First Financial Holdings Inc. (FFCH, Financial) filed Quarterly Report for the period ended 2010-03-31.
First Financial Holdings Inc. has a market cap of $233.1 million; its shares were traded at around $14.11 with and P/S ratio of 1. The dividend yield of First Financial Holdings Inc. stocks is 1.4%.FFCH is in the portfolios of Private Capital of Private Capital Management, Diamond Hill Capital of Diamond Hill Capital Management Inc, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
The increase in the allowance for loan loss is related to the higher level of nonaccrual loans, charge-offs, and delinquencies for residential and commercial loans, as well as the general deterioration of the portfolio s credit quality. Nonaccrual loans and charge-offs for residential and consumer loans increased $12.0 million and $17.2 million, respectively, during the six months ended March 31, 2010. Delinquencies for residential and consumer loans increased $1.7 million at March 31, 2010 as compared to September 30, 2009. Nonaccruals, charge-offs, and delinquencies for commercial loans increased $18.8 million, $10.8 million and $9.5 million, respectively, during this same six month period, primarily related to continued deteriorating economic conditions, and significant declines in collateral values and borrower financial conditions during the period. Nonaccrual loans and charge-offs for land increased $24.4 million and $29.0 million, respectively, for the six months ended March 31, 2010. Delinquencies for land decreased $6.1 million for the six month period ended March 31, 2010.
Liabilities decreased $112.8 million, or 3.57%, for the six months ended March 31, 2010. Non-interest and interest-bearing checking accounts increased $43.1 million, savings and money market accounts increased $10.6 million, and certificates of deposit increased $80.3 million. The increases in deposits are primarily a result of marketing programs and promotional products offered during the period. The Company competitively prices its deposit accounts to both attract deposits and maintain the net interest margin. Increases in FHLB advances of $37.7 million were more than offset by payoffs of borrowings from the Federal Reserve Bank and the JPMorgan Chase line of credit totaling $258.0 million. The Company utilized increases in deposits to reduce the overall levels of borrowings.
Long-term capital growth is a specific focus for the Company. The Company applied for and received approval to participate in the U.S. Treasury s Troubled Asset Relief Program. On December 5, 2008, the Company received $65.0 million related to this program. On September 29, 2009, the Company announced it had raised $65.0 million through a public offering by issuing 4,193,550 shares of the Company s common stock at $15.50 per share. On October 9, 2009, the Company announced that the underwriters of its recent public offering of common stock had fully exercised their over-allotment option, resulting in the issuance of an additional 629,032 shares at $15.50 per share.
On December 5, 2008, pursuant to the Capital Purchase Program established by the United States Department of the Treasury, First Financial issued and sold to the Treasury for an aggregate purchase price of $65.0 million in cash (i) 65,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $.01 per share, having a liquidation preference of $1,000 per share, and (ii) a ten-year warrant to purchase up to 483,391 shares of common stock, par value $.01 per share, of First Financial (“Common Stock”), at an initial exercise price of $20.17 per share, subject to certain anti-dilution and other adjustments (the “Warrant”).
At March 31, 2010, excluding cash and cash equivalents, the Company had a $561.7 million capacity, or 16.9% of total assets, to meet future funding needs, which included $35 million in available federal funds lines and $70.7 million of the Company s investment portfolio which was immediately saleable. As an alternative to asset sales, the Company has the ability to pledge assets to raise funds through secured borrowings. At March 31, 2010, First Federal had additional secured borrowings of $233.3 million available at the FHLB. Effective April 26, 2010, the FHLB of Atlanta required an additional 10% of lendable collateral value to secure advances. This will reduce our available borrowings by $68.7 million.
