S.C. financial corporation reports third-quarter profit
COLUMBIA, S.C. — SCBT Financial Corporation (NASDAQ: SCBT), the holding company for South Carolina Bank & Trust, reported Friday it had a net income of $9.1 million for its third quarter that ended Sept. 30 compared to $10.3 million in the same quarter a year earlier. Second quarter profit in 2012 totalled $8 million.
The company’s operating earnings, which exclude merger and conversion expense, of $9.4 million in the third quarter compared to $9.4 million in the previous quarter and $4.6 million in the third quarter of 2011.
The board of directors has declared a quarterly cash dividend of $0.18 per share payable on its common stock payable on Nov. 23.
President and CEO Robert R. Hill, Jr., said he was pleased with the company’s overall performance.
“We have made consistent progress in most operating facets each quarter this year,” Hill said.
In August, South Carolina Bank & Trust acquired Savannah Bancorp and its subsidiaries for $67 million.
Business group offers political endorsements
The Savannah Area Business Political Action Committee has announced its endorsements for the Nov. 6 local elections.
The announcement said the following candidates were selected because of their commitment to a pro-business agenda:
• District Attorney — Meg Heap;
• Sheriff — Al St. Lawrence;
• County Commission Chairman — Al Scott;
• County Commissioner Chairman — Eddie DeLoach;
• Superior Court Clerk — Dan Massey;
• County Commissioner, District 3 — Tony Center;
• County Commissioner, District 6 — Lori Brady.
“We support these candidates because, when elected, they will recognize and aggressively protect the needs of the business community,” said Stephen Green, chairman of the Savannah Area Business PAC.
Ga. executives expect modest inflation
ATLANTA —A survey of southeastern executives with nearly 200 firms released Friday by the Federal Reserve Bank of Atlanta shows expectations for inflation are lower than what most private economists anticipate.
The Fed conducted the latest survey of 196 firms Oct. 15-19.
The average annual inflation rate anticipated by the group is 1.8 percent, up from the 1.7 percent forecast in September. Over the next five to 10 years, the executives are looking to see a 2.9 percent yearly rate.
Last year, they braced for a 1.9 percent rise in unit costs, but the actual increase turned out to be just 1.4 percent, according to what they told the Fed this month.
Lower-than-expected unit costs was the only good news in this month’s poll. Executives said improvements in sales and profit margins they had reported in September have since deteriorated.