First Financial Holdings Q4 Profit Rises - Quick Facts

(RTTNews) - First Financial Holdings Inc. (SCBT) said that its fourth-quarter net income available to common shareholders increased to $13.2 million, or $0.55 per share, from $5.9 million, or $0.38 per share last year.

Operating earnings were $19.3 million, which exclude merger expenses and include preferred stock dividends or $0.80 per share compared to $11.1 million, or $0.72 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter was $84.39 million, compared to $47.91 million last year.

Noninterest income was $20.7 million in the fourth quarter of 2013, up $9.8 million from fourth quarter of 2012. Noninterest income grew significantly by $9.8 million increase from fourth quarter of 2012 due to The Savannah Bancorp, Inc. and First Financial acquisitions. The increases were partially offset by lower mortgage banking income due to the decline in the mortgage pipeline and reduced gains from loans sold in the secondary market, and a decline in the fair value of the hedges related to mortgage banking activity.

The company said its board 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.

"Overall, 2013 was a record year for our company. With our merger integration going well and our branding change scheduled for this summer, we are optimistic about the opportunities in 2014" said Robert Hill, Jr. CEO.