First Financial Holdings Inc. (FFCH, Financial) filed Annual Report for the period ended 2009-09-30.
FIRST FINANCIAL HOLDINGS INC. acts as a financial intermediary by attracting deposits from the general public and using such funds, together with borrowings and other funds, to originate first mortgage loans on residential properties located in its primary market areas. First Financial Holdings Inc. has a market cap of $210.1 million; its shares were traded at around $13.22 with and P/S ratio of 0.9. The dividend yield of First Financial Holdings Inc. stocks is 1.5%. First Financial Holdings Inc. had an annual average earning growth of 4.4% over the past 10 years.
On July 1, 2009, the Company, through its subsidiary First Federal, entered into an asset purchase and sale agreement with American Pensions, Inc. (“API”) and The South Financial Group, Inc. to purchase the assets of API, a retirement plan consulting, fiduciary and administration service provider located in Charleston, South Carolina. API had been in operation since 1989 providing “boutique” consulting, administration, compliance, investment advisory and fiduciary services exclusively to qualified retirement plans. In addition, API provides cost efficient retirement plan design and record keeping services. First Federal acquired approximately $310 thousand in cash, accounts receivable, prepaid and tangible assets and liabilities of $27 thousand. Additionally, $3.1 million in intangible assets resulted from the acquisition. The acquisition of API is expected to enhance the service offerings to existing and new customers and further complement services offered through First Southeast Investors Services, Inc., and First Southeast Insurance Services, Inc.
On April 10, 2009, First Federal entered into an agreement with the Federal Deposit Insurance Corporation (“FDIC”) and acquired certain assets and assumed certain liabilities of Cape Fear Bank, a full service community bank that was formerly headquartered in Wilmington, North Carolina. The acquisition consisted of assets with a fair value of $413.2 million and liabilities with a fair value of $384.3 million. In addition to the assets purchased and liabilities assumed, First Federal entered into a loss sharing agreement with the FDIC. Under the loss sharing agreement, First Federal will share in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $110.0 million, First Federal will assume the first $31.5 million and the FDIC has agreed to reimburse First Federal for 80 percent of the losses between $31.5 million and $110.0 million. On losses exceeding $110.0 million, the FDIC has agreed to reimburse First Federal for 95 percent of the losses. Reimbursement for losses on single family one-to-four residential mortgage loans are made quarterly until the end of the quarter in which the tenth anniversary of the closing of the acquisition occurs, and reimbursement for losses on non-single family one-to-four residential mortgage loans are made quarterly until the end of the quarter in which the fifth anniversary of the closing of the acquisition occurs. The reimbursable losses from the FDIC are based on the book value of the relevant loans and foreclosed assets as determined by the FDIC as of the date of the acquisition, April 10, 2009.
For the fiscal year ended September 30, 2009, FSE Insurance contributed $2.5 million in net income on total revenues of $21.2 million to the Company.
For the fiscal year ended September 30, 2009, Kimbrell Insurance Group experienced a net loss of $26 thousand on total revenues of $3.6 million.
For the fiscal year ended September 30, 2009, FSE Investors experienced a net loss of $95 thousand on total revenues of $2.0 million.
Read the The complete ReportFFCH is in the portfolios of Private Capital of Private Capital Management, Paul Tudor Jones of The Tudor Group, Chuck Royce of ROYCE & ASSOCIATES, Diamond Hill Capital of Diamond Hill Capital Management Inc.
FIRST FINANCIAL HOLDINGS INC. acts as a financial intermediary by attracting deposits from the general public and using such funds, together with borrowings and other funds, to originate first mortgage loans on residential properties located in its primary market areas. First Financial Holdings Inc. has a market cap of $210.1 million; its shares were traded at around $13.22 with and P/S ratio of 0.9. The dividend yield of First Financial Holdings Inc. stocks is 1.5%. First Financial Holdings Inc. had an annual average earning growth of 4.4% over the past 10 years.
Highlight of Business Operations:
On September 29, 2009, the Company completed the sale of $65.0 million of its common stock in an underwritten public offering. Our net proceeds from this offering were approximately $60.6 million. The underwriters exercised their over-allotment option in full in October 2009, which resulted in an additional $9.2 million, after deducting underwriting discounts and commissions and other estimated expenses of the offering. We intend to use the net proceeds of the offering for general corporate purposes, which may include, without limitation, providing capital to support the growth of our subsidiaries and other strategic business opportunities in our market areas, including FDIC-assisted transactions. We may also seek the approval of our regulators to utilize the proceeds of this offering and other cash available to us to repurchase all or a portion of the securities that we issued to the U.S. Department of the Treasury (the “Treasury”). On December 5, 2008, pursuant to the Capital Purchase Program (“CPP”) established by the United States Department of the Treasury (the “Treasury”), First Financial issued and sold to the Treasury for an aggregate purchase price of $65.0 million in cash (i) 65,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $.01 per share, having a liquidation preference of $1,000 per share (the “Series A Preferred Stock”), and (ii) a ten-year warrant to purchase up to 483,391 shares of common stock, par value $.01 per share, of First Financial, at an initial exercise price of $20.17 per share, subject to certain anti-dilution and other adjustments (the “Warrant”).On July 1, 2009, the Company, through its subsidiary First Federal, entered into an asset purchase and sale agreement with American Pensions, Inc. (“API”) and The South Financial Group, Inc. to purchase the assets of API, a retirement plan consulting, fiduciary and administration service provider located in Charleston, South Carolina. API had been in operation since 1989 providing “boutique” consulting, administration, compliance, investment advisory and fiduciary services exclusively to qualified retirement plans. In addition, API provides cost efficient retirement plan design and record keeping services. First Federal acquired approximately $310 thousand in cash, accounts receivable, prepaid and tangible assets and liabilities of $27 thousand. Additionally, $3.1 million in intangible assets resulted from the acquisition. The acquisition of API is expected to enhance the service offerings to existing and new customers and further complement services offered through First Southeast Investors Services, Inc., and First Southeast Insurance Services, Inc.
On April 10, 2009, First Federal entered into an agreement with the Federal Deposit Insurance Corporation (“FDIC”) and acquired certain assets and assumed certain liabilities of Cape Fear Bank, a full service community bank that was formerly headquartered in Wilmington, North Carolina. The acquisition consisted of assets with a fair value of $413.2 million and liabilities with a fair value of $384.3 million. In addition to the assets purchased and liabilities assumed, First Federal entered into a loss sharing agreement with the FDIC. Under the loss sharing agreement, First Federal will share in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $110.0 million, First Federal will assume the first $31.5 million and the FDIC has agreed to reimburse First Federal for 80 percent of the losses between $31.5 million and $110.0 million. On losses exceeding $110.0 million, the FDIC has agreed to reimburse First Federal for 95 percent of the losses. Reimbursement for losses on single family one-to-four residential mortgage loans are made quarterly until the end of the quarter in which the tenth anniversary of the closing of the acquisition occurs, and reimbursement for losses on non-single family one-to-four residential mortgage loans are made quarterly until the end of the quarter in which the fifth anniversary of the closing of the acquisition occurs. The reimbursable losses from the FDIC are based on the book value of the relevant loans and foreclosed assets as determined by the FDIC as of the date of the acquisition, April 10, 2009.
For the fiscal year ended September 30, 2009, FSE Insurance contributed $2.5 million in net income on total revenues of $21.2 million to the Company.
For the fiscal year ended September 30, 2009, Kimbrell Insurance Group experienced a net loss of $26 thousand on total revenues of $3.6 million.
For the fiscal year ended September 30, 2009, FSE Investors experienced a net loss of $95 thousand on total revenues of $2.0 million.
Read the The complete ReportFFCH is in the portfolios of Private Capital of Private Capital Management, Paul Tudor Jones of The Tudor Group, Chuck Royce of ROYCE & ASSOCIATES, Diamond Hill Capital of Diamond Hill Capital Management Inc.
