Banking companies post profits in S.C.

By Michael Buettner The Post and Courier Monday, September 1, 2008 South Carolina banking companies saw a major improvement in their profits in the second quarter despite an industry environment that remained pretty tough. According to freshly released numbers from the Federal Deposit Insurance Corp. , the 92 banks based in the Palmetto State posted a total profit of $52 million in the three months ended June 30. That was a big change from the $118 million loss the homegrown lenders saw in the first three months of the year. Among the most profitable in the latest period was the largest locally based institution, First Federal Savings and Loan of Charleston, which reported net income of just more than $6 million, according to FDIC. Also posting profits were Community FirstBank, Bank of South Carolina, Southcoast Community Bank, Tidelands Bank and relative newcomer Harbor National Bank. Another recent startup, Atlantic Bank & Trust, remained in the red during the quarter, where it was joined by Carolina Federal Savings Bank, which saw its loss narrow to $81,000 from $152,000 in the first quarter. Total assets of South Carolina-based banks rose slightly to $55.1 billion at the end of June from $54.5 billion at the end of March. And that was with one less company in the mix: Cheraw-based Sentry Bank & Trust dropped off the list when its parent company, Great Pee Dee Bancorp, was acquired by Troy, N.C.-based First Bancorp. Storm watch With Gustav swirling around in the Gulf of Mexico and the anniversary of Katrina fresh in memory, it's an appropriate time to think about homeowner insurance and disaster planning. The Insurance Information Institute, an insurance industry-backed nonprofit, says Hurricane Katrina cost insurers $41 billion in paid claims, making it the single most costly disaster in industry history. And the potential losses have continued to climb since then: The institute says the value of coastal property exposed to hurricanes rose 24 percent from 2004 through 2007 to a total of $8.9 trillion. South Carolina ranks as the eighth-highest state on the institute's list, with a total exposed property value of about $192 billion. Not altogether surprisingly, the institute's first recommendation for coastal property owners is to make sure they have enough insurance — and the right kind. For instance, if you've made improvements to your home, make sure their value is reflected in your coverage. And if you want to be covered for flood damage, make sure you have a flood policy; it won't be included in your standard homeowner coverage. Reach Michael Buettner at 937-5553 or mbuettner@postandcourier.com. Copyright © 1997 - 2007 the Evening Post Publishing Co.