Owner of Charleston’s First Federal posts quarterly profit

Wayne Hall is CEO of First Federal and the 78-year-old bank's parent company.

The owner of the largest and oldest bank based in the Charleston region reported a $11.6 million quarterly profit today, fueled in part by its acquisition of a failed Georgetown County lender in April.

First Financial Holdings Inc., the holding company for the 78-year-old First Federal Bank, said the April-to-June gain compared with a $44 million loss for the same period a year ago. On a per-share basis, the parent’s net profit as of June 30 was 70 cents after subtracting dividend payments on preferred stock held by the U.S. Treasury.

The latest quarter included a $9 million gain on the acquisition of the failed Pawleys Island-based Plantation Federal Bank, which First Federal took over April 27 under an agreement with the Federal Deposit Insurance Corp. That was offset by a $3.1 million after-tax charge-off that stemmed from a restructuring of the parent company’s balance sheet.

“First Financial continues to execute on our strategic priorities and we have completed another eventful and successful quarter,” said R. Wayne Hall, president and chief executive of First Financial and First Federal. He said today’s earnings report represents the bank owner’s fifth consecutive quarter “of increased core operating results.”

See Friday’s editions of The Post and Courier for more details.

Reach John McDermott at 937-5572.