October 27, 2008

First Financial Holdings has reported that its net income for the fourth quarter ended September 30, 2008 was $6.3 million and increased $1.1 million or 21.5% from the comparative quarter ended September 30, 2007. Basic and diluted earnings per share totaled $0.54 for the current quarter, compared to $0.44 per basic and diluted share for the quarter ended September 30, 2007.
Total revenues, defined as net interest income plus total other income, excluding gains on sales of investments and gains on disposition of assets, increased to $38.3 million for the quarter, an increase of $4.3 million, or 12.8%, from $34 million during the comparable quarter ended September 30, 2007.Net income and diluted earnings per share for the 12 months ended September 30, 2008 totaled $22.6 million, or $1.94, from $25.1 million, or $2.07, for the 12 months ended September 30, 2007. As of September 30, 2008, First Financials total assets were $3 billion, loans receivable totaled $2.4 billion and deposits were $1.9 billion. Stockholders' equity was $183.5 million at September 30, 2008.