Exhibit 99.1

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News Release

 

Date:    Monday, March 15, 2010
  
Contact:    Mike Mayer, CEO    Vince Rees, President
   828-697-3101    828-697-3102
Release Date:                For Immediate Release   

1st Financial Services Corporation Reports Fourth Quarter

And Full Year 2009 Results

HENDERSONVILLE, N.C./ March 15/ PRNewswire 1st Financial Services Corporation (the “Company”), Hendersonville, North Carolina (OTCBB: FFIS), the parent company of Mountain 1st Bank and Trust Company (the “Bank”), announced financial results for the fourth quarter and full year ending December 31, 2009. For the quarter ending December 31, 2009, the Company reported a net loss available to common stockholders of $9.9 million or $1.98 per basic and diluted share. This represents an increase of $8.3 million as compared with the Company’s net loss of $1.6 million or $0.32 per basic and diluted share reported during the same period in 2008. The decrease in quarterly net income was driven primarily by a $11.0 million charge to provision expense, an increase of $6.7 million over the same period in 2008.

For the year ending December 31, 2009, the Company reported a net loss available to common shareholders of $19.6 million or $3.91 per basic and diluted share, compared to net income of $207 thousand or $0.04 per basic and diluted share for the year ending December 31, 2008. The decrease in net income was driven primarily by $29.9 million in provision expense, an increase of $23.4 million over the provision for loan losses taken the prior year. Also adversely impacting net income was an increase of FDIC deposit insurance premium assessments of $1.3 million over the prior year. This additional assessment has been levied on all FDIC insured banks based on asset size. Excluding both the increase in provision for loan losses and the increase in FDIC deposit insurance premium assessments, the Company showed a slight increase in income for 2009 over 2008.

The Company’s assets increased $85.9 million or 12.1% to $793.0 million as of December 31, 2009, compared to $707.1 million at December 31, 2008. Loans decreased by $25.3 million or 4.3% to $558.7 million as of December 31, 2009, compared to $584.0 million on December 31, 2008. Total deposits increased by $82.3 million or 13.9% to $673.3 million as of December 31, 2009, as compared to $591.0 million at December 31, 2008.

 

101 Jack Street

Hendersonville, NC 28792

828-697-3100


The following information was filed by 1St Financial Services Corp (FFIS) on Monday, March 15, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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