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

The following tables include information on delinquent loans, nonperforming assets and charge-offs over the last five quarters. 

 
DELINQUENT LOANS September 30, 2010 June 30, 2010 March 31, 2010 December 31, 2009 September 30, 2009
(30-89 days past due) (in thousands)  $   % of Portfolio   $   % of Portfolio   $   % of Portfolio   $   % of Portfolio   $   % of Portfolio 
Residential loans                    
Residential 1-4 Family  $ 3,486 0.42%  $ 5,244 0.65%  $ 8,214 1.05%  $ 6,076 0.79%  $ 9,819 1.31%
Residential construction  --   --   --   --   --   --   --   --   --   -- 
Residential land  302  0.54  799  1.38  791  1.28  2,799  4.27  1,278  1.69
Total residential loans  3,788  0.42  6,043  0.69  9,005  1.05  8,875  1.05  11,097  1.32
                     
Commercial loans                    
Commercial business  2,140  2.31  2,355  2.11  4,315  3.74  4,909  3.97  1,515  1.18
Commercial real estate  8,920  1.49  7,441  1.25  13,381  2.26  12,249  2.07  7,722  1.28
Commercial construction  1,981  6.96  --   --   1,602  2.65  947  1.36  662  0.82
Commercial land  3,428  2.39  1,192  0.72  2,314  1.23  4,662  2.18  7,464  3.36
Total commercial loans  16,469  1.91  10,988  1.21  21,612  2.26  22,767  2.28  17,363  1.68
                     
Consumer loans                    
Home equity  4,625  1.16  4,661  1.15  4,477  1.10  4,609  1.14  2,113  0.53
Manufactured housing  3,207  1.19  2,992  1.13  3,806  1.49  3,697  1.47  3,132  1.28
Marine  462  0.70  425  0.62  981  1.39  1,754  2.39  1,226  1.60
Other consumer  1,765  2.92  527  0.84  594  0.94  1,172  1.75  481  0.68
Total consumer loans  10,059  1.27  8,605  1.08  9,858  1.24  11,232  1.41  6,952  0.88
Total delinquent loans  $ 30,316 1.18%  $ 25,636 0.99%  $ 40,475 1.55%  $ 42,874 1.62%  $ 35,412 1.33%
 
 Note: Certain amounts have been reclassified to conform with current period presentation.

At September 30, 2010, total delinquencies increased $4.7 million or 18.3% to $30.3 million from the linked quarter.  Of these delinquencies, $5.0 million or 16.6% are covered under a purchase and assumption agreement with the FDIC for the Cape Fear Acquisition. The increase in commercial loan delinquencies from the linked quarter is primarily related to five loans.  The reduction in delinquent residential loans for the same period is due to proactively managing delinquent loans.

 
  September 30, 2010 June 30, 2010 March 31, 2010 December 31, 2009 September 30, 2009
NONPERFORMING ASSETS (in thousands)  $   % of Portfolio   $   % of Portfolio   $   % of Portfolio   $   % of Portfolio   $   % of Portfolio 
Residential loans                    
 Residential 1-4 Family  $ 17,350 2.07%  $ 17,898 2.21%  $ 13,763 1.77%  $ 15,759 2.05%  $ 12,374 1.65%
 Residential construction  --   --   --   --   --   --   --   --   --   -- 
 Residential land  4,872  8.65  5,527  9.53  5,922  9.57  5,485  8.36  6,095  8.05
 Total residential loans  22,222  2.45  23,425  2.66  19,685  2.30  21,244  2.51  18,469  2.20
                     
Commercial loans                    
 Commercial business  6,951  7.50  6,789  6.07  7,563  6.55  5,238  4.24  1,237  0.97
 Commercial real estate  48,973  8.18  35,560  5.99  34,583  5.83  28,637  4.84  13,674  2.27
 Commercial construction  5,704  20.05  5,738  14.31  7,127  11.77  3,706  5.30  6,227  7.76
 Commercial land  46,109  32.16  50,269  30.53  55,719  29.51  40,164  18.77  32,847  14.81
Total commercial loans  107,737  12.48  98,356  10.80  104,992  10.96  77,745  7.78  53,985  5.23
                     
