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

The following table displays total loans by major loan category at each of the last five quarters:

 
LOANS (in thousands) September 30, 2010 June 30, 2010 March 31, 2010 December 31, 2009 September 30, 2009
Residential loans          
Residential 1-4 Family  $ 836,644  $ 810,180  $ 778,747  $ 767,923  $ 749,289
Residential construction 14,436 12,016 16,926 14,502 15,681
Residential land 56,344 57,977 61,893 65,606 75,707
Total residential loans 907,424 880,173 857,566 848,031 840,677
           
Commercial loans          
Commercial business 92,650 111,826 115,417 123,543 128,097
Commercial real estate 598,547 593,894 593,128 591,787 601,135
Commercial construction 28,449 40,102 60,561 69,865 80,247
Commercial land 143,366 164,671 188,838 214,023 221,845
Total commercial loans 863,012 910,493 957,944 999,218 1,031,324
           
Consumer loans          
Home equity 397,632 404,140 406,872 405,701 398,423
Manufactured housing 269,857 264,815 256,193 250,646 243,823
Marine 65,901 68,393 70,506 73,536 76,608
Other consumer 60,522 62,805 63,134 67,070 70,887
Total consumer loans 793,912 800,153 796,705 796,953 789,741
Total loans 2,564,348 2,590,819 2,612,215 2,644,202 2,661,742
Less: Allowance for loan losses 86,871 86,945 82,731 73,534 68,473
Net loans  $ 2,477,477  $ 2,503,874  $ 2,529,484  $ 2,570,668  $ 2,593,269
 
 Note: Certain amounts have been reclassified to conform with current period presentation.

Total loans decreased $26.5 million or 1.0% from June 30, 2010 and declined $97.4 million or 3.7% from the same period one year ago. The decrease from September 30, 2009 in residential construction, residential land and commercial loans results from a combination of lower loan demand, increased loan charge-offs and the transfer of nonperforming loans to real estate owned. Increased volume in residential loans is attributable to originations and refinances during the current low interest rate environment. Manufactured housing loans increased due to higher customer demand and the expansion of relationships with dealers.

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