SCBT Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Announces Net Charge-Offs for the Fourth Quarter of 2011; Declares Quarterly Cash Dividend, Payable on February 24, 2012
January 27, 2012 at 10:37 am EST
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SCBT Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company's interest income was $43,825,000 compared to $39,789,000 a year ago. Net interest income was $39,925,000 compared to $31,815,000 a year ago. Income before provision for income taxes was $5,983,000 compared to $658,000 a year ago. Net income was $4,829,000 or $0.35 per basic and diluted share compared to $559,000 or $0.04 per basic and diluted share a year ago. Net operating earnings (non-GAAP) was $5,156,000 or $0.37 per basic and diluted share compared to $1,508,000 or $0.12 per basic and diluted share a year ago. Return on average assets was 0.49% compared to 0.06% a year ago. Return on average equity was 5.00% compared to 0.66% a year ago. Book value per share as on December 31, 2011 was $27.19 compared to $25.79 a year ago. Return on average tangible equity (annualized) non GAAP was 6.76% compared to 1.40% a year ago. Tangible book value per share non GAAP as on December 31, 2011 was $21.89 compared to $20.12 a year ago. Pre-tax, pre-provision operating earnings (non-GAAP) was $13,444,000 compared to $12,443,000 a year ago.
For the year, the company's interest income was $171,718,000 compared to $155,354,000 a year ago. Net interest income was $151,452,000 compared to $122,617,000 a year ago. Income before provision for income taxes was $33,357,000 compared to $80,828,000 a year ago. Net income was $22,595,000 or $1.63 per diluted share compared to $51,882,000 or $4.08 per diluted share a year ago. Net operating earnings (non-GAAP) was $14,586,000 or $1.04 per basic and diluted share compared to $535,000 or $0.04 per basic and diluted share a year ago. Return on average assets was 0.58% compared to 1.43% a year ago. Return on average equity was 6.10% compared to 15.45% a year ago. Return on average tangible equity (annualized) non GAAP was 8.10% compared to 20.12% a year ago. Pre-tax, pre-provision operating earnings (non-GAAP) was $50,262,000 compared to $53,514,000 a year ago.
In the fourth quarter, net charge-offs were $6.7 million, or an annualized 1.08% of average loans, excluding acquired loans, compared to $9.8 million, or 1.71% in the same period of 2010 and $7.2 million, or 1.16% in the 3rd quarter.
The board of directors of the company has declared a quarterly cash dividend of $0.17 per share payable on its common stock. This per share amount is equal to the dividend paid in the immediately preceding quarter and will be payable on February 24, 2012 to shareholders of record as of February 17, 2012.
SouthState Corporation is a financial holding company. The Company offers a range of banking services and products to its customers through its wholly owned bank subsidiary, South State Bank, National Association (the Bank). The Bank provides consumer, commercial, mortgage and wealth management solutions. The Bank's loan portfolio includes commercial real estate loans, residential real estate loans, commercial and industrial loans, and consumer loans. It also offers its customers a variety of deposit products and services, including checking accounts, savings accounts, other deposit accounts and treasury and merchant services, through multiple channels, including its network of approximately 251 full-service branches and online, mobile and telephone banking platforms. Through Corporate Billing, LLC, the Bank provides factoring, invoicing, collection, and accounts receivable management services to transportation companies and automotive parts and service providers.
SCBT Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Announces Net Charge-Offs for the Fourth Quarter of 2011; Declares Quarterly Cash Dividend, Payable on February 24, 2012