FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank (the “Bank”), today announced net income of $55,000 for the three months ended December 31, 2011 compared to a net loss of $356,000 for the three months ended December 31, 2010. Basic and diluted earnings per share were $0.02 for the three months ended December 31, 2011 compared to basic and diluted loss per share of $(0.12) for the three months ended December 31, 2010. The Company reported net income of $859,000 for the year ended December 31, 2011 compared to $608,000 for the year ended December 31, 2010. Basic and diluted earnings per share were $0.30 for the year ended December 31, 2011 compared to basic and diluted earnings per share of $0.21 for the year ended December 31, 2010.
Patrick G. O'Brien, President and CEO, stated, “2011 continued a positive trend for the Company from an earnings perspective despite a significant charge to income from terminating the Company’s executive supplemental retirement agreements. That trend has been made possible through an improvement in net interest margin from 3.14% to 3.35% year to year. We’ve also continued to grow our loans and deposits, with loans growing $15.2 million, or 6.6%, and deposits increasing $18.0 million, or 8.8%, year to year. These trends, when coupled with a continued dividend payment and a recently announced stock repurchase plan, equated to greater shareholder value with earnings per share growing from $0.21 to $0.30 and book value per share increasing from $19.58 to $19.88 year to year.”
Fourth Quarter Results
Net interest income for the three months ended December 31, 2011 increased $96,000, or 3.7%, to $2.7 million compared to $2.6 million for the three months ended December 31, 2010. Net interest margin was 3.39% for the three months ended December 31, 2011 compared to 3.25% for the three months ended December 31, 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 $221,000 decrease in borrowings expense and, despite an increase in overall deposits, interest rate reductions on deposits resulted in a $112,000 decrease in deposits expense that together more than offset the decline in interest income on securities.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV