First Financial Holdings, Inc. Announces Second Quarter Earnings

First Financial Holdings, Inc. Announces Second Quarter Earnings

CHARLESTON, S.C., July 26, 2013 (GLOBE NEWSWIRE) -- First Financial Holdings,
Inc. ("First Financial") (Nasdaq:FFCH), the holding company for First Federal
Bank ("First Federal"), announced today net income available to common
shareholders of $6.9 million for the three months ended June 30, 2013,
compared with $4.3 million for the three months ended March 31, 2013 and $11.6
million for the three months ended June 30, 2012. Diluted net income per
common share was $0.42 for the quarter ended June 30, 2013, compared with
$0.26 for the prior quarter and $0.70 for the same quarter last year. The
quarter ended June 30, 2012 included a $9.0 million after-tax gain on the
acquisition of Plantation Federal Bank ("Plantation") and a $3.1 million
after-tax net charge related to repositioning the balance sheet.

For the six months ended June 30, 2013, net income available to common
shareholders was $11.2 million, compared with $12.4 million for the same
period of 2012. Diluted net income per common share was $0.68, compared with
$0.75 for the first six months of 2012.

Quarterly Results of Operations

First Financial reported net income of $7.9 million for the three months ended
June 30, 2013, compared with $5.3 million for the three months ended March 31,
2013 and $12.6 million for the three months ended June 30, 2012.

Net interest income

Net interest margin, on a fully tax-equivalent basis, was 4.37% for the
quarter ended June 30, 2013, compared with 4.51% for the quarter ended March
31, 2013 and 4.08% for the quarter ended June 30, 2012. The decrease in net
interest margin was a result of a shift in the mix of earning assets from
loans to lower yielding investment securities and overnight funds. The
increase over the same quarter last year was principally caused by the
improved performance on a Cape Fear loan poolas well asa lower cost of funds
due to maturing time deposits being replaced with core depositsand the
continued funding mix shift from borrowings.

Net interest income for the quarter ended June 30, 2013 was $32.1 million, a
decrease of $1.0 million or 3.0% from the prior quarter and essentially
unchanged from the same quarter last year. The decrease from the linked
quarter was primarily due to a $19.6 million decline in average earning assets
and the reduction in net interest margin. The decrease from the same quarter
last year was principally caused by a $185.5 million decline in average
earning assets, partially offset by the higher net interest margin.

Provision for loan losses

After determining what First Financial believes is an adequate allowance for
loan losses based on the estimated risk inherent in the loan portfolio, the
provision for loan losses is calculated based on the net effect of the change
in the allowance for loan losses and net charge-offs. The provision for loan
losses was $822 thousand for the quarter ended June 30, 2013, which included
$438 thousand due to recognizing impairment on certain Plantation loan pools
which have lower cash flows than originally projected. The decreases were
principally due to continued reductions in the historical loss trends as well
asimprovements in classified loan levels and other credit metrics through
June 30, 2013.

Noninterest income

Noninterest income totaled $14.7 million for the quarter ended June 30, 2013,
a decrease of $1.1 million or 7.2% from the prior quarter and a decrease of
$17.8 million or 54.8% from the same quarter last year.Noninterest income for
the quarter ended March 31, 2013 included a $1.3 million release on the FDIC
true-up liability as higher projected losses will reduce the amount that First
Federal might have to potentially remit to the FDIC based on the initial
purchase bid.The June 30, 2012 quarter included a $14.6 million gain on the
acquisition of Plantation and a $3.5 million gain on the sale of investment
securities related to a balance sheet repositioning initiative.Excluding the
impact of these items from the March 31, 2013 and June 30, 2012 quarters,
noninterest income for the June 30, 2013 quarter was essentially unchanged
from both prior periods.While noninterest income for the June 30, 2013
quarter was consistent with the same quarter last year, a decrease in service
charges on deposit accounts ($317 thousand) was offset by bank owned life
insurance income ($392 thousand), as these policies were purchased during the
second half of 2012.

Noninterest expense

Noninterest expense totaled $34.1 million for the quarter ended June 30, 2013,
a decrease of $1.0 million or 2.9% from the prior quarter and a decrease of
$5.2 million or 13.2% from the same quarter last year.The June 30, 2012
quarter included an $8.5 million termination charge on the prepayment of FHLB
advances as part of a balance sheet repositioning initiative.Excluding the
termination charge, noninterest expenses for the June 30, 2013 quarter
increased $3.4 million or 10.9% over the same quarter last year.The decrease
from the prior quarter was primarily the result of a decline in other real
estate owned ($1.5 million) and other smaller variances, partially offset by
an increase in other expense ($1.2 million).The decrease in other real estate
owned ("OREO") was the result of lower write-downs on OREO properties and
higher gains on the sale of OREO properties in the current quarter.The
increase in other expense was principally the result of losses related to sold
investor loans.

The increase in noninterest expense over the same quarter of the prior year
was principally caused by the $3.5 million in FDIC indemnification asset
impairment, as the impairment was not projected until the third quarter of
2012, as well as higher salaries and employee benefits ($921 thousand),
partially offset by lower occupancy costs ($834 thousand) and OREO ($675
thousand).The increase in salaries and employee benefits was principally
caused by reinstating several employee benefits at the beginning of 2013.The
decrease in occupancy costs was primarily the result of expenses associated
with closing four unprofitable branches during the second quarter of 2012.The
decrease in OREO was due to lower write-downs on OREO properties and higher
gains on the sale of OREO properties in the current quarter.

Income Taxes

The income tax expense for the three months ended June 30, 2013 totaled $4.0
million, an increase of $1.4 million or 53.8% over the linked quarter and a
decrease of $3.7 million or 47.5% from the same quarter last year.The
variances from both prior periods were the result of the change in pre-tax
income.The effective tax rate for the three months ended June 30, 2013 was
33.87%, compared with 33.36% and 38.00% for the quarters ended March 31, 2013
and June 30, 2012, respectively.The decrease in the effective tax rate from
the prior year was principally due to higher tax-exempt income resulting from
purchasing bank owned life insurance during the second half of 2012.

Year-to-Date Results of Operations

First Financial reported net income of $13.2 million for the six months ended
June 30, 2013, compared with $14.3 million for the same period of 2012.

