SCBT Reports 2009 Net Income of $13.6 Million; Declares Cash Dividend

http://www.businesswire.com/news/home/20100128005376/en

COLUMBIA, S.C.--(Business Wire)--
SCBT Financial Corporation (NASDAQ: SCBT), the holding company for SCBT,
National Association, today released its unaudited results of operations and
other financial information for the three-month period and year-ended December
31, 2009. The Company reported solid results due primarily to its improved net
interest margin, noninterest income from mortgage banking operations and good
expense control. The following occurred during 2009:

* Core deposits, excluding CDs, increased $219.6 million, or 22%;
* Allowance for loan losses increased to 1.70% of total loans from 1.36% one
year ago;
* Net interest margin improved by 22 basis points to 4.05% from 3.83%;
* Recorded pre-tax Other Than Temporary Impairment ("OTTI") charges related to
pooled trust preferred securities of $5.0 million;
* Raised $29.2 million of new capital in May 2009 with the issuance of 1.356
million shares of common stock; and
* SCBT was one of the first banks in the country to redeem the preferred stock
($64.8 million) and common stock warrant ($1.4 million) issued to the US
Treasury under the Troubled Asset Relief Program ("TARP");

"SCBT has been one of the few banks to be profitable in every quarter of this
downturn," said Robert R. Hill, Jr., President and CEO. "We saw significant
increases in business with a 22% increase in core deposits, and $800 million in
mortgage loans closed during the year. In addition, we have been fortunate to
continue to add many talented bankers during the year, and our team expanded
into the Spartanburg, SC market in the fourth quarter. We have weathered this
economic storm nicely and are well prepared for 2010."

Quarterly Cash Dividend

The Board of Directors of SCBT has declared a quarterly cash dividend of $0.17
per share payable on its common stock. This per share amount is equal to the
dividend paid in the immediately preceding quarter and will be payable on
February 19, 2010 to shareholders of record as of February 12, 2010.

Fourth Quarter 2009 Results of Operations

Please refer to the accompanying tables for detailed comparative data on results
of operations and financial results, as well as certain information concerning
non-GAAP financial information.

The Company reported consolidated net income of $1.5 million, or $0.12 per
diluted share for the three months ended December 31, 2009 compared to
consolidated net income of $3.5 million, or $0.32 per diluted share for the
fourth quarter of 2008, a $2.0 million decrease. This decrease was primarily the
net result of the following items:

* Net interest income increased by $2.5 million or 10%;
* Increase in the provision for loan losses of $5.8 million or 132%;
* Increase in the amount of securities losses (OTTI) of $1.8 million;
* Other income increased by $440,000 due primarily to BOLI and fixed asset
losses recorded in 2008 vs. gains in 2009;
* Mortgage banking income increased by $1.0 million or 152%;
* Non-interest expenses decreased by $252,000 due primarily to the merger
expenses of $405,000 recognized in 2008; and
* Provision for income taxes declined by $1.3 million due to lower pre-tax net
income.

"The Company`s net interest margin continued to improve as the average balance
of all CDs declined by more than $93 million and the average yield improved
(decreased) by 41 basis points. This resulted in the net interest margin
improving to 4.28% compared to 4.04% during the third quarter of 2009," said
John C. Pollok, COO. "On a linked quarter basis, we also saw a nice decline in
the amount of OREO expenses by $1.4 million which led to a much improved
efficiency ratio of 58.1% for the fourth quarter."

The Company`s annualized return on average assets (ROAA) for the fourth quarter
decreased to 0.22% compared to 0.51% for the fourth quarter of 2008 and to 0.31%
for the third quarter of 2009. Total average shareholders' equity at December
31, 2009 was $284.3 million, an increase of $44.6 million, or 18.6% from
December 31, 2008. This increase was due primarily to the issuance of 1.356
million shares of common stock in May 2009 which raised approximately $29.2
million in new capital, and net income during the year of $13.6 million.
Annualized return on average equity (ROAE) for the quarter was 2.12%, down from
5.89% for the fourth quarter of 2008. Annualized return on average tangible
equity (ROATE) for the fourth quarter decreased to 2.92% from 8.46% for the
comparable period in the prior year and from 4.13% in the third quarter of 2009.

Asset Quality

Annualized net charge-offs increased to 1.26% from 0.92% experienced in the
third quarter of 2009, and increased from 0.35% experienced in the fourth
quarter of 2008. During the fourth quarter, non-performing assets (NPAs) as a
percentage of total loans and repossessed assets increased to 2.40% compared to
1.96% in the third quarter of 2009 and 0.91% one year ago. NPAs to total assets
at December 31, 2009 were 1.96% compared to 1.56% at the end of the third
quarter of 2009 and 0.76% one year ago. The increase in NPAs continues to
reflect the pressure within the real estate markets throughout our operating
area and within the economy as a whole. During the fourth quarter, the Company`s
other real estate owned ("OREO") decreased by $1.1 million from the prior
quarter end, and by $3.0 million from December 31, 2008. Non-performing loans
(including accruing loans past due 90 days or more) increased $12.5 million from
the third quarter of 2009, and by $34.8 million from the fourth quarter in 2008.

