FORM 11-K
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
First Financial Holdings, Inc. Sharing Thrift Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
First Financial Holdings, Inc.
34 Broad Street
Charleston, SC 29401
THE PLAN IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"). IN ACCORDANCE WITH ITEM NO. 4 OF REQUIRED INFORMATION, THE
PLAN FINANCIAL STATEMENTS AND SCHEDULES ATTACHED HERETO WERE PREPARED IN
ACCORDANCE WITH THE FINANCIAL REPORTING REQUIREMENTS OF ERISA.
<PAGE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Financial Statements
December 31, 1994 and 1993
(With Independent Auditors' Report Thereon)
Index
Independent Auditors' Report
Financial Statements for 1994 and 1993:
Statements of Net Assets Available for Benefits, with Fund Information
Statements of Changes in Net Assets Available for Benefits, with Fund
Information
Notes to Financial Statements
Schedules Supporting Financial Statements for 1994:
Schedule I - Assets Held for Investment Purposes - Item 27.a.
Schedule II - Summary of Reportable Transactions - Item 27.d.
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Plan Trustees
First Financial Holdings, Inc. Sharing Thrift Plan
We have audited the accompanying statement of net assets available for
benefits, with fund information of First Financial Holdings, Inc. Sharing
Thrift Plan (the "Plan") as of December 31, 1994 and the related statement of
changes in net assets available for benefits, with fund information for the
year then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements of First
Financial Holdings, Inc. Sharing Thrift Plan as of December 31, 1993 and for
the year then ended, were audited by other auditors whose report thereon dated
July 1, 1994 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits as of December
31, 1994, and the changes in net assets available for benefits for the year
then ended in conformity with generally accepted accounting principles.
Our audit for the year ended December 31, 1994 was made for the purpose of
forming an opinion on the basic financial statements taken as a whole. The
supplementary information included in Schedules 1 and 2 are presented for
purposes of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employer Retirement Income Security Act of 1974. The Fund Information in
the statement of net assets available for benefits and the statement of
changes in net assets available for benefits is presented for purposes of
additional analysis rather than to present the net assets available for
benefits and changes in net assets available for benefits of each fund. The
supplemental schedules and Fund Information have been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
McLain, Moise & Associates, PC
Charleston, South Carolina
July 6, 1995
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<TABLE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Statements of Net Assets Available for Benefits, with Fund Information
December 31, 1994 and 1993
December 31, 1994
<S> <C> <C> <C> <C> <C> <S> <C>
Equity Fixed Stock Growth Bond Loan
Fund Fund Fund Fund Fund Fund Total
Assets:
Investments,
at fair value $4,217,146 $3,799,696 $5,623,117 $1,601,331 $263,496 -- $15,504,786
Employer contributions
receivable 42,630 30,323 110,295 25,215 7,017 -- 215,480
Due (to) from other
funds (150,868) 67,512 119,190 (26,465) (9,369) -- --
Loans receivable from
participants -- -- -- -- -- $151,072 151,072
Net assets available for
benefits $4,108,908 $3,897,531 $5,852,602 $1,600,081 $ 261,144 $151,072 $15,871,338
December 31, 1993
<S> <C> <C> <C> <C> <C> <S> <C>
Equity Fixed Stock Growth Bond Loan
Fund Fund Fund Fund Fund Fund Total
Assets:
Investments,
at fair value $3,898,768 $3,833,830 $4,583,295 $1,309,210 $ 394,261 -- $14,019,364
Employer contributions
receivable 43,893 35,505 108,124 25,278 11,604 -- 224,404
Due (to) from other funds 140,863 (286,150) 96,080 39,760 9,447 -- --
Loans receivable from
participants -- -- -- -- -- $124,121 124,121
Net assets available for
