Fedfirst Fi­nan­cial de­clares 3Q re­sults

The Pak Banker - - Front Page -

MONESSEN, PA

FedFirst Fi­nan­cial Cor­po­ra­tion, the par­ent com­pany of First Fed­eral Sav­ings Bank to­day an­nounced net in­come of $649,000 for the three months ended Septem­ber 30, 2012 com­pared to $290,000 for the three months ended Septem­ber 30, 2011, an in­crease of $359,000 or 123.8%. Ba­sic and di­luted earn­ings per share were $0.23 for the three months ended Septem­ber 30, 2012 com­pared to $0.10 for the three months ended Septem­ber 30, 2011, an in­crease of $0.13 per share or 130.0%. The Com­pany re­ported net in­come of $1.7 mil­lion for the nine months ended Septem­ber 30, 2012 com­pared to $804,000 for the nine months ended Septem­ber 30, 2011, an in­crease of $895,000 or 111.3%. Ba­sic and di­luted earn­ings per share were $0.60 for the nine months ended Septem­ber 30, 2012 com­pared to ba­sic and di­luted earn­ings per share of $0.28 for the nine months ended Septem­ber 30, 2011, an in­crease of $0.32 per share or 114.3%.

While the un­cer­tain eco­nomic en­vi­ron­ment and in­tense com­pe­ti­tion cre­ate chal­leng­ing head­winds, we are very pleased with the strong re­sults we posted this quar­ter, said Patrick G. O'Brien, Pres­i­dent and CEO. Net in­ter­est in­come edged down slightly, but we were able to bal­ance the re­duc­tion in the loan and in­vest­ment port­fo­lios with mod­i­fi­ca­tions to our de­posit rate struc­ture and pay-offs of bor­row­ings that al­lowed us to achieve a net in­ter­est mar­gin that was con­sis­tent with the prior year. Non­in­ter­est in­come in­creased over the prior year pri­mar­ily due to higher in­come from our in­sur­ance ac­tiv­i­ties, and ad­just­ments to our com­pen­sa­tion ar­range­ments and branch struc­ture re­duced non­in­ter­est ex­pense.

Net in­ter­est in­come for the three months ended Septem­ber 30, 2012 de­creased $56,000, or 2.1%, to $2.6 mil­lion com­pared to $2.7 mil­lion for the three months ended Septem­ber 30, 2011. Pay­downs and payoffs of higher yield­ing loans and se­cu­ri­ties re­sulted in a $404,000 de­cline in in­ter­est in­come. This was par­tially off­set by in­ter­est rate re­duc­tions on de­posits that re­sulted in a $238,000 de­crease in de­posits ex­pense and payoffs on bor­row­ings that re­sulted in a $110,000 de­crease in bor­row­ings ex­pense.

The pro­vi­sion for loan losses was $100,000 for the three months ended Septem­ber 30, 2012 com­pared to $325,000 for the three months ended Septem­ber 30, 2011. The pro­vi­sion de­creased pri­mar­ily due to a de­cline in charge-offs.

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