This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FedFirst Financial Corporation Announces Second Quarter And Year-to-Date 2012 Results

FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank (the “Bank”), today announced net income of $594,000 for the three months ended June 30, 2012 compared to $246,000 for the three months ended June 30, 2011, an increase of $348,000 or 141.5%. Basic and diluted earnings per share were $0.21 for the three months ended June 30, 2012 compared to $0.08 for the three months ended June 30, 2011, an increase of $0.13 per share or 162.5%. The Company reported net income of $1.1 million for the six months ended June 30, 2012 compared to $514,000 for the six months ended June 30, 2011, an increase of $536,000 or 104.3%. Basic and diluted earnings per share were $0.37 for the six months ended June 30, 2012 compared to basic and diluted earnings per share of $0.18 for the six months ended June 30, 2011, an increase of $0.19 per share or 105.6%.

Patrick G. O'Brien, President and CEO, stated, “We are encouraged that the strategies we implemented in 2011 have contributed to improved results. However, the continuance of a historically low interest rate environment has and will put pressure on our net interest margin. Thus, we continue to examine strategies to create greater efficiency. On July 20, 2012, we announced that we intend to consolidate our Donora office on October 26, 2012. With three offices in close proximity to Donora, we concluded that we can continue to provide quality customer services to the users of our Donora office while achieving the expense savings of a more streamlined branch network.”

Second Quarter Results

Net interest income for the three months ended June 30, 2012 decreased $119,000, or 4.5%, to $2.5 million compared to $2.6 million for the three months ended June 30, 2011. Paydowns and payoffs of higher yielding loans and securities resulted in a $423,000 decline in interest income. This was partially offset by interest rate reductions on deposits that resulted in a $190,000 decrease in deposits expense and payoffs on borrowings that resulted in a $114,000 decrease in borrowings expense. Net interest margin was 3.19% for the three months ended June 30, 2012 compared to 3.31% for the three months ended June 30, 2011.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs