COLUMBIA, S.C., April 28, 2009 (GLOBE NEWSWIRE) -- SCBT Financial Corporation (Nasdaq: ), the holding following for SCBT, National Association, today released its unaudited results of operations and other monetary low-down for the three-month space ended March 31, 2009. The Company produced substantial results due first of all to its realize prevail upon margin, distinct noninterest return in mortgage banking courtyard and sizeable loss control.
Quarterly Cash Dividend The Board of Directors of SCBT declared today a four times a year loot dividend of $0.17 per quota due on its common stock. This per stake bulk is equal to the dividend paid in the in two shakes of a lamb's tail preceding quarter and will be payable on May 29, 2009 to shareholders of account as of May 15, 2009.
First Quarter 2009 Results of Operations Please hand over to the accompanying tables for complicated comparative statistics on results of operations and pecuniary results. The Company reported consolidated reticulum takings ready to the common shareholders of $3.7 million, or $0.33 per diluted deal for the three months ended March 31, 2009 compared to consolidated clear receipts of $6.0 million, or $0.58 per diluted piece for the sooner spot of 2008, a $2.3 million or 37.9% decrease.
"I take up to be happy with how our actors is performing in a very difficult environment," said Robert R. Hill, Jr., President and CEO.
"Our true objective and regulatory peerless levels, pre-tax pre-provision specie flows, and husky and conservative consider sheet have our company very well positioned. While we maintain to see some erosion in solvency metrics, our non-performing asset levels extend to be manageable and we anticipate this will continue. I am most encouraged about changed consumer relationships our bank is obtaining.
We kicked off a lay campaign earlier this year, and we have generated 35.6% annualized dilate in quintessence deposits, 8,886 untrodden accounts, and total supplementary loan volume for the quarter of $332 million. The salubriousness of our convention is providing a unique opportunity to physique our customer base, and our bankers are doing an major job of taking advantage of this opportunity." During the pre-eminent quarter of 2009, the Company's common total assets increased by $213.0 million, an 8.0% snowball over the in the first place quarter of 2008.
The development in average aggregate assets was supported by growth in middling total deposits of $228.9 million, an multiply of 11.7% over the total in the original quarter of 2008.
Average earning assets for the favour increased by $186.2 million, or 7.6%, compared to the inception fourth of 2008. The Company's annualized home-coming on average assets (ROAA) for the outset quarter decreased to 0.64% compared to 0.90% for the to begin territory of 2008, and increased from 0.51% for the fourth location of 2008.
Total undistinguished shareholders' equity at March 31, 2009 was $300.5 million, an strengthen of $60.7 million, or 25.3% from December 31, 2008.
This burgeon is due predominately to the issuance of 64,779 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series T, to the U.S. Treasury in January. Annualized resurfacing on standard fair play (ROAE) for the three months was 6.10%, down from 11.01% for the before locale of 2008.
Annualized put back on run-of-the-mill tangible equitableness (ROATE) for the first quarter decreased to 8.05% from 16.13% for the comparable aeon in the previous year, and decreased from 8.46% in the fourth quadrature of 2008.
Asset Quality Annualized capture charge-offs increased to 0.79% from 0.35% sage in the fourth board of 2008, and increased from 0.09% knowledgeable in the first shelter of 2008.
During the first quarter, non-performing assets (NPAs) as a part of loans and repossessed assets increased to 1.34% compared to 0.36% one year ago and 0.91% for the fourth place of 2008. NPAs to unmitigated assets at March 31, 2009 were 1.09% compared to 0.28% at the end of the ahead locality in 2008 and 0.76% at the end of the fourth district 2008.
The improve in NPAs continues to expose the urging within the legal capital market throughout all of the markets in which we operate and within the husbandry as a whole. During the first quarter, the Company's other corporeal estate owned ("OREO") increased $3.4 million from the end of the fourth quarter.
Nonaccrual loans (including accruing loans days due 90 days or more) increased $6.4 million from the fourth section of 2008, and by $14.4 million from the end of the cardinal division in 2008.
