Exhibit 99.1

SCBT Reports Net Income of $4.8 million for the 4th Quarter of 2011;

Declares Quarterly Cash Dividend

COLUMBIA, S.C.—January 27, 2012—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, 2011.  Highlights during 2011 include:

·                  Net income of $4.8 million, or $0.35 diluted EPS, in 4Q 2011 compared to $0.6 million, or $0.04 diluted EPS, in 4Q 2010

·                  Completed the BankMeridian integration during the quarter

·                  Core deposit growth, excluding CDs and the Habersham Bank (HB) and BankMeridian (BM) acquisitions, up $68.9 million; 13.0% annualized growth for 4Q 2011

·                  Return on average tangible equity was 6.76% annualized 4Q 2011 compared to 1.40% 4Q 2010

·                  Non-acquired allowance for loan losses:  $49.4 million, or 2.00% of total non-acquired loans; compared to $47.5 million, or 2.07% one year ago

·                  Legacy net charge-offs — decreased to 1.08% annualized for 4Q 2011, excluding acquired loans, compared to 1.71% annualized for 4Q 2010;

·                  Non-performing Assets (NPAs):  2.44% of total assets; 3.82% of loans and repossessed assets, excluding acquired assets

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 24, 2012 to shareholders of record as of February 17, 2012.

Fourth Quarter 2011 vs. 2010 Results of Operations

Please refer to the accompanying tables for detailed comparative data on results of operations and financial results.

The Company reported consolidated net income of $4.8 million, or $0.35 per diluted share for the three months ended December 31, 2011 compared to consolidated net income of $559,000, or $0.04 per diluted share for the fourth quarter of 2010.  This $4.3 million increase was the net result of the following items:

·                  Improved net interest income of $8.1 million due primarily to the improved yields on acquired loans and reduced interest expense in both deposits and other borrowings;

·                  Improved provision for loan losses which decreased by $3.6 million over the comparable quarter for the non-acquired loan portfolio;

·                  Decrease in non-interest income of $3.6 million, primarily due to the negative accretion on the CBT indemnification asset compared to positive accretion in 2010;

·                  Increase in non-interest expenses of $2.8 million, with $2.0 million increase related to OREO and loan related expenses; $425,000 increase in salaries and employee benefits; $358,000 increase in information services expense; and $338,000 increase in merger related expenses; offset by a $682,000 decline in advertising and marketing expense;

·                  Increase in the provision for income taxes of $1.1 million, from an improvement of $5.3 million in pre-tax income.

“2011 was a solid year with continued improvement in many areas.  We added 20,000 new checking account customers, experienced significant organic and M&A growth, and strong fee income in all lines of business,” said Robert R. Hill, Jr., president and CEO.  “We also improved expenses as a result of a number of branch consolidations and the integration of our acquired banks.  2012 offers continued opportunities to grow, operate more efficiently, and improve our credit costs as the economy improves.”

Selected Ratios and Capital

The Company’s annualized return on average assets (ROAA) for the fourth quarter increased to 0.49% compared to 0.06% for the fourth quarter of 2010, and decreased from 1.04% for the third quarter of 2011.  Total average shareholders’ equity at December 31, 2011 was $382.9 million, an increase of $2.0 million, or 0.52% from September 30, 2011.  Annualized return on average equity (ROAE) for the quarter was 5.00%, up from 0.66% for the fourth quarter of 2010.  Annualized return on average tangible equity (ROATE) for the fourth quarter increased to 6.76% from 1.40% for the comparable period in the prior year, and decreased from 13.83% in the third quarter of 2011.  The third quarter of 2011 included the pre-tax BM gain on acquisition of $11.0 million, which drove the ROATE in the third quarter.

