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 Earnings And Declares Cash Dividend

CHARLESTON, S.C., April 25, 2013 (GLOBE NEWSWIRE) -- First Financial Holdings, Inc. ("First Financial") (Nasdaq:FFCH), the holding company for First Federal Bank ("First Federal"), announced today net income available to common shareholders of $4.3 million for the three months ended March 31, 2013, compared with $6.8 million for the three months ended December 31, 2012 and $770 thousand for the three months ended March 31, 2012. Diluted net income per common share was $0.26 for the quarter ended March 31, 2013, compared with $0.41 for the prior quarter and $0.05 for the same quarter last year.

"This quarter marked the most notable announcement in our company's 78 years," said R. Wayne Hall, president and chief executive officer of First Financial and First Federal. "We are excited about building a premier regional bank in the Southeast through our merger with SCBT. This partnership benefits our customers, shareholders, and employees. The market continues to react favorably to the combination as evidenced by the continued enhancement to shareholder value since our announcement. We have begun the process to seek required approvals from shareholders and regulators and have commenced to collaborate on integration plans so that we can leverage the best practices of both companies."

Significant Development for the Quarter

On February 19, 2013, First Financial entered into a merger agreement with SCBT Financial Corporation ("SCBT"). Subject to the terms and conditions set forth in the agreement, First Financial plans to merge with and into SCBT with SCBT continuing as the surviving corporation after the merger and First Federal will merge with and into SCBT's bank subsidiary. The merger is expected to close in the third quarter of 2013, subject to customary closing conditions. 

Under the terms of the agreement, SCBT will add five First Financial board members to the combined company's board. Robert J. Hill, Jr., president and chief executive officer of SCBT, will continue to serve as chief executive officer of the combined company and R. Wayne Hall will be named president of the combined company.

1 of 10

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs