FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank, today announced net income of $246,000 for the three months ended June 30, 2011 compared to net income of $295,000 for the three months ended June 30, 2010. Basic and diluted earnings per share were $0.08 for the three months ended June 30, 2011 compared to earnings per share of $0.10 for the three months ended June 30, 2010. The Company reported net income of $514,000 for the six months ended June 30, 2011 compared to $669,000 for the six months ended June 30, 2010. Basic and diluted earnings per share were $0.18 for the six months ended June 30, 2011 compared to $0.23 for the six months ended June 30, 2010. The per share amounts for the prior period were 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.
Patrick G. O'Brien, President and CEO, stated. “We are encouraged by continued improvement in net interest margin and interest rate spread through reduction in the cost of our liabilities. We have also made decisions to streamline our company while insuring that our customers are well served.”
Second Quarter Results
Net interest income for the three months ended June 30, 2011 increased $211,000, or 8.7%, to $2.6 million compared to $2.4 million for the three months ended June 30, 2010. Net interest margin was 3.31% for the three months ended June 30, 2011 compared to 3.01% for the three months ended June 30, 2010. 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 $365,000 decrease in borrowings expense and, despite an increase in overall deposits, interest rate reductions on deposits resulted in a $166,000 decrease in deposits expense that together more than offset the decline in interest income from securities and loans.
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