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FedFirst Financial Corporation Announces Second Quarter And Year-to-Date 2010 Results

FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank, today announced net income of $295,000 for the three months ended June 30, 2010 compared to $48,000 for the three months ended June 30, 2009. Basic and diluted earnings per share were $0.05 for the three months ended June 30, 2010 compared to $0.01 for the three months ended June 30, 2009.

The Company reported net income of $669,000 for the six months ended June 30, 2010 compared to $367,000 for the six months ended June 30, 2009. Basic and diluted earnings per share were $0.11 for the six months ended June 30, 2010 compared to $0.06 for the six months ended June 30, 2009.

Mr. O’Brien, President and Chief Executive Officer of the Company, stated, “We are pleased with the Company’s performance for the most recent quarter and year-to-date given the difficult economic environment. The performance is a result of our continued efforts under our business plan to create the best performing community bank serving southwestern Pennsylvania.”

Second Quarter Results

Net interest income for the three months ended June 30, 2010 increased $168,000 to $2.4 million compared to $2.3 million for the three months ended June 30, 2009. Net interest margin was 3.01% for the three months ended June 30, 2010 compared to 2.79% for the three months ended June 30, 2009. The improvement in net interest margin is primarily attributable to a funding shift on the Company’s balance sheet whereby a reduction in borrowings resulted in a $278,000 decrease in borrowings expense and an increase in lower cost deposits resulted in a $141,000 decrease in deposits expense.

The provision for loan losses was $200,000 for the three months ended June 30, 2010 compared to $230,000 for the three months ended June 30, 2009. The decrease in the provision is primarily related to a decrease in nonperforming loans compared to the prior period. Total nonperforming loans decreased to $1.3 million at June 30, 2010 compared to $1.7 million at June 30, 2009. Nonperforming loans at June 30, 2010 were comprised of nine residential real estate loans totaling $626,000, two commercial real estate loans totaling $516,000 and two consumer loans totaling $150,000. Net charge-offs were $115,000 for the three months ended June 30, 2010 compared to $36,000 for the three month ended June 30, 2009. At June 30, 2010, nonperforming loans to totals loans was 0.54%, nonperforming assets to total assets was 0.69%, allowance for loan losses to total loans was 1.13% and allowance for loan losses to nonperforming loans was 209.13%.

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