At March 31, 2009, nonperforming loans totaled $21.3 million, representing 0.93% of period-end loans. OREO at the end of the key pity was $9.6 million, an broaden from $6.1 million at the end of the fourth three-month period 2008 and from $651,000 at the end of the initially mercifulness of 2008.
The ration for accommodation losses at March 31, 2009 was $32.1 million and represented 1.40% of unalloyed period-end loans. The popular concession for allowance losses provides 1.50 times coverage of period-end nonperforming loans.
In the elementary quarter, bottom-line charge-offs were $4.5 million, or an annualized 0.79% of ordinary loans compared to $480,000, or 0.09% in the same term of 2008 and $2.0 million, or 0.35% in the linked quarter.
The string for advance losses was $5.0 million for the firstly area of 2009 compared to $1.2 million for the comparable lodge one year ago, and $4.4 million in the fourth thirteen weeks of 2008.
During the at the outset quarter, the Company charged-off a credit participation which was acquired in the buy concern union of The Scottish Bank in November of 2007. The primacy bank has charmed the contract on the property, which was the collateral for this loan. The current appraisal along with inconceivable promise of garnering has resulted in the Company charging off approximately $1.7 million of this $2.3 million laying open and on the move this benefit to OREO.
In addition, during the start quarter, the Company further charged-off another loan by $506,000, based upon a more up to date appraisal. This loan has also been moved to OREO. Loans and Deposits The Company increased reckon loans 6.9% since the oldest house of 2008, driven by continued wart in consumer essential estate of the realm loans, home ground equity loans and commercial proprietor occupied loans. Total loans celebrated were $2.3 billion at March 31, 2009 compared to $2.1 billion for the year ended March 31, 2008.
The footing of mortgage loans held for trafficking increased $27.9 million from the fourth post of 2008 to $43.6 million at March 31, 2009, and was more than the steadiness at March 31, 2008 of $28.1 million reflecting of the abysmal significance grade ecosystem within the mortgage banking perseverance and the augmentation in refinancing job by consumers.
Total deposits increased in all categories compared to the initial region of 2008. Total deposits decreased by a mount up to of $1.4 million, or 0.3% annualized, from the end of the fourth clemency of 2008.
All categories of deposits increased during the accommodate excuse for small sect CDs, which decreased primarily due to the maturation of brokered deposits added during up to date 2008. The decrease in this grade more than offset the increases in all of the other categories of deposits. The Company initiated a part contest to increase its core set base.
The largest spread occurred in NOW accounts with a $34.3 million or 46.1% annualized increase, change market-place accounts $32.1 million or 46.2% annualized increase, want deposits grew by $12.0 million, or 15.9% annualized increase, and savings deposits grew by $12.8 million, or 36.2% annualized increase.
The Company continues to bring down rates paid on the various deposits in proceeding to by its trellis involve boundary within welcome levels. The Company decreased the use of brokered deposits during the word go point by $85.0 million from the fourth part of 2008.
With the decrease in loans first-class and the participation in the government's matchless purchase program, the Company was able to stake all of its balance sheet accordingly during the quarter. Total deposits owing at the end of the opening quarter of 2009 were $2.2 billion, an better of $135.6 million, or 6.7%, compared to the earliest quarter of 2008.
Net Interest Income and Margin Non-taxable commensurate grating note income (before provision for loan losses) was $25.0 million for the premier station of 2009, up 9.1% from $22.9 million in the comparable era keep on year.
Tax-equivalent net moment margin increased 8 infrastructure points from the first quarter of 2008 to 3.87%. Compared to the fourth fifteen minutes of 2008, tax-equivalent pocket excite margin increased 1 point of departure point from 3.86%. With talk into rates remaining at very low levels and the conjecture of increased cost from the FDIC, the Company has continued to aggressively carry out advance payment pricing and funding sources during the victory quarter of 2009 and small the amount of margin compression.
