First Financial Holdings has reported a net loss of $6.5 million, or basic and diluted loss per share of $0.58, for the first quarter of fiscal 2009 ended December 31, 2008, compared to a net income of $2.9 million, or $0.25 per basic and diluted share, for the same quarter ended December 31, 2007.
The net interest margin was 3.48% for the first quarter of fiscal 2009, compared to a net interest margin of 3.23% for the same quarter of fiscal 2008.
Total revenues, defined as net interest income plus total other income, excluding other than temporary impairment, gains on sales of investments and gains on disposition of assets, increased to $38.5 million, for the first quarter of fiscal 2009, an increase of $3.9 million or 11.3% from $34.6 million during the comparable quarter of fiscal 2008.
Thomas Hood, president and CEO of First Financial, said: Our results reflect the impact that the current recession has had on our markets. Financial and economic markets continue to deteriorate and as a result, we are very focused on preserving our capital levels. Our loan loss provisions increased significantly during the quarter ended December 31, 2008 which we believe strengthens our ability to navigate through this unprecedented economic cycle.
