FOR IMMEDIATE RELEASE
April 30, 2003

For information, contact

First Citizens Bank
Craig Nix, Chief Financial Officer
Phone: (803) 733-2659

First Citizens Reports Earnings for First Quarter 2003

Columbia, S.C., April 30, 2003 - First Citizens Bancorporation of South Carolina, Inc. (OTCBB-"FCBN") reports consolidated net income for the quarter ending March 31, 2003, of $9.96 million compared to $11.17 million for the corresponding quarter of 2002. Craig Nix, Chief Financial Officer stated, "while we are still producing solid earnings, our primary challenge from an earnings standpoint is margin compression because of interest rates hovering at 40 year lows."

Total deposits as of March 31, 2003 were $3.35 billion compared to $3.12 billion as of March 31, 2002. Gross loans as of March 31, 2003 were $2.41 billion compared to $2.23 billion as of March 31, 2002.

Noninterest income was $13.21 million during the first quarter of 2003, an increase of $2.00 million over the same period of 2002. The increase was primarily due to an increase in fee income and increased mortgage banking income.

Noninterest expense was $32.08 million during the first quarter of 2003, an increase of $2.84 million over the same period of 2002. The majority of the increase was due to an increase in the number of employees related to expanding lines of business and an increase in insurance and pension costs.

At its meeting held today, the Board of Directors of First Citizens Bancorporation of South Carolina, Inc. declared a first quarter common stock dividend of $0.25 per share for shareholders of record as of May 15, 2003, payable May 23, 2003.

First Citizens Bancorporation of South Carolina, Inc. is the parent company of First Citizens Bank and Trust Company of South Carolina, The Exchange Bank of South Carolina, Inc. and Citizens Bank. First Citizens Bank offers services in commercial and retail banking through its 144 offices in South Carolina and its five offices in Georgia. The Exchange Bank operates four offices in South Carolina and Citizens Bank operates two offices in Georgia. As of March 31, 2003, First Citizens Bancorporation had total consolidated assets of $3.88 billion. For more information, visit the First Citizens web site at www.firstcitizensonline.com.

CONDENSED STATEMENTS OF INCOME
(thousands, except share data;
unaudited)
  Three months ended March 31,
 
2003
2002
Interest income
$47,917
$52,966
Interest expense
12,632
17,234
Net interest income
35,285
35,732
Provision for loan losses
938
889
Noninterest income
13,206
11,198
Noninterest expense
32,083
29,245
Income before taxes
15,470
16,796
Income taxes
5,507
5,627
Net income
$ 9,963
$ 11,169
Net income per share
$ 10.91
$ 12.07
Cash dividends per share
$ 0.25
$ 0.25
 
Profitability information (annualized):
Return on average assets
1.05%
1.24%
Return on average equity
13.05
16.41
Taxable-equivalent net yield
on interest-bearing assets
4.09
4.38
CONDENSED BALANCE SHEET

(thousands, except share data; unaudited)
March 31, 2003
Dec. 31, 2002
March 31, 2002
Cash and due from bank
$ 153,078
$ 165,747
$ 145,881
Federal funds sold
236,324
121,626
205,400
Investment securities
913,207
915,870
939,100
Loans
2,413,477
2,415,396
2,229,677
Reserve for loan losses
(43,304)
(43,305)
(39,722)
Other assets
212,191
212,542
202,035
Total Assets
$3,884,933
$3,787,876
$3,682,371
 
Deposits
$3,345,630
$3,276,008
$3,121,244
Other liabilities
228,684
208,284
285,095
Shareholders' equity
310,619
303,584
276,032
Total liabilities and shareholder's equity
$3,884,933
$3,787,876
$3,682,371
Book value per share
$338.13
$329.67
$296.46
SELECTED AVERAGE BALANCES
(thousands in dollars; unaudited)
  Three months ended March 31,
 
2002
2003
Total assets
$ 3,841,330
$ 3,645,157
Investment securities
911,516
907,811
Loans
2,406,547
2,240,332
Interest-earning assets
3,528,659
3,338,321
Deposits
3,306,430
3,075,508
Interest-bearing liabilities
2,930,542
2,835,631
Shareholders' equity
$ 309,582
$ 276,086
CAPITAL INFORMATION
(thousands in dollars; unaudited)
March 31, 2003
Dec. 31, 2002
March 31, 2002
Tier 1 capital ratio
12.14%
11.76%
11.78%
Total capital ratio
13.40
13.01
13.03
Leverage capital ratio
8.01
7.91
7.45

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