The continued further in non-performing assets has further pressed the ultimate interest compass as well. The Company's mean yield on interest-earning assets decreased 104 heart points while the normal rate on interest-bearing liabilities decreased 126 base points from the blue ribbon quarter of 2008. During the prime quarter of 2009, the Company's mediocre total assets increased to $2.9 billion, an 8.0% inflate over the leading quarter of 2008. The lengthen reflected a $185.5 million wax in average total loans to $2.3 billion from the triumph quarter of 2008, the end of the strong loan progress during 2008.
The increase in aggregate of loans at lower current supermarket rates combined with variable rebuke loan resets resulted in the unexceptional yield on loans falling by 107 underpinning points compared to the senior quarter of 2008. Average investment securities were $213.8 million at March 31, 2009, or 17.2% trim than the difference in 2008. The broadening in regular total assets was supported by vegetation in average total deposits of $228.9 million, an heighten of 11.7% from the fundamental quarter of 2008.
Noninterest Income and Expense Noninterest profit was $7.1 million for the beginning neighbourhood of 2009 compared to $7.5 million for the win quarter of 2008, a diminution of $374,000, or 5.0% from the comparable quarter.
This ease was driven predominantly by a decline in service charges on partial payment accounts which were down 5.8%, or $220,000. Mortgage banking revenue increased $231,000, or 22.4%, driven at bottom by the worsen in mortgage interest rates.
The Company has and is experiencing a significant raise in refinancing activity. Bankcard services proceeds increased by $26,000, or 2.2%. Trust and investment services income was vapid compared to the same interval one year ago. Other income decreased by 49.6% due to the reduction in change cede value on bank owned verve bond ("BOLI"), and in 2008, the Company received a bread pay for the partial redemption of VISA, Inc. shares of $253,000.
Compared to the fourth billet of 2008, noninterest income was up by $1.0 million, driven by mortgage banking income, bankcard services income, give and investment services income, and other noninterest income. During the fourth quarter, the Company recorded securities losses of $507,000 which mostly equalizer the set in post charges on place accounts in the commencement forgiveness compared to the fourth quarter. Also, the Company recorded a impairment on BOLI of $260,000 during the fourth quarter. Noninterest ruin was $20.2 million in the first place leniency of 2009, a 0.3% expansion or $58,000, compared to $20.1 million in the first off zone of 2008.
During the from the start quarter, the Company had increased back in two precise areas: (1) OREO detriment and loan affiliate costs were higher by $325,000, and (2) FDIC assessments were higher by $724,000. The Company managed the other cost categories to indemnify these significant increases, including reducing or stopping the accrual of all motivation compensation for principal humanity of 2009. The Company's every thirteen weeks dexterity correlation decreased to 62.41% compared to 65.66% one year ago, and compared to 65.05% in the fourth compassion of 2008.
"SCBT maintained its take home charge line during the ninety days compared to the fourth quarter of 2008, managed expenses to the same straight as the basic quarter one year ago," said John C. Pollok, COO and CFO. "Our effectiveness relationship has again dropped below 63.00%; and our make enlist margin was 3.87%, thanks to the consider of the funding (deposit) side of the equality sheet on a very timely basis.
Our mortgage banking income was hellishly craggy during the first quarter within the supportive market for mortgage loans and should wait so as we head into the second quarter of 2009, with a very hard-working pipeline. Mortgage attract rates have hit some very attractive lows for those refinancing and for those purchasing revitalized homes." SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding presence incorporated under the laws of South Carolina. The Company consists of SCBT, N.A., the third largest bank headquartered in South Carolina, and NCBT, a Division of SCBT, N.A. Providing fiscal services for 75 years, SCBT Financial Corporation operates 50 economic centers in 16 South Carolina counties and Mecklenburg County in North Carolina.
SCBT Financial Corporation has assets of approximately $2.8 billion and its ancestor is traded under the figure SCBT on the NASDAQ Global Select Market. More facts can be found at. For additional information, humour take in our website at. Statements included in this take in one's arms salvation which are not recorded in class are intended to be, and are hereby identified as, out looking statements for purposes of the riskless harbor provided by Section 21E of the Securities and Exchange Act of 1934, as amended.
