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FedFirst Financial Corporation Announces Record Year-to-Date 2012 Results

Balance Sheet Review

Total assets decreased $16.5 million to $318.8 million at December 31, 2012 compared to $335.3 million at December 31, 2011. Securities available-for-sale decreased $9.9 million due to calls and paydowns, including a $2.0 million call of a Government Sponsored Enterprise security and a $665,000 partial call of a municipal bond, that was partially offset by the purchase of $10.9 million of securities. Net loans increased $4.3 million primarily as a result of growth in home equity and commercial real estate loans partially offset by payoffs and paydowns on one-to four- family mortgage and multi-family loans. Deposits decreased $7.5 million principally in certificates of deposit and money market accounts partially offset by an increase in noninterest-bearing and interest-bearing demand deposits. Stockholders’ equity decreased $5.5 million primarily due to $6.7 million of repurchases of the Company’s common stock and dividend payments of $1.1 million, which included a one-time special dividend payment of $684,000, partially offset by $2.3 million of earnings. Other liabilities decreased $3.0 million primarily due to the final payouts to supplemental executive retirement plan participants. Borrowings decreased $611,000 due to the payoff of $8.0 million of matured advances and paydowns on amortizing advances partially offset by a $12.0 million short-term borrowing advanced at the end of the year.

About FedFirst Financial Corporation

FedFirst Financial Corporation is the parent company of First Federal Savings Bank, a community-oriented financial institution operating seven full-service branch locations in southwestern Pennsylvania. First Federal offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance services through Exchange Underwriters, Inc., its 80% owned subsidiary. Financial highlights of the Company are attached.

Statements contained in this news release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to, changes in market interest rates, general economic conditions, changes in federal and state regulation, actions by our competitors, loan delinquency rates and our ability to control costs and expenses and other factors that may be described in the Company’s annual report on Form 10-K as filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.



(In thousands, except share and per share data) December 31, December 31,
2012 2011

Selected Financial Condition Data:

Assets $ 318,760 $ 335,274
Cash and cash equivalents 5,874 14,571
Securities available-for-sale 42,582 52,448
Loans receivable, net 249,530 245,277
Deposits 214,057 221,540
Borrowings 48,678 49,289
Stockholders' equity 53,294 58,801
(Unaudited) (Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011  

Selected Operations Data:

Total interest income $ 3,340 $ 3,783 $ 13,949 $ 15,532
Total interest expense   761     1,121     3,632     4,920  
Net interest income 2,579 2,662 10,317 10,612
Provision for loan losses   -     75     310     850  
Net interest income after provision for loan losses 2,579 2,587 10,007 9,762
Noninterest income 932 1,004 3,475 3,335
Noninterest expense   2,644     3,547     9,944     11,794  
Income before income tax expense and noncontrolling
interest in net income of consolidated subsidiary 867 44 3,538 1,303
Income tax expense   305     -     1,251     432  
Net income before noncontrolling interest
in net income (loss) of consolidated subsidiary 562 44 2,287 871
Noncontrolling interest in net income (loss) of consolidated subsidiary   6     (11 )   32     12  
Net income of FedFirst Financial Corporation $ 556   $ 55   $ 2,255   $ 859  
Dividends per share $ 0.29 $ 0.03 $ 0.40 $ 0.12
Earnings per share - basic 0.20 0.02 0.81 0.30
Earnings per share - diluted 0.20 0.02 0.80 0.30
Weighted average shares outstanding - basic 2,773,814 2,910,262 2,799,765 2,908,639
Weighted average shares outstanding - diluted 2,778,046 2,912,946 2,803,101 2,911,512
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011

Selected Financial Ratios (1) :

Return on average assets 0.70 % 0.06



0.68 %



Return on average equity 3.92 0.37 3.84 1.43
Average interest-earning assets to average interest-bearing liabilities 129.31 123.92 128.22 122.53
Average equity to average assets 17.86 17.70 17.71 17.54
Interest rate spread 3.16 3.05 2.99 3.00
Net interest margin 3.46 3.38 3.32 3.35
Period Ended
December 31, December 31,
  2012   2011
Allowance for loan losses to total loans 1.13 % 1.21



Allowance for loan losses to nonperforming loans 130.94 144.43
Nonperforming loans to total loans 0.86 0.84
Nonperforming assets to total assets 0.74 0.80
Net charge-offs to average loans 0.21 0.24
Tier 1 (core) capital and tangible equity (2) 14.02 13.59
Tier 1 risk-based capital (2) 22.55 24.04
Total risk-based capital (2) 23.81 25.30
Book value per share $ 20.98 $ 19.88
Outstanding shares 2,540,341 2,957,302
(1) Three months ended ratios are calculated on an annualized basis.
(2) Capital ratios are for First Federal Savings Bank only
Certain items previously reported may have been reclassified to conform with the current reporting period’s format.

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