Net interest income

Net interest margin, on a fully tax-equivalent basis, was 4.44% for six months
ended June 30, 2013, compared with 3.96% for the same period of 2012.The
increase was principally caused by the improved performance on a Cape Fear
loan pool, accretion and amortization of purchase accounting adjustments
related to the Plantation acquisition, a lower cost of funds as maturing time
deposits have been replaced with core deposits and the continued funding mix
shift from borrowings, as well as higher yields on investments due to
accelerated accretion on called investment securities.

Net interest income for the six months ended June 30, 2013 was $65.3 million,
an increase of $5.3 million or 8.9% over the same period of 2012.The increase
was primarily the result of improved performance on a Cape Fear loan pool as
well asthe Plantation and Liberty transactions and the balance sheet
repositioning during 2012, partially offset by lower average earning assets.

Provision for loan losses

The provision for loan losses was $6.8 million for the first six months of
2013, compared with $11.4 million for the same period of 2012.As of June 30,
2013, the provision for loan losses included $1.7 million due to recognizing
impairment on certain Plantation loan pools which have lower cash flows than
originally projected, which was recorded as an increase to the allowance for
loan losses.Excluding the impact of the Plantation pools, the provision for
loan losses for the first six months of 2013 was $5.1 million, a decrease of
$6.3 million or 55.5% from the same period of 2012.The decrease was
principally due to continued reductions in the historical loss trends as well
asimprovements in classified loan levels and other credit metrics through
June 30, 2013.

Noninterest income

Noninterest income totaled $30.5 million for the first six months of 2013,
compared with $45.7 million for the same period of 2012.Excluding the FDIC
true-up liability in 2013 and the gains on the Plantation acquisition and the
sale of investment securities in 2012, as discussed above, noninterest income
for the first six months of 2013 totaled $29.2 million, an increase of $1.6
million or 5.8% over the same period of 2012.The increase was principally the
result of higher mortgage and other loan income ($941 thousand) due to
expanding the corresponding lending channel during 2012 and higher bank owned
life insurance ($765 thousand) as these policies were purchased during the
second half of 2012.

Noninterest expense

Noninterest expense totaled $69.2 million for the first six months of 2013,
essentially unchanged from the same period of 2012.Excluding the termination
charge recorded during 2012 as discussed above, noninterest expenses for the
first six months of 2013 increased $9.8 million or 16.4% over the same period
of 2012.The increase was principally the result of the impact of the
Plantation and Liberty transactions, which occurred in the second quarter of
2012, and the FDIC indemnification asset impairment ($7.4 million), which did
not begin until the third quarter of 2012, partially offset by lower occupancy
costs ($887 thousand) and FDIC insurance and regulatory fees ($682
thousand).The decrease in occupancy costs was primarily the result of closing
four unprofitable branches during the second quarter of 2012.The decrease in
FDIC insurance and regulatory fees was the result of becoming a Federal
Reserve member bank during 2012.

Income Taxes

The income tax expense for the first six months of 2013 totaled $6.7 million,
a decrease of $5.3 million or 44.2% from the same period last year.The
decrease was primarily the result of lower pre-tax income and recognizing a
$2.1 million tax expense associated with writing down the state deferred tax
asset related to a difference in applicable South Carolina tax laws for banks
versus thrifts upon First Federal's conversion to a state-chartered commercial
bank in 2012.The effective tax rate for the first six months of 2013 was
33.67%, compared with 45.49% for the same period of 2012.The decrease in the
effective tax rate was principally due to higher tax-exempt income resulting
from purchasing bank owned life insurance during the second half of 2012 and
the above mentioned state deferred tax write-down during 2012.

Balance Sheet

Total assets at June 30, 2013 were $3.2 billion, essentially unchanged from
March 31, 2013 and a decrease of $133.9 million or 4.1% from June 30,
2012.While total assets were essentially unchanged from March 31, 2013,
decreases in total investment securities, total loans, and the FDIC
indemnification asset were substantially offset by increases in
interest-bearing deposits with banks.The decrease in total assets from June
30, 2012 was principally due to declines in total loans, loans held for sale,
the FDIC indemnification asset, and other assets, partially offset by higher
interest-bearing deposits with banks, investment securities, and bank owned
life insurance.

Investment securities at June 30, 2013 totaled $321.8 million, a decrease of
$26.9 million or 7.71% from March 31, 2013 and an increase of $28.4 million or
9.7% over June 30, 2012.The decrease from March 31, 2013 was the result of
normal principal reductions and cash flows from called securities.The
increase over June 30, 2012 was primarily the result of securities purchased
after repositioning the balance sheet during the second quarter of 2012,
partially offset by normal portfolio cash flows.

Total loans at June 30, 2013 decreased $60.3 million or 2.4% from March 31,
2013 and decreased $216.3 million or 8.2% from June 30, 2012.The decreases
were the result of reductions in the commercial and consumer loan categories
due to several large payoffs and paydowns on commercial real estate and
commercial land loans, higher loss claims on the Plantation portfolio, and
normal cash flows.The decline in the commercial loan portfolio is consistent
with a strategy to reduce problem and criticized loan balances, both legacy as
well as those in acquired portfolios.

First Federal's credit quality metrics at June 30, 2013 reflect improved
performance from both the linked quarter and the same quarter last
year.Delinquent loans at June 30, 2013 totaled $8.3 million, a decrease of
$5.5 million or 39.7% from March 31, 2013 and a decrease of $2.8 million or
25.3% from June 30, 2012.The decreases were driven by lower delinquent
commercial loans due to continued collection efforts.Total delinquent loans
at June 30, 2013 included $635 thousand in acquired covered loans, as compared
with $3.4 million and $2.9 million at March 31, 2013 and June 30, 2012,
respectively.

Nonperforming assets at June 30, 2013 totaled $59.5 million, a decrease of
$5.5 million or 8.5% from March 31, 2013 and a decrease of $18.6 million or
23.8% from June 30, 2012.The decreases were principally the result of
reductions in nonperforming residential and commercial loans as well as OREO
sales outpacing new foreclosures.Acquired covered nonperforming loans totaled
$7.5 million at June 30, 2013, compared with $8.8 million and $10.4 million at
March 31, 2013 and June 30, 2012, respectively.Acquired covered OREO totaled
$6.7 million at June 30, 2013, compared with $9.7 million and $20.0 million at
March 31, 2013 and June 30, 2012, respectively.