The Company’s book value per share and tangible book value per share decreased from September 30, 2011 by $0.07 and $0.02 per share to $27.19 and $21.89 per share for the year ended December 31, 2011.  Capital remained relatively flat from the end of the third quarter to year end.  While the Company increased capital through net income, this was offset by an accumulated other comprehensive loss related to a net increase in pension plan liability.  The increase (change) in the pension plan liability does not impact bank regulatory capital.

The total risk-based capital ratio improved by 7 basis points from the third quarter of 2011, due primarily to the increase in total risk-based capital from quarterly earnings, and a rather small increase in total risk-weighted asset base.  Tier 1 leverage ratio increased by 8 basis points for the quarter.  The Company’s capital positions remain “well-capitalized” by all measures at December 31, 2011.

“During 2011, we closed on two FDIC-assisted transactions and the recognized pre-tax gains totaled $16.5 million,” said John C. Pollok, COO.  “We fully integrated both of these transactions and are now poised to complete the acquisition and integration of Peoples Bancorporation, Inc., in the second quarter of 2012.  Our tangible book value per share increased 8.8% during 2011 from $20.12 per share to $21.89 per share.  Our risk-based capital ratios remain strong and increased over the prior year, as Tier 1 capital is estimated to be 9.1% and total risk-based capital is estimated to be 15.2% at December 31, 2011.”

Loans and Deposits

The Company’s total loans increased 9.8%, or $255.5 million, since the fourth quarter of 2010, driven primarily by increases in commercial and consumer owner-occupied categories and consumer non real estate.  Acquired loans increased by $81.2 million from the fourth quarter of 2010, due to the HB and

BM acquisition during 2011.  Acquired loans were $402.2 million at the end of 2011 compared to $321.0 million in 2010.  Total non-acquired loans outstanding were $2.5 billion at December 31, 2011, compared to $2.3 billion at December 31, 2010.  The balance of mortgage loans held for sale increased $3.1 million from December 31, 2010, and was flat from September 30, 2011 totaling $45.8 million at December 31, 2011.

Core deposits, which exclude all certificates of deposit (CDs) increased 8.1%, or $46.5 million, for the quarter, and $476.8 million, or 25.5%, for the year.  Total deposits increased in all categories, except CDs, compared to the fourth quarter of 2010 by an overall $250.3 million, or 8.3%, primarily due to the FDIC-assisted acquisition of HB and BM which accounted for $263.1 million of this increase.  Without the impact of these acquisitions, total deposits declined by $12.8 million due to the large decline in time deposits of $327.0 million over the past year.  Total deposits decreased by $33.2 million, or 4.0% annualized, from the end of the third quarter of 2011.  Core deposits, excluding the HB and BM acquisition, increased by $68.9 million, or 13.0% annualized during the fourth quarter of 2011. Time deposits continue to decline as expected, by $58 million during the fourth quarter (without the impact of the acquisitions), as the Company continues to monitor and adjust rates paid on all deposit products as part of its strategy to manage its net interest margin.  Total deposits outstanding at the end of the fourth quarter of 2011 were $3.3 billion, compared to $3.3 billion at the end of the third quarter 2011 and compared to $3.0 billion at the end of the fourth quarter of 2010.

Asset Quality

Annualized net charge-offs within the non-acquired loan portfolio decreased to 1.08% from 1.16% experienced in the third quarter of 2011, and decreased from 1.71% experienced in the fourth quarter of 2010.  During the fourth quarter, non-performing assets (NPAs) as a percentage of non-acquired loans and repossessed assets increased to 3.82% compared to 3.74% one year ago and decreased from 3.87% for the third quarter of 2011.  NPAs, excluding acquired assets to total assets at December 31, 2011 were 2.44%, compared to 2.41% at the end of the fourth quarter in 2010 and 2.44% at the end of the third quarter 2011.  The level of NPAs, excluding acquired assets, continues to reflect pressure within the real estate market primarily in the coastal markets.  Other real estate owned (“OREO”) decreased by $4.6 million from the 3rd quarter of 2011 and increased by $758,000 from the fourth quarter of 2010, excluding covered OREO.  During the fourth quarter, the Company wrote down numerous properties throughout South Carolina by a total of $2.6 million.  Non-performing loans (including accruing loans past due 90 days or more) increased $3.5 million from the third quarter of 2011, excluding acquired loans, and increased by $7.8 million from the end of the fourth quarter in 2010.  Non-acquired loans 30-89 days past due increased $864,000 from the third quarter of 2011, and decreased $3.7 million from the fourth quarter of 2010, or 28.6% to $9.2 million.

