SCBT's earnings increase in 3Q
By T&D Staff Wednesday, October 17, 2007The SCBT Financial Corp., the holding company for South Carolina Bank and Trust, N.A. and South Carolina Bank and Trust of the Piedmont, N.A., reported Tuesday an increase in consolidated net income compared to the third quarter of 2006.
The bank said it had a net income of $5.6 million, up 7.3 percent from the third quarter of 2006. Year-to-date, the bank had net income of $16.4 million, up 9.1 percent from last year at this time.
SCBT reported consolidated net income of $5.6 million, or 61 cents per diluted share, for the three months that ended Sept. 30, 2007, compared to consolidated net income of $5.3 million, or 57 cents per diluted share, for the third quarter of 2006.
Net income of $16.4 million for the nine months of 2007 reflects a 9.1 percent increase from $15 million in the nine months that ended Sept. 30, 2006.
The bank said its earnings growth reflected the strong profitability of its bank subsidiaries during the third quarter. Compared to the third quarter 2006, SCBT reported a 2.4 percent increase in net income to $5.3 million and SCBT of the Piedmont reported a 40.7 percent increase in net income to $837,000.
"We continue to report strong earnings and strong asset quality during a difficult operating environment for the financial services industry," said Robert R. Hill Jr., CEO of SCBT Financial Corp. "Our performance was driven by increases in non-interest income, margin expansion and excellent credit quality."
Non-interest income increased significantly during the quarter as service charges on deposits increased 11.3 percent, bankcard services income increased 19.4 percent, and trust and investment services income increased 25.4 percent over the third quarter of 2006.
During the third quarter of 2007, SCBT's total assets increased to $2.3 billion, a 7 percent increase over the third quarter of 2006. The growth in total assets was supported by growth in total deposits of $156.4 million, an increase of 9.4 percent over the total in the third quarter of 2006.
SCBT Financial Corporation is a multi-bank holding company whose subsidiaries are South Carolina Bank and Trust, N.A. and South Carolina Bank and Trust of the Piedmont, N.A. The Mortgage Banc, Inc. is a wholly owned subsidiary of South Carolina Bank and Trust, N.A. Through these subsidiaries, SCBT Financial Corporation operates 45 financial centers in 16 South Carolina counties.
SCBT Financial Corporation's common stock is traded on the NASDAQ Global Select Market under the symbol "SCBT."
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