At December 31, 2009, nonperforming loans totaled $49.7 million, representing
2.26% of period-end loans. OREO at the end of the fourth quarter was $3.1
million, down from $6.1 million at December 31, 2008 and from $4.2 million at
the end of the third quarter of 2009. The allowance for loan losses at December
31, 2009 was $37.5 million and represented 1.70% of total period-end loans. The
current allowance for loan losses provides 0.75 times coverage of period-end
nonperforming loans, down from 0.92 times in the third quarter of 2009 and 2.11
times at December 31, 2008. In the fourth quarter, net charge-offs were $7.0
million compared to $5.1 million in the previous quarter and $2.0 million one
year ago. The provision for loan losses was $10.2 million for the fourth quarter
of 2009 compared to $4.4 million for the comparable quarter one year ago, and
$7.0 million in the third quarter of 2009.

The Company`s recorded balance of the four assets related to Silverton was
approximately $1.04 million at December 31, 2009. The Company has written off
approximately $5.4 million related to these assets during 2009. These assets
have now been valued at approximately sixteen cents on the dollar of the
original loan amount. In addition, two loan participations have been moved to
OREO during the year. During the fourth quarter of 2009, the Company did not
record any additional losses related to these assets. However, the Company
received a partial payment related to one of the assets classified in OREO, and
reduced the carrying value of this asset by $172,000.

Loans and Deposits

The Company decreased total loans 4.9% since the fourth quarter of 2008, driven
by reductions in construction and land development loans of $68.3 million,
commercial and industrial loans of $37.8 million, consumer non real estate loans
of $26.3 million, commercial non owner occupied loans of $27.1 million, consumer
owner occupied loans of $9.0 million and other loans of $12.8 million.
Offsetting the loan reductions has been loan growth in home equity loans of
$26.6 million and commercial owner occupied loans of $45.8 million. Total loans
outstanding were $2.2 billion at December 31, 2009 compared to $2.3 billion at
December 31, 2008. The balance of mortgage loans held for sale increased $1.8
million from December 31, 2008 to $17.6 million at December 31, 2009. During the
first half of 2009, mortgage loans held for sale increased sharply, as consumers
took advantage of low interest rates and refinanced their home mortgages. The
balance of mortgage loans held for sale at June 30, 2009 was $53.9 million.
Since June 30, 2009, we have seen a return to a more normal pipeline of
refinancing activity, and therefore a lower balance at December 31, 2009.

Total deposits decreased compared to the fourth quarter of 2008 by $48.6
million, or 2.3%. Certificates of deposit ("CDs") less than $100,000 and CDs
more than $100,000 decreased by $268.3 million, which was mostly offset by the
other deposit categories. Given the decline in CD balances, total deposits
decreased by $22.5 million, or 4.2% annualized, from the end of the third
quarter of 2009. All categories of deposits increased during the quarter except
for CDs and NOW accounts as compared to the previous quarter. The Company
initiated a deposit campaign in 2009 to increase its core deposit base
(excluding all CDs). The largest growth on a year-to-date basis has occurred in
money market accounts with a $141.8 million increase, or 50.9%; savings accounts
have grown $22.0 million, or 15.5%; NOW accounts have grown by $13.3 million, or
4.5%; and demand deposits have grown by $42.6 million, or 14.0%. The Company has
continued to reduce rates paid on CDs in order to manage its net interest margin
within favorable levels. The Company decreased brokered deposits since the end
of 2008 and held none at December 31, 2009, reflecting a $110.0 million
decrease. With the continued decline in loans outstanding and the capital raised
in May of 2009, the Company continued to maintain a very strong capital and
liquidity position at the end of the year.

In addition, during 2009, the Company has increased its correspondent
relationships with a number of smaller financial institutions which has
contributed to the increase in liquidity and funding sources for the Company.
Funds for these correspondents, along with the slow down in net loan growth, has
increased the liquidity position of the Company by more than $55 million to
$104.9 million at December 31, 2009 from the end of 2008.