Net charge-offs for the quarter ended June 30, 2013 totaled $6.1 million,
essentially unchanged from the prior quarter and a decrease of $612 thousand
or 9.2% from the same quarter last year.The June 30, 2013 quarter included
charge-offs totaling $1.0 million on acquired loans.

The allowance for loan losses was 1.79% of total loans at June 30, 2013,
compared with 1.92% of total loans at March 31, 2013 and 1.85% of total loans
at June 30, 2012.The decreases in the allowance ratio from both prior periods
were due to the continued improvement in historical loss factors and improved
credit metrics over the past twelve months.The decrease in the allowance
ratio from June 30, 2012 was partially offset by the effect of recording a
$6.1 million reserve as of June 30, 2013 related to estimated higher losses on
acquired Plantation loans.Of this amount, $4.4 million was related to
acquired covered loans and was recorded as an increase to the FDIC
indemnification asset.The allowance for loan losses at June 30, 2013 was
1.93% of loans excluding acquired covered loans, and represented 1.1 times
coverage of the non-covered nonperforming loans.

The FDIC indemnification asset at June 30, 2013 was $47.8 million, a decrease
of $11.1 million or 18.8% from March 31, 2013 and a decrease of $29.5 million
or 38.1% from June 30, 2012.The decreases were due to the receipt of claims
reimbursement from the FDIC, and recognizing a potential impairment on the
FDIC indemnification asset related to the Cape Fear acquired portfolio,
partially offset by recognizing potential additional claims to the FDIC
related to the Plantation loss share agreement and normal accretion.

Bank owned life insurance totaled $51.4 million at June 30, 2013, essentially
unchanged from March 31, 2013 and an increase of $41.4 million over June 30,
2012.The increase was the result of establishing a bank owned life insurance
program on certain corporate officers as part of a strategy to offset the
costs of existing employee benefit plans.

Other assets totaled $80.7 million at June 30, 2013, an increase of $6.2
million or 8.3% over March 31, 2013 and a decrease of $22.4 million or 21.7%
from June 30, 2012.The increase over March 31, 2013 was principally the
result of a $13.7 million increase in tax assets due to adjusting the timing
of deductions related to the FDIC indemnification asset based on the findings
of a recent tax audit, and a$3.1 million increase in the value of mortgage
servicing rights due to changes in market interest rates, partially offset by
a $3.2 million decline in OREO as sales of properties continue to outpace
foreclosures, and miscellaneous reductions in other asset categories.The
decrease from June 30, 2012 was due to a $15.1 million decline in OREO and
miscellaneous reductions in other asset categories, partially offset by a $6.6
million increase in mortgage servicing rights due to higher levels of
originations sold in the secondary market as well as recent changes in market
interest rates.

Core deposits, which include checking, savings, and money market accounts,
totaled $1.7 billion at June 30, 2013, essentially unchanged from March 31,
2013 and an increase of $110.8 million or 7.0% over June 30, 2012.The
increase was primarily the result of the introduction of new retail deposit
products and sales processes during 2012. Time deposits at June 30, 2013
totaled $840.6 million, a decrease of $62.8 million or 7.0% from March 31,
2013 and a decrease of $269.1 million or 24.3% from June 30, 2012.The
decreases were due to a strategy to focus on core transaction accounts and to
reduce high rate retail and wholesale time deposits as they matured.

Shareholders' equity at June 30, 2013 was $308.0 million, an increase of $3.3
million or 1.1% over March 31, 2013 and an increase of $20.8 million or 7.2%
over June 30, 2012.The increases were due to the effect of net operating
results, partially offset by paying off the warrants associated with the
former TARP preferred stock.First Financial remained well capitalized at June
30, 2013 with total risk-based capital of 17.09%, Tier 1 risk-based capital of
15.81%, and Tier 1 leverage capital of 10.95%.The tangible common equity to
tangible common assets ratio increased to 7.46% at June 30, 2013, compared
with 7.23% at March 31, 2013 and 6.47% at June 30, 2012.First Federal's
regulatory capital ratios are in excess of "well-capitalized" minimums.

About First Financial

First Financial Holdings, Inc. ("First Financial") (Nasdaq:FFCH) is a
Charleston, South Carolina financial services provider with $3.2 billion in
total assets as of June 30, 2013.First Financial offers integrated financial
solutions, including personal, business, and wealth management services.First
Federal Bank ("First Federal"), which was founded in 1934 and is the primary
subsidiary of First Financial, serves individuals and businesses throughout
coastal South Carolina, Florence, and Greenville, South Carolina, and
Wilmington, North Carolina.First Financial subsidiaries include: First
Federal; First Southeast Investor Services, Inc., a registered broker-dealer;
and First Southeast 401(k) Fiduciaries, Inc., a registered investment
advisor.First Federal is the largest financial institution headquartered in
the Charleston, South Carolina metropolitan area and the third largest
financial institution headquartered in South Carolina, based on asset
size.Additional information about First Financial is available at
www.firstfinancialholdings.com.

Non-GAAP Financial Information

In addition to results presented in accordance with accounting principles
generally accepted in the United States of America ("GAAP"), this press
release includes non-GAAP financial measures such as the efficiency ratio, the
tangible common equity to tangible assets ratio, tangible common book value
per share, pre-tax pre-provision earnings, and adjusted net interest
margin.First Financial believes these non-GAAP financial measures provide
additional information that is useful to investors in understanding its
underlying performance, business, and performance trends and such measures
help facilitate performance comparisons with others in the banking industry as
well as period-to-period comparisons.Non-GAAP measures have inherent
limitations, are not required to be uniformly applied, and are not
audited.Readers should be aware of these limitations and should be cautious
in their use of such measures.To mitigate these limitations, First Financial
has procedures in place to ensure that these measures are calculated using the
appropriate GAAP or regulatory components in their entirety and to ensure that
its performance is properly reflected to facilitate consistent
period-to-period comparisons.Although management believes the above non-GAAP
financial measures enhance readers' understanding of First Financial's
business and performance, these non-GAAP measures should not be considered in
isolation, or as a substitute for GAAP basis financial measures.

Please refer to the Selected Financial Information table and the Non-GAAP
Reconciliation table later in this release for additional information.

