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 1-4 Family||$ 20,371||2.29%||$ 17,350||2.07%||$ 17,898||2.21%||$ 13,763||1.77%||$ 15,759||2.05%|
|Total residential loans||25,368||2.65||22,222||2.45||23,425||2.66||19,685||2.30||21,244||2.51|
|Commercial real estate||57,724||9.77||48,973||8.18||35,560||5.99||34,583||5.83||28,637||4.84|
|Total commercial loans||115,801||13.79||107,737||12.48||98,356||10.80||104,992||10.96||77,745||7.78|
|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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