Net Interest Income and Margin

Non-taxable equivalent net interest income (before provision for loan losses)
was $27.2 million for the fourth quarter of 2009, up 10.3% from $24.6 million in
the comparable period last year. Tax-equivalent net interest margin increased 42
basis points from the fourth quarter of 2008 to 4.28%. Compared to the third
quarter of 2009, tax-equivalent net interest margin increased 24 basis points.
This increase was the result of earning approximately 5 additional basis points
on interest earning assets during the quarter moving from 5.31% to 5.36%
(primarily in loans), while lowering interest expense on interest bearing
liabilities by 19 basis points (primarily in time deposits). With interest rates
continuing at low levels, the expectation of increased premium costs from the
FDIC, and ongoing slow loan demand, the Company has continued to aggressively
manage deposit pricing and funding sources during all of 2009. The Company
continued to focus on increasing core deposits with a $36.0 million increase or
12.0%, on a link quarter basis, and has allowed $56.8 million in certificates of
deposit to run off during the quarter. The increase in non-performing assets has
partially offset the positive impact of lower deposit costs.

The Company`s average yield on interest-earning assets decreased 56 basis points
while the average rate on interest-bearing liabilities decreased 106 basis
points from the fourth quarter of 2008. During the fourth quarter of 2009, the
Company`s average total assets decreased to $2.7 billion, a 0.7% decrease over
the fourth quarter of 2008. Offsetting the decrease was the increase in average
short-term investments to $115.2 million, a $103.3 million increase from the
fourth quarter of 2008, and the increase in loans held for sale to $19.7, a $9.0
million increase from the fourth quarter of 2008. All other average earning
asset categories decreased as compared to the fourth quarter of 2008. The lower
current market rates in combination with variable rate loan resets resulted in
the average yield on loans falling by 29 basis points compared to the fourth
quarter of 2008. Average investment securities were $215.6 million at December
31, 2009, or 7.2% lower than the balance in 2008. The decrease in average total
assets also allowed the Company to reduce the level of funding from higher
priced CDs and average total deposits decreased by $37.3 million, a decrease of
1.7% from the fourth quarter of 2008.

Noninterest Income and Expense

Noninterest income was $5.8 million for the fourth quarter of 2009 compared to
$6.1 million for the fourth quarter of 2008, a decrease of $347,000. This
decrease is primarily the result in the increase of securities losses of $1.75
million from the OTTI charge recorded on the Company`s pooled trust preferred
securities. This decrease was offset primarily by two line items:

* $1.0 million, or 152%, increase in mortgage banking income as the Company
continued to experience steady mortgage lending activity during the fourth
quarter of 2009, and
* an increase in other income by $440,000 due primarily to an increase in
returns on bank owned life insurance of $260,000, and gains associated with the
sale of fixed assets of $127,000.

Compared to the third quarter of 2009, noninterest income was up by $172,000,
primarily driven by mortgage banking income which was up by $255,000, and was
partially offset by an OTTI charge of $83,000 related to certain equity
investments.

Noninterest expense was $20.6 million in the fourth quarter of 2009, a 1.2%
decrease or $252,000, compared to $20.9 million in the fourth quarter of 2008.
During the fourth quarter, the Company had increased costs in two specific
areas: (1) OREO expense and loan related costs were higher by $239,000 and (2)
FDIC assessments were higher by $493,000. The Company managed the other expense
categories to more than offset these increases.

The Company`s quarterly efficiency ratio improved to 58.1% compared to 63.5% in
the third quarter of 2009, and 65.1% one year ago. For the year ended December
31, 2009 and 2008, the efficiency ratio was 61.2% and 63.2%, respectively,
reflecting a 2.0% improvement.

SCBT Financial Corporation, Columbia, South Carolina is a registered bank
holding company incorporated under the laws of South Carolina. The Company
consists of SCBT, N.A., the third largest bank headquartered in South Carolina,
and NCBT, a Division of SCBT, N.A. Providing financial services for over 75
years, SCBT Financial Corporation operates 48 financial centers in 16 South
Carolina counties and Mecklenburg County in North Carolina. Named in Forbes as
one of the 100 Most Trustworthy Companies in America, SCBT Financial Corporation
has assets of approximately $2.7 billion and its stock is traded under the
symbol SCBT in the NASDAQ Global Select Market. More information can be found at
www.SCBTonline.com.

Cautionary Statement Regarding Forward Looking Statements

Statements included in this press release which are not historical in nature are
intended to be, and are hereby identified as, forward looking statements for
purposes of the safe harbor provided by Section 21E of the Securities Exchange
Act of 1934. SCBT Financial Corporation cautions readers that forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from forecasted results. Such risks and
uncertainties, include, among others, the following possibilities: (1) credit
risk associated with an obligor's failure to meet the terms of any contract with
the bank or otherwise fail to perform as agreed; (2) interest risk involving the
effect of a change in interest rates on both the bank's earnings and the market
value of the portfolio equity; (3) liquidity risk affecting the bank's ability
to meet its obligations when they come due; (4) price risk focusing on changes
in market factors that may affect the value of traded instruments in
"mark-to-market" portfolios; (5) transaction risk arising from problems with
service or product delivery; (6) compliance risk involving risk to earnings or
capital resulting from violations of or nonconformance with laws, rules,
regulations, prescribed practices, or ethical standards; (7) strategic risk
resulting from adverse business decisions or improper implementation of business
decisions; (8) reputation risk that adversely affects earnings or capital
arising from negative public opinion; (9) terrorist activities risk that results
in loss of consumer confidence and economic disruptions; (10) economic downturn
risk resulting in deterioration in the credit markets; (11) greater than
expected non-interest expenses; (12) excessive loan losses; and (13) other
factors, which could cause actual results to differ materially from future
results expressed or implied by such forward-looking statements.

