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First Financial net income drops 37%

Staff Report
Published July 26, 2013

First Financial Holdings Inc., the Charleston-based holding company for First Federal Bank, announced today that net income shrank 37% in the second quarter of 2013, to $7.89 million, compared with $12.58 million in the second quarter of 2012.

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The second quarter included a $9 million after-tax gain on the acquisition of Plantation Federal Bank and a $3.1 million after-tax net charge related to repositioning the balance sheet.

A provision for loan losses of $822,000 for the quarter ended June 30 included $438,000 related to Plantation Federal Bank’s loans, which have lower cash flows than originally projected.

For the six months ended June 30, First Financial reported net income of $13.2 million, compared with $14.3 million for the same period of 2012.

Core deposits, which include checking, savings and money market accounts, totaled $1.7 billion at June 30, unchanged from March 31 and an increase of $110.8 million or 7% over June 30, 2012. The increase was primarily the result of the introduction of new retail deposit products and sales processes during 2012, the company said.

First Financial Holdings Inc. had $3.2 billion in total assets as of June 30. The Charleston-based company is in the process of merging with SCBT, a Columbia-based bank holding company.

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