First Financial Holdings, Inc. Announces Fourth Quarter And Fiscal 2010 Year End Results

CHARLESTON, S.C., Oct. 27, 2010 (GLOBE NEWSWIRE) -- First Financial Holdings, Inc. (Nasdaq:FFCH) ("First Financial" or the "Company"), the holding company for First Federal Savings and Loan Association of Charleston ("First Federal"), today reported results for the fourth quarter of its fiscal year ended September 30, 2010. The net loss for the quarter ended September 30, 2010 was ($1.2) million compared to a net loss of ($1.3) million from the comparative quarter ended September 30, 2009. Including the preferred stock dividend and related accretion, the net loss to common shareholders was ($2.1) million for the fourth quarter compared to ($2.2) million for the fourth quarter one year ago. Basic and diluted net loss per common share was ($0.13) for the current quarter compared to ($0.19) for the quarter ended September 30, 2009.

Net loss for the fiscal year ended September 30, 2010 totaled ($36.8) million compared with a net income before extraordinary item of $463 thousand and net income of $29.3 million for the fiscal year ended September 30, 2009. The extraordinary item recorded in fiscal 2009 was related to the gain on the FDIC-assisted acquisition of Cape Fear Bank ("Cape Fear Acquisition"). Including the preferred stock dividend and related accretion, the net loss available to common shareholders was ($40.6) million for the fiscal year ended September 30, 2010 compared to net income to common shareholders of $26.2 million for the September 30, 2009 fiscal year. Basic and diluted net loss per common share was ($2.46) for the current fiscal year compared to net income per common share of $2.24 for the fiscal year ended September 30, 2009. 

President and Chief Executive Officer R. Wayne Hall commented, "We are pleased to report improved financial results and another quarter of solid pre-tax pre-provision profit. Although the economic recovery in our markets remains slow, we are very focused on returning to profitability.   Our capital levels remain strong and we continue to explore opportunities evolving in our markets."