EXHIBIT 99
FIRST CITIZENS REPORTS EARNINGS FOR THIRD QUARTER 2003
COLUMBIA, S.C., October 31, 2003 - First Citizens Bancorporation of South
Carolina, Inc. (OTCBB-"FCBN") reports consolidated net income for the quarter
ending September 30, 2003, of $10.24 million compared to $9.37 million for the
corresponding quarter of 2002. Craig Nix, Chief Financial Officer stated, "The
increase in net income was primarily due to an increase in mortgage and
deposit-related income."
Total deposits as of September 30, 2003 were $3.65 billion compared to $3.12
billion as of September 30, 2002. Gross loans as of September 30, 2003 were
$2.85 billion compared to $2.37 billion as of September 30, 2002.
Noninterest income was $17.09 million during the third quarter of 2003, an
increase of $4.23 million over the same period of 2002. The increase was
primarily due to increases in deposit-related income and mortgage income. Of
the $4.23 million increase, $1.55 million related to the recapture of mortgage
servicing rights impairment which was recorded in prior periods as prescribed by
generally accepted accounting principles. The recapture was the result of
increased mortgage rates since the second quarter 2003.
Noninterest expense was $34.66 million during the third quarter of 2003, an
increase of $2.36 million over the same period of 2002. The majority of the
increase was due to higher personnel costs, occupancy expense and data
processing expense as a result of continued expansion of lines of business.
For the nine months ended September 30, 2003, consolidated net income was $30.50
million compared to $30.39 million for the nine months ended September 30, 2002.
Noninterest income was $45.21 million for the nine months ended September 30,
2003, an increase of $9.30 million over the same period of 2002. The increase
was primarily due to increases in deposit-related income and mortgage income.
Noninterest expense was $100.52 million for the nine months ended September 30,
2003, an increase of $7.86 million over the same period of 2002. The majority of
the increase was due to higher personnel costs, occupancy expense and data
processing expense as a result of continued expansion of lines of business.
At its meeting held October 29, 2003, Bancorporation's Board of Directors
declared a third quarter common stock dividend of $0.35 per share for
shareholders of record as of November 14, 2003, payable November 25, 2003.
First Citizens Bancorporation of South Carolina, Inc. is a three-bank financial
holding company headquartered in Columbia, South Carolina, with $4.22 billion in
total consolidated assets as of September 30, 2003. For more information, visit
the First Citizens web site at www.fcbsc.com.
This discussion may contain statements that could be deemed forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of
1934 and the Private Securities Litigation Reform Act, which statements are
inherently subject to risks and uncertainties. Forward-looking statements are
statements that include projections, predictions, expectations or beliefs about
future events or results, or otherwise are not statements of historical fact.
Such statements are often characterized by the use of the qualifying words (and
their derivatives) such as "expect," "believe," "estimate," "plan," "project,"
"anticipate," or other statements concerning opinions or judgments of
Bancorporation and its management about future events. Factors that could
influence the accuracy of such forward-looking statements include, but are not
limited to, the financial success or changing strategies of Bancorporations'
customers, actions of government regulators, the level of market interest rates,
and general economic conditions.
CONDENSED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT SHARE DATA; Quarter ended September 30, Nine months ended September 30,
UNAUDITED)
2003 2002 2003 2002
Interest income $ 49,718 $ 51,932 $ 148,380 $ 157,472
Interest expense 11,663 14,874 37,765 48,038
Net interest income 38,055 37,058 110,615 109,434
Provision for loan losses 4,436 3,518 7,799 6,979
Net interest income after provision for loan losses 33,619 33,540 102,816 102,455
Noninterest income 17,085 12,853 45,210 35,910
Noninterest expense 34,662 32,304 100,524 92,664
Income before income taxes 16,042 14,089 47,502 45,701
Income taxes 5,806 4,720 17,006 15,310
Net income $ 10,236 $ 9,369 $ 30,496 $ 30,391
Net income per share $ 11.24 $ 10.19 $ 33.41 $ 32.92
Cash dividend per share $ 0.35 $ 0.25 $ 0.85 $ 0.75
Profitability information (annualized):
Return on average assets 0.97% 1.02% 1.01% 1.11%
Return on average equity 12.49 12.57 12.84 14.24
Taxable-equivalent net yield on average interest-
earning assets 3.98 4.42 4.01 4.38
CONDENSED BALANCE SHEETS
(THOUSANDS, EXCEPT SHARE DATA; UNAUDITED)
September 30, December 31, September 30,
2003 2002 2002
Cash and due from bank $ 146,660 $ 165,747 $ 146,033
Federal funds sold 87,972 121,626 74,800
Investment securities 924,311 915,870 883,000
Loans 2,849,352 2,415,396 2,369,770
Reserve for loan losses (50,467) (43,305) (42,285)
Other assets 261,480 212,542 207,977
Total assets $ 4,219,308 $ 3,787,876 $ 3,639,295
Deposits $ 3,649,027 $ 3,276,008 $ 3,121,422
Other liabilities 240,749 208,284 221,495
Shareholders' equity 329,532 303,584 296,378
Total liabilities and shareholders' equity $ 4,219,308 $ 3,787,876 $ 3,639,295
Book value per share $ 360.33 $ 329.67 $ 321.38
SELECTED AVERAGE BALANCES
(THOUSANDS; UNAUDITED)
Quarter ended September 30, Nine months ended September 30,
2003 2002 2003 2002
Total assets $ 4,167,228 $ 3,651,191 $ 4,047,712 $ 3,662,395
Investment securities 916,595 946,242 925,213 933,552
Loans 2,783,180 2,332,854 2,614,214 2,274,560
Interest-earning assets 3,821,169 3,354,754 3,715,408 3,363,513
Deposits 3,581,548 3,099,334 3,482,619 3,092,917
Interest-bearing liabilities 3,160,403 2,776,401 3,080,995 2,817,201
Shareholders' equity 325,128 295,755 317,638 285,429
CONTACT: Craig L. Nix of First Citizens Bancorporation of South Carolina,
Inc. at 803-733-2659