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 Third 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 $649,000 for the three months ended September 30, 2012 compared to $290,000 for the three months ended September 30, 2011, an increase of $359,000 or 123.8%. Basic and diluted earnings per share were $0.23 for the three months ended September 30, 2012 compared to $0.10 for the three months ended September 30, 2011, an increase of $0.13 per share or 130.0%. The Company reported net income of $1.7 million for the nine months ended September 30, 2012 compared to $804,000 for the nine months ended September 30, 2011, an increase of $895,000 or 111.3%. Basic and diluted earnings per share were $0.60 for the nine months ended September 30, 2012 compared to basic and diluted earnings per share of $0.28 for the nine months ended September 30, 2011, an increase of $0.32 per share or 114.3%.

“While the uncertain economic environment and intense competition create challenging headwinds, we are very pleased with the strong results we posted this quarter,” said Patrick G. O'Brien, President and CEO. “Net interest income edged down slightly, but we were able to balance the reduction in the loan and investment portfolios with modifications to our deposit rate structure and pay-offs of borrowings that allowed us to achieve a net interest margin that was consistent with the prior year. Noninterest income increased over the prior year primarily due to higher income from our insurance activities, and adjustments to our compensation arrangements and branch structure reduced noninterest expense.”

Third Quarter Results

Net interest income for the three months ended September 30, 2012 decreased $56,000, or 2.1%, to $2.6 million compared to $2.7 million for the three months ended September 30, 2011. Paydowns and payoffs of higher yielding loans and securities resulted in a $404,000 decline in interest income. This was partially offset by interest rate reductions on deposits that resulted in a $238,000 decrease in deposits expense and payoffs on borrowings that resulted in a $110,000 decrease in borrowings expense.

1 of 5

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
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs