South Carolina - Third Quarter 2008
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ECONOMIC INDICATORS
(Change from year ago, unless noted)
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|
Employment Growth Rates
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Total Nonfarm (share of trailing four quarter employment in parentheses)
|
-0.3%
|
0.8%
|
3.2%
|
2.3%
|
2.2%
|
|
Manufacturing (13%)
|
-2.7%
|
-1.7%
|
-0.3%
|
-1.0%
|
-3.2%
|
|
Other (non-manufacturing) Goods-Producing (6%)
|
-13.0%
|
-8.0%
|
2.8%
|
2.1%
|
6.3%
|
|
Private Service-Producing (63%)
|
0.7%
|
1.8%
|
3.8%
|
3.1%
|
3.3%
|
|
Government (18%)
|
3.1%
|
2.5%
|
4.0%
|
2.0%
|
0.9%
|
|
Unemployment Rate (% of labor force)
|
7.3%
|
6.2%
|
5.8%
|
5.9%
|
6.4%
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|
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|
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Other Indicators
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Single-Family Home Permits
|
-38.1%
|
-25.5%
|
-22.9%
|
-23.7%
|
-6.3%
|
|
Multifamily Building Permits
|
127.5%
|
-54.5%
|
-60.3%
|
-14.2%
|
-8.8%
|
|
Home Price Index
|
2.4%
|
3.0%
|
4.8%
|
5.5%
|
7.8%
|
|
Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)
|
1.93
|
1.70
|
1.64
|
1.62
|
1.41
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BANKING TRENDS
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|
General Information
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Institutions (#)
|
90
|
92
|
92
|
93
|
95
|
|
Total Assets (in millions)
|
55,039
|
55,075
|
52,059
|
52,953
|
45,464
|
|
New Institutions (# < 3 years)
|
12
|
12
|
13
|
14
|
12
|
|
Subchapter S Institutions
|
5
|
5
|
5
|
5
|
5
|
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|
|
|
|
|
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Asset Quality
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Past-Due and Nonaccrual Loans / Total Loans (median %)
|
2.66
|
1.91
|
1.33
|
1.53
|
1.16
|
|
ALLL/Total Loans (median %)
|
1.26
|
1.25
|
1.17
|
1.17
|
1.19
|
|
ALLL/Noncurrent Loans (median multiple)
|
0.78
|
1.10
|
2.18
|
1.64
|
2.67
|
|
Net Loan Losses / Total Loans (median %)
|
0.16
|
0.04
|
0.04
|
0.08
|
0.05
|
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|
|
|
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Capital / Earnings
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Tier 1 Leverage (median %)
|
9.11
|
9.37
|
9.85
|
9.71
|
9.87
|
|
Return on Assets (median %)
|
0.37
|
0.60
|
0.96
|
0.83
|
1.03
|
|
Pretax Return on Assets (median %)
|
0.55
|
0.86
|
1.43
|
1.25
|
1.48
|
|
Net Interest Margin (median %)
|
3.54
|
3.54
|
4.02
|
3.97
|
4.09
|
|
Yield on Earning Assets (median %)
|
6.24
|
6.25
|
7.50
|
7.36
|
6.89
|
|
Cost of Funding Earning Assets (median %)
|
2.81
|
2.93
|
3.57
|
3.53
|
2.81
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Provisions to Avg. Assets (median %)
|
0.30
|
0.27
|
0.15
|
0.19
|
0.17
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Noninterest Income to Avg. Assets (median %)
|
0.58
|
0.59
|
0.65
|
0.69
|
0.69
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Overhead to Avg. Assets (median %)
|
3.00
|
2.95
|
2.97
|
3.10
|
2.99
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|
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Liquidity / Sensitivity
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Loans to Assets (median %)
|
77.0
|
75.8
|
76.2
|
75.9
|
71.9
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|
Noncore Funding to Assets (median %)
|
32.3
|
31.8
|
28.3
|
28.5
|
27.5
|
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Long-term Assets to Assets (median %, call filers)
|
16.1
|
16.6
|
13.0
|
14.4
|
11.2
|
|
Brokered Deposits (number of institutions)
|
53
|
50
|
43
|
45
|
44
|
|
Brokered Deposits to Assets (median % for those above)
|
13.1
|
9.9
|
9.1
|
9.1
|
7.7
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|
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Loan Concentrations (median % of Tier 1 Capital)
|
Q3-08
|
Q2-08
|
Q3-07
|
2007
|
2006
|
|
Commercial and Industrial
|
73.0
|
73.5
|
67.6
|
71.6
|
60.9
|
|
Commercial Real Estate
|
386.9
|
377.6
|
343.7
|
349.8
|
309.5
|
|
Construction & Development
|
138.8
|
140.9
|
135.0
|
130.9
|
119.9
|
|
Multifamily Residential Real Estate
|
6.8
|
6.2
|
4.6
|
4.8
|
4.3
|
|
Nonresidential Real Estate
|
191.8
|
179.5
|
159.6
|
167.0
|
163.2
|
|
Residential Real Estate
|
234.6
|
230.2
|
204.2
|
200.4
|
196.8
|
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Consumer
|
30.1
|
29.2
|
26.4
|
26.8
|
30.5
|
|
Agriculture
|
4.8
|
4.0
|
3.0
|
3.2
|
3.1
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BANKING PROFILE
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