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FFCH > SEC Filings for FFCH > Form 10-Q on 8-May-2013All Recent SEC Filings

Show all filings for FIRST FINANCIAL HOLDINGS INC /DE/ | Request a Trial to NEW EDGAR Online Pro

Form 10-Q for FIRST FINANCIAL HOLDINGS INC /DE/


8-May-2013

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

                                                          As of and for the Quarters Ended

(dollars in thousands, except       March 31,      December 31,     September 30,       June 30,        March 31,
per share data)                       2013             2012              2012             2012            2012

Summary of Operations
Interest income                   $    39,329      $    41,549      $      40,014     $    39,343     $    36,359
Interest expense                        6,191            6,460              6,817           7,630           8,107

Net interest income                    33,138           35,089             33,197          31,713          28,252
Provision for loan losses               5,972            4,161              4,533           4,697           6,745

Net interest income after
provision for loan losses              27,166           30,928             28,664          27,016          21,507
Noninterest income                     15,837           16,173             14,548          32,530          13,182
Noninterest expense                    35,120           35,357             33,029          39,250          28,709

Income from operations before
income taxes                            7,883           11,744             10,183          20,296           5,980
Income tax expense                      2,630            3,921              3,516           7,712           4,241

Net income                              5,253            7,823              6,667          12,584           1,739
Preferred stock dividends                 813              812                813             812             813
Accretion on preferred stock              165              163                160             158             156

Net income available to common
shareholders                      $     4,275      $     6,848      $       5,694     $    11,614     $       770

Per Common Share Data
Net income per common share
Basic                             $      0.26      $      0.41      $        0.34     $      0.70     $      0.05
Diluted                                  0.26             0.41               0.34            0.70            0.05
Market price, end of period             20.96            13.08              12.99           10.72           11.00
Book value per common share             14.50            14.20              13.77           13.45           12.89
Tangible book value per common
share (non-GAAP)1                       14.04            13.71              13.25           12.91           12.75
Dividends                                0.05             0.05               0.05            0.05            0.05
Shares outstanding, end of
period (000s)                          16,533           16,527             16,527          16,527          16,527
Balance Sheet Summary, at
period end
Assets                            $ 3,216,647      $ 3,215,558      $   3,245,487     $ 3,304,174     $ 3,145,538
Investment securities                 348,711          290,267            276,633         293,400         500,331
Loans                               2,476,142        2,495,324          2,574,369       2,632,483       2,355,567
Allowance for loan losses              47,427           44,179             46,351          48,799          50,776
Deposits                            2,600,520        2,595,333          2,616,757       2,703,202       2,264,489
Borrowings                            280,204          280,204            300,204         280,204         580,204
Shareholders' equity                  304,689          299,641            292,500         287,264         278,043
Balance Sheet Summary, average
for the quarter
Assets                            $ 3,200,485      $ 3,216,018      $   3,283,512     $ 3,339,705     $ 3,151,385
Investment securities                 316,426          283,929            291,223         443,181         490,356
Loans                               2,481,410        2,545,956          2,608,522       2,564,789       2,378,789
Allowance for loan losses              44,375           45,997             48,329          50,547          52,282
Deposits                            2,576,968        2,594,112          2,664,207       2,596,642       2,228,613
Borrowings                            280,229          282,122            294,796         428,505         609,665
Shareholders' equity                  301,921          296,851            290,047         285,672         277,390
Performance Metrics
Return on average assets2                0.67 %           0.97 %             0.81 %          1.52 %          0.22 %
Return on average shareholders'
equity2                                  7.06            10.48               9.14           17.72            2.52
Net interest margin (FTE)3               4.51             4.69               4.35            4.08            3.84
Net interest margin, adjusted
(non-GAAP)1                              3.99             4.15               4.29            4.08            3.84
Efficiency ratio (non-GAAP)1,2          71.09            67.69              69.19           66.05           68.87
Pre-tax pre-provision earnings
(non-GAAP)1                       $    13,855      $    15,905      $      14,716     $    24,993     $    12,725

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