SCBT Financial Corporation
(Unaudited)
(Dollars in thousands, except per share data)

Fourth
Quarter
2009 - 2008
% Change
Three Months Ended Twelve Months Ended YTD
December 31, 2009 - 2008
% Change
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
EARNINGS SUMMARY (non tax equivalent) 2009 2008
Interest income $ 34,473 $ 35,020 $ 35,857 $ 36,448 $ 38,094 -9.5 % $ 141,798 $ 156,075 -9.1 %
Interest expense 7,281 8,639 9,838 11,450 13,450 -45.9 % 37,208 60,298 -38.3 %
Net interest income 27,192 26,381 26,019 24,998 24,644 10.3 % 104,590 95,777 9.2 %
Provision for loan losses (1) 10,158 6,990 4,521 5,043 4,374 132.2 % 26,712 10,736 148.8 %
Noninterest income 5,763 5,591 7,761 7,131 6,110 -5.7 % 26,246 19,049 37.8 %
Noninterest expense 20,624 21,797 21,038 20,187 20,876 -1.2 % 83,646 79,796 4.8 %
Income before provision for income taxes 2,173 3,185 8,221 6,899 5,504 -60.5 % 20,478 24,294 -15.7 %
Provision for income taxes 654 1,014 2,836 2,379 1,955 -66.5 % 6,883 8,509 -19.1 %
Net income 1,519 2,171 5,385 4,520 3,549 -57.2 % 13,595 15,785 -13.9 %
Preferred stock dividends -- -- 450 665 -- 1,115 --
Accretion on preferred stock discount -- -- 3,410 149 -- 3,559 --
Net income available to common shareholders $ 1,519 $ 2,171 $ 1,525 $ 3,706 $ 3,549 -57.2 % $ 8,921 $ 15,785 -43.5 %

Basic weighted-average common shares 12,572,751 12,546,654 11,826,972 11,179,869 10,846,219 15.9 % 12,060,847 10,301,430 17.1 %
Diluted weighted-average common shares 12,633,484 12,604,762 11,870,522 11,226,078 10,949,411 15.4 % 12,108,614 10,393,717 16.5 %

Earnings per common share - Basic $ 0.12 $ 0.17 $ 0.13 $ 0.33 $ 0.33 -63.6 % $ 0.74 $ 1.53 -51.6 %
Earnings per common share - Diluted 0.12 0.17 0.13 0.33 0.32 -62.5 % 0.74 1.52 -51.3 %

Cash dividends declared per common share $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.17 0.0 % $ 0.68 $ 0.68 0.0 %
Dividend payout ratio 99.67 % 141.59 % 52.02 % 54.24 % 1550.42 % -93.6 % 74.66 % 40.93 % 27.8 %

AVERAGE for Quarter Ended Quarter AVERAGE for Twelve Months YTD
2009 - 2008 2009 - 2008
% Change % Change
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2009 2009 2009 2009 2008 2009 2008
BALANCE SHEET HIGHLIGHTS
Loans held for sale $ 19,670 $ 20,763 $ 48,132 $ 36,484 $ 10,684 84.1 % $ 31,187 $ 17,022 83.2 %
Total loans (1) 2,199,074 2,221,078 2,268,292 2,307,322 2,304,911 -4.6 % 2,248,568 2,220,448 1.3 %
Total investment securities 215,609 202,692 199,293 213,849 232,446 -7.2 % 207,851 247,196 -15.9 %
Intangible assets 65,740 65,871 66,002 66,134 66,268 -0.8 % 65,935 66,001 -0.1 %
Earning assets 2,549,507 2,617,386 2,587,286 2,643,376 2,559,920 -0.4 % 2,604,028 2,523,573 3.2 %
Total assets 2,749,157 2,806,974 2,812,215 2,868,847 2,768,864 -0.7 % 2,813,926 2,725,955 3.2 %
Noninterest-bearing deposits 346,576 334,165 321,038 316,978 315,841 9.7 % 329,782 315,167 4.6 %
Interest-bearing deposits 1,757,463 1,820,139 1,826,704 1,866,454 1,825,501 -3.7 % 1,817,399 1,730,828 5.0 %
Total deposits 2,104,039 2,154,304 2,147,742 2,183,432 2,141,342 -1.7 % 2,147,181 2,045,995 4.9 %
Federal funds purchased and repurchase agreements 203,197 229,806 197,636 203,391 190,409 6.7 % 208,565 271,143 -23.1 %
Other borrowings 143,786 144,180 149,570 164,546 183,159 -21.5 % 150,446 168,645 -10.8 %
Shareholders' common equity (excludes preferred stock) 284,335 282,953 265,793 249,429 239,769 18.6 % 270,757 225,484 20.1 %
Shareholders' equity 284,335 282,953 298,849 300,497 239,769 18.6 % 291,590 225,484 29.3 %

ENDING Balance Quarter
2009 - 2008
% Change
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
BALANCE SHEET HIGHLIGHTS
Loans held for sale $ 17,563 $ 20,077 $ 53,853 $ 43,603 $ 15,742 11.6 %
Total loans (1) 2,203,238 2,209,403 2,236,162 2,292,654 2,316,076 -4.9 %
Total investment securities 211,112 212,228 191,415 204,032 222,227 -5.0 %
Intangible assets 65,696 65,827 65,959 66,090 66,221 -0.8 %
Allowance for loan losses (1) (37,488 ) (34,297 ) (32,431 ) (32,094 ) (31,525 ) 18.9 %
Premises and equipment 71,829 72,523 73,404 73,606 66,392 8.2 %
Total assets 2,702,188 2,776,684 2,807,309 2,839,584 2,766,710 -2.3 %
Noninterest-bearing deposits 346,248 335,565 322,270 315,727 303,689 14.0 %
Interest-bearing deposits 1,758,391 1,791,554 1,858,096 1,836,141 1,849,585 -4.9 %
Total deposits 2,104,639 2,127,119 2,180,366 2,151,868 2,153,274 -2.3 %
Federal funds purchased and repurchase agreements 162,515 211,606 187,677 205,985 172,393 -5.7 %
Other borrowings 143,624 144,048 144,430 152,799 177,477 -19.1 %
Total liabilities 2,419,369 2,494,901 2,527,557 2,528,404 2,521,782 -4.1 %
Shareholders' common equity (excludes preferred stock) 282,819 281,783 279,752 249,811 244,928 15.5 %
Shareholders' equity 282,819 281,783 279,752 311,180 244,928 15.5 %

Common shares issued and outstanding 12,739,533 12,712,476 12,696,849 11,319,644 11,250,603 13.2 %

Quarter
2009 - 2008
% Change
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
NONPERFORMING ASSETS (ENDING balance)
Nonaccrual loans $ 49,492 $ 36,605 $ 29,379 $ 20,730 $ 14,624 238.4 %
Other real estate owned ("OREO") 3,102 4,189 9,165 9,563 6,126 -49.4 %
Accruing loans past due 90 days or more 241 585 559 614 293 -17.7 %
Other nonperforming assets 31 13 -- 40 84 -63.1 %
Restructured loans -- 1,974 1,951 -- --
Total nonperforming assets $ 52,866 $ 43,366 $ 41,054 $ 30,947 $ 21,127 150.2 %

Total nonperforming assets as a percentage of total loans and repossessed assets (1) (2)
2.40 % 1.96 % 1.83 % 1.34 % 0.91 %
Total nonperforming assets as a percentage of total assets
1.96 % 1.56 % 1.46 % 1.09 % 0.76 %
NPLs as a percentage of period end loans 2.26 % 1.68 % 1.34 % 0.93 % 0.64 %

Quarter Ended Quarter Twelve Months Ended YTD
2009 - 2008 2009 - 2008
% Change % Change
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2009 2009 2009 2009 2008 2009 2008
ALLOWANCE FOR LOAN LOSSES (1)
Balance at beginning of period $ 34,297 $ 32,431 $ 32,094 $ 31,525 $ 29,199 17.5 % $ 31,525 $ 26,570 18.6 %
Loans charged off (6,881 ) (5,103 ) (4,295 ) (4,779 ) (1,980 ) 247.5 % (21,058 ) (5,721 ) 268.1 %
Overdrafts charged off (277 ) (271 ) (230 ) (214 ) (299 ) -7.4 % (992 ) (1,033 ) -4.0 %
Loan recoveries 96 195 262 390 121 -20.7 % 943 593 59.0 %
Overdraft recoveries 95 55 79 129 110 -13.6 % 358 380 -5.8 %
Net charge-offs (6,967 ) (5,124 ) (4,184 ) (4,474 ) (2,048 ) 240.2 % (20,749 ) (5,781 ) 258.9 %
Provision for loan losses 10,158 6,990 4,521 5,043 4,374 132.2 % 26,712 10,736 148.8 %
Balance at end of period $ 37,488 $ 34,297 $ 32,431 $ 32,094 $ 31,525 18.9 % $ 37,488 $ 31,525 18.9 %

