First Financial reports strong fourth quarter
First Financial Holdings, Inc., parent company of The Savannah Bank, Tuesday reported net income of $13.2 million, or $0.55 per diluted common share for the quarter that ended Dec. 31.
That’s up from $11.5 million, or $0.52 per diluted common share in the previous quarter.
“We are pleased to report record operating earnings per share for the year, which increased 26.9 percent to $3.16,” said Robert R. Hill, Jr. CEO of First Financial Holdings, Inc. “I am also pleased with the total return to our shareholders for 2013, which was over 67 percent. This was certainly a transformational year for our company.”
. The company’s statement said the factors driving the increase from the third quarter included:
• An increase in net interest income primarily the result of the full quarter impact of an earlier merger with First Financial;
• Continued improvement in asset quality resulting in no non-acquired provision for loan losses;
• An increase in non-interest income, primarily the result of the full quarter impact of First Financial after the merger;
• A decrease in the effective tax rate to 34 percent from 36.1 percent, partially offset by an increase in noninterest expense.
“Overall, 2013 was a record year for our company,” Hill said. “With our merger integration going well and our branding change scheduled for this summer, we are optimistic about the opportunities in 2014.”
Steak ’n’ Shake to open in Pooler
Steak ’n’ Shake restaurants will hold a ribbon-cutting ceremony Thursday for the grand opening of their first restaurant in Pooler.
The event will be held at 10 a.m. at the restaurant at 10 Mill Creek Circle.
Mike Heyden, principal, Shake Group LLC, will hold the ceremony with various public officials and business leaders on hand.
Jim Flaniken, the company’s senior vice president of marketing, said the location will showcase Stake ’n’ Shake’s newest freestanding restaurant design.
“This open kitchen layout reinforces the brand’s motto, ‘In Sight it Must be Right.’” Flankiken said.
Steak ‘n Shake was founded in 1934 in Normal, Ill.,by restaurateur Gus Belt.
For additional information, visit: www.steaknshake.com.
Nominations open for historic preservation awards
The Historic Savannah Foundation is accepting nominations for the 2014 HSF Preservation Awards, which recognize individuals and organizations demonstrating excellence in historic preservation.
The deadline for award nominations is Feb.14. Winners will be announced April 30.
Projects must have been completed within the last three years. Nominations are open only to Historic Savannah Foundation members. Self-nominations are acceptable.
Visit www.myhsf.org/advocacy-education/awards/ for nomination forms and other details.
