First Financial Holdings, Inc. Announces First Quarter Fiscal 2011 Net Income

Loan originations and renewals totaled $199.7 million during the three months ended December 31, 2010, compared with $173.8 million in the linked quarter and $165.9 million during the same quarter last year. While First Federal remains focused on originating new commercial business loans, the increases in total loans was primarily the result of higher residential mortgage volume due to the current low interest rate environment. 

The following table summarizes deposits by major categories.

DEPOSITS (in thousands)	December 31, 2010	September 30, 2010	June 30, 2010	March 31, 2010	December 31, 2009
Noninterest-bearing	$ 220,861	$ 223,915	$ 223,058	$ 220,375	$ 216,221
Interest-bearing	405,727	390,310	385,738	366,935	341,248
Savings	169,770	167,381	163,468	163,451	153,674
Money market	317,002	343,769	346,535	345,752	359,509
Total core deposits	1,113,360	1,125,375	1,118,799	1,096,513	1,070,652
Retail CDs < $100,000	542,605	556,669	564,482	579,544	586,482
Retail CDs >/- $100,000	445,755	438,031	413,011	387,135	361,323
Total Retail CDs	988,360	994,700	977,493	966,679	947,805
CDARs	87,728	69,280	135,306	157,205	77,213
Brokered CDs	220,164	225,708	232,059	233,633	197,757
Total Wholesale CDs	307,892	294,988	367,365	390,838	274,970
Total Time Deposits	1,296,252	1,289,688	1,344,858	1,357,517	1,222,775
Total deposits	$2,409,612	$2,415,063	$2,463,657	$2,454,030	$2,293,427

Core deposits at December 31, 2010 decreased $12.0 million or 1.1% from September 30, 2010 and increased $42.7 million or 4.0% over December 31, 2009. The decrease from the prior quarter was due in part to calendar year-end seasonal changes in customer activity, with the majority of the decline occurring in the money market category. The increase over the same period last year was primarily the result of several marketing initiatives and campaigns during the last twelve months to attract and retain core deposits. Time deposits at December 31, 2010 increased slightly by $6.6 million or 0.5% over September 30, 2010 and increased $73.5 million or 6.0% over December 31, 2009. The increases in time deposits during the last year were primarily the result of a strategy to shift the funding mix to achieve global asset/liability objectives. Wholesale CDs totaled 12.8% of total deposits at December 31, 2010, compared with 12.2% at September 30, 2010 and 12.0% at December 31, 2009.

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