Consumer loans                    
 Home equity  6,969  1.75  6,937  1.72  7,773  1.91  6,626  1.63  5,474  1.37
 Manufactured housing  2,909  1.08  3,189  1.20  2,899  1.13  2,715  1.08  2,280  0.94
 Marine  188  0.29  135  0.20  166  0.24  259  0.35  143  0.19
 Other consumer  206  0.34  16  0.03  143  0.23  153  0.23  81  0.11
Total consumer loans  10,272  1.29  10,277  1.28  10,981  1.38  9,753  1.22  7,978  1.01
 Total nonaccrual loans  140,231 5.47%  132,058 5.10%  135,658 5.19%  108,742 4.11%  80,432 3.02%
Loans 90+ days still accruing  175    170    104    124    121  
Restructured Loans, still accruing  750    --     --     --     --   
Total nonperforming loans  141,156    132,228    135,762    108,866    80,553  
Other repossessed assets acquired  11,950    12,543    11,957    20,864    22,002  
Total nonperfoming assets  $153,106    $144,771    $147,719    $129,730    $102,555  
 
 Note: Certain amounts have been reclassified to conform with current period presentation.

At September 30, 2010, total nonperforming assets increased $8.3 million or 5.8% from the linked quarter to $153.1 million. Of these nonperforming assets, $14.7 million, or 9.6%, are covered under a purchase and assumption agreement with the FDIC for the Cape Fear Acquisition.  The increase from the June 30, 2010 quarter end was primarily related to three commercial real estate properties.  

                     
 
  September 30, 2010 June 30, 2010 March 31, 2010 December 31, 2009 September 30, 2009
NET CHARGE-OFFS (in thousands)  $   % of Portfolio*   $   % of Portfolio*   $   % of Portfolio*   $   % of Portfolio*   $   % of Portfolio* 
Residential loans                    
 Residential 1-4 Family  $ 2,311 1.12%  $ 1,673 0.84%  $ 2,715 1.40%  $ 59 0.03%  $ 936 0.50%
 Residential construction  --   --   --   --   --   --   --   --   (940)  (23.98)
 Residential land  1,297  9.08  975  6.51  1,127  7.07  1,781  10.08  1,502  7.94
 Total residential loans  3,608  1.61  2,648  1.22  3,842  1.80  1,840  0.87  1,498  0.71
                     
Commercial loans                    
 Commercial business  1,789  7.00  3,868  13.62  1,656  5.54  1,046  3.33  2,203  6.88
 Commercial real estate  3,402  2.28  5,267  3.55  8,085  5.46  1,807  1.21  166  0.11
 Commercial construction  270  3.15  2,051  16.30  1,094  6.71  3,114  16.60  1,509  7.52
 Commercial land  4,175  10.84  12,165  27.53  17,017  33.79  7,796  14.31  --   -- 
Total commercial loans  9,636  4.35  23,351  10.00  27,852  11.38  13,763  5.42  3,878  1.50
                     
Consumer loans                    
 Home equity  2,669  2.66  4,379  4.32  3,017  2.97  2,432  2.42  6  0.01
 Manufactured housing  1,145  1.71  950  1.46  638  1.01  763  1.23  866  1.42
 Marine  195  1.16  401  2.31  621  3.45  608  3.24  377  1.97
 Other consumer  399  2.59  430  2.73  748  4.60  860  4.99  682  3.85
Total consumer loans  4,408  2.21  6,160  3.09  5,024  2.52  4,663  2.35  1,931  0.98
Total net charge-offs  $ 17,652 2.71%  $ 32,159 4.91%  $ 36,718 5.55%  $ 20,266 3.02%  $ 7,307 1.07%
 
 *Represents an annualized rate
 Note: Certain amounts have been reclassified to conform with current period presentation.

The decrease in net charge-offs to $17.7 million for the quarter ended September 30, 2010 compared to $32.2 million for the linked quarter was due to fewer credit writedowns in commercial land and home equity loans in the quarter ended September 30, 2010 than in the third fiscal quarter, thus reducing the required charge-offs.

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