Posted: Tuesday, October 29th 2013 at 8:35am
CB&T parent company reports record 3Q operating income
By Ken Stanford Staff
COLUMBIA, S.C.— First Financial Holdings, Inc. Tuesday reported record third quarter operating income as it released unaudited results of operations and other financial information for the three-month and nine-month periods ending September 30, 2013.
First Financial is the parent company of Cornelia-based Community Bank & Trust which has several offices in northeast Georgia, including Gainesville.
Highlights of the third quarter 2013 include the following:
• Net income of $11.5 million, or $0.52 diluted Earnings Per Share (EPS) in 3Q 2013 compared to $12.5 million, or $0.74 diluted EPS in 2Q 2013 and $9.1 million, or $0.60 diluted EPS in 3Q 2012;
• Operating earnings of $18.8 million, which exclude merger expense and include preferred stock dividends, or $0.85 diluted EPS in 3Q 2013 compared to $13.1 million, or $0.77 diluted EPS in 2Q 2013 and $9.4 million, or $0.63 diluted EPS in 3Q 2012;
• Return on average assets was 0.66% annualized in 3Q 2013 compared to 0.99% in 2Q 2013 and 0.83% in 3Q 2012; Operating return on average assets was 1.07% annualized in 3Q 2013 compared to 1.04% in 2Q 2013 and 0.87% in 3Q 2012;
• Net charge-offs of non-acquired loans increased to 0.45% annualized in 3Q 2013, compared to 0.40% annualized in 2Q 2013 and decreased from 0.85% annualized in 3Q 2012;
• Non-acquired non-performing assets (NPAs): 2.40% of total non-acquired loans and repossessed assets for 3Q 2013 compared to 2.56% for 2Q 2013 and 3.22% for 3Q 2012; and
• Legacy loan growth was $75.6 million or 11.3% annualized during 3Q 2013.
The Board of Directors has declared a quarterly cash dividend of $0.19 per share payable on its common stock, and is 11.8% higher than the dividend paid in the third quarter of 2012. This per share amount is the same as the dividend paid in the immediately preceding quarter and will be payable on November 22, 2013 to shareholders of record as of November 15, 2013.
Please click on the link below for more information of First Financial's third quarter earnings report.
Link: First Financial Holdings, Inc.
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