excludes the following from net income (GAAP) on an after-tax basis:  (a) pre-tax gains on acquisitions of $11.0 and $5.5 million for the quarters ended September 30, 2011 and March 31, 2011, respectively; and (b) pre-tax merger-related expense of $96,000, $404,000, $1.6 million, $598,000, and $609,000, for the quarters ended March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011, and March 31, 2011, respectively.

(4) Repossessed assets includes OREO and other nonperforming assets.

(5) Calculated by dividing total non-acquired NPAs by total assets.

(6) The efficiency ratio (tax equivalent) would be 71.83% for March 31, 2012 if adjusted by subtracting $96,000 of merger-related expenses from non-interest expense. The efficiency ratio (tax equivalent) would be 72.17% for December 31, 2011 if adjusted by subtracting $404,000 of merger-related expenses from non-interest expense.The efficiency ratio (tax equivalent) would be 69.81% for September 30, 2011 if adjusted by subtracting the $11.0 million gain on acquisition from noninterest income and subtracting merger-related expense of $1.6 million from noninterest expense. The efficiency ratio (tax equivalent) would be 73.06% for June 30, 2011 if adjusted by subtracting merger-related expense of $598,000 from non-interest expense.  The efficiency ratio (tax equivalent) would be 77.73% for March 31, 2011 if adjusted by subtracting the $5.5 million gain on acquisition from noninterest income and subtracting merger-related expense of $609,000 from noninterest expense.

(7) Acquired loans are not included in non-performing loans because they are part of performing pools of acquired loans.

(8) If an other-than-temporary impairment charge was recorded during the quarter, the amount would be reflected in the “securities gains (losses), net” line item.

(9) March 31, 2012 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.

(10) The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets.  The tangible return on equity measures also add back the after-tax amortization of intangibles to GAAP basis net income.  Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.  The sections titled “Reconciliation of Non-GAAP to GAAP” provide tables that reconcile non-GAAP measures to GAAP.

(11) Classified asset data excludes acquired assets.

(12) Pre-tax, pre-provision operating earnings is a non-GAAP measure and excludes the effect of the provision for loan losses, the provision for income taxes, the gains on acquisitions, OTTI, merger-related expense, and the termination fee for the former group insurance plan.  Management believes that non-GAAP pre-tax, pre-provision operating earnings provides additional useful information that allows readers to evaluate the ongoing performance of the company.  Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company.  Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results or financial condition as reported under GAAP.