Forward-Looking Statements

Statements in this release that are not statements of historical fact,
including without limitation, statements that include terms such as
"believes," "expects," "anticipates," "estimates," "forecasts," "intends,"
"plans," "targets," "potentially," "probably," "projects," "outlook," or
similar expressions or future conditional verbs such as "may," "will,"
"should," "would," or "could" constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.These
forward-looking statements regarding First Financial's future financial and
operating results, plans, objectives, expectations and intentions involve
risks and uncertainties, many of which are beyond First Financial's control or
are subject to change.No forward-looking statement is a guarantee of future
performance and actual results could differ materially from those anticipated
by the forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, the general business
environment; general economic conditions nationally and in the States of North
and South Carolina; interest rates; the North and South Carolina real estate
markets; the demand for mortgage loans; the credit risk of lending activities,
including changes in the level and trend of delinquent and nonperforming loans
and charge-offs; changes in First Federal's allowance for loan losses and
provision for loan losses that may be affected by deterioration in the housing
and real estate markets; results of examinations by banking regulators,
including the possibility that any such regulatory authority may, among other
things, require First Federal to increase its allowance for loan losses,
write-down assets, change First Federal's regulatory capital position or
affect its ability to borrow funds or maintain or increase deposits, which
could adversely affect liquidity and earnings; First Financial's ability to
control operating costs and expenses; First Financial's ability to
successfully integrate any assets, liabilities, customers, systems, and
management personnel acquired or may in the future acquire into its operations
and its ability to realize related revenue synergies and cost savings within
expected time frames and any goodwill charges related thereto; competitive
conditions between banks and non-bank financial services providers; regulatory
changes, including new or revised rules and regulations implemented pursuant
to the Dodd-Frank Wall Street Reform and Consumer Protection Act; and closing
conditions related to the proposed merger with SCBT.Other risks are also
detailed in First Financial's Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and current reports on Form 8-K that are filed with the Securities
and Exchange Commission ("SEC"), which are available at the SEC's website
www.sec.gov. Other factors not currently anticipated may also materially and
adversely affect First Financial's results of operations, financial position,
and cash flows.There can be no assurance that future results will meet
expectations.While First Financial believes that the forward-looking
statements in this release are reasonable, the reader should not place undue
reliance on any forward-looking statement.In addition, these statements speak
only as of the date made.First Financial does not undertake, and expressly
disclaims any obligation to update or alter any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable law.


FIRST FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL INFORMATION (Unaudited)
                                                                    
                    As of and for the Quarters Ended
(dollars in          June 30,     March 31,    December 31, September    June 30,
thousands)           2013         2013         2012         30,          2012
                                                            2012
Average for the                                                      
Quarter
Assets               $3,181,212 $3,200,485 $3,216,018 $3,283,512 $3,339,705
Investment           338,023     316,426     283,929     291,223     443,181
securities
Loans               2,446,789   2,481,410   2,545,956   2,608,522   2,564,789
Allowance for loan   46,567      44,375      45,997      48,329      50,547
losses
Deposits             2,560,845   2,576,968   2,594,112   2,664,207   2,596,642
Borrowings           280,208     280,229     282,122     294,796     428,505
Shareholders' equity 305,565     301,921     296,851     290,047     285,672
                                                                    
Performance Metrics                                                  
Return on average    1.00%        0.67%        0.97%        0.81%        1.52%
assets^1
Return on average
shareholders'        10.37      7.06       10.48      9.14       17.72
equity^1
Net interest margin  4.37       4.51       4.69       4.35       4.08
(FTE)^2
Net interest margin,
adjusted             3.89       3.99       4.15       4.29       4.08
(non-GAAP)^3
Efficiency ratio     72.45      73.04      67.69      69.19      66.05
(non-GAAP)^1,3
Pre-tax
pre-provision        $12,765   $13,855   $15,905   $14,716   $24,993
earnings
(non-GAAP)^3
                                                                    
Capital Ratios                                                       
Equity to assets     9.72%        9.47%        9.32%        9.01%        8.69%
Tangible common
equity to tangible   7.46       7.23       7.07       6.77       6.47
assets (non-GAAP)^3
Book value per       $ 14.68    $ 14.50    $ 14.20    $ 13.77    $ 13.45
common share
Tangible book value
per common share     14.25      14.04      13.71      13.25      12.91
(non-GAAP)^3
Dividends            0.05       0.05       0.05       0.05       0.05
Shares outstanding,  16,558     16,533     16,527     16,527     16,527
end of period (000s)
Tier 1 leverage      10.95%       10.72%       10.54%       10.12%       9.79%
capital ratio
Tier 1 risk-based    15.81      15.30      14.89      14.42      13.89
capital ratio
Total risk-based     17.09      16.58      16.16      15.70      15.16
capital ratio
Tier 1 leverage
capital ratio (First 10.58      10.24      9.97       9.47       9.06
Federal)
Tier 1 risk-based
capital ratio (First 15.29      14.63      14.10      13.50      12.86
Federal)
Total risk-based
capital ratio (First 16.57      15.92      15.37      14.78      14.13
Federal)
                                                                    
Asset Quality                                                        
Metrics
Allowance for loan
losses as a percent  1.79%        1.92%        1.77%        1.80%        1.85%
of loans
Allowance for loan
losses as a percent  93.23      97.42      89.30      94.53      97.72
of nonperforming
loans
Nonperforming loans
as a percent of      1.92       1.97       1.98       1.90       1.90
loans
Nonperforming assets
as a percent of
loans and            2.45       2.61       2.70       2.72       2.94
otherrepossessed
assets acquired
Nonperforming assets
as a percent of      1.88       2.02       2.11       2.18       2.36
total assets
Net loans
charged-off as a     0.99       0.98       0.99       1.07       1.04
percent of average
loans^1
Net loans            $6,061    $6,063    $6,333    $6,981    $6,673
charged-off
                                                                    
Asset Quality
Metrics Excluding                                                    
Acquired Covered
Loans
Allowance for loan
losses as a percent  1.93%        2.08%        1.94%        1.99%        2.06%
of legacy loans
Allowance for loan
losses as a percent
of                   111.13     118.82     108.23     118.82     123.30
legacynonperforming
loans
Nonperforming loans
as a percent of      1.74       1.75       1.79       1.67       1.67
legacy loans
Nonperforming assets
as a percent of
legacy loans         2.02       2.04       2.17       1.97       2.01
andother
repossessed assets
acquired
Nonperforming assets
as a percent of      1.43       1.45       1.54       1.42       1.45
total assets

^1 Represents an annualized rate.
^2 Net interest margin is presented on an annual basis and includes taxable
equivalent adjustments to interest income based on a federal tax rate of 35%.
^3 See Non-GAAP Reconciliation table for details.



