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 Second Quarter Earnings

CHARLESTON, S.C., July 26, 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 $6.9 million for the three months ended June 30, 2013, compared with $4.3 million for the three months ended March 31, 2013 and $11.6 million for the three months ended June 30, 2012. Diluted net income per common share was $0.42 for the quarter ended June 30, 2013, compared with $0.26 for the prior quarter and $0.70 for the same quarter last year. The quarter ended June 30, 2012 included a $9.0 million after-tax gain on the acquisition of Plantation Federal Bank ("Plantation") and a $3.1 million after-tax net charge related to repositioning the balance sheet.

For the six months ended June 30, 2013, net income available to common shareholders was $11.2 million, compared with $12.4 million for the same period of 2012. Diluted net income per common share was $0.68, compared with $0.75 for the first six months of 2012.

Quarterly Results of Operations

First Financial reported net income of $7.9 million for the three months ended June 30, 2013, compared with $5.3 million for the three months ended March 31, 2013 and $12.6 million for the three months ended June 30, 2012.

Net interest income

Net interest margin, on a fully tax-equivalent basis, was 4.37% for the quarter ended June 30, 2013, compared with 4.51% for the quarter ended March 31, 2013 and 4.08% for the quarter ended June 30, 2012. The decrease in net interest margin was a result of a shift in the mix of earning assets from loans to lower yielding investment securities and overnight funds. The increase over the same quarter last year was principally caused by the improved performance on a Cape Fear loan pool as well as a lower cost of funds due to maturing time deposits being replaced with core deposits and the continued funding mix shift from borrowings.

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

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs