FedFirst Financial Corporation Announces Third 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 September 30, 2010 compared to $105,000 for the three months ended September 30, 2009. Basic and diluted earnings per share were $0.10 for the three months ended September 30, 2010 compared to $0.04 for the three months ended September 30, 2009.
The Company reported net income of $964,000 for the nine months ended September 30, 2010 compared to $472,000 for the nine months ended September 30, 2009. Basic and diluted earnings per share were $0.33 for the nine months ended September 30, 2010 compared to $0.16 for the nine months ended September 30, 2009.
The Company completed its conversion from the mutual holding company form of organization to the stock holding company form on September 21, 2010. As a result of the conversion, FedFirst Financial Corporation, a newly formed state-chartered corporation, became the holding company for First Federal Savings Bank, and FedFirst Financial Mutual Holding Company and the former FedFirst Financial Corporation ceased to exist. As part of the conversion, the Company completed a public offering of common stock that raised $15.4 million in net proceeds and shares of common stock of the former FedFirst Financial Corporation were exchanged for shares of common stock of the new FedFirst Financial Corporation. Per share amounts for prior periods have been adjusted to reflect the share exchange.
Mr. O’Brien, President and Chief Executive Officer of the Company, stated, “We are pleased with the successful completion of our conversion and to report our seventh consecutive quarter of earnings. We remain dedicated to expanding our core business in order to sustain and strengthen our earnings going forward.”Third Quarter Results Net interest income for the three months ended September 30, 2010 increased $148,000 to $2.6 million compared to $2.4 million for the three months ended September 30, 2009. Net interest margin was 3.24% for the three months ended September 30, 2010 compared to 2.97% for the three months ended September 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 $302,000 decrease in borrowings expense and, despite an increase in overall deposits, interest rate reductions on deposits resulted in a $177,000 decrease in deposits expense.
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