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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
April 26
SCBT Financial Corp. of Columbia, S.C., said its first-quarter earnings skyrocketed, largely as a result of its acquisition of the failed Community Bank and Trust in Cornelia, Ga.
The $3.5 billion-asset SCBT said its profit rose 1,224% year over year, to $49 million from $3.7 million.
Driving the surge was a $98.1 million gain related to its takeover of the $1.2 billion-asset Community Bank, SCBT said Friday.
Given the accounting treatment of writedowns and loss-sharing agreements, failed-bank acquirers often record an up-front gain on transactions.
The gain in the first quarter, however, was offset by a $20.8 million loan-loss provision. a fourfold increase from a year earlier and double the fourth-quarter provision.
The bulk of the provision went to cover chargeoffs.
The company reported net chargeoffs of $16.9 million, up 275% from a year earlier.
At the end of the first quarter, nonperforming assets — excluding those covered by loss-sharing agreements — totaled $63.1 million, or 1.99% of assets overall. That represents an increase of 104% from a year earlier.
The earnings were also affected by a $5.6 million other-than-temporary impairment charge on SCBT's pooled trust-preferred securities.