FIRST FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                                                                          
                    For the Quarters Ended                            Six Months Ended
(in thousands,       June 30,  March 31, December  September June 30,  June 30,  June 30,
except per share     2013      2013      31,       30,       2012      2013      2012
data)                                    2012      2012
                                                                          
INTEREST INCOME                                 
Interest and fees on $35,906 $36,993 $38,927 $37,104 $35,643 $72,899 $68,119
loans
Interest and
dividends on                                                               
investment
securities
Taxable              1,788    1,931     2,207    2,429    3,118    3,719     6,648
Tax-exempt           235      294       312      342      420      529       757
Other                127      111       103      139      162      238       178
Total interest       38,056   39,329   41,549   40,014   39,343   77,385   75,702
income
INTEREST EXPENSE                                                           
Interest on deposits 2,864    3,172     3,388    3,747    3,981    6,036     7,932
Interest on borrowed 3,044    3,019     3,072    3,070    3,649    6,063     7,805
money
Total interest       5,908    6,191    6,460    6,817    7,630    12,099   15,737
expense
NET INTEREST INCOME  32,148   33,138   35,089   33,197   31,713   65,286   59,965
Provision for loan   822      5,972     4,161    4,533    4,697    6,794     11,442
losses
Net interest income
after provision for  31,326   27,166   30,928   28,664   27,016   58,492   48,523
loan losses
NONINTEREST INCOME                                                         
Service charges on   7,241    7,263     7,900    7,772    7,558    14,504    14,860
deposit accounts
Mortgage and other   4,313    4,435     5,987    4,061    4,372    8,748     7,807
loan income
Trust and plan
administration       1,119    1,067     1,219    1,117    1,078    2,186     2,159
income
Brokerage fees       849      714       810      655      875      1,563     1,539
Bank owned life      392      373       382      241      ---      765       ---
insurance income
Other income         858      932       680      513      699      1,790     1,468
Other-than-temporary
impairment losses on (176)    (268)     (144)    (145)    (145)    (444)     (214)
investment
securities
FDIC true-up         ---      1,321    ---      ---      ---      1,321    ---
liability release
(Loss) gain on       ---      ---      (661)    ---      14,550   ---      14,550
acquisition
Gain on sale or call
of investment        107      ---      ---      334      3,543    107      3,543
securities
Total noninterest    14,703   15,837   16,173   14,548   32,530   30,540   45,712
income
NONINTEREST EXPENSE                                                        
Salaries and         16,133   16,335    16,020   15,621   15,212   32,468    30,354
employee benefits
Occupancy costs      2,099    2,214     2,214    2,333    2,933    4,313     5,200
Furniture and        2,392    2,068     2,033    2,132    1,893    4,460     3,702
equipment
Other real estate    (541)    924       18       1,030    134      383       664
owned, net
FDIC insurance and   541      531       646      693      761      1,072     1,754
regulatory fees
Professional         1,835    2,070     1,838    1,980    1,875    3,905     3,340
services
Advertising and      720      866       714      964      966      1,586     1,619
marketing
Other loan expense   1,297    1,372     2,283    1,620    1,283    2,669     2,634
Intangible           448      512       512      512      368      960       458
amortization
FDIC indemnification 3,565    3,806     3,423    563      ---      7,371     ---
asset impairment
Other expense        5,597    4,422     5,656    5,581    5,300    10,019    9,709
FHLB prepayment      ---      ---       ---      ---      8,525    ---      8,525
termination charge
Total noninterest    34,086   35,120   35,357   33,029   39,250   69,206   67,959
expense
Income before income 11,943   7,883    11,744   10,183   20,296   19,826   26,276
taxes
Income tax expense   4,045    2,630     3,921    3,516    7,712    6,675     11,953
NET INCOME           7,898    5,253    7,823    6,667    12,584   13,151   14,323
Preferred stock      812      813      812      813      812      1,625    1,625
dividends
Accretion on
preferred stock      168      165      163      160      158      333      314
discount
NET INCOME AVAILABLE
TO                   $6,918  $4,275  $6,848  $5,694  $11,614 $11,193 $12,384
COMMON SHAREHOLDERS
                                                                          
Net income per                                                             
common share
Basic                $0.42   $0.26   $0.41   $0.34   $0.70   $0.68   $0.75
Diluted              0.42     0.26     0.41     0.34     0.70     0.68     0.75
                                                                          
Average common                                                             
shares outstanding
Basic                16,546   16,529   16,527   16,527   16,527   16,537   16,527
Diluted              16,567   16,547   16,531   16,529   16,528   16,560   16,528


FIRST FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN ANALYSIS (Unaudited)
                                                                                        
                For the Quarters Ended                                                        
                June 30, 2013                March 31, 2013               Change in
(dollars in     Average    Interest  Average Average    Interest  Average Average    Interest   Basis
thousands)       Balance              Rate    Balance              Rate    Balance               Points
Earning assets                                                                           
Interest-bearing
deposits with    $83,011  $53     0.26%   $62,441  $29     0.19%   $20,570  $24      7
banks
Investment       339,105   2,023    2.54  316,426   2,225    3.02  22,679    (202)     (48)
securities^1
Total loans^2    2,446,789 32,032   5.25  2,481,410 32,764   5.33  (34,621)  (732)     (8)
Loans held for   34,228    300      3.50  45,546    380      3.34  (11,318)  (80)      16
sale
FDIC
indemnification  53,919    74       0.55  70,794    82       0.47  (16,875)  (8)       8
asset
Total earning    2,957,052 34,482   4.69  2,976,617 35,480   4.83  (19,565)  (998)     (14)
assets
Interest-bearing                                                                         
liabilities
Deposits         2,132,389 2,864    0.54  2,180,739 3,172    0.59  (48,350)  (308)     (5)
Borrowings       280,207   3,044    4.35  280,229   3,019    4.35  (22)      25        ---
Total
interest-bearing 2,412,596 5,908    0.98  2,460,968 6,191    1.02  (48,372)  (283)     (4)
liabilities
                                                                                        
Net interest               $28,574                  $29,289                  $(715)   
income
                                                                                        
Net interest                        3.89%                      3.99%                       (10)
margin, adjusted
                                                                                        
Effect of
incremental                3,574    0.48            3,849    0.52            (275)     (4)
accretion
                                                                                        
Net interest               $32,148 4.37%             $33,138 4.51%             $(990)   (14)
margin

^1Interest income used in the average rate calculation includes the tax equivalent adjustments of $127
thousand and $158 thousand for the quarters ended June 30 andMarch 31, 2013, respectively, calculated
based on a federal tax rate of 35%.
^2Average loans include nonaccrual loans.Loan fees, which are not material for any of the periods,
have been included in loan interest income for the rate calculation.