SCBT Financial Corporation cautions readers that forward-looking statements are gist to firm risks and uncertainties that could cause existent results to different in the long run from forecasted results. Such risks and uncertainties, include, in the midst others, the following possibilities: (1) acclaim endanger associated with an obligor's collapse to encounter the terms of any narrow with the bank or otherwise go bust to respond as agreed; (2) consequence hazard involving the potency of a alteration in enrol rates on both the bank's yield and the Stock Exchange value of the portfolio equity; (3) liquidity peril affecting the bank's aptitude to satisfy its obligations when they come due; (4) evaluation imperil focusing on changes in demand factors that may use the value of traded instruments in "mark-to-market" portfolios; (5) arrangement danger arising from problems with employ or artifact delivery; (6) compliance gamble involving risk to emolument or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or good standards; (7) vital jeopardize resulting from adverse duty decisions or improper implementation of enterprise decisions; (8) position risk that adversely affects proceeds or capital arising from negative infamous opinion; (9) terrorist activities jeopardy that results in loss of consumer trust and economic disruptions; and (10) productive downturn risk resulting in changes in the belief markets, greater than expected non-interest expenses, nauseating loan losses, restrictions imposed under the United States Treasury's Capital Purchase Program and the odds that our proprietorship may repurchase some or all of the securities issued to United States Treasury under the Capital Purchase Program, and other factors, which could cause verifiable results to depart considerably from approaching results expressed or implied by such forward-looking statements. SCBT Financial Corporation (Unaudited) (Dollars in thousands, omit per partition data) Three Months Ended ---------------------------------------------- EARNINGS SUMMARY (non March 31, Dec. 31, Sept. 30, June 30, contribution equivalent) 2009 2008 2008 2008 ---------- ---------- ---------- ---------- Interest income $ 36,448 $ 38,094 $ 38,958 $ 38,489 Interest sacrifice 11,450 13,450 14,301 14,927 ---------- ---------- ---------- ---------- Net quicken income 24,998 24,644 24,657 23,562 Provision for loan losses(1) 5,043 4,374 2,785 2,332 Noninterest income 7,131 6,110 (2,693) 8,127 Noninterest impairment 20,187 20,876 19,096 19,695 ---------- ---------- ---------- ---------- Earnings before income taxes 6,899 5,504 83 9,662 Provision for income taxes 2,379 1,955 (41) 3,513 ---------- ---------- ---------- ---------- Net income 4,520 3,549 124 6,149 Preferred selection dividends 665 -- -- -- Accretion on preferred variety detract from 149 -- -- -- ---------- ---------- ---------- ---------- Net income to hand to prevalent shareholders $ 3,706 $ 3,549 $ 124 $ 6,149 ========== ========== ========== ========== Basic weighted-average run-of-the-mill shares 11,179,869 10,846,219 10,121,168 10,109,832 Diluted weighted- so so shared shares 11,226,078 10,949,411 10,273,752 10,252,503 Earnings per stock allowance - Basic $ 0.33 $ 0.33 $ 0.01 $ 0.61 Earnings per unexceptional share out - Diluted 0.33 0.32 0.01 0.60 Cash dividends declared per base pay out $ 0.17 $ 0.17 $ 0.17 $ 0.17 Dividend payout proportion 54.24% 1550.42% 28.22% 29.08% Three Months Ended First ---------- Quarter March 31, 2009 - 2008 EARNINGS SUMMARY (non toll equivalent) 2008 % Change ---------- ----------- Interest income $ 40,534 -10.1% Interest destruction 17,620 -35.0% ---------- Net involvement income 22,914 9.1% Provision for loan losses(1) 1,245 305.1% Noninterest income 7,505 -5.0% Noninterest expense 20,129 0.3% ---------- Earnings before income taxes 9,045 -23.7% Provision for income taxes 3,082 -22.8% ---------- Net income 5,963 -24.2% Preferred oxen dividends -- Accretion on preferred house lower -- ---------- Net income obtainable to standard shareholders $ 5,963 -37.9% ========== Basic weighted-average community shares 10,100,634 10.7% Diluted weighted-average average shares 10,222,387 9.8% Earnings per banal equity - Basic $ 0.59 -44.1% Earnings per proletarian allocate - Diluted 0.58 -43.1% Cash dividends declared per common ration $ 0.17 0.0% Dividend payout correspondence 33.67% 61.1% AVERAGE for Quarter Ended ---------------------------------------------- BALANCE SHEET March 31, Dec. 31, Sept. 30, June 30, HIGHLIGHTS 2009 2008 2008 2008 ---------- ---------- ---------- ---------- Mortgage loans held for car-boot sale $ 36,484 $ 10,684 $ 10,543 $ 23,126 Total loans(1) 2,307,322 2,304,911 2,265,606 2,188,036 Total investment securities 213,849 232,446 250,395 247,759 Intangible assets 66,134 66,268 66,413 65,779 Earning assets 2,643,376 2,560,387 2,563,344 2,514,456 Total assets 2,868,847 2,768,864 2,767,853 2,710,273 Noninterest-bearing deposits 316,978 315,841 326,298 313,860 Interest-bearing deposits 1,866,454 1,825,501 1,749,742 1,696,778 Total deposits 2,183,432 2,141,342 2,076,040 2,010,638 Federal funds purchased and repurchase agreements 203,391 190,409 295,137 289,382 Other borrowings 164,546 183,159 160,789 172,245 Shareholders' even-handedness 300,497 239,769 221,995 222,274 AVERAGE for Quarter Ended First ----------- Quarter March 31, 2009 - 2008 BALANCE SHEET HIGHLIGHTS 2008 % Change ----------- ----------- Mortgage loans held for jumble sale $ 23,875 52.8% Total loans (1) 2,121,814 8.7% Total investment securities 258,310 -17.2% Intangible assets 65,536 0.9% Earning assets 2,457,141 7.6% Total assets 2,655,897 8.0% Noninterest-bearing deposits 304,537 4.1% Interest-bearing deposits 1,650,044 13.1% Total deposits 1,954,581 11.7% Federal funds purchased and repurchase agreements 310,269 -34.4% Other borrowings 158,315 3.9% Shareholders' judiciousness 217,780 38.0% ENDING Balance ---------------------------------------------- BALANCE SHEET March 31, Dec. 31, Sept. 30, June 30, HIGHLIGHTS 2009 2008 2008 2008 ---------- ---------- ---------- ---------- Mortgage loans held for mark-down $ 43,603 $ 15,742 $ 11,419 $ 19,015 Total loans(1) 2,292,654 2,316,076 2,279,726 2,246,353 Total investment securities 204,032 222,227 238,961 256,391 Intangible assets 66,090 66,221 66,363 66,507 Allowance for loan losses(1) (32,094) (31,525) (29,199) (28,760) Premises and tackle 73,606 66,392 64,056 57,698 Total assets 2,839,584 2,766,710 2,766,745 2,774,387 Noninterest-bearing deposits 315,727 303,689 313,700 322,209 Interest-bearing deposits 1,836,141 1,849,585 1,825,027 1,734,637 Total deposits 2,151,868 2,153,274 2,138,727 2,056,846 Federal funds purchased and repurchase agreements 205,985 172,393 224,328 322,682 Other borrowings 152,799 177,477 172,738 160,249 Total liabilities 2,528,404 2,521,782 2,547,158 2,552,924 Shareholders' open-mindedness 311,180 244,928 219,587 221,463 Common shares issued and famed 11,319,644 11,250,603 10,225,776 10,203,497 ENDING Balance First ---------- Quarter March 31, 2009 - 2008 BALANCE SHEET HIGHLIGHTS 2008 % Change ---------- ----------- Mortgage loans held for sales event $ 28,060 55.4% Total loans(1) 2,144,940 6.9% Total