PrintPrintS.C. Bank and Trust said the results are primarily a result of net interest margin, non-interest income in mortgage banking and expense control. The SCBT board of directors declared a quarterly cash dividend of 17 cents per share.
Staff Report
Published Oct. 22, 2009
Columbia-based SCBT Financial Corp., the holding company for S.C. Bank and Trust, today announced earnings of $2.2 million for the third quarter, an increase of $2.1 million from the $124,000 earned in the third quarter of 2008.
The SCBT board of directors declared a quarterly cash dividend of 17 cents per share, which is equal to the dividend paid in the second quarter.
“We are successfully navigating through this environment with a good net interest margin, good expense control, and strong core deposit growth,” said Robert R. Hill Jr., the company’s president and CEO, in a statement.
But Hill said the company still faces higher credit costs and problem loans.
At the end of the third quarter, nonperforming loans totaled $37.2 million, representing 1.68% of period-end loans. Other real estate owned totaled $4.2 million, down from $6.1 million at Dec. 31, 2008, and up from $2.5 million at the end of the third quarter 2008.
During the third quarter, the company’s average total assets increased by $39.1 million, a 1.4% increase over the third quarter 2008. Contributing to this was a $78.3 million increase in average total deposits, up 3.8% from the third quarter of 2008. Average earning assets for the quarter increased by $54.5 million, or 2.1%, compared to the third quarter 2008.
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