                For the Six Months Ended                                                      
                June 30, 2013                June 30, 2012                Change in
(dollars in      Average    Interest  Average Average    Interest  Average Average    Interest   Basis
thousands)       Balance              Rate    Balance              Rate    Balance               Points
Earning Assets                                                                           
Interest-bearing
deposits with    $72,783  $82     0.23%   $9,337   $20     0.43%   $63,446  $62      (20)
banks
Investment       327,828   4,248    2.77  466,769   7,405    3.35  (138,941) (3,157)   (58)
securities^1
Total loans^2    2,464,058 64,797   5.29  2,471,834 67,250   5.46  (7,776)   (2,453)   (17)
Loans held for   39,856    679      3.41  47,870    869      3.63  (8,014)   (190)     (22)
sale
FDIC
indemnification  62,310    156      0.50  59,295    158      0.54  3,015     (2)       (4)
asset
Total Earning    2,966,835 69,962   4.76  3,055,105 75,702   5.00  (88,270)  (5,740)   (24)
Assets
Interest-bearing                                                                         
liabilities
Deposits         2,156,431 6,036    0.56  2,099,651 7,932    0.76  56,780    (1,896)   (20)
Borrowings       280,218   6,063    4.35  520,477   7,805    3.01  (240,259) (1,742)   134
Total
interest-bearing 2,436,649 12,099   1.00  2,620,128 15,737   1.21  (183,479) (3,638)   (21)
liabilities
                                                                                        
Net interest               $57,863                  $59,965                  $(2,102) 
income
                                                                                        
Net interest                        3.94%                      3.96%                       (2)
margin, adjusted
                                                                                        
Effect of
incremental                7,423    0.50            ---     ---             7,423     50
accretion
                                                                                        
Net interest               $65,286 4.44%             $59,965 3.96%             $5,321   48
margin

^1Interest income used in the average rate calculation includes the tax equivalent adjustment of $285
thousand, and $408 thousand for the six months ended
June 30, 2013 and 2012, respectively, calculated based on a federal tax rate of 35%.
^2Average loans include nonaccrual loans.Loan fees, which are not material for any of the periods,
have been included in loan interest income for the rate calculation.
                                                                                        


FIRST FINANCIAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
                                                                   
                    June 30,     March 31,    December 31, September    June 30,
(in thousands)      2013         2013         2012         30,          2012
                                                           2012
                                                                   
ASSETS                                                              
Cash and due from   $56,001    $49,190    $60,290    $50,749    $62,831
banks
Interest-bearing    107,124     80,110      57,161      35,668      7,270
deposits with banks
Total cash and cash 163,125     129,300     117,451     86,417      70,101
equivalents
Investment                                                          
securities
Securities
available for sale, 288,092     314,597     253,798     236,048     244,059
at fair value
Securities held to
maturity, at        14,467      14,869      15,555      17,331      20,014
amortized cost
Nonmarketable       19,245      19,245      20,914      23,254      29,327
securities
Total investment    321,804     348,711     290,267     276,633     293,400
securities
Loans                                                               
Residential         1,029,838   1,038,140   1,031,613   1,080,406   1,099,486
Commercial          620,235     663,733     681,119     721,587     758,604
Consumer            766,097     774,550     782,672     772,376     774,405
Total loans         2,416,170   2,476,423   2,495,404   2,574,369   2,632,495
Less:Allowance for 43,227      47,427      44,179      46,351      48,799
loan losses
Total loans, net    2,372,943   2,428,996   2,451,225   2,528,018   2,583,696
Loans held for sale 41,679      33,752      55,201      53,761      72,402
FDIC
indemnification     47,822      58,917      80,268      75,017      77,311
asset
Premises and        83,682      83,924      85,378      83,916      85,285
equipment, net
Bank owned life     51,389      50,997      50,624      50,241      10,000
insurance
Other intangible    7,165       7,573       8,025       8,478       8,931
assets
Other assets        80,681      74,477      77,119      83,006      103,048
Total assets        $3,170,290 $3,216,647 $3,215,558 $3,245,487 $3,304,174
                                                                   
LIABILITIES                                                         
Deposits                                                            
Noninterest-bearing $439,177   $431,003   $388,259   $382,077   $359,352
checking
Interest-bearing    520,667     509,295     511,647     507,262     502,731
checking
Savings and money   744,468     756,818     743,970     730,365     731,428
market
Retail time         760,568     807,667     845,391     869,544     934,245
deposits
Wholesale time      79,988      95,737      106,066     127,509     175,446
deposits
Total deposits      2,544,868   2,600,520   2,595,333   2,616,757   2,703,202
Advances from FHLB  233,000     233,000     233,000     253,000     233,000
Long-term debt      47,204      47,204      47,204      47,204      47,204
Other liabilities   37,184      31,234      40,380      36,026      33,504
Total liabilities   2,862,256   2,911,958   2,915,917   2,952,987   3,016,910
                                                                   
SHAREHOLDERS'                                                       
EQUITY
Preferred stock     1           1           1           1           1
Common stock        224         215         215         215         215
Additional paid-in  196,252     197,099     196,819     196,612     196,409
capital
Treasury stock, at  (103,563)   (103,563)   (103,563)   (103,563)   (103,563)
cost
Retained earnings   218,392     212,302     208,853     202,832     198,100
Accumulated other   (3,272)     (1,365)     (2,684)     (3,597)     (3,898)
comprehensive loss
Total shareholders' 308,034     304,689     299,641     292,500     287,264
equity
Total liabilities
and shareholders'   $3,170,290 $3,216,647 $3,215,558 $3,245,487 $3,304,174
equity



