First Financial Holdings Inc., the bank holding company for First Federal Bank, reported $11.6 million in net income for the second quarter. The profit was attributed in part to the acquisition of the failed Plantation Financial Corp. in April.
By Lauren Ratcliffe
Published July 31, 2012
First Financial Holdings Inc. last week reported net income of $11.6 million in the second quarter, reversing a net loss of $44 million during the same period last year.
Net income per share was 70 cents for the second quarter compared with a net loss of $2.50 per share last year.
This year’s second-quarter profit was attributed in part to the acquisition of the failed Plantation Financial Corp. The deal resulted in a $9 million gain which was offset somewhat by a $3.1 million after-tax loss from the restructuring of the balance sheet, according to a news release.
In addition to the Plantation Federal acquisition, the bank holding company took over five branches of Liberty Savings Bank in the Hilton Head area.
“First Financial continues to execute on our strategic priorities and we have completed another eventful and successful quarter,” said R. Wayne Hall, president and CEO of First Financial and First Federal. “These results reflect the positive momentum we have generated as a result of the strategic initiatives implemented.”