benefits $4,083,524 $3,583,185 $4,787,499 $1,374,248 $415,312 $124,121 $14,367,889
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Statement of Changes in Net Assets Available for Benefits, with Fund Information
Year Ended December 31, 1994
<C> <C> <C> <C> <C> <C> <C>
Equity Fixed Stock Growth Bond Loans
Fund Fund Fund Fund Fund Fund Total
Additions to net assets
attributable to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $(200,864) $ -- $ (126,236) $ (70,743) $ (47,724) -- $ (445,567)
Interest -- 189,402 1,667 -- -- $ 12,124 203,193
Dividends 189,853 -- 119,414 47,650 24,592 -- 381,509
Total investment income (11,011) 189,402 (5,155) (23,093) (23,132) 12,124 139,135
Contributions:
Participants 305,719 171,555 134,463 181,578 43,430 -- 836,745
Cafeteria credits -- 60,332 -- -- -- -- 60,332
Employer match -- -- 351,458 -- -- -- 351,458
Employer profit sharing 183,069 119,676 76,395 104,813 34,599 -- 518,552
Total contributions 488,788 351,563 562,316 286,391 78,029 -- 1,767,087
Total additions 477,777 540,965 557,161 263,298 54,897 12,124 1,906,222
Deductions from net assets
attributable to:
Benefits and withdrawals
paid to participants 82,999 194,783 33,890 29,367 11,536 -- 352,575
Administrative fees 16,065 13,904 19,091 5,788 1,226 -- 56,074
Total deductions 99,064 208,687 52,981 35,155 12,762 -- 408,649
Net increase (decrease) prior
to transfers 378,713 332,278 504,180 228,143 42,135 12,124 1,497,573
Transfers:
Rollover contributions 757 -- 2,270 2,849 -- -- 5,876
Interfund transfers (354,086) (17,932) 558,653 (5,159) (196,303) 14,827 --
Total transfers (353,329) (17,932) 560,923 (2,310) (196,303) 14,827 5,876
Net increase (decrease) 25,384 314,346 1,065,103 225,833 (154,168) 26,951 1,503,449
Net assets available for benefits,
Beginning of year 4,083,524 3,583,185 4,787,499 1,374,248 415,312 124,121 14,367,889
End of year $4,108,908 $3,897,531 $5,852,602 $1,600,081 $ 261,144 $151,072 $15,871,338
See accompanying notes to financial statements.
</TABLE>
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<TABLE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Statement of Changes in Net Assets Available for Benefits, with Fund Information
Year Ended December 31, 1993
<S> <C> <C> <C> <C> <C> <C> <C>
Equity Fixed Stock Growth Bond Loans
Fund Fund Fund Fund Fund Fund Total
Additions to net assets
attributable to:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 217,023 $ (1,001) $1,517,776 $ 46,406 $ 6,827 -- $1,787,031
Interest 30,060 235,165 5,841 11,185 5,592 $ 9,627 297,470
Dividends 136,064 -- 98,114 17,495 14,491 -- 266,164
Total investment income 383,147 234,164 1,621,731 75,086 26,910 9,627 2,350,665
Contributions:
Participants 217,300 165,599 73,607 115,756 41,167 -- 613,429
Cafeteria credits -- 47,789 -- -- -- -- 47,789
Employer match -- -- 282,794 -- -- -- 282,794
Employer profit sharing 136,326 127,538 50,146 75,013 33,840 -- 422,863
Total contributions 353,626 340,926 406,547 190,769 75,007 -- 1,366,875
Total additions 736,773 575,090 2,028,278 265,855 101,917 9,627 3,717,540
Deductions from net assets
attributable to:
Benefits and withdrawals
paid to participants 391,262 81,104 91,577 36,116 19,385 -- 619,444
Administrative fees 31,470 32,760 31,898 10,121 2,893 -- 109,142
Total deductions 422,732 113,864 123,475 46,237 22,278 -- 728,586
Net increase (decrease) prior
to transfers 314,041 461,226 1,904,803 219,618 79,639 9,627 2,988,954
Transfers:
Rollover contributions -- -- 821 -- -- -- 821
Transfers from other plans 929,154 693,231 122,041 345,507 177,267 -- 2,267,200
Interfund transfers 403,708 (636,198) 119,166 84,041 9,888 19,395 --
Total transfers 1,332,862 57,033 242,028 429,548 187,155 19,395 2,268,021
Net increase (decrease) 1,646,903 518,259 2,146,831 649,166 266,794 29,022 5,256,975
Net assets available for benefits:
Beginning of year 2,436,621 3,064,926 2,640,668 725,082 148,518 95,099 9,110,914
End of year $4,083,524 $3,583,185 $4,787,499 $1,374,248 $ 415,312 $124,121 $14,367,889
See accompanying notes to financial statements.
</TABLE>
<PAGE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Notes to Financial Statements
December 31, 1994 and 1993
1. Description of Plan
The following description of First Financial Holdings, Inc. (the
"Company")Sharing Thrift Plan (the "Plan") provides only general
information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions. The Company
is the holding company for First Federal Savings and Loan
Association of Charleston, South Carolina and subsidiaries (First
Federal) and Peoples Federal Savings and Loan in Conway, South
Carolina and subsidiaries (Peoples Federal) (together the
"Thrifts").
A. GENERAL
The Plan is a defined contribution plan consisting of both a
tax-deferred 401(k) program and a tax-deferred profit sharing
program. The Plan covers all eligible hourly and salaried
employees of the Company and its subsidiaries. Employees who
have completed six months of service and who are expected to
complete a year of service are eligible to make tax-deferred
contributions. Employees, 21 years of age and older, who have
completed a year of service are eligible to receive profit
sharing contributions. The Plan is subject to the provisions
of the Employee Retirement Income Security Act of 1974
(ERISA).
B. CONTRIBUTIONS
The Plan permits eligible participants to contribute 2% to 15%
of their annual compensation (as defined and not to exceed
limitations prescribed by law).
The Company matches part or all of the participant's tax-
deferred contributions up to 5% of the participant's base
compensation and makes a profit sharing contribution up to 6%
of the participant's base compensation. The percentage for
the Company's matching contribution and profit sharing
contribution is determined for each of the Thrifts based on
the individual Thrift's annualized return on equity for each
quarter as follows:
MATCH AND
PROFIT SHARING
RETURN ON EQUITY PERCENTAGES
Less than 4% 0%
4% to less than 8% 25%
8% to less than 12% 50%
12% to less than 16% 75%
16% or more 100%
C. PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocations of (a) the Company's contribution
and, (b) Plan earnings, and charged with an allocation of
administrative expenses. Allocations are based on participant
earnings or account balances, as defined. Forfeited balances
of terminated participants' nonvested accounts are in addition
to Company contributions. The benefit to which a participant
is entitled is the benefit that can be provided from the
participant's vested account.
D. VESTING
The participant contributions and Company-match contributions
are immediately vested. The participants vest in the profit
sharing contributions at 10% per year for the first four years
and at 20% per year thereafter, until fully vested at seven
years.
E. INVESTMENT OPTIONS
Upon enrollment in the Plan, participating employees may elect
for their contributions and allocated employer profit sharing
contributions to be invested in any of five investment funds as
follows:
Participant-directed funds:
- The Equity Fund is an unsegregated diversified managed fund
invested in equity investments selected by the Trustees.
During 1994, the Equity Fund was invested in the Vanguard
Wellington mutual fund. Effective February 3, 1995, all
equity fund investments were transferred to the Fidelity
Puritan Fund.
- The Fixed Fund consists of investments in certificates of
deposit and or interest-bearing deposit accounts of the
Thrifts.
- The Stock Fund invests in common stock of First Financial
Holdings, Inc.
- The Growth Fund is an unsegregated diversified managed
balanced fund that seeks to provide long-term growth of
capital. During 1994, the Growth Fund was invested in the
Vanguard Morgan Growth mutual fund. Effective January 3,
1995, all growth fund investments were transferred to the
Fidelity Value fund.
- The Bond Fund is an unsegregated diversified managed fixed
income fund that invests primarily in investment grade bonds
and seeks to provide a high level of current income
consistent with the maintenance of principal and liquidity.
During 1994, the Bond Fund was invested in the Vanguard
Fixed Income Securities - Long-Term Corporate Portfolio
mutual fund. Effective January 3, 1995, all bond fund
investments were transferred to the Fidelity Intermediate
Bond fund.
Participant-directed and nonparticipant-directed funds: The
Company's matching contributions are invested in common stock
of First Financial Holdings, Inc.
Information is not available to report the participant-directed
and nonparticipant-directed stock investments separately.
During 1994, participants could change their investment options
quarterly.
F. LOANS RECEIVABLE FROM PARTICIPANTS
Participants may borrow from the Plan after one year of
participation. A participant must borrow at least $2,500 with
the maximum amount being the lesser of (1) $50,000 less any
outstanding balance on Plan loans over the last 12 months, or
(2) the greater of $10,000 or one-half of the participant's
Plan account balance. Generally, Plan loans are limited to
one-half of the Participant's Plan account balance. In
addition, the amounts invested in the First Financial Stock
Fund are not available for borrowing.
G. PAYMENT OF BENEFITS
On termination of service due to death, disability or
retirement, a participant will receive the value of the
participant's vested interest in his or her account. A
participant is no longer eligible to participate in the Plan
after retirement or termination.
2. SUMMARY OF ACCOUNTING POLICIES
A. BASIS OF ACCOUNTING
The financial statements of the Plan are prepared under the
accrual method of accounting.
B. INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Shares of
registered investment companies are valued at quoted market
prices which represent the net asset value of shares held by
the Plan at year-end. The First Financial Holdings, Inc. stock
is valued at the average of the bid and ask quoted market
price. Loans receivable from participants are valued at cost
which approximates fair value.
Purchases and sales of securities are recorded on a trade-date
basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
C. PAYMENT OF BENEFITS AND WITHDRAWALS
Benefits are recorded when paid. Benefits attributable to
terminated employees at December 31, 1994 and 1993, which were
paid in the subsequent year, were $163,963 and $208,508,
respectively.
Amounts allocated to withdrawing participants may be recorded
on the Form 5500 for benefit claims that have been processed
and approved for payment prior to December 31 but not yet paid
as of that date.
3. INVESTMENTS
The Plan's assets are held in a trust established pursuant to an
agreement between the Company and the Trustees, who are officers of
the Company or the Thrifts. The Trustees direct the investment
activities of the trust and have full discretionary authority for
the purchase and sale of investments, subject to the participants'
investment elections and certain other specified limitations. The
fair values of the investments of the trust at December 31, 1994
and 1993, were as follows:
1994 1993
Cash demand deposits held by:
Vanguard Wellington Fund $4,217,146 $3,898,768
Vanguard Fixed Income Securities
- Long-Term Corporate Portfolio
Fund 263,496 394,261
Vanguard Morgan Growth Fund 1,601,331 1,309,210
First Financial Holdings, Inc. 257,545 373,120
Certificates of deposit accounts:
First Federal or Peoples Federal 3,570,833 3,570,833
Equity securities :
First Financial Holdings, Inc.
common stock 5,594,435 4,473,172
Total investments $15,504,786 $14,019,364
On December 30, 1994, the Plan sold all units in the Vanguard mutual
funds. The Vanguard funds held the cash at year end and transferred
the funds, at the Trustees' direction, to the Fidelity mutual funds
on January 3, 1995.
Certificates of deposit at December 31, 1994, consisted of amount on
deposit with the Thrifts with interest rates ranging from 3.67% to
8.30%, and maturities of one month to five years.
