First Financial Holdings, Inc. (Parent Company Only) Condensed Financial Information

12 Months Ended

Sep. 30, 2011

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 20. First Financial Holdings, Inc. (Parent Company Only) Condensed Financial Information

CONDENSED BALANCE SHEETS
	As of September 30,
(in thousands)	2011		2010
Assets
Cash and cash equivalents	$	43,931	$	25,374
Securities available for sale, at fair value		27		775
Investment in subsidiaries		270,341		334,443
Other		5,496		3,990
Total assets	$	319,795	$	364,582
Liabilities and Shareholders’ Equity
Accrued expenses	$	4,897	$	---
Long-term debt		46,392		46,392
Shareholders’ equity		268,506		318,190
Total liabilities and shareholders’ equity	$	319,795	$	364,582

CONDENSED STATEMENTS OF OPERATIONS

	Years Ended September 30,
(in thousands)	2011			2010			2009
Income
Dividend income	$	---		$	---		$	2,500
Interest income		179			432			(1	)
Other income		276			351			382
Total income		455			783			2,881
Expenses
Interest expense		3,150			3,226			3,455
Salaries and employee benefits		1,624			2,190			2,609
Shareholder relations and other		2,193			1,741			1,251
Total expense		6,967			7,157			7,315
Loss before income taxes and equity in undistributed (losses) earning of subsidiaries		(6,512	)		(6,374	)		(4,434	)
Income tax benefit		(2,142	)		(2,538	)		(2,527	)
Loss before equity in undistributed (losses) earnings of subsidiaries		(4,370	)		(3,836	)		(1,907	)
Equity in undistributed (losses) earnings of subsidiaries		(36,816	)		(32,953	)		31,227
Net (loss) income		(41,186	)		(36,789	)		29,320
Preferred stock dividends		3,250			3,252			2,663
Accretion on preferred stock discount		591			556			431
Net (loss) income available to common shareholders	$	(45,027	)	$	(40,597	)	$	26,226

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended September 30,
(in thousands)	2011			2010			2009
Operating Activities
Net (loss) income	$	(41,186	)	$	(36,789	)	$	29,320
Adjustments to reconcile net income to net cash provided by operating activities
Decrease (increase) of equity in undistributed earnings of subsidiaries		82,575			32,961			(31,227	)
Amortization of issuance cost, junior subordinated debt		55			55			55
Recognition of stock based compensation expense		432			(219	)		524
Tax benefit resulting from stock options		---			(3	)		(11	)
Other		3,337			(993	)		(1,697	)
Net cash provided by (used) operating activities		45,213			(4,988	)		(3,036	)
Investing Activities
Proceeds from repayment and sales of investments		775			22			2
Equity investments in subsidiaries		(20,875	)		(45,594	)		(21,000	)
Net cash used by investing activities		(20,100	)		(45,572	)		(20,998	)
Financing Activities
Net decrease in other borrowings		---			(28,000	)		---
Proceeds from issuance of common stock		---			9,173			60,638
Proceeds from preferred stock		---			---			62,020
Proceeds from stock warrants		---			---			2,980
Proceeds from exercise of stock options		---			19			350
Tax benefit resulting from stock options		---			3			11
Dividends paid on preferred stock		(3,250	)		(3,252	)		(2,663	)
Dividends paid on common stock		(3,306	)		(3,304	)		(4,732	)
Treasury stock purchased		---			---			(176	)
Net cash (used in) provided by financing activities		(6,556	)		(25,361	)		118,428
Net increase (decrease) in cash and cash equivalents		18,557			(75,921	)		94,394
Cash and cash equivalents at beginning of period		25,374			101,295			6,901
Cash and cash equivalents at end of period	$	43,931		$	25,374		$	101,295
Supplemental disclosures:
Cash paid during the period for
Interest	$	3,150		$	3,356		$	3,536
Income taxes		715			---			11,654