FedFirst Financial Corporation Revised Fourth Quarter 2006 Results
15 März 2007 - 9:24PM
Business Wire
FedFirst Financial Corporation (NASDAQ Capital:FFCO; the
�Company�), the parent company of First Federal Savings Bank, today
announced a revision of net (loss) income and earnings per share.
As part of the Company�s review of the 2006 year end financial
statements, the previously reported net (loss) income for the
quarter and year ended December 31, 2006 was reduced by $65,000 to
reflect an adjustment to state income tax for loss carryforwards.
The impact on earnings per share was a reduction of $0.01 for the
quarter and year ended December 31, 2006. The Company had a net
loss of $99,000 for the quarter ended December 31, 2006 compared to
a net loss of $505,000 for the quarter ended December 31, 2005. Net
income for the year ended December 31, 2006 was $344,000 compared
to a net loss of $102,000 for the year ended December 31, 2005.
Basic and diluted earnings per share were $(0.02) and $(0.08) for
the quarters ended December 31, 2006 and 2005, respectively. Basic
and diluted earnings per share for the year ended December 31, 2006
was $0.05. Earnings per share data for the year ended December 31,
2005 is not presented since the Company was wholly owned by
FedFirst Financial MHC prior to the completion of its initial
public offering on April 6, 2005. FedFirst Financial Corporation is
the parent company of First Federal Savings Bank, a
community-oriented financial institution operating eight
full-service branch locations in southwestern Pennsylvania. First
Federal offers a broad array of retail and commercial lending and
deposit services and provides commercial and personal insurance
services through Exchange Underwriters, Inc., its 80% owned
subsidiary. Financial highlights of the Company are attached.
Statements contained in this news release that are not historical
facts may constitute forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995 and
such forward-looking statements are subject to significant risks
and uncertainties. The Company intends such forward-looking
statements to be covered by the safe harbor provisions contained in
the Act. The Company�s ability to predict results or the actual
effect of future plans or strategies is inherently uncertain.
Factors which could have a material adverse effect on the
operations and future prospects of the Company and its subsidiaries
include, but are not limited to, changes in market interest rates,
general economic conditions, changes in federal and state
regulation, actions by our competitors, loan delinquency rates and
our ability to control costs and expenses and other factors that
may be described in the Company�s annual report on Form 10-KSB as
filed with the Securities and Exchange Commission. These risks and
uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such
statements. � FEDFIRST FINANCIAL CORPORATION SELECTED FINANCIAL
INFORMATION � � � (In thousands, except share and per share data)
December 31, December 31, 2006� 2005� Selected Financial Condition
Data: Total assets $ 283,517� $ 276,176� Cash and cash equivalents
4,432� 6,332� Securities available-for-sale 83,045� 77,947� Loans
receivable, net 174,718� 171,162� Deposits 143,495� 124,897�
Federal Home Loan Bank advances 89,323� 102,404� Equity $ 46,346� $
45,400� � � � Three Months Ended Year Ended December 31, December
31, 2006� 2005� 2006� 2005� Selected Operations Data: Total
interest income $ 3,709� $ 3,385� $ 13,869� $ 13,431� Total
interest expense � 2,152� � � 1,775� � � 7,663� � � 7,047� � Net
interest income 1,557� 1,610� 6,206� 6,384� Provision for loan
losses � 15� � � 35� � � 84� � � 85� � Net interest income after
provision for loan losses 1,542� 1,575� 6,122� 6,299� Noninterest
income 470� 482� 2,240� 2,214� Noninterest expense 2,003� 2,608�
7,630� 8,489� Minority interest in net income (loss) of
consolidated subsidiary � 4� � � (7) � � 51� � � 38� � Income
(loss) before income tax expense (benefit) 5� (544) 681� (14)
Income tax expense (benefit) � 104� � � (39) � � 337� � � 88� � Net
(loss) income $ (99) � $ (505) � $ 344� � $ (102) � � Earnings per
share - basic and diluted $ (0.02) $ (0.08) $ 0.05� N/A� Weighted
average shares outstanding - basic 6,385,692� 6,367,691� 6,379,211�
N/A� Weighted average shares outstanding - diluted 6,389,704�
6,367,691� 6,429,565� N/A� � � � Three Months Ended Year Ended
December 31, December 31, 2006� 2005� 2006� 2005� Selected
Financial Ratios(1): Return on average assets (0.14) % (0.73) %
0.13� % (0.04) % Return on average equity (0.86) (4.33) 0.75�
(0.26) Average interest-earning assets to average interest-bearing
liabilities 117.36� 116.38� 117.39� 114.12� Average equity to
average assets 16.20� 16.91� 16.75� 14.10� Interest rate spread
1.76� 2.02� 1.88� 2.03� Net interest margin 2.31� % 2.47� % 2.39� %
2.41� % � � � Year Ended � December 31, December 31, 2006� 2005�
Allowance for loan losses to total loans 0.49� % 0.46� % Allowance
for loan losses to nonperforming loans 112.86� 295.20�
Nonperforming loans to total loans 0.43� % 0.16� % � � � (1) Three
months ended ratios are calculated on an annualized basis. � Note:
Certain items previously reported may have been reclassified to
conform with the current reporting period�s format. �
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