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SCBT net income up 18% for Q2

Staff Report
Published July 26, 2013

SCBT Financial, holding company of Columbia-based SCBT bank, today reported net income for the second quarter climbed nearly 18% to $12.5 million compared with a similar period in 2012.

The company released its financial report prior to the closing of its $302 million acquisition of First Financial Holdings, parent of Charleston-headquartered First Federal Bank.

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The acquisition, which creates the largest bank headquartered in South Carolina with more than 147 locations and 2,300 employees across the region, was announced in February.

SCBT said its $1.9 million increase in earnings for the quarter was primarily the net result of improved net interest income, reduced provision for loan losses and a reduction in merger-related expenses. The increases were offset by a decline in noninterest income, the company added.

“Our performance this quarter was driven by continued asset quality improvements, a higher net interest income and lower noninterest expense,” said President and CEO Robert R. Hill Jr. in a news release. “We experienced some revenue slowdown in mortgage banking, as mortgage originations decreased somewhat in association with rising interest rates during the quarter.”

Hill also noted that loan and core deposit growth continued to be strong with nonacquired loan growth up 9.4% annualized.

In addition, the company completed the integration of The Savannah Bancorp Inc.

Core deposit growth, excluding certificate of deposits and the Savannah acquisition, was up $42.8 million in the second quarter, or 6.2% compared with a similar period in 2012. Meanwhile, legacy loan growth was $61.3 million or 9.4% more than the second quarter of 2012.

SCBT Financial operates in 81 locations in 19 South Carolina counties, 12 Georgia counties and in Mecklenburg County, N.C.

The company’s divisions also include NCBT, CBT, The Savannah Bank and Minis & Co. Inc.

SCBT Financial has assets of approximately $5 billion.

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