FIRST FINANCIAL HOLDINGS, INC.
LOANS
(in           June 30,     March 31,    December 31, September    June 30,
thousands)    2013         2013         2012         30,          2012
                                                     2012
Residential                                                   
loans
Residential   $965,434   $963,053   $956,355   $1,008,130 $1,023,800
1-4 family
Residential   19,254       26,176       22,519       19,660       19,613
construction
Residential   45,150       48,911       52,739       52,616       56,073
land
Total
residential   1,029,838    1,038,140    1,031,613    1,080,406    1,099,486
loans
                                                             
Commercial                                                    
loans
Commercial    116,787      130,169      118,379      125,345      107,804
business
Commercial    443,708      467,890      491,567      520,135      555,588
real estate
Commercial    2,470        1,092        1,064        1,801        17,201
construction
Commercial    57,270       64,582       70,109       74,306       78,011
land
Total
commercial    620,235      663,733      681,119      721,587      758,604
loans
                                                             
Consumer                                                      
loans
Home equity   359,618      373,108      384,664      380,000      388,534
Manufactured  284,926      282,114      280,100      277,744      276,607
housing
Marine        81,604       79,328       75,736       69,314       59,643
Other         39,949       40,000       42,172       45,318       49,621
consumer
Total
consumer      766,097      774,550      782,672      772,376      774,405
loans
Total loans   2,416,170    2,476,423    2,495,404    2,574,369    2,632,495
Less:
Allowance for 43,227       47,427       44,179       46,351       48,799
loan losses
Total loans,  $2,372,943 $2,428,996 $2,451,225 $2,528,018 $2,583,696
net



FIRST FINANCIAL HOLDINGS, INC.
DELINQUENT LOANS
                                                                                                       
              June 30, 2013         March 31, 2013        December 31, 2012     September 30, 2012    June 30, 2012
(dollars in    $       % of       $       % of       $       % of       $       % of       $       % of
thousands)               Portfolio            Portfolio            Portfolio            Portfolio            Portfolio
Residential                                                                                             
loans
Residential    $1,712  0.18%       $1,433  0.15%       $2,800  0.29%       $2,361  0.23%       $1,244  0.12%
1-4 family
Residential    ---      ---        284      1.08      ---      ---        ---      ---        ---      ---
construction
Residential    ---      ---        725      1.48      47       0.09      157      0.30      475      0.85
land
Total
residential    1,712    0.17      2,442    0.24      2,847    0.28      2,518    0.23      1,719    0.16
loans
                                                                                                       
Commercial                                                                                              
loans
Commercial     390      0.33      1,255    0.96      847      0.72      582      0.46      903      0.84
business
Commercial     1,396    0.31      4,252    0.91      3,492    0.71      2,397    0.46      3,014    0.54
real estate
Commercial     1,088    1.90      1,540    2.38      1,573    2.24      318      0.43      675      0.87
land
Total
commercial     2,874    0.46      7,047    1.06      5,912    0.87      3,297    0.46      4,592    0.61
loans
                                                                                                       
Consumer loans                                                                                          
Home equity    1,509    0.42      2,758    0.74      4,414    1.15      2,204    0.58      2,017    0.52
Manufactured   1,948    0.68      1,162    0.41      3,241    1.16      2,506    0.90      1,835    0.66
housing
Marine         99       0.12      154      0.19      284      0.37      227      0.33      300      0.50
Other consumer 140      0.35      177      0.44      384      0.91      742      1.64      626      1.26
Total          3,696    0.48      4,251    0.55      8,323    1.06      5,679    0.74      4,778    0.62
consumerloans
Total
delinquent     $8,282  0.34%       $13,740 0.55%       $17,082 0.68%       $11,494 0.45%       $11,089 0.42%
loans



FIRST FINANCIAL HOLDINGS, INC.
NONPERFORMING ASSETS
                                                                                                       
              June 30, 2013         March 31, 2013        December 31, 2012     September 30, 2012    June 30, 2012
(dollars in    $       % of       $       % of       $       % of       $       % of       $       % of
thousands)               Portfolio            Portfolio            Portfolio            Portfolio            Portfolio
Residential                                                                                             
loans
Residential    $7,321  0.76%       $7,693  0.80%       $7,137  0.75%       $10,881 1.08%       $10,460 1.02%
1-4 family
Residential    980      2.17      576      1.18      785      1.49      1,558    2.96      1,423    2.54
land
Total
residential    8,301    0.80      8,269    0.80      7,922    0.77      12,439   1.15      11,883   1.08
loans
                                                                                                       
Commercial                                                                                              
loans
Commercial     1,258    1.08      1,813    1.39      1,460    1.23      1,407    1.12      1,198    1.11
business
Commercial     16,856   3.80      18,213   3.89      18,386   3.74      15,853   3.05      15,918   2.87
real estate
Commercial     ---      ---       ---      ---       247      23.21     247      13.71     261      1.52
construction
Commercial     2,828    4.94      3,845    5.95      4,058    5.79      2,990    4.02      4,577    5.87
land
Total
commercial     20,942   3.38      23,871   3.60      24,151   3.55      20,497   2.84      21,954   2.89
loans
                                                                                                       
Consumer loans                                                                                          
Home equity    9,640    2.68      9,295    2.49      10,049   2.61      10,145   2.67      10,636   2.74
Manufactured   3,398    1.19      3,085    1.09      3,355    1.20      2,221    0.80      2,197    0.79
housing
Marine         87       0.11      125      0.16      139      0.18      90       0.13      29       0.05
Other consumer 256      0.64      265      0.66      275      0.65      228      0.50      306      0.62
Total          13,381   1.75      12,770   1.65      13,818   1.77      12,684   1.64      13,168   1.70
consumerloans
Total
nonaccrual     42,624   1.76      44,910   1.81      45,891   1.84      45,620   1.77      47,005   1.79
loans
Loans 90+ days ---                 6                   43                  74                  75       
still accruing
Restructured
loans, still   3,743               3,768               3,536               3,340               2,857    
accruing
Total
nonperforming  46,367   1.92%       48,684   1.97%       49,470   1.98%       49,034   1.90%       49,937   1.90%
loans
Nonperforming
loans held for ---                 ---                 ---                 ---                 ---      
sale
Other
repossessed    13,133              16,310              18,338              21,580              28,191   
assets
acquired
Total
nonperforming  $59,500            $64,994            $67,808            $70,614            $78,128 
assets



