FedFirst Financial Corporation (NASDAQ Capital: FFCO; the
�Company�), the parent company of First Federal Savings Bank, today
announced net income of $319,000 for the three months ended March
31, 2009 compared to $268,000 for the three months ended March 31,
2008. Basic and diluted earnings per share were $0.05 for the three
months ended March 31, 2009 compared to $0.04 for the three months
ended March 31, 2008. Mr. Robinson, President and Chief Executive
Officer of the Company, stated, �We are encouraged by a variety of
solid indicators that show we are effectively building our core
banking business in a challenging market. Our net interest income
increased 18% and our interest rate spread increased 30 basis
points when compared to the first quarter of 2008. We are also
pleased with our low nonperforming to total loans ratio which has
remained stable over the last year.�
Net interest income for the three months ended March 31, 2009
increased $340,000 to $2.2 million compared to the three months
ended March 31, 2008. Interest rate spread and net interest margin
improved to 2.31% and 2.69% for the three months ended March 31,
2009 compared to 2.01% and 2.50% for the three months ended March
31, 2008, respectively. The improvement in interest rate spread and
net interest margin is primarily attributed to the growth in the
loan portfolio coupled with lower costs on deposits and
borrowings.
The provision for loan losses was $160,000 for the three months
ended March 31, 2009 compared to $59,000 for the three months ended
March 31, 2008. The increase in the provision is primarily related
to growth in the loan portfolio, predominantly in one-to-four
family residential, commercial real estate and business, and home
equity loans. In addition, there has been a change in the loan
portfolio composition with an increase as a percent of total loans
in commercial real estate and business loans and a decrease in
one-to-four family residential. Current conditions in the housing
and credit markets also contributed to the increase in the
provision. Charge-offs in the current period declined to $14,000
for the three months ended March 31, 2009 compared to $171,000 for
the three months ended March 31, 2008. The current period
charge-offs were related to unsecured consumer loans. The prior
period charge-off was related to the Company taking possession of a
one-to-four family property.
Noninterest income decreased $132,000 to $913,000 for the three
months ended March 31, 2009 compared to $1.0 million for the three
months ended March 31, 2008. The decrease is primarily attributed
to the recognition of a $156,000 gain on the sales of securities in
the prior period.
Total assets were $340.9 million at March 31, 2009 compared to
$349.8 million at December 31, 2008. The decrease in total assets
was primarily from calls on securities. Funds generated through
security calls and $8.6 million in deposit growth were used to
reduce borrowings by $18 million.
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 CORPORATION SELECTED FINANCIAL
INFORMATION � � �
(Unaudited) (In thousands, except
share and per share data)
March 31, �
December 31,
2009 2008
Selected Financial Condition
Data:
Total assets $ 340,936 $ 349,761 Cash and cash equivalents 9,612
7,847 Securities available-for-sale 76,472 85,433 Loans receivable,
net 229,512 230,184 Deposits 181,448 172,804 Borrowings 114,450
132,410 Equity 40,155 39,424 � � �
(Unaudited) Three
Months Ended March 31, 2009 2008
Selected Operations Data:
Total interest income $ 4,570 $ 4,306 Total interest expense �
2,350 � � 2,426 � Net interest income 2,220 1,880 Provision for
loan losses � 160 � � 59 � Net interest income after provision for
loan losses 2,060 1,821 Noninterest income 913 1,045 Noninterest
expense � 2,398 � � 2,354 � Income before income tax expense 575
512 Income tax expense � 218 � � 201 � Net income 357 311
Noncontrolling interest in net income of consolidated subsidiary �
38 � � 43 � Net income of FedFirst Financial Corporation $ 319 � $
268 � � Earnings per share - basic and diluted $ 0.05 $ 0.04
Weighted average shares outstanding - basic 6,077,749 6,231,354
Weighted average shares outstanding - diluted 6,077,749 6,231,516 �
� �
Three Months Ended March 31, 2009
2008
Selected Financial
Ratios(1):
Return on average assets 0.37 % 0.34 % Return on average equity
3.20 2.48 Average interest-earning assets to average
interest-bearing liabilities 113.45 115.28 Average equity to
average assets 11.41 13.54 Interest rate spread 2.31 2.01 Net
interest margin 2.69 2.50 � � �
Period Ended March
31, December 31, 2009 2008 Allowance for
loan losses to total loans 0.83 % 0.76 % Allowance for loan losses
to nonperforming loans 239.05 283.96 Nonperforming loans to total
loans 0.35 0.27 Book value per share $ 6.34 $ 6.21 � �
(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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