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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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