This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

First Financial Holdings, Inc F2Q10 (Qtr End 09/30/10) Earnings Call Transcript

While our markets have clearly suffered as a result of the recession, according to the Charleston Chamber of Commerce’s Centre for Business Research and the College of Charleston, School of Business and Economics, the outlook for 2010 is stable with expansion beginning the end of the year and gaining strength in 2011. We are encouraged by the slight improvements in South Carolina unemployment rates over the last two periods. But we recognized that the states’ economy remains fairly fragile. Unemployment in the counties in which we operate have shown a slight improvement over the past few months as well as Boeing's construction of the $750 million aircraft assembly operation for the 787 aircraft is well underway. This investment will create as I think we have reported in the past as many as 3,800 new direct jobs in the market.

This decision by Boeing is expected to significantly improve Charleston's economy over the next decade and attract thousands of additional jobs from suppliers and other support companies. Unfortunately, the commercial real estate market is expected to continue to decline through 2010, a retail sales in our primary market are focused to grow in both 2010 and 2011. Part of this increase is expected from a boost in our tourism sector from a new carnival cruise business that was announced recently.

Approximately 69 ships with 2000 visitors per week will be calling on the Charleston port. The economic impact of the carnival ships will be about $37 million per year. In addition, the Port of Charleston recently announced a new Asia service for China and South Korea and also announced a 24% increase in container volume gain from the period of March last year. We believe these current expansion plans along with interest in our markets will help with our recovery as we continue to work through these economic challenges. The Charleston real estate market continues to be one of the top real estate markets in the country. The losses for the quarter have been driven by higher loan loss provisions related to the continued stress on our loan portfolio resulting from economic and unemployment considerations discussed above.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs