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

Total delinquent loans at December 31, 2010 also included $4.2 million in loans covered under a purchase and assumption "loss-share" agreement with the Federal Deposit Insurance Corporation ("FDIC"), as compared with $5.0 million at September 30, 2010. 

                     
  December 31, 2010 September 30, 2010 June 30, 2010 March 31, 2010 December 31, 2009
NONPERFORMING ASSETS (in thousands)  $   % of Portfolio   $   % of Portfolio   $   % of Portfolio   $   % of Portfolio   $   % of Portfolio 
Residential loans                    
 Residential 1-4 Family  $ 20,371  2.29%  $ 17,350  2.07%  $ 17,898  2.21%  $ 13,763  1.77%  $ 15,759  2.05%
 Residential construction  ---  ---  ---  ---  ---  ---  ---  ---  ---  ---
 Residential land  4,997  9.29  4,872  8.65  5,527  9.53  5,922  9.57  5,485  8.36
 Total residential loans  25,368  2.65  22,222  2.45  23,425  2.66  19,685  2.30  21,244  2.51
                     
Commercial loans                    
 Commercial business  9,769  10.72  6,951  7.50  6,789  6.07  7,563  6.55  5,238  4.24
 Commercial real estate  57,724  9.77  48,973  8.18  35,560  5.99  34,583  5.83  28,637  4.84
 Commercial construction  4,484  18.77  5,704  20.05  5,738  14.31  7,127  11.77  3,706  5.30
 Commercial land  43,824  32.73  46,109  32.16  50,269  30.53  55,719  29.51  40,164  18.77
Total commercial loans  115,801  13.79  107,737  12.48  98,356  10.80  104,992  10.96  77,745  7.78
                     
Consumer loans                    
 Home equity  9,450  2.39  6,969  1.75  6,937  1.72  7,773  1.91  6,626  1.63
 Manufactured housing  3,609  1.34  2,909  1.08  3,189  1.20  2,899  1.13  2,715  1.08
 Marine  67  0.11  188  0.29  135  0.20  166  0.24  259  0.35
 Other consumer  555  0.96  206  0.34  16  0.03  143  0.23  153  0.23
Total consumer loans  13,681  1.74  10,272  1.29  10,277  1.28  10,981  1.38  9,753  1.22
 Total nonaccrual loans  154,850  5.99  140,231  5.47  132,058  5.10  135,658  5.19  108,742  4.11
Loans 90+ days still accruing  204    175    170    104    124  
Restructured Loans, still accruing  1,578    750    ------    ------    ------  
Total nonperforming loans  156,632  6.06%  141,156  5.51%  132,228  5.10%  135,762  5.20%  108,866  4.12%
Other repossessed assets acquired  19,660    11,950    12,543    11,957    20,864  
Total nonperfoming assets  $176,292    $153,106    $144,771    $147,719    $129,730  
                     
                     

Total nonperforming assets at December 31, 2010 increased $23.2 million or 15.1% over the linked quarter.  The increase in nonperforming loans over the linked quarter included $9.3 million of predominantly commercial loans determined to be impaired and moved to nonperforming status prior to becoming 90 days past due. Three loans accounted for 47% of this total. Additionally, 30 loans totaling $6.1 million were matured in excess of 90 days and were moved to nonperforming status while negotiations with the borrowers continue toward renewal or alternate resolution. The remaining net increase from the linked quarter was related primarily to a higher number of relatively small loans migrating from delinquency to nonperforming. Reductions offsetting the new nonperforming loans include $3.2 million in charged-off loans, $8.0 million in transfers to REO, and $5.3 million in paydowns as a result of normal borrower activity.   

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