COLUMBIA — SCBT Financial Corporation, the holding company for South Carolina Bank and Trust, said Tuesday its net income reached a record-high level during the second quarter ending June 30.

Loan growth and asset quality for the quarter also remained strong, the bank reported.

SCBT reported a consolidated net income of $6.1 million for the three months ending June 30, a $578,000 or 10.4 percent increase from consolidated net income of $5.6 million for the second quarter of 2007.

SCBT had diluted earnings per share of 60 cents for both the quarters ending June 30, 2008 and 2007, respectively, taking into account the higher number of shares outstanding in 2008 resulting from the bank’s acquisition of The Scottish Bank in November 2007.

For the six months ending June 30, SCBT reported net income of $12.1 million, an increase of $1.3 million or 12.3 percent from $10.8 million in the same period last year.

This resulted in diluted earnings per share of $1.18 and $1.17 for the first six months of 2008 and 2007, respectively.

“With solid asset quality, strong loan growth and a sound increase in net income, our second quarter results were excellent,” said Robert R. Hill Jr., CEO. “We continue to work through very challenging banking and economic environments, and our team and company are performing at a very high level.

“The problems seen at some other banks are not issues for SCBT. Many of the troubled banks are one-product companies that focused on risky types of mortgage lending. We never participated in sub-prime lending, and we are a well-diversified bank.”

Hill acknowledged there have been challenges.

“While we have seen some small deterioration in credit quality, we are very pleased with our performance through the first half of 2008,” Hill said. “Our growth during the quarter was enhanced by many long-term customer relationships of other financial institutions moving their banking business to SCBT.”

During the second quarter of 2008, SCBT’s average total assets (including acquired assets from TSB) increased to $2.7 billion, a 21 percent increase over the second quarter of 2007. Excluding the assets from the acquisition of TSB, total assets grew by 12.2 percent.

The growth in total assets was supported by growth in total deposits (including TSB’s deposits) of $280.8 million, an increase of 16.2 percent over the total in the second quarter of 2007. Excluding the deposits from the acquisition of TSB, deposits grew by $112 million or 6.5 percent.

SCBT increased total loans 24.4 percent since the second quarter of 2007, driven by continued growth in commercial real estate loans and home equity loans.

SCBT Financial Corporation is a multi-bank holding company whose subsidiaries are South Carolina Bank and Trust, N.A., South Carolina Bank and Trust of the Piedmont, N.A. and The Scottish Bank, N.A.

Through these subsidiaries, SCBT Financial Corporation operates 50 financial centers in 16 South Carolina counties and Mecklenburg County, N.C.

SCBT Financial Corporation’s common stock is traded on the NASDAQ Global Select Market under the symbol “SCBT.”

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