SCBT Financial Corp posted a profit of $1.8 million for the quarter ended Sept. 30, missing analysts’ expectations because of an increase in loan-loss provisions.
Columbia-based SCBT, the parent of South Carolina Bank & Trust, saw its earning slip from $2.2 million a year earlier.
Reuters reported that analysts were looking for a quarterly profit of 18 cents a share.
SCBT Financial set aside $10.3 million as provision for loan losses during the period, a 47 percent increase from $7 million during the the third quarter of 2009.
SCBT stock opened slightly lower Friday, at around $30.75 a share.