FOR IMMEDIATE RELEASE
April 24, 2002
For information, contact
First Citizens Bank
Janice C. Burt
Phone: (803) 931-8539
Fax: (803) 312-8850
First Citizens Bank Announces First Quarter Earnings
Columbia, S.C., April 24, 2002 - The regular quarterly meeting of the Board of Directors of Columbia-based First Citizens Bancorporation of South Carolina, Inc., was held in Columbia on Wednesday, April 24, 2002.
Net income for the quarter ended March 31, 2002 was $11,169,000 representing earnings per share of $12.07, compared to $8,404,000 or $8.93 per share for the quarter ended March 31, 2001. Total assets as of March 31, 2002, were $3,682,388,000 compared to $3,459,593,000 as of March 31, 2001, an increase of 6%. Total deposits as of March 31, 2002, were $3,121,244,000 compared to $2,884,967,000 as of March 31, 2001, an increase of 8%. Net loans as of March 31, 2002, were $2,189,955,000 compared to $2,052,658,000 as of March 31, 2001, an increase of 7%.
Net income increased by 33% or $2,765,000 for the quarter ended March 31, 2002, over the comparable period in 2001. Included in 2001 net income is a nonrecurring gain, after taxes, of $1,192,000 related to the exchange of a processing company's stock owned by First Citizens Bancorporation. Without this nonrecurring gain, net income increased by $3,957,000 or 55% over the comparable period in 2001. Other factors affecting the increase in net income were a $6,187,000 or 21% increase in net interest income and a $2,006,000 or 20% increase in noninterest income without the aforementioned nonrecurring gain. The Board of Directors of First Citizens Bancorporation of South Carolina, Inc. has declared a first quarter common stock dividend of $.25 per share for shareholders of record as of May 3, 2002, payable May 15, 2002.
First-Citizens Bank and Trust Company of South Carolina provides a broad range of banking services in 145 offices throughout the state. Online banking services are available through First Citizens' web site at www.fcbsc.com. First Citizens Bank has assets of $3.6 billion. First Citizens Bancorporation of South Carolina, Inc. is a bank holding company headquartered in Columbia, South Carolina, and parent corporation of First-Citizens Bank and Trust Company of South Carolina and The Exchange Bank of South Carolina, Inc.