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First Financial Holdings Inc (FFCH) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2012

First Financial Holdings Inc

CIK: 787075 Ticker: FFCH
EXHIBIT 99.1
 
FIRST FINANCIAL HOLDINGS, INC.
 
FIRST FINANCIAL HOLDINGS, INC. ANNOUNCES THIRD QUARTER EARNINGS
AND DECLARES CASH DIVIDEND


CHARLESTON, SOUTH CAROLINA, October 25, 2012
– First Financial Holdings, Inc. (“First Financial,” NASDAQ: FFCH), the holding company for First Federal Bank (“First Federal”), announced today net income available to common shareholders of $5.7 million for the three months ended September 30, 2012, compared with $11.6 million for the three months ended June 30, 2012 and $113 thousand for the three months ended September 30, 2011.  Diluted net income per common share was $0.34 for the quarter ended September 30, 2012, compared with $0.70 for the prior quarter and $0.01 for the same quarter last year.  The quarter ended June 30, 2012 included a $9.0 million after-tax gain on the acquisition of Plantation Federal Bank (“Plantation”) and a $3.1 million after-tax net charge related to repositioning the balance sheet.

For the nine months ended September 30, 2012, net income available to common shareholders was $18.1 million, compared with a net loss of $(45.2) million for the same period of 2011.  Diluted net income per common share from continuing operations was $1.09, compared with a net loss of $(2.52) for the first nine months of 2011.

“First Financial is pleased to report another quarter of solid earnings as we continue to successfully execute on our strategic priorities,” said R. Wayne Hall, president and chief executive officer of First Financial and First Federal.  “In addition to maintaining operating results, we are extremely pleased that credit metrics have remained stable since our bulk loan sale in October 2011.  We believe that all of our initiatives have positioned us well to provide enhanced value to our shareholders.”

Highlights for the Quarter

·  
Net interest margin increased 27 basis points to 4.35% at September 30, 2012.
·  
Credit metrics remained stable with non-covered nonperforming assets to total assets of 1.42% at September 30, 2012, compared with 1.45% at June 30, 2012.
·  
Net charge-offs totaled $7.0 million for the quarter ended September 30, 2012, compared with $6.7 million for the prior quarter, while the provision for loan losses was $4.5 million and $4.7 million for the quarters ended September 30, 2012 and June 30, 2012, respectively.
·  
First Financial remains well capitalized at September 30, 2012 with total risk-based capital of 15.70%, Tier 1 risk-based capital of 14.42%, and Tier 1 leverage capital of 10.12%.  Tangible common equity to tangible common assets ratio increased to 6.77% at quarter end.

Balance Sheet

Total assets at September 30, 2012 were $3.2 billion, a decrease of $58.7 million or 1.8% from June 30, 2012 and an increase of $39.2 million or 1.2% over September 30, 2011.  The decrease from June 30, 2012 was primarily the result of lower portfolio loans due to payoffs and paydowns, and a decline in loans held for sale, partially offset by purchases of bank owned life insurance investments during the quarter.  The increase in total assets over September 30, 2011 was principally due to the Plantation acquisition and the Liberty Savings Bank (“Liberty”) branch acquisitions in April 2012, partially offset by a decrease in investment securities and reductions in loans held for sale as a result of the bulk loan sale completed in October 2011.
 
Investment securities at September 30, 2012 totaled $276.6 million, a decrease of $16.8 million or 5.7% from June 30, 2012 and a decrease of $192.9 million or 41.1% from September 30, 2011.  The decrease from June 30, 2012 was due to normal principal reductions and cash flows from called securities, partially offset by new security purchases.  The decrease from September 30, 2011 was the result of the sale of $203.6 million of mortgage-backed securities during the June 30, 2012 quarter as part of a balance sheet repositioning initiative.

The following table summarizes the loan portfolio by major categories.

 
 

The following information was filed by First Financial Holdings Inc (FFCH) on Thursday, October 25, 2012 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: FFCH
CIK: 787075
Form Type: 10-Q Quarterly Report
Accession Number: 0000930413-12-006041
Submitted to the SEC: Fri Nov 09 2012 5:29:13 PM EST
Accepted by the SEC: Fri Nov 09 2012
Period: Sunday, September 30, 2012
Industry: Savings Institutions Not Federally Chartered

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