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Posted: Thursday, January 30th 2014 at 11:08am

First Financial Holdings, Inc. reports record 2013 Operating Earnings

By Staff
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COLUMBIA, S.C. First Financial Holdings, Inc. (NASDAQ: SCBT) has released its unaudited results of operations and other financial information for the three-month period and year ended December 31. First Financial is the parent company of Cornelia-based Community Bank & Trust which has several offices in northeast Georgia, including Gainesville.

Highlights of 2013 include the following:

Net income available to common shareholders of $13.2 million, or $0.55 diluted EPS in 4Q 2013, up 5.7%, compared to $11.5 million, or $0.52 diluted EPS in 3Q 2013, and up 44.7% from $5.9 million, or $0.38 diluted EPS in 4Q 2012;

Diluted EPS for YTD 2013 was $2.38, up 17.2%, compared to $2.03 in 2012, operating diluted EPS was $3.16, up 26.9%, compared to $2.49 in 2012;

Operating earnings of $19.3 million, which exclude merger expenses and include preferred stock dividends, or $0.80 diluted EPS in 4Q 2013 compared to $18.8 million, or $0.85 diluted EPS in 3Q 2013 and $11.1 million, or $0.72 diluted EPS in 4Q 2012;

Return on average assets was 0.70% annualized in 4Q 2013 compared to 0.66% in 3Q 2013 and 0.52% in 4Q 2012; Operating return on average assets was 1.00% annualized in 4Q 2013 compared to 1.07% in 3Q 2013 and 0.98% in 4Q 2012;

Net charge-offs of non-acquired loans decreased to 0.26% annualized in 4Q 2013, compared to 0.45% annualized in 3Q 2013 and 0.64% annualized in 4Q 2012;

Legacy loan growth for 4Q 2013 was $124.0 million or 18.1% annualized and for the year legacy loan growth was $294.2 million or 11.4% in all categories; and

Core deposit growth, excluding CDs and legacy First Financial merger, up $78.0 million or 9.5% annualized in 4Q 2013 and $121.0 or 3.7% for the year. Including legacy First Financial, core deposit growth was $44.0 million, or 3.5% annualized from 3Q 2013.

Meanwhile, the Board of Directors has declared a quarterly cash dividend of $0.19 per share payable on its common stock. This per share amount is equal to the dividend paid in the immediately preceding quarter and is $0.01 per share, or 5.6%, higher than a year ago. The dividend will be payable on February 21, 2014 to shareholders of record as of February 14, 2014.

For more on this report, click on the link below.

Link: First Financial Holdings, Inc.
Associated Categories: Business News, Local/State News

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