Allowance for loan losses as a percentage of total loans (1)
1.70 % 1.55 % 1.45 % 1.40 % 1.36 % 1.70 % 1.36 %
Allowance for loan losses as a percentage of nonperforming loans
75.38 % 92.22 % 108.33 % 150.37 % 211.34 % 75.38 % 211.34 %
Net charge-offs as a percentage of average loans (annualized) (1)
1.26 % 0.92 % 0.74 % 0.79 % 0.35 % 0.92 % 0.26 %
Provision for loan losses as a percentage of average total loans (annualized) (1)
1.83 % 1.25 % 0.80 % 0.89 % 0.75 % 1.19 % 0.48 %

SCBT Financial Corporation
(Unaudited)
(Dollars in thousands, except per share data)

December 31, December 31,
2009 2008
LOAN PORTFOLIO (ENDING balance) (1) % of Total % of Total
Commercial non-owner occupied real estate:
Construction and land development $ 467,284 21.2 % $ 535,638 23.1 %
Commercial non-owner occupied 303,650 13.8 % 330,792 14.3 %
Total commercial non-owner occupied real estate 770,934 35.0 % 866,430 37.4 %
Consumer real estate:
Consumer owner occupied 284,484 12.9 % 293,521 12.7 %
Home equity loans 248,639 11.3 % 222,025 9.6 %
Total consumer real estate 533,123 24.2 % 515,546 22.3 %
Total real estate 1,304,057 59.2 % 1,381,976 59.7 %
Commercial owner occupied real estate 469,101 21.3 % 423,345 18.3 %
Commercial and industrial 214,174 9.7 % 251,929 10.9 %
Other income producing property 137,736 6.3 % 141,516 6.1 %
Consumer non real estate 68,770 3.1 % 95,098 4.1 %
Other 9,400 0.4 % 22,212 1.0 %
Total loans (net of unearned income) (1) $ 2,203,238 100.0 % $ 2,316,076 100.0 %

Loans held for sale $ 17,563 $ 15,742

Quarter Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2009 2009 2009 2009 2008 2009 2008
SELECTED RATIOS

Return on average assets (annualized) 0.22 % 0.31 % 0.77 % 0.64 % 0.51 % 0.48 % 0.58 %

Return on average common equity (annualized) 2.12 % 3.04 % 2.30 % 6.03 % 5.89 % 3.29 % 7.00 %

Return on average common tangible equity (annualized) 2.92 % 4.13 % 3.24 % 8.49 % 8.46 % 4.53 % 10.26 %

Return on average equity (annualized) 2.12 % 3.04 % 7.23 % 6.10 % 5.89 % 4.66 % 7.00 %

Return on average tangible equity (annualized) 2.92 % 4.13 % 9.43 % 8.05 % 8.46 % 6.18 % 10.26 %

Net interest margin (tax equivalent) 4.28 % 4.04 % 4.07 % 3.87 % 3.86 % 4.05 % 3.83 %

Efficiency ratio (tax equivalent) 58.10 % 63.47 % 60.88 % 62.41 % 65.05 % 61.17 % 63.17 %

Book value per common share $ 22.20 $ 22.17 $ 22.03 $ 22.07 $ 21.77

Tangible book value per common share $ 17.04 $ 16.99 $ 16.84 $ 16.23 $ 15.88

Common shares issued and outstanding 12,739,533 12,712,476 12,696,849 11,319,644 11,250,603

Common equity-to-assets 10.47 % 10.15 % 9.97 % 8.80 % 8.85 %

Tangible common equity-to-tangible assets 8.24 % 7.97 % 7.80 % 6.62 % 6.62 %

Equity-to-assets 10.47 % 10.15 % 9.97 % 10.96 % 8.85 %

Tangible equity-to-tangible assets 8.24 % 7.97 % 7.80 % 8.84 % 6.62 %

Quarter Ended Twelve Months Ended
December 31, September 30, June 30, March 31, December 31, December 31, December 31,
2009 2009 2009 2009 2008 2009 2008
RECONCILIATION OF NON-GAAP TO GAAP

Return on Average Common Tangible Equity
Return on average common tangible equity (non-GAAP) 2.92 % 4.13 % 3.24 % 8.49 % 8.46 % 4.53 % 10.26 %
Effect to adjust for tangible assets -0.80 % -1.09 % -0.94 % -2.46 % -2.57 % -1.24 % -3.26 %
Return on average common equity (GAAP) 2.12 % 3.04 % 2.30 % 6.03 % 5.89 % 3.29 % 7.00 %

Return on Average Tangible Equity
Return on average tangible equity (non-GAAP) 2.92 % 4.13 % 9.43 % 8.05 % 8.46 % 6.18 % 10.26 %
Effect to adjust for tangible assets -0.80 % -1.09 % -2.20 % -1.95 % -2.57 % -1.52 % -3.26 %
Return on average equity (GAAP) 2.12 % 3.04 % 7.23 % 6.10 % 5.89 % 4.66 % 7.00 %

Tangible Book Value Per Common Share
Tangible book value per common share (non-GAAP) $ 17.04 $ 16.99 $ 16.84 $ 16.23 $ 15.88
Effect to adjust for tangible assets 5.16 5.18 5.19 5.84 5.89
Book value per common share (GAAP) $ 22.20 $ 22.17 $ 22.03 $ 22.07 $ 21.77

Tangible Common Equity-to-Tangible Assets
Tangible common equity-to-tangible assets (non-GAAP) 8.24 % 7.97 % 7.80 % 6.62 % 6.62 %
Effect to adjust for tangible assets 2.23 % 2.18 % 2.17 % 2.18 % 2.23 %
Common equity-to-assets (GAAP) 10.47 % 10.15 % 9.97 % 8.80 % 8.85 %

Tangible Equity-to-Tangible Assets
Tangible equity-to-tangible assets (non-GAAP) 8.24 % 7.97 % 7.80 % 8.84 % 6.62 %
Effect to adjust for tangible assets 2.23 % 2.18 % 2.17 % 2.12 % 2.23 %
Equity-to-assets (GAAP) 10.47 % 10.15 % 9.97 % 10.96 % 8.85 %

Note: The tangible measures above are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible return on equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should
not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company's results or financial
condition as reported under GAAP. The sections titled "Reconciliation of Non-GAAP to GAAP" provide tables that reconcile non-GAAP measures to GAAP.

SCBT Financial Corporation
(Unaudited)
(Dollars in thousands)

Three Months Ended
December 31, 2009 December 31, 2008
Average Interest Average Average Interest Average
YIELD ANALYSIS Balance Earned/Paid Yield/Rate Balance Earned/Paid Yield/Rate

Interest-Earning Assets:
Federal funds sold, reverse repo, and time deposits $ 115,154 $ 168 0.58 % 11,879 $ 24 0.80 %
Investment securities (taxable) 187,803 1,996 4.22 % 200,917 2,709 5.36 %
Investment securities (tax-exempt) 27,806 227 3.24 % 31,529 259 3.27 %
Loans held for sale 19,670 257 5.18 % 10,684 151 5.62 %
Loans (1) 2,199,074 31,825 5.74 % 2,304,911 34,951 6.03 %
Total interest-earning assets 2,549,507 34,473 5.36 % 2,559,920 38,094 5.92 %

Noninterest-Earning Assets:
Cash and due from banks 40,887 50,336
Other assets 193,938 187,898
Allowance for loan losses (35,175 ) (29,290 )
Total noninterest-earning assets 199,650 208,944
Total Assets $ 2,749,157 $ 2,768,864

Interest-Bearing Liabilities:
Transaction and money market accounts $ 706,560 $ 1,218 0.68 % $ 558,835 $ 1,065 0.76 %
Savings deposits 162,494 200 0.49 % 146,920 310 0.84 %
Certificates and other time deposits 888,409 4,314 1.93 % 1,119,746 9,742 3.46 %
Federal funds purchased and repurchase agreements 203,197 122 0.24 % 190,409 358 0.75 %
Other borrowings 143,786 1,427 3.94 % 183,159 1,975 4.29 %
Total interest-bearing liabilities 2,104,446 7,281 1.37 % 2,199,069 13,450 2.43 %

Noninterest-Bearing Liabilities:
Demand deposits 346,576 315,841
Other liabilities 13,800 14,185
Total noninterest-bearing liabilities ("Non-IBL") 360,376 330,026
Shareholders' equity 284,335 239,769
Total Non-IBL and shareholders' equity 644,711 569,795
Total liabilities and shareholders' equity $ 2,749,157 $ 2,768,864

Net interest income and margin (NON-TAX EQUIV.) $ 27,192 4.23 % $ 24,644 3.83 %
Net interest margin (TAX EQUIVALENT) 4.28 % 3.86 %

Twelve Months Ended
December 31, 2009 December 31, 2008
Average Interest Average Average Interest Average
YIELD ANALYSIS Balance Earned/Paid Yield/Rate Balance Earned/Paid Yield/Rate

Interest-Earning Assets:
Federal funds sold, reverse repo, and time deposits $ 116,422 $ 591 0.51 % $ 38,907 $ 909 2.34 %
Investment securities (taxable) 179,148 8,501 4.75 % 210,436 11,065 5.26 %
Investment securities (tax-exempt) 28,703 936 3.26 % 36,760 1,471 4.00 %
Loans held for sale 31,187 1,513 4.85 % 17,022 967 5.68 %
Loans (1) 2,248,568 130,257 5.79 % 2,220,448 141,663 6.38 %
Total interest-earning assets 2,604,028 141,798 5.45 % 2,523,573 156,075 6.18 %