FIRST FINANCIAL HOLDINGS, INC.
NET CHARGE-OFFS
                                                                                                       
              June 30, 2013         March 31, 2013        December 31, 2012     September 30, 2012    June 30, 2012
(dollars in    $       % of        $       % of        $       % of        $       % of        $       % of
thousands)               Portfolio^1           Portfolio^1           Portfolio^1           Portfolio^1           Portfolio^1
Residential                                                                                             
loans
Residential    $1,034  0.43%       $1,215  0.50%       $2,756  1.10%       $294    0.12%       $1,070  0.42%
1-4 family
Residential    97       0.82      (144)    (1.13)      257      1.89      403      2.91      78       0.59
land
Total
residential    1,131    0.44      1,071    0.41      3,013    1.13      697      0.26      1,148    0.42
loans
                                                                                                       
Commercial                                                                                              
loans
Commercial     892      2.86      268      0.90      126      0.42      924      3.22      334      1.34
business
Commercial     1,912    1.70      2,089    1.74      588      0.46      1,994    1.47      714      0.54
real estate^2
Commercial     (1)      (0.18)     5        1.67      (1)      (0.41)     11       0.56      (2)      (0.05)
construction
Commercial     525      3.47      21       0.13      89       0.48      1,037    5.43      723      4.00
land^3
Total
commercial     3,328    2.09      2,383    1.43      802      0.46      3,966    2.14      1,769    0.99
loans
                                                                                                       
Consumer loans                                                                                          
Home equity    954      1.04      1,346    1.42      1,343    1.44      1,125    1.17      2,580    2.71
Manufactured   518      0.73      1,019    1.45      899      1.29      778      1.12      666      0.97
housing
Marine         26       0.13      74       0.38      (19)     (0.11)     146      0.88      82       0.60
Other consumer 104      1.02      170      1.64      295      2.51      269      2.22      428      3.48
Total          1,602    0.83      2,609    1.34      2,518    1.31      2,318    1.20      3,756    1.98
consumerloans
Total net      $6,061  0.99%       $6,063  0.98%       $6,333  0.99%       $6,981  1.07%       $6,673  1.04%
charge-offs

^1 Represents an annualized rate
^2 Includes SOP charge-offs in excess of nonaccretable yield of $275 thousand at June 30, 2013.
^3 Includes SOP charge-offs in excess of nonaccretable yield of $758 thousand at June 30, 2013.


FIRST FINANCIAL HOLDINGS, INC.
NON-GAAP RECONCILIATION (Unaudited)
                                                               
                   As of and for the Quarters Ended
(dollars in         June 30,    March 31,   December    September   June 30,
thousands, except   2013        2013        31,         30,         2012
per share data)                             2012        2012
Efficiency Ratio                                                
Net interest income $32,148  $33,138  $35,089  $33,197  $31,713
(A)
Taxable equivalent  127       158       168       184       226
adjustment (B)
Noninterest income  14,703    15,837    16,173    14,548    32,530
(C)
(Loss) gain on      ---       ---       (661)      ---       14,550
acquisition (D)
Net securities      (69)       (268)      (144)      189       3,398
(losses) gains (E)
FDIC true-up
liability release   ---       1,321     ---       ---       ---
(F)
Noninterest expense 34,086    35,120    35,357    33,029    39,250
(G)
FHLB prepayment
termination charge  ---         ---       ---       ---       8,525
(H)
Efficiency Ratio:
(G-H)/(A+B+C-D-E-F) 72.45%      73.04%      67.69%      69.19%      66.05%
(non-GAAP)
                                                               
Tangible Assets and
Tangible Common                                                 
Equity
Total assets        $          $          $          $          $
                    3,170,290  3,216,647  3,215,558  3,245,487  3,304,174
Other intangible    (7,165)    (7,573)    (8,025)    (8,478)    (8,931)
assets
Tangible assets     $          $          $          $          $
(non-GAAP)          3,163,125  3,209,074  3,207,533  3,237,009  3,295,243
                                                               
Total shareholders' $308,034 $304,689 $299,641 $292,500 $287,264
equity
Preferred stock     (65,000)   (65,000)   (65,000)   (65,000)   (65,000)
Other intangible    (7,165)    (7,573)    (8,025)    (8,478)    (8,931)
assets
Tangible common     $235,869 $232,116 $226,616 $219,022 $213,333
equity (non-GAAP)
                                                               
Shares outstanding,
end of period       16,558    16,533    16,527    16,527    16,527
(000s)
                                                               
Tangible common
equity to tangible  7.46%       7.23%       7.07%       6.77%       6.47%
assets (non-GAAP)
Book value per      $14.68   $14.50   $14.20   $13.77   $13.45
common share
Tangible book value
per common share    14.25     14.04     13.71     13.25     12.91
(non-GAAP)
                                                               
Pre-tax
Pre-provision                                                   
Earnings
Income before       $11,943  $7,883   $11,744  $10,183  $20,296
income taxes
Provision for loan  822       5,972     4,161     4,533     4,697
losses
Pre-tax
pre-provision       $12,765  $13,855  $15,905  $14,716  $24,993
earnings (non-GAAP)
                                                               
Impact of Improved
Performance of Cape                                             
Fear Loan Pool
Net interest income $32,148  $33,138  $35,089  $33,197  $31,713
Tax equivalent      127       158       168       184       226
adjustment
Net interest income
on taxable          32,275    33,296    35,257    33,381    31,939
equivalent basis
(A)
Effect of Cape Fear
incremental         (3,574)    (3,849)    (4,048)    (472)      ---
accretion
Net interest
income, adjusted    $28,701  $29,447  $31,209  $32,909  $31,939
(B) (non-GAAP)
                                                               
Average earning     $          $          $          $          $
assets (C)          2,957,052  2,976,617  2,994,982  3,061,432  3,142,597
Net interest margin 4.37%       4.51%       4.69%       4.35%       4.08%
(A)/(C)^1
Net interest
margin, adjusted    3.89%       3.99%       4.15%       4.29%       4.08%
(B)/(C)
(non-GAAP)^1

^1 Represents an annualized rate; calculation is approximate due to differences
in industry standards for annualizing underlying average earning assets.

CONTACT: First Financial Holdings, Inc.
         Investor Relations
         (843) 529-5931
         investorrelations@firstfinancialholdings.com
 
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