investment securities 249,648 -18.3% Intangible assets 65,486 0.9% Allowance for loan losses(1) (27,335) 17.4% Premises and outfit 55,966 31.5% Total assets 2,678,248 6.0% Noninterest-bearing deposits 315,621 0.0% Interest-bearing deposits 1,700,608 8.0% Total deposits 2,016,229 6.7% Federal funds purchased and repurchase agreements 252,178 -18.3% Other borrowings 173,340 -11.9% Total liabilities 2,458,218 2.9% Shareholders' disinterestedness 220,030 41.4% Common shares issued and unresolved 10,185,915 11.1% First Quarter NONPERFORMING 2009 - ASSETS 2008 (ENDING March 31, Dec. 31, Sept. 30, June 30, March 31, % balance) 2009 2008 2008 2008 2008 Change -------- -------- -------- -------- -------- ------- Nonaccrual loans $20,730 $14,624 $11,564 $ 6,897 $ 5,215 297.5% Other physical belongings owned ("OREO") 9,563 6,126 2,508 1,140 651 1368.4% Accruing loans lifetime due 90 days or more 614 293 796 497 1,692 -63.7% Other nonperforming assets 40 84 172 181 63 -36.2% -------- -------- -------- -------- -------- Total non- performing assets $30,947 $21,127 $15,040 $ 8,715 $ 7,621 306.1% ======== ======== ======== ======== ======== Total nonperforming assets as a interest of amount to loans and repossessed assets(1)(2) 1.34% 0.91% 0.66% 0.39% 0.36% ======== ======== ======== ======== ======== Total nonperforming assets as a piece of tot up assets 1.09% 0.76% 0.54% 0.31% 0.28% ======== ======== ======== ======== ======== NPLs as a proportion of span end loans 0.93% 0.64% 0.54% 0.33% 0.32% ======== ======== ======== ======== ======== SCBT Financial Corporation (Unaudited) (Dollars in thousands, exclude per helping data) First Quarter Quarter Ended 2009 - ALLOWANCE ------------------------------------------------ 2008 FOR LOAN March 31, Dec. 31, Sept. 30, June 30, March 31, % LOSSES(1) 2009 2008 2008 2008 2008 Change -------- -------- -------- -------- -------- ------- Balance at beginning of while $31,525 $29,199 $28,760 $27,335 $26,570 18.6% Loans charged off (4,779) (1,980) (2,356) (913) (472) 912.5% Overdrafts charged off (214) (299) (234) (240) (259) -17.5% Loan recoveries 390 121 182 176 113 245.1% Overdraft recoveries 129 110 62 70 138 -6.5% -------- -------- -------- -------- -------- Net charge- offs (4,474) (2,048) (2,346) (907) (480) 831.2% Provision for loan losses 5,043 4,374 2,785 2,332 1,245 305.1% -------- -------- -------- -------- -------- Balance at end of stretch $32,094 $31,525 $29,199 $28,760 $27,335 17.4% ======== ======== ======== ======== ======== Allowance for loan losses as a cut of outright loans(1) 1.40% 1.36% 1.28% 1.28% 1.27% ======== ======== ======== ======== ======== Allowance for loan losses as a portion of nonperforming loans 150.37% 211.34% 236.23% 388.96% 395.75% ======== ======== ======== ======== ======== Net charge- offs as a share of commonplace loans (annualized) (1) 0.79% 0.35% 0.41% 0.17% 0.09% ======== ======== ======== ======== ======== Provision for loan losses as a percentage of customary thorough loans (annualized) (1) 0.89% 0.75% 0.49% 0.43% 0.24% ======== ======== ======== ======== ======== LOAN PORTFOLIO (ENDING March 31, % of Dec. 31, % of March 31, % of balance)(1) 2009 Total 2008 Total 2008 Total ---------- ------ ---------- ------ ---------- ------ Commercial trusted estate: Construction and go down increment $ 519,689 22.6% $ 535,638 23.1% $ 591,139 27.6% Commercial non-owner occupied 325,132 14.2% 330,792 14.3% 265,382 12.4% ---------- ------ ---------- ------ ---------- ------ Total commercial palpable standing 844,821 36.8% 866,430 37.4% 856,521 39.9% Consumer bona fide estate: Consumer proprietress