Noninterest-Earning Assets:
Cash and due from banks 44,192 51,747
Other assets 198,467 178,824
Allowance for loan losses (32,761 ) (28,189 )
Total noninterest-earning assets 209,898 202,382
Total Assets $ 2,813,926 $ 2,725,955

Interest-Bearing Liabilities:
Transaction and money market accounts $ 658,030 $ 4,175 0.63 % $ 565,815 $ 6,030 1.07 %
Savings deposits 155,797 755 0.48 % 145,579 1,706 1.17 %
Certificates and other time deposits 1,003,572 25,801 2.57 % 1,019,434 39,908 3.91 %
Federal funds purchased and repurchase agreements 208,565 502 0.24 % 271,143 5,427 2.00 %
Other borrowings 150,446 5,975 3.97 % 168,645 7,227 4.29 %
Total interest-bearing liabilities 2,176,410 37,208 1.71 % 2,170,616 60,298 2.78 %

Noninterest-Bearing Liabilities:
Demand deposits 329,782 315,167
Other liabilities 16,144 14,688
Total noninterest-bearing liabilities ("Non-IBL") 345,926 329,855
Shareholders' equity 291,590 225,484
Total Non-IBL and shareholders' equity 637,516 555,339
Total liabilities and shareholders' equity $ 2,813,926 $ 2,725,955

Net interest income and margin (NON-TAX EQUIV.) $ 104,590 4.02 % $ 95,777 3.80 %
Net interest margin (TAX EQUIVALENT) 4.05 % 3.83 %

Fourth
Quarter
2009 - 2008
% Change
Three Months Ended Twelve Months Ended YTD
December 31, 2009 - 2008
% Change
December 31, September 30, June 30, March 31, December 31,
2009
2009 2009 2009 2008
NONINTEREST INCOME & EXPENSE 2009 2008
Noninterest income:
Service charges on deposit accounts $ 4,005 $ 4,089 $ 3,819 $ 3,585 $ 4,123 -2.9 % $ 15,498 $ 16,117 -3.8 %
Mortgage banking income 1,706 1,451 2,134 1,261 678 151.6 % 6,552 3,455 89.6 %
Bankcard services income 1,293 1,278 1,290 1,182 1,153 12.1 % 5,043 4,832 4.4 %
Trust and investment services income 567 588 671 691 654 -13.3 % 2,517 2,756 -8.7 %
Securities gains (losses), net (2,257 ) (2,122 ) (544 ) -- (507 ) (4,923 ) (9,927 )
Other 449 307 391 412 9 4888.9 % 1,559 1,816 -14.2 %
Total noninterest income $ 5,763 $ 5,591 $ 7,761 $ 7,131 $ 6,110 -5.7 % $ 26,246 $ 19,049 37.8 %

Noninterest expense:
Salaries and employee benefits $ 10,102 $ 10,649 $ 9,517 $ 10,519 $ 10,306 -2.0 % $ 40,787 $ 42,554 -4.2 %
Net occupancy expense 1,668 1,582 1,559 1,583 1,583 5.4 % 6,392 6,103 4.7 %
Furniture and equipment expense 1,483 1,507 1,499 1,560 1,579 -6.1 % 6,049 6,246 -3.2 %
Information services expense 1,448 1,381 1,286 1,442 1,309 10.6 % 5,557 4,878 13.9 %
FDIC assessment and other regulatory charges 976 956 2,333 1,184 483 102.1 % 5,449 1,837 196.6 %
OREO expense and loan related 1,103 2,497 1,367 674 864 27.7 % 5,641 1,759 220.7 %
Advertising and marketing 697 579 571 650 1,088 -35.9 % 2,497 3,870 -35.5 %
Business development and staff related 690 367 449 441 600 15.0 % 1,947 2,184 -10.9 %
Professional fees 415 376 557 434 605 -31.4 % 1,782 2,243 -20.6 %
Amortization of intangibles 132 131 132 131 142 -7.0 % 526 575 -8.5 %
Merger expense -- -- -- -- 405 -- 405
Other 1,910 1,772 1,768 1,569 1,912 -0.1 % 7,019 7,142 -1.7 %
Total noninterest expense $ 20,624 $ 21,797 $ 21,038 $ 20,187 $ 20,876 -1.2 % $ 83,646 $ 79,796 4.8 %

Notes:

(1) Loan data excludes mortgage loans held for sale.

(2) Repossessed assets includes OREO and other nonperforming assets.

SCBT Financial Corporation
Media Contact: Donna Pullen, 803-765-4558
Analyst Contact: John C. Pollok, 803-765-4628

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