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First Financial Holdings Inc. has a market cap of $233.1 million; its shares were traded at around $14.11 with and P/S ratio of 1. The dividend yield of First Financial Holdings Inc. stocks is 1.4%.FFCH is in the portfolios of Private Capital of Private Capital Management, Diamond Hill Capital of Diamond Hill Capital Management Inc, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Asset quality, capital growth, liquidity and earnings are the top priorities of the Company. Total assets decreased $129.4 million, or 3.69%, for the six months ended March 31, 2010, primarily due to decreases in cash and cash equivalents of $16.0 million, investment securities of $46.2 million, and net loans of $63.8 million, somewhat offset by an increase in other assets of $14.3 million. The decrease in investments was attributable to mortgage-backed security repayments of $80.3 million somewhat offset by purchase of MBS held for sale of $33.3 million. The decrease in loans for the six months ended March 31, 2010, relates primarily to paydowns and maturities of $186.6 million offset by portfolio production of $187.2 million, net charge-offs of $57.0 million, a higher allowance for loan losses of $14.3 million and foreclosures transferred to real estate owned of $6.8 million. These items more than offset our portfolio loan production for the six months ended March 31, 2010, and resulted in a net decrease of $63.8 million in net loans.The increase in the allowance for loan loss is related to the higher level of nonaccrual loans, charge-offs, and delinquencies for residential and commercial loans, as well as the general deterioration of the portfolio s credit quality. Nonaccrual loans and charge-offs for residential and consumer loans increased $12.0 million and $17.2 million, respectively, during the six months ended March 31, 2010. Delinquencies for residential and consumer loans increased $1.7 million at March 31, 2010 as compared to September 30, 2009. Nonaccruals, charge-offs, and delinquencies for commercial loans increased $18.8 million, $10.8 million and $9.5 million, respectively, during this same six month period, primarily related to continued deteriorating economic conditions, and significant declines in collateral values and borrower financial conditions during the period. Nonaccrual loans and charge-offs for land increased $24.4 million and $29.0 million, respectively, for the six months ended March 31, 2010. Delinquencies for land decreased $6.1 million for the six month period ended March 31, 2010.
Liabilities decreased $112.8 million, or 3.57%, for the six months ended March 31, 2010. Non-interest and interest-bearing checking accounts increased $43.1 million, savings and money market accounts increased $10.6 million, and certificates of deposit increased $80.3 million. The increases in deposits are primarily a result of marketing programs and promotional products offered during the period. The Company competitively prices its deposit accounts to both attract deposits and maintain the net interest margin. Increases in FHLB advances of $37.7 million were more than offset by payoffs of borrowings from the Federal Reserve Bank and the JPMorgan Chase line of credit totaling $258.0 million. The Company utilized increases in deposits to reduce the overall levels of borrowings.
Long-term capital growth is a specific focus for the Company. The Company applied for and received approval to participate in the U.S. Treasury s Troubled Asset Relief Program. On December 5, 2008, the Company received $65.0 million related to this program. On September 29, 2009, the Company announced it had raised $65.0 million through a public offering by issuing 4,193,550 shares of the Company s common stock at $15.50 per share. On October 9, 2009, the Company announced that the underwriters of its recent public offering of common stock had fully exercised their over-allotment option, resulting in the issuance of an additional 629,032 shares at $15.50 per share.
On December 5, 2008, pursuant to the Capital Purchase Program established by the United States Department of the Treasury, First Financial issued and sold to the Treasury for an aggregate purchase price of $65.0 million in cash (i) 65,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $.01 per share, having a liquidation preference of $1,000 per share, and (ii) a ten-year warrant to purchase up to 483,391 shares of common stock, par value $.01 per share, of First Financial (“Common Stock”), at an initial exercise price of $20.17 per share, subject to certain anti-dilution and other adjustments (the “Warrant”).
At March 31, 2010, excluding cash and cash equivalents, the Company had a $561.7 million capacity, or 16.9% of total assets, to meet future funding needs, which included $35 million in available federal funds lines and $70.7 million of the Company s investment portfolio which was immediately saleable. As an alternative to asset sales, the Company has the ability to pledge assets to raise funds through secured borrowings. At March 31, 2010, First Federal had additional secured borrowings of $233.3 million available at the FHLB. Effective April 26, 2010, the FHLB of Atlanta required an additional 10% of lendable collateral value to secure advances. This will reduce our available borrowings by $68.7 million.
Read the The complete Report