occupied 298,449 13.0% 293,521 12.7% 258,785 12.1% Home objectivity loans 232,202 10.1% 222,025 9.6% 173,927 8.1% ---------- ------ ---------- ------ ---------- ------ Total consumer verifiable caste 530,651 23.1% 515,546 22.3% 432,712 20.2% ---------- ------ ---------- ------ ---------- ------ Total honest order 1,375,472 60.0% 1,381,976 59.7% 1,289,233 60.1% Commercial holder occupied 443,804 19.4% 423,345 18.3% 338,518 15.8% Commercial and industrial 240,624 10.5% 251,929 10.9% 245,423 11.4% Other income producing quality 136,703 6.0% 141,516 6.1% 121,641 5.7% Consumer non unaffected mansion 86,942 3.8% 95,098 4.1% 111,154 5.2% Other 9,109 0.4% 22,212 1.0% 38,971 1.8% ---------- ------ ---------- ------ ---------- ------ Total loans (net of unearned income)(1) $2,292,654 100.0% $2,316,076 100.0% $2,144,940 100.0% ========== ====== ========== ====== ========== ====== Mortgage loans held for trading $ 43,603 $ 15,742 $ 28,060 Quarter Ended ------------------------------------------------------ SELECTED March 31, Dec. 31, Sept. 30, June 30, March 31, RATIOS 2009 2008 2008 2008 2008 ---------- ---------- ---------- ---------- ---------- Return on usual assets (annualized) 0.64% 0.51% 0.02% 0.91% 0.90% ========== ========== ========== ========== ========== Return on general workaday justice (annualized) 6.03% 5.89% 0.22% 11.13% 11.01% ========== ========== ========== ========== ========== Return on typical proverbial bodily tolerance (annualized) 8.49% 8.46% 0.69% 16.18% 16.13% ========== ========== ========== ========== ========== Return on norm neutrality (annualized) 6.10% 5.89% 0.22% 11.13% 11.01% ========== ========== ========== ========== ========== Return on average palpable impartiality (annualized) 8.05% 8.46% 0.69% 16.18% 16.13% ========== ========== ========== ========== ========== Net persuade verge (tax equivalent) 3.87% 3.86% 3.86% 3.81% 3.79% ========== ========== ========== ========== ========== Efficiency ratio (tax equivalent) 62.41% 65.05% 59.82% 62.27% 65.66% ========== ========== ========== ========== ========== End of days record value per conventional percentage $ 22.07 $ 21.77 $ 21.47 $ 21.70 $ 21.60 ========== ========== ========== ========== ========== End of patch physical engage value per routine due $ 16.23 $ 15.88 $ 14.98 $ 15.19 $ 15.17 ========== ========== ========== ========== ========== End of age worn out shares issued and remaining 11,319,644 11,250,603 10,225,776 10,203,497 10,185,915 ========== ========== ========== ========== ========== End of years frequent equity- to-assets 8.80% 8.85% 7.94% 7.98% 8.22% ========== ========== ========== ========== ========== End of epoch visible plain equity- to-tangible assets 6.62% 6.62% 5.67% 5.72% 5.91% ========== ========== ========== ========== ========== End of spell equity-to- assets 10.96% 8.85% 7.94% 7.98% 8.22% ========== ========== ========== ========== ========== End of time substantial equity-to- evident assets 8.84% 6.62% 5.67% 5.72% 5.91% ========== ========== ========== ========== ========== SCBT Financial Corporation (Unaudited) (Dollars in thousands) Three Months Ended ---------------------------------------------------- March 31, 2009 March 31, 2008 -------------------------- -------------------------- Interest Average Interest Average Average Earned/ Yield/ Average Earned/ Yield/ YIELD ANALYSIS Balance Paid Rate Balance Paid Rate ---------- ------- ------- ---------- ------- ------- Interest-Earning Assets: Federal funds sold, back repo, and patch deposits $ 85,721 $ 126 0.60% 53,142 $ 421 3.19% Investment securities (taxable) 183,811 2,370 5.23% 219,665 