At December 31, 2011, nonperforming loans, excluding acquired loans, totaled $76.9 million, representing 3.11% of period-end non-acquired loans.  The allowance for loan losses, excluding acquired loans, at December 31, 2011 was $49.4 million and represented 2.00% of total period-end loans, excluding acquired loans.  The current allowance for loan losses provides .64 times coverage of period-end nonperforming loans, excluding acquired loans, down from the third quarter 2011 level of .67 times coverage.  In the fourth quarter, net charge-offs were $6.7 million, or an annualized 1.08% of average loans, excluding acquired loans, compared to $9.8 million, or 1.71% in the same period of 2010 and $7.2 million, or 1.16% in the 3rd quarter.  The provision for loan losses, excluding any provision for loan losses related to acquired loans; was $7.0 million for the fourth quarter of 2011 compared to $10.7 million for the comparable quarter one year ago, and $8.1 million in the third quarter of 2011.

Net Interest Income and Margin

Non-taxable equivalent net interest income (before provision for loan losses) was $39.9 million for the fourth quarter of 2011, up 25.5% from $31.8 million in the comparable period last year.  Taxable-equivalent net interest margin increased 71 basis points from the fourth quarter of 2010 and decreased 17 basis points from the third quarter of 2011 to 4.78%.  The net interest margin improved due to the improvement in cash flows and accretable yield related to the CBT acquired loan portfolio from the first quarter of 2011. The improved yield on acquired loans was substantially offset by the negative accretion on the indemnification asset recognized in noninterest income, from reduced cash flows under the LSA.  Improvement also came from a continued reduction in interest rates in all categories of deposits.  The Company’s core deposits represent 72% of total deposits compared to 62% one year ago, and 70% at the end of the third quarter.  Time deposits were the largest decline in funding cost as the rate decreased 72 basis points and $2.6 million in the fourth quarter of 2011 compared to the fourth quarter of 2010.  During the fourth quarter of 2011, SCBT non-acquired loan portfolio average rate decreased 59 basis points to 4.89% due to the continued low interest rate environment compared to 5.48% in 2010.

The decline in the net interest margin of 17 basis points compared to the third quarter of 2011 was primarily the result of a decrease in the yield of acquired loans and non-acquired loans totaling 26 basis points.  The decline in the non-acquired portfolio was 7 basis points and the acquired loan portfolio declined 122 basis points.  This was the result of the lower yielding BM acquired loan portfolio that was included for the full fourth quarter vs. two-thirds in the third quarter.  In addition, the CBT acquired loan portfolio, which has a higher yield, now represents 50% of the total acquired loan balance compared to 60% in the third quarter.

The Company’s average yield on interest-earning assets increased 17 basis points, while the average rate on interest-bearing liabilities decreased 59 basis points from the fourth quarter of 2010.  During the fourth quarter of 2011, the Company’s average total assets increased by $290.7 million to $3.9 billion, a 7.9% increase over the fourth quarter of 2010.  The increase reflected a $234.7 million increase in average total loans to $2.9 billion from the fourth quarter of 2010, the result of the FDIC-assisted acquisition of HB during the first quarter, BM during the third quarter and solid organic loan growth for the full year of $174.4 million, or 7.6%.  Average investment securities were $317.9 million at December 31, 2011, or a 26.2% increase from the $252.0 million balance at December 31, 2010.  The increase from the average balance at September 30, 2011 of $304.6 million was $13.3 million due to having a full quarter of the securities from the BM acquisition.  The growth in average total assets was supported by growth in average total deposits of $246.7 million, an increase of 8.1% from the fourth quarter of 2010, which has come from the FDIC-assisted acquisition of HB and BM, and strong core deposit growth throughout SCBT.

