This Day On The Street
Continue to site right-arrow
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. Pre-Announces Third Quarter Asset Quality And Operating Results Estimates

First Financial Holdings, Inc. (the “Company”) (NASDAQ GSM:FFCH), the holding company for First Federal Savings and Loan Association of Charleston (“First Federal”), pre-announced today that it expects to record a provision for loan losses for the quarter ended June 30, 2010 of approximately $34 million to $38 million compared to $45.9 million for the quarter ended March 31, 2010. The anticipated provision for loan losses for the third quarter includes the impact of net charge-offs and the required reserve for a lending relationship of approximately $20 million which became impaired during the quarter.

As a result, the Company estimates that total non-performing loans as of June 30, 2010 will be approximately $130 million to $134 million compared to $135.6 million at March 31, 2010. Loan delinquencies, past due greater than 30 days and not otherwise on nonaccrual, at June 30, 2010 are expected to be between $24 million and $27 million, compared with $40.6 million at March 31, 2010. Net charge-offs for the quarter ended June 30, 2010 are expected to be approximately $31 million to $34 million compared to $36.7 million for the quarter ended March 31, 2010. Compared with the quarter ended March 31, 2010, the third fiscal quarter’s pre-tax, pre-provision income, excluding a $1.5 million pre-tax gain related to our Cape Fear Bank acquisition, net interest margin, fee revenue and expenses are expected to be relatively consistent.

Including the impact of the provision for loan losses, the Company expects to report a net loss for the quarter ended June 30, 2010 of between $11 million and $13 million compared to a net loss of $19.1 million for the quarter ended March 31, 2010. Additional information will be provided in the Company’s complete earnings release and conference call scheduled for July 26, 2010.

First Financial Holdings, Inc. will host a conference call for institutional investors and bank analysts on Monday, July 26, 2010 at 2:00 p.m. Eastern Daylight Time to discuss its financial results. The conference call will coincide with the news release announcing fiscal third quarter earnings which will be distributed prior to the market open on Monday, July 26, 2010. A live webcast of the presentation will be available at Additionally, the webcast will be recorded and available until October 31, 2010.

First Federal operates 65 offices located in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort counties in South Carolina and Brunswick, New Hanover and Pender counties in coastal North Carolina offering banking, trust and pension administration services. The Company also provides insurance and brokerage services through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services. In addition, the Company provides retirement plan consulting and administrative services through First Southeast 401(k) Fiduciaries, Inc.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
AAPL $126.37 0.00%
FB $83.20 0.00%
GOOG $552.03 0.00%
TSLA $190.57 0.00%
YHOO $44.95 0.00%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

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