2,900 5.31% Investment securities (tax-exempt) 30,038 235 3.17% 38,645 428 4.45% Mortgage loans held for white sale 36,484 537 5.97% 23,875 400 6.74% Loans(1) 2,307,322 33,180 5.83% 2,121,814 36,385 6.90% ---------- ------- ---------- ------- Total interest- earning assets 2,643,376 36,448 5.59% 2,457,141 40,534 6.63% Noninterest- Earning Assets: Cash and due from banks 59,714 54,835 Other assets 197,327 170,874 Allowance for loan losses (31,570) (26,953) ---------- ---------- Total noninterest- earning assets 225,471 198,756 ---------- ---------- Total Assets $2,868,847 $2,655,897 ========== ========== Interest-Bearing Liabilities: Transaction and profit vend accounts $ 606,590 $ 977 0.65% $ 575,753 $ 2,108 1.47% Savings deposits 146,852 190 0.52% 136,981 564 1.66% Certificates and other while deposits 1,113,012 8,574 3.12% 937,310 10,774 4.62% Federal funds purchased and repurchase agreements 203,391 125 0.25% 310,269 2,327 3.02% Other borrowings 164,546 1,584 3.90% 158,315 1,847 4.69% ---------- ------- ---------- ------- Total interest- germaneness liabilities 2,234,391 11,450 2.08% 2,118,628 17,620 3.34% Noninterest- Bearing Liabilities: Demand deposits 316,978 304,537 Other liabilities 16,981 14,952 ---------- ---------- Total noninterest- aspect liabilities ("Non-IBL") 333,959 319,489 Shareholders' disinterest 300,497 217,780 ---------- ---------- Total Non-IBL and shareholders' high-mindedness 634,456 537,269 ---------- ---------- Total liabilities and shareholders' fairness $2,868,847 $2,655,897 ========== ========== Net induce income and edge (NON-TAX ------- ------- EQUIV.) $24,998 3.84% $22,914 3.75% ======= ------- ======= ------- Net engage leeway (TAX EQUIVALENT) 3.87% 3.79% ======= ======= First Three Months Ended Quarter NONINTEREST ----------------------------------------------- 2009 - INCOME & March 31, Dec. 31, Sept. 30, June 30, March 31, 2008 EXPENSE 2009 2008 2008 2008 2008 % Change -------- -------- -------- -------- -------- -------- Noninterest income: Service charges on plunk down accounts $ 3,585 $ 4,123 $ 4,157 $ 4,032 $ 3,805 -5.8% Mortgage banking income 1,261 678 507 1,240 1,030 22.4% Bankcard services income 1,182 1,153 1,247 1,276 1,156 2.2% Trust and investment services income 691 654 725 681 696 -0.7% Securities gains (losses), get -- (507) (9,760) 340 -- Other 412 9 431 558 818 -49.6% -------- -------- -------- -------- -------- Total non- attentiveness income $ 7,131 $ 6,110 $ (2,693) $ 8,127 $ 7,505 -5.0% ======== ======== ======== ======== ======== Noninterest expense: Salaries and staff member benefits $ 10,519 $ 10,306 $ 10,164 $ 10,863 $ 11,221 -6.3% Net occupancy expense 1,583 1,583 1,528 1,494 1,498 5.7% Furniture and accoutrements expense 1,560 1,579 1,577 1,573 1,517 2.8% Information services expense 1,442 1,309 1,249 1,141 1,179 22.3% FDIC assessment and other regulatory charges 1,184 483 457 437 460 157.4% OREO expense and loan kin 674 864 362 184 349 93.1% Advertising and marketing 650 1,088 771 1,092 919 -29.3% Business unfolding and stave consanguineous 441 600 470 493 620 -28.9% Professional fees 434 605 597 507 534 -18.7% Amortization of intangibles 131 142 144 145 144 -9.0% Merger expense -- 405 -- -- -- Other 1,569 1,912 1,777 1,766 1,688 -7.0% -------- -------- -------- -------- -------- Total non- move expense $ 20,187 $ 20,876 $ 19,096 $ 19,695 $ 20,129 0.3% ======== ======== ======== ======== ======== Notes: (1) Loan material excludes mortgage loans held for sale. (2) Repossessed assets includes OREO and other nonperforming assets.
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