During 1994 and 1993, the Plan's mutual funds appreciated
(depreciated) in value in the amounts of $(319,331) and $269,255,
respectively. During 1994 and 1993, the Plan's equity securities
appreciated (depreciated) in value in the amounts of $(126,236) and
$1,517,776, respectively. These amounts represent the total of the
net realized gain or loss from investment transactions and the net
unrealized appreciation or depreciation of investments. The method
used in calculating realized gains and losses is based on average
net cost.
The investments of the Stock Fund on the Statements of Net Assets
Available for Benefits with Fund Information include invested cash
to be used for future purchases of equity securities.
4. CONTRIBUTIONS
The Thrift's quarterly return on equity resulted in the following
estimated average employer matching contributions (for those
participants contributing at least 5%) and employer profit sharing
contributions.
1994 1993
Employer matching contributions:
First Federal 2.50% 2.80%
Peoples Federal 4.69% 5.00%
Employer profit sharing contributions:
First Federal 3.00% 3.38%
Peoples Federal 5.63% 6.00%
These estimates represent the multiplication of the average return
on equity percentages (in accordance with the schedule in Note 1.B.)
times the 5% maximum matching percentage and 6% profit sharing
percentage, respectively.
5. RELATED PARTY TRANSACTIONS
The Plan is administered by a committee consisting of three or more
persons who are officers of the Company or the Thrifts. Members are
appointed by the Company's Board of Directors.
Expenses incurred in connection with the administration of the Plan
are paid by the Plan. Administrative expenses paid by the Plan
during 1994 and 1993 amounted to $56,074 and $109,142, respectively.
6. TAX STATUS
The Internal Revenue Service has previously informed the Plan's
administrators that the Plan is qualified under Sections 401(a) and
401(k) of the Internal Revenue Code, and of the exempt status of the
trust under Section 501(a) of the Code.
The Plan obtained its latest determination letter on June 9, 1987,
in which the IRS stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue
Code. The Plan has been amended since receiving the determination
letter. However, the plan administrator and the Plan's legal
counsel believe that the Plan is currently designed and being
operated in compliance with the applicable requirements of the
Internal Revenue Code. Therefore, they believe that the Plan was
qualified and that the related trust was tax exempt as of the
financial statement date.
7. AMENDMENTS TO THE PLAN
The Plan was amended during 1994 and 1993 for certain technical
requirements of the Unemployment Compensation Amendment Act of 1992,
Omnibus Budget Reconciliation Act of 1993 and Tax Reform Act of
1986, as well as resolutions of the Trustees. The more significant
amendments were as follows:
A. Effective October 1994 and, in certain cases, earlier dates:
1. Limit compensation for purposes of determining tax-deferred
contributions.
2. Refine the definition of the highly compensated employee
group and compliance tests.
B. Effective June 30, 1993:
1. The name of the sponsor was changed to First Financial
Holdings, Inc.
2. The participants' deferred contribution has changed.
Participants may now contribute not less than 2% and not more
than 15% of their base pay in a plan year.
3. Unused credits in the Flexible Compensation Plan of First
Financial Holdings, Inc. (Cafeteria Plan) may be contributed
to the plan and will be invested in the Fixed Fund.
8. AMOUNTS TRANSFERRED FROM OTHER PLAN'S ASSETS
During 1993, the 401(k) Plan for the Employees of the Peoples
Federal Savings and Loan Association (the "Peoples Federal Plan")
was merged with the First Federal Savings and Loan Association of
Charleston's Sharing Thrift Plan, creating the First Financial
Holdings, Inc. Sharing Thrift Plan. Active employees of the Peoples
Federal Plan meeting the eligibility requirements were permitted to
roll over their 401(k) plan balances to the Sharing Thrift Plan.
These rollovers were completed prior to December 31, 1993, and
resulted in the following increases in net assets available for plan
benefits:
Equity Fund $ 929,154
Fixed Fund 693,231
Stock Fund 122,041
Growth Fund 345,507
Bond Fund 177,267
Total $2,267,200
9. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has
the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA.
In the event of Plan termination, participants will become 100
percent vested in their accounts.
<PAGE>
<TABLE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Schedule I
Assets Held for Investment Purposes - Item 27.a.
December 31, 1994
<S> <C> <C> <C>
Identity of issue, borrower, Description Current
lessor, or similar party of investment Cost Value
Cash on deposit with:
First Federal or Peoples Federal* Interest bearing deposits $ 257,545 $ 257,545
Vanguard Wellington Fund (1) 4,217,146 4,217,146
Vanguard Fixed Income
Securities -- Long-Term
Corporate Portfolio Fund (1) 263,496 263,496
Vanguard Morgan Growth Fund (1) 1,601,331 1,601,331
Certificates of deposit:
First Federal or Peoples Federal* Maturing 1995-1999 3,570,833 3,570,833
Common stock:
First Financial Holdings, Inc.* 349,653 shares of common stock 3,371,982 5,594,435
Loans due from participants Bearing various interest
rates and maturities 151,072 151,072
Total investments $13,433,405 $15,655,858
*Party-in-interest to the Plan.
(1) Units were sold on December 30, 1994. All investments were in non-interest bearing cash accounts held by the
mutual fund company on December 31, 1994.
See accompanying independent auditors' report.
</TABLE>
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<TABLE>
FIRST FINANCIAL HOLDINGS, INC.
SHARING THRIFT PLAN
Schedule II
Schedule of Reportable Transactions - Item 27.d.
Year Ended December 31, 1994
<S> <C> <C> <C> <C> <C>
Sales
Net Gain
Identity of Party Involved Description of Assets Purchases Proceeds Cost (Loss)
First Federal or Peoples Federal* Certificates of deposit $900,000 $ 200,000 $ 200,000 --
Vanguard Wellington Fund Mutual fund 889,658 4,587,562 4,389,222 $ 198,340
Vanguard Morgan Growth Fund Mutual fund 447,433 1,674,166 1,813,183 (139,017)
*Party-in-interest
See accompanying independent auditors' report.
</TABLE>
<PAGE>
SIGNATURE
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer the
employee benefit plan) have duly caused this annual report to be signed
on its behalf by the undersigned hereunto duly authorized.
First Financial Holdings, Inc.
Sharing Thrift Plan
Date: July 13, 1995 By: /s/ A. Thomas Hood
A. Thomas Hood
Member of The First Financial
Holdings, Inc. Sharing Thrift
Plan Committee
<PAGE>
EXHIBIT 1
INDEPENDENT AUDITORS' CONSENT
The Plan Trustees
First Financial Holdings, Inc. Sharing Thrift Plan:
We consent to the incorporation by reference in the registration
statement (No. 33-22837) on Form S-8 of First Financial Holdings, Inc.
of our report dated July 1, 1994 relating to the statement of net
assets available for plan benefits of the First Financial Holdings,
Inc. Sharing Thrift Plan as of December 31, 1993, and the related
statement of changes in net assets available for plan benefits for the
year then ended, which report appears in the December 31, 1994 annual
report on Form 11-K of the First Financial Holdings, Inc. Sharing
Thrift Plan.
KPMG PEAT MARWICK LLP
Greenville, South Carolina
July 12, 1995
<PAGE>
EXHIBIT 2
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
First Financial Holdings, Inc.
We consent to the inclusion of our report dated July 6, 1995, with
respect to the Statement of Net Assets Available for Benefits, With
Fund Information as of December 31, 1994, and the related Statement of
Changes in Net Assets Available for Benefits, With Fund Information for
the year ended December 31, 1994, which report appears in the Form 11-K
of First Financial Holdings, Inc. dated July 13, 1995.
/s/ McLain, Moise & Associates, PC
Charleston, South Carolina
July 13, 1995
