FOR IMMEDIATE RELEASE
October 31, 2003

For information, contact

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

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.firstcitizensonline.com.


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