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

12 Months Ended

Dec. 31, 2012

Condensed Financial Statements [Text Block]

NOTE 19. First Financial Holdings, Inc. (Parent Company Only) Condensed Financial Information

CONDENSED BALANCE SHEETS
	December 31,				September 30,
(in thousands)	2012		2011		2011
Assets
Cash and cash equivalents	$	18,095	$	39,015	$	43,931
Securities available for sale, at fair value		18		27		27
Investment in subsidiaries		327,335		281,456		270,341
Other assets		3,717		5,305		5,496
Total assets	$	349,165	$	325,803	$	319,795
Liabilities and Shareholders’ Equity
Accrued expenses	$	3,132	$	2,233	$	4,897
Long-term debt		46,392		46,392		46,392
Shareholders’ equity		299,641		277,178		268,506
Total liabilities and shareholders’ equity	$	349,165	$	325,803	$	319,795

CONDENSED STATEMENTS OF OPERATIONS
	Year Ended December 31,			Quarter Ended December 31,			Years Ended September 30,
(in thousands)	2012			2011			2011			2010
Income
Dividend income	$	—		$	—		$	—		$	—
Interest income		86			40			179			432
Other income		—			35			276			351
Total income		86			75			455			783
Expenses
Interest expense		3,150			787			3,150			3,226
Salaries and employee benefits		377			216			1,624			2,190
Shareholder relations and other expense		2,736			352			2,193			1,741
Total expense		6,263			1,355			6,967			7,157
Loss before income taxes and equity in undistributed (losses) earnings of subsidiaries		(6,177	)		(1,280	)		(6,512	)		(6,374	)
Income tax benefit		(1,275	)		(420	)		(2,142	)		(2,538	)
Loss before equity in undistributed losses of subsidiaries		(4,902	)		(860	)		(4,370	)		(3,836	)
Equity in undistributed earnings (losses) of subsidiaries		33,715			16,432			(36,816	)		(32,953	)
Net income (loss)		28,813			15,572			(41,186	)		(36,789	)
Preferred stock dividends		3,250			813			3,250			3,252
Accretion on preferred stock discount		637			153			591			556
Net income (loss) available to common shareholders	$	24,926		$	14,606		$	(45,027	)	$	(40,597	)

CONDENSED STATEMENTS OF CASH FLOWS
	Year Ended December 31,			Quarter Ended December 31,			Years Ended September 30,
(in thousands)	2012			2011			2011			2010
Operating Activities
Net income (loss)	$	28,813		$	15,572		$	(41,186	)	$	(36,789	)
Adjustments to reconcile net income to net cash (used in) provided by operating activities
(Increase) decrease of equity in undistributed earnings of subsidiaries		(33,715	)		(16,432	)		82,575			32,961
Amortization of issuance cost, junior subordinated debt		244			14			55			55
Recognition of stock based compensation expense (benefit)		176			56			432			(219	)
Tax benefit resulting from stock options		—			—			—			(3	)
Other		2,242			(2,487	)		3,337			(993	)
Net cash (used in) provided by operating activities		(2,240	)		(3,277	)		45,213			(4,988	)
Investing Activities
Proceeds from repayment and sales of investments		9			—			775			22
Equity investments in subsidiaries		(12,000	)		—			(20,875	)		(45,594	)
Net cash used in investing activities		(11,991	)		—			(20,100	)		(45,572	)
Financing Activities
Net decrease in other borrowings		—			—			—			(28,000	)
Proceeds from issuance of common stock		—			—			—			9,173
Proceeds from exercise of stock options		—			—			—			19
Tax benefit resulting from stock options		—			—			—			3
Dividends paid on preferred stock		(3,384	)		(813	)		(3,250	)		(3,252	)
Dividends paid on common stock		(3,305	)		(826	)		(3,306	)		(3,304	)
Net cash used in financing activities		(6,689	)		(1,639	)		(6,556	)		(25,361	)
Net (decrease) increase in cash and cash equivalents		(20,920	)		(4,916	)		18,557			(75,921	)
Cash and cash equivalents at beginning of period		39,015			43,931			25,374			101,295
Cash and cash equivalents at end of period	$	18,095		$	39,015		$	43,931		$	25,374
Supplemental disclosures
Cash paid during the period for
Interest	$	3,150		$	787		$	3,150		$	3,356
Income taxes		2,040			—			715			—