This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

The allowance for loan losses totaled $88.3 million or 3.42% of total loans at December 31, 2010, compared with $86.9 million or 3.39% of total loans at September 30, 2010 and $73.5 million or 2.78% of total loans at December 31, 2009. The increases in the allowance for loan losses were primarily the result of higher levels of nonperforming loans, evaluation of the fair value of the underlying collateral supporting these loans, and higher loss migration rates. 

Quarterly Results of Operations

First Financial reported net income of $1.2 million for the three months ended December 31, 2010, compared with net losses of $(1.2) million for the three months ended September 30, 2010 and $(4.5) million for the three months ended December 31, 2009.  Total revenue, which consists of net interest income and noninterest income, totaled $46.1 million for the three months ended December 31, 2010, compared with $49.9 million for the three months ended September 30, 2010 and $50.0 million for the three months ended December 31, 2009. Pre-tax, pre-provision earnings decreased to $12.3 million for the quarter ended December 31, 2010, compared with $15.2 million and $14.6 million for the quarters ended September 30, 2010 and December 31, 2009, respectively. The decreases were primarily the result of declines in total revenues as discussed below. 

Net interest income

Net interest margin, on a fully tax-equivalent basis, was 3.83% for the quarter ended December 31, 2010, compared with 3.91% for the prior quarter and 3.96% for the same quarter last year. While First Financial realized a seven basis point reduction in cost of funds due to repricing of deposits and borrowed funds, a 15 basis point decrease in the average yield on assets resulted in a net decrease in net interest margin from the prior quarter. The decline from the same quarter last year was also a result of the reduction in the yield on assets exceeding the decline in cost of funds. First Financial continues to reprice deposits as market competition will support, and earning assets continue to reprice and be replaced with lower yielding assets. 

7 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,949.59 -85.34 -0.47%
S&P 500 2,097.29 -3.11 -0.15%
NASDAQ 5,014.1020 +19.50 0.39%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs