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SCBT Financial in Columbia has agreed to buy First Financial Holdings in Charleston in a deal between South Carolina banks.
February 20
First Financial Holdings (SCBT) of Columbia, S.C.,
The substantial rise in net income for the quarter was fueled by its
"We are also on track with our merger integration and achieving our efficiency targets," First Financial Holdings chief executive Robert Hill Jr. said in a press release Tuesday. "We experienced a mortgage volume decline this quarter as a result of the rising rate environment, and saw some margin compression linked quarter. Overall, 2013 was a record year for our company. With our merger integration going well and our branding change scheduled for this summer, we are optimistic about the opportunities in 2014."
First Financial's net interest income for the fourth quarter of 2013 was $84.4 million, a 76% increase from the fourth quarter of 2012. Net interest income rose by $4.7 million from the third quarter of 2013 thanks primarily to a $455.7 million increase in the average balance of acquired loans, resulting from the full quarter effect of FFCH acquired loans.
Noninterest income grew to $20.7 million, up $9.8 million from the fourth quarter of 2012 due to the acquisition. Noninterest expense was $83.9 million, a 74.3% increase, again due to the merger.