EXHIBIT 99
FIRST CITIZENS REPORTS EARNINGS FOR FIRST QUARTER 2003
COLUMBIA, S.C., April 30, 2003 - First Citizens Bancorporation of South
Carolina, Inc. (OTCBB-"FCBN") reports consolidated net income for the quarter
ending March 31, 2003, of $9.96 million compared to $11.17 million for the
corresponding quarter of 2002. Craig Nix, Chief Financial Officer stated,
"while we are still producing solid earnings, our primary challenge from an
earnings standpoint is margin compression because of interest rates hovering at
40 year lows."
Total deposits as of March 31, 2003 were $3.35 billion compared to $3.12 billion
as of March 31, 2002. Gross loans as of March 31, 2003 were $2.41 billion
compared to $2.23 billion as of March 31, 2002.
Noninterest income was $13.21 million during the first quarter of 2003, an
increase of $2.00 million over the same period of 2002. The increase was
primarily due to an increase in fee income and increased mortgage banking
income.
Noninterest expense was $32.08 million during the first quarter of 2003, an
increase of $2.84 million over the same period of 2002. The majority of the
increase was due to an increase in the number of employees related to expanding
lines of business and an increase in insurance and pension costs.
At its meeting held today, the Board of Directors of First Citizens
Bancorporation of South Carolina, Inc. declared a first quarter common stock
dividend of $0.25 per share for shareholders of record as of May 15, 2003,
payable May 23, 2003.
First Citizens Bank offers services in commercial and retail banking through its
144 offices in South Carolina. First Citizens Bancorporation of South Carolina,
Inc. is the parent company of First Citizens Bank and Trust Company of South
Carolina, The Exchange Bank of South Carolina, Inc. and Citizens Bank. The
Exchange Bank operates four offices in South Carolina; Citizens Bank operates
two offices in Georgia. As of March 31, 2003, First Citizens Bancorporation had
total consolidated assets of $3.88 billion. For more information, visit the
First Citizens web site at fcbsc.com.
CONDENSED STATEMENTS OF INCOME
(THOUSANDS, EXCEPT SHARE DATA; UNAUDITED) Three months ended March 31,
2003 2002
Interest income $ 47,917 $ 52,966
Interest expense 12,632 17,234
Net interest income 35,285 35,732
Provision for loan losses 938 889
Net interest income after provision for loan losses 34,347 34,843
Noninterest income 13,206 11,198
Noninterest expense 32,083 29,245
Income before income taxes 15,470 16,796
Income taxes 5,507 5,627
Net income $ 9,963 $ 11,169
Net income per share $ 10.91 $ 12.07
Cash dividends per share $ 0.25 $ 0.25
Profitability information (annualized):
Return on average assets 1.05% 1.24%
Return on average equity 13.05 16.41
Taxable-equivalent net yield on interest-earning assets 4.09 4.38
CONDENSED BALANCE SHEET
(THOUSANDS, EXCEPT SHARE DATA; UNAUDITED)
March 31, December 31, March 31,
2003 2002 2002
Cash and due from bank $ 153,078 $ 165,747 $ 145,881
Federal funds sold 236,324 121,626 205,400
Investment securities 913,207 915,870 939,100
Loans 2,413,477 2,415,396 2,229,677
Reserve for loan losses (43,304) (43,305) (39,722)
Other assets 212,181 212,542 202,035
Total assets $3,884,933 $ 3,787,876 $3,682,371
Deposits $3,345,630 $ 3,276,008 $3,121,244
Other liabilities 228,684 208,284 285,095
Shareholders' equity 310,619 303,584 276,032
Total liabilities and shareholders' equity $3,884,933 $ 3,787,876 $3,682,371
Book value per share $ 338.13 $ 329.67 $ 296.46
SELECTED AVERAGE BALANCES
(DOLLARS IN THOUSANDS; UNAUDITED) Three months ended March 31,
2003 2002
Total assets $ 3,841,330 $ 3,645,157
Investment securities 911,516 907,811
Loans 2,406,547 2,240,332
Interest-earning assets 3,528,659 3,338,321
Deposits 3,306,430 3,075,508
Interest-bearing liabilities 2,930,542 2,835,631
Shareholders' equity $ 309,582 $ 276,086
CAPITAL INFORMATION
(DOLLARS IN THOUSANDS; UNAUDITED) March 31, December 31, March 31,
2003 2002 2002
Tier 1 capital ratio 12.14% 11.76% 11.78%
Total capital ratio 13.40 13.01 13.03
Leverage capital ratio 8.01 7.91 7.45
CONTACT: Craig L. Nix of First Citizens Bancorporation of South Carolina, Inc.
at 803-733-2659