Noninterest Income and Expense

Noninterest income was $9.7 million for the fourth quarter of 2011 compared to $13.3 million for the fourth quarter of 2010, a decrease of $3.6 million, or 27.1%, due primarily to the negative accretion on the indemnification asset related to CBT covered assets. The negative accretion resulted from the reduction of expected cash flows of this asset related to certain pools of CBT acquired loans which had improved estimated cash flows during the first and second quarters of 2011.  This decrease was offset by an increase in bankcard services income of $594,000, or 24.3%.

Other increases in noninterest income include increased service charges on deposit accounts of $406,000, or 7.3%; increased trust and investment service income of $156,000, or 14.4% and increased other income of $179,000, or 42.6%.  These were offset by a decline in mortgage banking income of

$577,000, of 22.9%, due to pricing volatility on secondary market sales; and a decline in securities gains (losses) of $287,000.

Compared to the third quarter of 2011, noninterest income, excluding the gain from the BM acquisition and securities gains and losses, was down by $202,000.  Mortgage banking income declined $399,000, for the reasons noted above.  Trust and investment services income were down $216,000.  These were offset by lower negative accretion on the FDIC indemnification asset by $429,000.

Noninterest expense was $36.5 million in the fourth quarter of 2011, an 8.3% or $2.8 million increase from $33.7 million in the fourth quarter of 2010.  OREO and loan related expenses increased by $2.0 million, or 70.6%.  This increase was the result of an increase in the amount of OREO expense related to covered assets, including write downs.  OREO write downs of uncovered OREO remained elevated at $2.7 million.  Salaries and benefits increased $425,000, or 2.6%; information services expense increased by $358,000, or 14.6%; merger-related costs increased by $338,000; and furniture and equipment expense increased by $218,000, or 10.9%, compared to the fourth quarter of 2010.  Offsetting the increases was a decline in FDIC assessment and other regulatory charges by $399,000 due to lower assessment factors; a decrease in advertising and marketing by $682,000; and a decline in professional fees of $216,000.

Compared to the third quarter of 2011 noninterest expense decreased by $610,000.  The decrease was supported by a reduction in merger related expense of $1.2 million or 74.5% and a decrease in salaries and employee benefits of $415,000 or 2.4%.  These decreases were partially offset by an $808,000 increase in OREO and loan related expenses.

FDIC-Assisted Acquisitions — BankMeridian (BM) and Habersham Bank (HB)

On July 29, 2011, SCBT entered into a whole bank with loss-share purchase and assumption agreement (“LSA”) with the FDIC to purchase certain assets and assume the deposits (excluding brokered deposits) and certain liabilities of BM.  The Company acquired assets with a fair value of approximately $215.7 million, including $95.0 million in loans, $35.4 million in investment securities and assumed liabilities with a fair value of approximately $222.2 million, including $200.6 million of deposits.  In addition, the Company received cash from the FDIC totaling approximately $17.1 million, which included the negative bid of $30.8 million.

Since acquisition, deposits and funding sources have been intentionally reduced by approximately $150.0 million from BM, including $20.0 million in FHLB advances and deposit runoff approaching $130.0 million.

In connection with the BM and HB acquisition, SCBT also entered into loss sharing agreements with the FDIC.  Pursuant to the terms of these loss sharing agreements, the FDIC’s obligation to reimburse SCBT for losses with respect to certain loans and foreclosed real estate purchased (“covered assets” or “covered loans”), begins with the first dollar of loss incurred.  The FDIC has agreed to reimburse SCBT for 80% of the losses incurred.  Gains and recoveries on covered assets will offset losses, or be paid to the FDIC, at the applicable loss share percentage of 80% at the time of recovery.

