SCBT Financial Corp. in Columbia, S.C., which bought a failed bank and raised capital in February, on Friday posted its best quarterly results in two years.
The $3.84 billion-asset company's second-quarter earnings were nearly double those of the first quarter and were substantially higher than a year earlier, at $4.9 million. The company largely attributed the improvement to more lending.
Total loans rose slightly from the first quarter and increased 5% from a year earlier, to $2.77 billion. The company bought Habersham Bank from the Federal Deposit Insurance Corp. during the first quarter.
Credit trends were mixed. SCBT's loan-loss provision fell 60% from the first quarter and 66% from a year earlier, to $4.2 million. Nonperforming assets were essentially flat from the first quarter and up 43% from a year earlier, to $168.7 million.