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

The nonperforming loans at December 31, 2010 included $13.7 million in loans covered under a purchase and assumption "loss-share" agreement with the FDIC, as compared with $14.7 million at September 30, 2010. 

	December 31, 2010		September 30, 2010		June 30, 2010		March 31, 2010		December 31, 2009
NET CHARGE-OFFS (in thousands)	$	% of Portfolio*	$	% of Portfolio*	$	% of Portfolio*	$	% of Portfolio*	$	% of Portfolio*
Residential loans
Residential 1-4 Family	$ 612	0.28%	$ 2,311	1.12%	$ 1,673	0.84%	$ 2,715	1.40%	$ 59	0.03%
Residential construction	---	---	---	---	---	---	---	---	---	---
Residential land	735	5.34	1,297	9.08	975	6.51	1,127	7.07	1,781	10.08
Total residential loans	1,347	0.58	3,608	1.61	2,648	1.22	3,842	1.80	1,840	0.87
Commercial loans
Commercial business	264	1.15	1,789	7.00	3,868	13.62	1,656	5.54	1,046	3.33
Commercial real estate	237	0.16	3,402	2.28	5,267	3.55	8,085	5.46	1,807	1.21
Commercial construction	314	4.80	270	3.15	2,051	16.30	1,094	6.71	3,114	16.60
Commercial land	2,127	6.14	4,175	10.84	12,165	27.53	17,017	33.79	7,796	14.31
Total commercial loans	2,942	1.38	9,636	4.35	23,351	10.00	27,852	11.38	13,763	5.42
Consumer loans
Home equity	2,974	3.00	2,669	2.66	4,379	4.32	3,017	2.97	2,432	2.42
Manufactured housing	834	1.24	1,145	1.71	950	1.46	638	1.01	763	1.23
Marine	184	1.14	195	1.16	401	2.31	621	3.45	608	3.24
Other consumer	724	4.89	399	2.59	430	2.73	748	4.60	860	4.99
Total consumer loans	4,716	2.39	4,408	2.21	6,160	3.09	5,024	2.52	4,663	2.35
Total net charge-offs	$ 9,005	1.38%	$ 17,652	2.71%	$ 32,159	4.91%	$ 36,718	5.55%	$ 20,266	3.02%

The decrease in net charge-offs for the quarter ended December 31, 2010 from the prior quarter was primarily the result of lower credit writedowns in the residential 1-4 family and all commercial loan categories as there were fewer loans requiring valuation adjustments on the underlying collateral.

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