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FedFirst Financial Corporation Announces First Quarter 2010 Results

FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank, today announced net income of $374,000 for the three months ended March 31, 2010 compared to $319,000 for the three months ended March 31, 2009. Basic and diluted earnings per share were $0.06 for the three months ended March 31, 2010 compared to $0.05 for the three months ended March 31, 2009.

Mr. O’Brien, President and Chief Executive Officer of the Company, stated, “We are encouraged by the continued progress our company has made toward sustainable financial performance including:
  • Five consecutive quarters of positive earnings supported by both our banking and insurance operations.
  • Deposit growth of $10.9 million in the first quarter of 2010.
  • A net interest margin of 3.09%, up from 2.75% year to year.

We remain cautious in the face of an unsettled economy which includes soft loan demand. However, our commitment to building a viable financial services company resonates throughout our team of professionals.”

First Quarter Results

Net interest income for the three months ended March 31, 2010 increased 12.6%, or $280,000 to $2.5 million compared to $2.2 million for the three months ended March 31, 2009. Interest rate spread and net interest margin were 2.81% and 3.09%, respectively, for the three months ended March 31, 2010 compared to 2.43% and 2.75%, respectively, for the three months ended March 31, 2009. The improvement in interest rate spread and net interest margin is primarily attributable to lower costs on deposits coupled with a reduction in borrowings.

The provision for loan losses was $200,000 for the three months ended March 31, 2010 compared to $160,000 for the three months ended March 31, 2009. The increase in the provision is primarily related to an increase in nonperforming loans. Total nonperforming loans increased to $1.7 million at March 31, 2010 compared to $1.2 million at December 31, 2009 and $817,000 at March 31, 2009. Nonperforming loans at March 31, 2010 is comprised of nine residential real estate loans totaling $873,000, three consumer loans totaling $217,000 and two commercial real estate loans totaling $582,000. The increase from December 31, 2009 to March 31, 2010 is primarily related to six residential and one commercial real estate loans totaling $1.1 million at March 31, 2010 partially offset by two multi-family real estate loans totaling $634,000 that were transferred to real estate owned in the first quarter of 2010. Current conditions in the housing and credit markets also contributed to the increase in the provision. Net charge-offs were $92,000 for the three months ended March 31, 2010 compared to $232,000 for the three months ended December 31, 2009 and $13,000 for the three months ended March 31, 2009.

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