FedFirst Financial Corporation Announces First Quarter 2008 Results
01 Mai 2008 - 12:06AM
Business Wire
FedFirst Financial Corporation (NASDAQ Capital:FFCO; the
�Company�), the parent company of First Federal Savings Bank, today
announced net income of $268,000 for the quarter ended March 31,
2008 compared to a net loss of $969,000 for the quarter ended March
31, 2007. Basic and diluted earnings (loss) per share were $0.04
for the quarter ended March 31, 2008 compared to $(0.15) for the
quarter ended March 31, 2007. Mr. Robinson, President and Chief
Executive Officer of the Company, stated, �Although conditions in
the financial industry continue to be unstable, we believe our
positive results for the quarter are a sign that our strategic
growth and profitability plan is working. Our plan for the
remainder of 2008 is to continue to work on building our core
banking business.� Net interest income for the quarter ended March
31, 2008 increased $366,000 to $1.9 million. Interest rate spread
and net interest margin improved to 2.01% and 2.50% for the quarter
ended March 31, 2008 compared to 1.71% and 2.26% for the quarter
ended March 31, 2007, respectively. The improvement in interest
rate spread and net interest margin is primarily attributed to the
securities restructuring that was completed in April 2007, which
improved the yield on the securities portfolio, and the growth of
the loan portfolio. The provision for loan losses increased $14,000
to $59,000 for the quarter ended March 31, 2008. The increase in
the provision is primarily related to growth in the commercial and
home equity portion of the loan portfolio as well as current
economic conditions in the housing and credit markets. Net
charge-offs were $171,000 for the three months ended March 31,
2008. The charge-off was related to the Company assuming possession
of a one-to-four family property prior to being transferred to real
estate owned at $160,000. There were no charge-offs for the three
months ended March 31, 2007. Noninterest income increased $1.7
million to $1.0 million for the quarter ended March 31, 2008
compared to an expense of $650,000 for the quarter ended March 31,
2007. The change is primarily attributed to the recognition of a
$1.4 million loss as part of the securities restructuring in the
prior period. The current period includes $156,000 of gains on the
sale of callable securities. In addition, insurance commissions
increased $129,000. Noninterest expense increased $140,000 to $2.4
million for the quarter ended March 31, 2008 compared to $2.2
million for the quarter ended March 31, 2007. The increase is
primarily related to compensation and benefits and occupancy costs.
The current three months ended includes additional compensation and
occupancy expenses related to the Washington office, which opened
in June 2007. Total assets were $325.8 million at March 31, 2008
compared to $305.3 million at December 31, 2007. The increase in
total assets was primarily from purchases of securities and loan
growth in commercial real estate and home equity loans, which was
primarily funded from borrowings and deposits. FedFirst Financial
Corporation is the parent company of First Federal Savings Bank, a
community-oriented financial institution operating nine
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-K 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 CORPORATIONSELECTED FINANCIAL
INFORMATION � � (Unaudited) (In thousands, except share and per
share data) March 31, 2008 December 31, 2007 Selected Financial
Condition Data: Total assets $ 325,790 $ 305,273 Cash and cash
equivalents 5,588 5,552 Securities available-for-sale 103,496
89,073 Loans receivable, net 193,183 187,954 Deposits 161,865
155,558 Borrowings 115,147 101,074 Equity $ 43,411 $ 43,773 � �
Three Months Ended March 31, 2008 2007 Selected Operations Data:
Total interest income $ 4,306 $ 3,638 Total interest expense 2,426
� 2,124 � Net interest income 1,880 1,514 Provision for loan losses
59 � 45 � Net interest income after provision for loan losses 1,821
1,469 Noninterest income 1,045 (650 ) Noninterest expense 2,354
2,214 Minority interest in net income of consolidated subsidiary 43
� 31 � Income (loss) before income tax expense (benefit) 469 (1,426
) Income tax expense (benefit) 201 � (457 ) Net income (loss) $ 268
� $ (969 ) � Earnings (loss) per share - basic and diluted $ 0.04 $
(0.15 ) Weighted average shares outstanding - basic 6,231,354
6,390,012 Weighted average shares outstanding - diluted 6,231,516
6,393,516 � � Three Months Ended March 31, 2008 2007 Selected
Financial Ratios(1): Return on average assets 0.34 % (1.36 ) %
Return on average equity 2.48 (8.35 ) Average interest-earning
assets to average interest-bearing liabilities 115.28 117.53
Average equity to average assets 13.54 16.29 Interest rate spread
2.01 1.71 Net interest margin 2.50 % 2.26 % � � Period Ended March
31, December 31, 2008 2007 Allowance for loan losses to total loans
0.68 % 0.76 % Allowance for loan losses to nonperforming loans
162.83 113.74 Nonperforming loans to total loans 0.42 % 0.67 % �
(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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