Posted: Thursday, January 30th 2014 at 11:08am
First Financial Holdings, Inc. reports record 2013 Operating Earnings
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.
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Link: First Financial Holdings, Inc.
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