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SCBT Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2011 04:27PM
SCBT Financial Corp. (SCBT) filed Quarterly Report for the period ended 2011-03-31.
Highlight of Business Operations:
Habersham Bank operates eight branches in the northeast region of Georgia. The Company acquired $359.9 million in total assets from the FDIC, including loans of $221.9 million, and $380.0 million in total liabilities, including $339.4 million in deposits, based on balances as recorded by Habersham as of February 18, 2011.
We reported consolidated net income available to common shareholders of $2.5 million, or diluted earnings per share (EPS) of $0.19, for the first quarter of 2011 as compared to consolidated net income available to common shareholders of $49.0 million, or diluted EPS of $3.86, in the comparable period of 2010. This $46.5 million decrease was the net result of the following items:
· Increase in non-interest expenses by $1.6 million, with $1.0 million of this from the addition of Habersham; $2.4 million in salaries and benefits; $2.8 million related to OREO and loan related expenses; offset by a $3.2 million decline related to FHLB prepayment fee and a decline in merger related cost of $3.3 million; offset by
· Improved provision for loan losses which decreased by $10.1 million over the comparable quarter as the non-covered SCBT loan portfolio loan losses declined by $11.4 million and the covered loan portfolio loan losses increased by $1.3 million, net of the expected reimbursement from the FDIC; and
Compared to the first quarter of 2010, our loan portfolio has increased 5.8% to $2.8 billion, driven by growth in all loan categories except construction / land development, other income producing property and acquired loans. Acquired loans grew by $127.5 million from the Habersham acquisition and CBT acquired loans declined by $106.4 million during the past year. Excluding the acquisition of Habersham and the acquired loan portfolio, our loans grew by 8.0% or $173.1 million from the first quarter of 2010. The largest increases within the non-acquired loan portfolio occurred in commercial owner occupied by $109.9 million, or 22.7%, consumer real estate by $47.1 million, or $16.4%, and home equity loans by $12.7 million, or 5.1%. For the three months ended March 31, 2011, mortgage loans in the secondary market declined by $31.9 million as refinancing activity slowed and home sales slowed seasonally.
Diluted EPS decreased to $0.19 for the first quarter of 2011 from $3.86 for the comparable period in 2010. Basic EPS decreased to $0.19 for the first quarter of 2011 from $3.89 for the comparable period in 2010. The decrease in both diluted and basic