SCBT Financial Corp. (SCBT, Financial) filed Quarterly Report for the period ended 2011-09-30.
Scbt Financial Corp. has a market cap of $412.3 million; its shares were traded at around $29.46 with a P/E ratio of 37.8 and P/S ratio of 1.4. The dividend yield of Scbt Financial Corp. stocks is 2.3%. Scbt Financial Corp. had an annual average earning growth of 5.9% over the past 10 years. GuruFocus rated Scbt Financial Corp. the business predictability rank of 3-star.
Compared to the third quarter of 2010, our loan portfolio has increased 9.6% to $2.9 billion, driven by growth in all loan categories except construction / land development and commercial non-owner occupied loans. Excluding the acquired loan portfolio, our loans grew by 9.0% or $203.3 million from the third quarter of 2010. The largest increases within the non-acquired loan portfolio occurred in commercial owner occupied by $172.6 million, or 31.6%, consumer owner occupied by $79.3 million, or 25.2%, consumer by $23.3 million, or 37.8%, other income producing property by $14.5 million, or 11.3%, and commercial and industrial by $12.7 million, or 6.2%. For the three months ended September 30, 2011, mortgage loans originated and sold in the secondary market grew by $27.9 million as refinancing activity and home sales improved seasonally.
Loans are our largest category of earning assets. During 2010 and the first nine months of 2011, we acquired loans that equated to 14.5% of the total loan portfolio. Due to the addition of acquired loans, the percentage of all the other loan categories decreased even though most loan portfolios increased in dollars, such as commercial owner-occupied, consumer owner occupied loans and home equity loans. Non-acquired commercial non-owner occupied real estate loans represented 21.6% of total loans as of September 30, 2011 a decrease from 27.6% of total loans at the end of the same period for 2010 and 27.2% of total loans at year ended December 31, 2010. At September 30, 2011, non-acquired construction and land development loans represented 11.0% of our total loan portfolio, a decrease from 15.3% of our total loan portfolio at September 30, 2010. At September 30, 2011, non-acquired construction and land development loans consisted of $219.3 million in land and lot loans and $96.7 million in construction loans, which represented 8.9% and 3.9%, respectively, of our total non-acquired loan portfolio. At December 31, 2010, non-acquired construction and land development loans consisted of $251.5 million in land and lot loans and $140.5 million in construction loans, which represented 11.0% and 6.1%, respectively, of our total non-acquired loan portfolio.
We use investment securities, our second largest category of earning assets, to generate interest income through the employment of excess funds, to provide liquidity, to fund loan demand or deposit liquidation, and to pledge as collateral for public funds deposits and repurchase agreements. At September 30, 2011, investment securities totaled $321.0 million, compared to $237.9 million at December 31, 2010 and $268.2 million at September 30, 2010. The increase in investment securities from the comparable period of 2010 was primarily the result of the net addition of $63.0 million of investment securities as well as the acquisition of $35.4 million in BankMeridian securities partially offset by the sale of $44.7 million in securities during the fourth quarter of 2010. This resulted in average and period-end balances increasing by 7.8% and 19.7%, respectively, from September 30, 2010.
Our effective income tax rate decreased to 35.1% for the nine months ended September 30, 2011, as compared to 36.0% for the comparable period of 2010. The lower effective tax rate in 2011 is attributable to lower pre-tax earnings driven by the $5.5 million and $11.0 million pre-tax acquisition gains recorded on the Habersham and BankMeridian acquisitions in comparison to the $98.1 million pre-tax acquisition gain recorded on the CBT acquisition. This caused tax exempt income to become a greater proportion of net income in 2011 than in 2010, thereby decreasing the effective rate.
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Scbt Financial Corp. has a market cap of $412.3 million; its shares were traded at around $29.46 with a P/E ratio of 37.8 and P/S ratio of 1.4. The dividend yield of Scbt Financial Corp. stocks is 2.3%. Scbt Financial Corp. had an annual average earning growth of 5.9% over the past 10 years. GuruFocus rated Scbt Financial Corp. the business predictability rank of 3-star.
Highlight of Business Operations:
We reported consolidated net income available to common shareholders of $10.3 million, or diluted earnings per share (EPS) of $0.74, for the third quarter of 2011 as compared to consolidated net income available to common shareholders of $1.8 million, or diluted EPS of $0.14, in the comparable period of 2010. This $8.5 million increase was the net result of the following items:Compared to the third quarter of 2010, our loan portfolio has increased 9.6% to $2.9 billion, driven by growth in all loan categories except construction / land development and commercial non-owner occupied loans. Excluding the acquired loan portfolio, our loans grew by 9.0% or $203.3 million from the third quarter of 2010. The largest increases within the non-acquired loan portfolio occurred in commercial owner occupied by $172.6 million, or 31.6%, consumer owner occupied by $79.3 million, or 25.2%, consumer by $23.3 million, or 37.8%, other income producing property by $14.5 million, or 11.3%, and commercial and industrial by $12.7 million, or 6.2%. For the three months ended September 30, 2011, mortgage loans originated and sold in the secondary market grew by $27.9 million as refinancing activity and home sales improved seasonally.
Loans are our largest category of earning assets. During 2010 and the first nine months of 2011, we acquired loans that equated to 14.5% of the total loan portfolio. Due to the addition of acquired loans, the percentage of all the other loan categories decreased even though most loan portfolios increased in dollars, such as commercial owner-occupied, consumer owner occupied loans and home equity loans. Non-acquired commercial non-owner occupied real estate loans represented 21.6% of total loans as of September 30, 2011 a decrease from 27.6% of total loans at the end of the same period for 2010 and 27.2% of total loans at year ended December 31, 2010. At September 30, 2011, non-acquired construction and land development loans represented 11.0% of our total loan portfolio, a decrease from 15.3% of our total loan portfolio at September 30, 2010. At September 30, 2011, non-acquired construction and land development loans consisted of $219.3 million in land and lot loans and $96.7 million in construction loans, which represented 8.9% and 3.9%, respectively, of our total non-acquired loan portfolio. At December 31, 2010, non-acquired construction and land development loans consisted of $251.5 million in land and lot loans and $140.5 million in construction loans, which represented 11.0% and 6.1%, respectively, of our total non-acquired loan portfolio.
We use investment securities, our second largest category of earning assets, to generate interest income through the employment of excess funds, to provide liquidity, to fund loan demand or deposit liquidation, and to pledge as collateral for public funds deposits and repurchase agreements. At September 30, 2011, investment securities totaled $321.0 million, compared to $237.9 million at December 31, 2010 and $268.2 million at September 30, 2010. The increase in investment securities from the comparable period of 2010 was primarily the result of the net addition of $63.0 million of investment securities as well as the acquisition of $35.4 million in BankMeridian securities partially offset by the sale of $44.7 million in securities during the fourth quarter of 2010. This resulted in average and period-end balances increasing by 7.8% and 19.7%, respectively, from September 30, 2010.
Our effective income tax rate decreased to 35.1% for the nine months ended September 30, 2011, as compared to 36.0% for the comparable period of 2010. The lower effective tax rate in 2011 is attributable to lower pre-tax earnings driven by the $5.5 million and $11.0 million pre-tax acquisition gains recorded on the Habersham and BankMeridian acquisitions in comparison to the $98.1 million pre-tax acquisition gain recorded on the CBT acquisition. This caused tax exempt income to become a greater proportion of net income in 2011 than in 2010, thereby decreasing the effective rate.
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