FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank, today announced net income of $290,000 for the three months ended September 30, 2011 compared to net income of $295,000 for the three months ended September 30, 2010. Basic and diluted earnings per share were $0.10 for the three months ended September 30, 2011 and 2010. The Company reported net income of $804,000 for the nine months ended September 30, 2011 compared to $964,000 for the nine months ended September 30, 2010. Basic and diluted earnings per share were $0.28 for the nine months ended September 30, 2011 compared to $0.33 for the nine months ended September 30, 2010.
Patrick G. O'Brien, President and CEO, stated, “We are encouraged to see continued improvement in our net interest margin which has increased to 3.41% compared to 3.24% quarter to quarter and to 3.33% compared to 3.11% year to year. We also have seen both loan and deposit growth for the year, consistent with our plan to focus on driving core banking business within our market.”
Third Quarter Results
Net interest income for the three months ended September 30, 2011 increased $144,000, or 5.6%, to $2.7 million compared to $2.6 million for the three months ended September 30, 2010. Net interest margin was 3.41% for the three months ended September 30, 2011 compared to 3.24% for the three months ended September 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 $303,000 decrease in borrowings expense and, despite an increase in overall deposits, interest rate reductions on deposits resulted in a $115,000 decrease in deposits expense that together more than offset the decline in interest income from securities and loans.
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