FOR IMMEDIATE RELEASE
January 30, 2002

For information, contact

First Citizens Bank
Janice C. Burt
Phone: (803) 931-8539
Fax: (803) 312-8850

First Citizens Bank Announces Fourth Quarter Earnings

Columbia, S.C., January 30, 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, January 30, 2002.

Net income for the quarter ended December 31, 2001 was $9,443,000 representing earnings per share of $10.12, compared to $6,637,000 or $7.09 per share for the quarter ended December 31, 2000. Net income for the year ended December 31, 2001 was $33,876,000 representing earnings per share of $36.11, compared to $27,589,000 or $29.56 per share for the year ended 2000, an increase of 23%. Total assets as of December 31, 2001, were $3,574,680,000 compared to $3,240,510,000 as of December 31, 2000, an increase of 10%. Total deposits as of December 31, 2001 were $3,014,954,000 compared to $2,555,229,000 as of December 31, 2000, an increase of 18%. Included in the increase in deposits is an accounting reclassification of $212,033,000. Adjusted for this reclassification, deposits increased by 10%. Net loans as of December 31, 2001 were $2,222,024,000 compared to $2,044,870,000 as of December 31, 2000, an increase of 9%.

Net income increased by 42% or $2,806,000 for the quarter ended December 31, 2001, over the comparable period in 2000. The primary factors affecting the increase in net income were a $8,144,000 or 28% increase in net interest income and a $4,598,000 or 47% increase in noninterest income.

Net income increased by 23% or $6,287,000 for the year ended December 31, 2001, over the comparable period in 2000. The primary factors affecting the increase in net income were a $19,924,000 or 18% increase in net interest income and a $12,605,000 or 33% increase in noninterest income.

The Board of Directors of First Citizens Bancorporation of South Carolina, Inc. has declared a fourth quarter common stock dividend of $.25 per share for shareholders of record as of February 5, 2002, payable February 15, 2002.

First-Citizens Bank and Trust Company of South Carolina provides a broad range of banking services in 145 offices serving over 94 communities throughout the state. Online banking services are available through First Citizens' web site at www.fcbsc.com. First Citizens Bank has assets of $3.5 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.


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