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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.

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