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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