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|
|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|
|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|
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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