FedFirst Financial Corporation Announces Fourth 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 a net loss of $356,000 for the three months ended December 31, 2010 compared to net income of $85,000 for the three months ended December 31, 2009. Basic and diluted loss per share were $(0.12) for the three months ended December 31, 2010 compared to earnings per share of $0.03 for the three months ended December 31, 2009.
The Company reported net income of $608,000 for the year ended December 31, 2010 compared to $557,000 for the year ended December 31, 2009. Basic and diluted earnings per share were $0.21 for the year ended December 31, 2010 compared to $0.19 for the year ended December 31, 2009.
Per share amounts for prior periods have been adjusted to reflect the share exchange as a result of the completion of the Company’s conversion from the mutual holding company form of organization to the stock holding company form on September 21, 2010.
“2010 was a significant year for us in a number of ways," said Patrick G. O'Brien, President and CEO. "We successfully completed our conversion to the stock holding company form of organization, raising $15.4 million of new capital in the process. We also paid our first dividend, which we view as an important element in our plan to provide value to shareholders. In addition, we are pleased to report an increase in annual earnings despite a significant charge to income in the fourth quarter related to the sale of the private label securities portfolio. We took this one time loss in order to strengthen our balance sheet and better position us for the future. Although many financial institutions continue to struggle with non-performing assets, our asset quality remains strong. At year-end, nonperforming assets were less than 0.5% of total assets and credit costs had declined from the prior year.”
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