All assets acquired and liabilities assumed are recorded at estimated fair value on the date of acquisition.  These fair value estimates are considered preliminary, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values may become available.  The Company and the FDIC are engaged in on-going discussions that may impact which assets and liabilities are ultimately acquired or assumed by the Company.  In terms of banking offices, three locations were assumed, and one has been consolidated in Columbia, and the other two will remain banking offices and the legacy SCBT locations were consolidated into these two offices in November.

On February 18, 2011, SCBT entered into a whole bank with loss-share purchase and assumption agreement (“LSA”) with the FDIC to purchase certain assets and assume the deposits (excluding brokered deposits) and certain liabilities of HB.  The Company acquired assets with a fair value of approximately $328.6 million, including $127.5 million in loans, and assumed liabilities with a fair value of approximately $381.5 million, including $340.6 million of deposits.  In addition, the Company received cash from the FDIC totaling approximately $59.4 million, which included the negative bid of $38.3 million.

All assets acquired and liabilities assumed were recorded at fair value on the date of acquisition, and there have been no adjustments or changes to the initial fair values related to the HB acquisition.  The purchase accounting adjustments and the loss sharing arrangement with the FDIC will significantly impact the effects of the acquired entity on the ongoing operations of the Company.

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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; NCBT, a division of SCBT, N.A., and Community Bank & Trust, a division of SCBT, N.A.  Providing financial services for over 77 years, SCBT Financial Corporation operates 68 locations in 16 South Carolina counties, 10 north Georgia counties, and Mecklenburg County in North Carolina.  Named in Forbes as one of the 100 Most Trustworthy Companies in America for more than 60 months, SCBT Financial Corporation has assets of approximately $3.9 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.

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SCBT Financial Corporation will hold a conference call on January 27th at 11 a.m. Eastern Time where management will review earnings and performance trends.  Callers wishing to participate may call toll-free by dialing 866-328-3013.  The number for international participants is 914-495-8535.  The conference ID number is 39655529.  Participants can also listen to the live audio webcast through the Investor Relations section of www.SCBTonline.com.  A replay will be available beginning January 27th by 2:00 pm Eastern Time until 11:59 p.m. on February 10th.  To listen to the replay, dial 855-859-2056 or 404-537-3406.  The passcode is 39655529.

Non-GAAP Measures

Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.  Management believes that these non-GAAP measures provide additional useful information.  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.

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) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement between SCBT and Peoples Bancorporation; (2) the outcome of any legal proceedings that may be instituted against SCBT or Peoples Bancorporation; (3) the inability to complete the transactions contemplated by the definitive merger agreement due to the failure to satisfy each transaction’s respective conditions to completion, including the receipt of regulatory approval; (4) 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; (5) 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; (6) liquidity risk affecting the bank’s ability to meet its obligations when they come due; (7) price risk focusing on changes in market factors that may affect the value of traded instruments in “mark-to-market” portfolios; (8) transaction risk arising from problems with service or product delivery; (9) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (10) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (11) reputation risk that adversely affects earnings or capital arising from negative public opinion; (12) terrorist activities risk that results in loss of consumer confidence and economic disruptions; (13) economic downturn risk resulting in deterioration in the credit markets; (14) greater than expected non-interest expenses; (15) excessive loan losses; (16) potential deposit attrition, higher than expected costs, customer loss and business disruption associated with the integration of acquisitions, including, without limitation, potential difficulties in maintaining relationships with key personnel and other integration related-matters; (17) the risks of fluctuations in market prices for SCBT stock that may or may not reflect economic condition or performance of SCBT; (18) the payment of dividends on SCBT is subject to regulatory supervision as well as the discretion of the SCBT board of directors; and (19) 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)

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands, except per share data)

SCBT Financial Corporation

(Unaudited)

(Dollars in thousands)