First Financial Holdings, Inc. Announces First Quarter Fiscal 2011 Net Income
Investment securities, primarily mortgage-backed securities, totaled $435.5 million at December 31, 2010, a decrease of $37.9 million or 8.0% from September 30, 2010 and a decrease of $111.9 million or 20.4% from December 31, 2009. The declines were primarily the result of high prepayment levels on higher yielding securities and the challenge in finding replacement securities with acceptable risk profiles and yields. As a result, the cash flows from maturities and prepayments were used to paydown advances from the FHLB and other borrowings rather than fully reinvesting these proceeds in other securities.
The following table summarizes the loan portfolio by major categories.
|LOANS (in thousands)||December 31, 2010||September 30, 2010||June 30, 2010||March 31, 2010||December 31, 2009|
|Residential 1-4 Family||$ 887,924||$ 836,644||$ 810,180||$ 778,747||$ 767,923|
|Total residential loans||957,335||907,424||880,173||857,566||848,031|
|Commercial real estate||590,816||598,547||593,894||593,128||591,787|
|Total commercial loans||839,739||863,012||910,493||957,944||999,218|
|Total consumer loans||786,293||793,912||800,153||796,705||796,953|
|Less: Allowance for loan losses||88,349||86,871||86,945||82,731||73,534|
|Net loans||$ 2,495,018||$ 2,477,477||$ 2,503,874||$ 2,529,484||$ 2,570,668|
Total loans at December 31, 2010 increased $19.0 million or 0.7% over September 30, 2010 and decreased $60.8 million or 2.3% from December 31, 2009. Increases in residential 1-4 family loans, which resulted from the strategic decision to retain substantially all 15-year residential mortgage loan originations in the portfolio, were offset by declines in most other loan categories. The decline in total loans was primarily the result of lower loan demand from creditworthy borrowers, transfers of nonperforming loans to REO, and charge-offs in most other loan categories, as well as paydowns as a result of normal borrower activity.
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