MONESSEN, Pa., April 30, 2013 (GLOBE NEWSWIRE) -- FedFirst Financial Corporation (Nasdaq:FFCO) (the "Company"), the parent company of First Federal Savings Bank (the "Bank"), today announced net income of $794,000 for the three months ended March 31, 2013 compared to $456,000 for the three months ended March 31, 2012, an increase of $338,000 or 74.1%. Basic and diluted earnings per share were $0.32 for the three months ended March 31, 2013 compared to $0.16 for the three months ended March 31, 2012, an increase of $0.16 per share or 100.0%.
"We are proud to report record quarterly earnings as we build on the momentum achieved in 2012," said Patrick G. O'Brien, President and CEO. "Through management of our funding costs we were able to improve our net interest margin despite an extremely challenging interest rate environment and declining asset yields. Additional stockholder value was created through utilization of excess capital to continue stock buybacks that were accretive to book value per share."
First Quarter ResultsNet interest income for the three months ended March 31, 2013 decreased $33,000, or 1.3%, to $2.5 million compared to $2.6 million for the three months ended March 31, 2012. Modifications and payoffs of higher yielding loans and securities due to the continued historically low interest rate environment resulted in a $375,000 decline in interest income. This was partially offset by interest rate reductions and decreases in average balances on higher-cost deposits that resulted in a $218,000 decrease in deposits expense and payoffs on borrowings that resulted in a $124,000 decrease in borrowings expense. There was no provision for loan losses for the three months ended March 31, 2013 compared to $160,000 for the three months ended March 31, 2012. The provision decreased primarily due to a decrease in charge-offs. Net charge-offs were $23,000 for the three months ended March 31, 2013 compared to $155,000 for the three months ended March 31, 2012. The decrease is also attributable to an increase in loans that were separately evaluated for impairment in the current period and did not require a specific reserve.
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