As expected, First Financial Holdings recorded significant loan-loss provisions during the three months ended June 30 and ended up posting a wider-than-expected quarterly loss.
For the quarter, the company showed a net loss to common shareholders of $12 million, compared with a gain of $34 million during the same period in 2009. Earnings were hampered by loan-loss provisions of $36.4 million, according to information filed with the US Securities and Exchange Commission.
The per-share loss was 73 cents, up sharply from analysts’ expectations of 53 cents, according to Thomson Reuters I/B/E/S.
Earlier this month, Charleston-based First Financial announced that it expected to record a provision for loan losses of between $34 million and $38 million for the quarter.
The $36.4 million figure is down from a $45.9 million loan-loss provision during the three months ended March 31, but up sharply from $12.4 million a year ago.
First Financial, which has lost more than $31 million through the first half of 2010, saw its stock rise 5 percent Monday to $12.73.
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