FOR IMMEDIATE RELEASE
July 24, 2002
For information, contact
First Citizens Bank
Janice C. Burt
Phone: (803) 931-8539
Fax: (803) 312-8850
First Citizens Bank Announces Second Quarter Earnings
Columbia, S.C., July 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, July 24, 2002.
Net income for the quarter ended June 30, 2002 was $9,853,000 representing earnings per share of $10.66, compared to $7,492,000 or $7.97 per share for the quarter ended June 30, 2001. This represents a 32% or $2,361,000 increase in net income, and a 34% or $2.69 increase in earnings per share. The increase in net income was due to $5,264,000 or 17% increase in net interest income and a $1,298,000 or 11% increase in noninterest income.
Total assets as of June 30, 2002, were $3,699,160,000 compared to $3,439,623,000 as of June 30, 2001, an increase of 8%. Total deposits as of June 30, 2002, were $3,119,836,000 compared to $2,901,632,000 as of June 30, 2001, an increase of 8%. Net loans as of June 30, 2002, were $2,244,743,000 compared to $2,120,707,000 as of June 30, 2001, an increase of 6%.
The Board of Directors of First Citizens Bancorporation of South Carolina, Inc. has declared a second quarter common stock dividend of $.25 per share for shareholders of record as of August 2, 2002, payable August 15, 2002.
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 and The Exchange Bank of South Carolina. As of March 31, 2002, First Citizens Bancorporation had total consolidated assets of $3.69 billion.