First Financial Holdings, Inc. Announces First Quarter Fiscal 2011 Net Income
Advances from the FHLB at December 31, 2010 decreased $11.1 million or 2.2% from September 30, 2010 to $497.1 million and decreased $68.5 million or 12.1% from December 31, 2009. The decreases were primarily the result of using cash flow from the investment securities and loan portfolios to paydown advances, as well as the shift in funding mix to core and time deposits. First Financial maintains a strong liquidity position, with substantial on- and off-balance sheet liquidity sources and a stable funding base comprised of approximately 73% deposits, 16% borrowings, 10% equity, and 1% short-term liabilities.
Shareholders' equity totaled $315.3 million at December 31, 2010, essentially unchanged from September 30, 2010 and a decrease of $39.1 million or 11.0% from December 31, 2009. The decrease was primarily the result of net losses incurred during the last year. First Federal's regulatory capital ratios continue to be above "well-capitalized" minimums, as evidenced by the key capital ratios and additional capital information presented in the following table.
|For the Quarter Ended|
|December 31, 2010||September 30, 2010||June 30, 2010||March 31, 2010||December 31, 2009|
|Equity to assets||9.55%||9.58%||9.74%||9.91%||10.20%|
|Tangible common equity to tangible assets (non-GAAP)||6.51||6.55||6.71||6.93||7.30|
|Book value per common share||$ 15.15||$ 15.32||$ 15.66||$ 16.34||$ 17.52|
|Tangible common book value per share (non-GAAP)||12.86||13.02||13.34||14.02||15.19|
|Dividends paid per common share, authorized||0.05||0.05||0.05||0.05||0.05|
|Common shares outstanding, end of period (000s)||16,527||16,527||16,527||16,527||16,526|
|First Federal:||Regulatory Minimum for "Well- Capitalized"|
|Leverage capital ratio||4.00%||8.58%||8.47%||8.46%||7.74%||7.67%|
|Tier 1 risk-based capital ratio||6.00||11.42||11.27||11.19||9.83||9.78|
|Total risk-based capital ratio||10.00||12.69||12.55||12.46||11.10||11.05|
First Federal's loan portfolio is affected by numerous factors, including the economic environment in the markets it serves. First Federal carefully monitors its loans in an effort to identify and mitigate any potential credit quality issues and losses in a proactive manner. The following tables highlight several of the significant qualitative aspects of the loan portfolio to illustrate the overall level of quality and risk inherent in the portfolio.
|DELINQUENT LOANS||December 31, 2010||September 30, 2010||June 30, 2010||March 31, 2010||December 31, 2009|
|(30-89 days past due) (in thousands)||$||% of Portfolio||$||% of Portfolio||$||% of Portfolio||$||% of Portfolio||$||% of Portfolio|
|Residential 1-4 Family||$ 6,712||0.76%||$ 3,486||0.42%||$ 5,244||0.65%||$ 8,214||1.05%||$ 6,076||0.79%|
|Total residential loans||7,144||0.75||3,788||0.42||6,043||0.69||9,005||1.05||8,875||1.05|
|Commercial real estate||10,600||1.79||8,920||1.49||7,441||1.25||13,381||2.26||12,249||2.07|
|Total commercial loans||20,059||2.39||16,469||1.91||10,988||1.21||21,612||2.26||22,767||2.28|
|Total consumer loans||10,010||1.27||10,059||1.27||8,605||1.08||9,858||1.24||11,232||1.41|
|Total delinquent loans||$ 37,213||1.44%||$ 30,316||1.18%||$ 25,636||0.99%||$ 40,475||1.55%||$ 42,874||1.62%|
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