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FedFirst Financial Corporation Announces Second Quarter 2013 Results

Stocks in this article: FFCO

MONESSEN, Pa., July 31, 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 $576,000 for the three months ended June 30, 2013 compared to $594,000 for the three months ended June 30, 2012, a decrease of $18,000 or 3.0%. Diluted earnings per share was $0.23 for the three months ended June 30, 2013 compared to $0.21 for the three months ended June 30, 2012, an increase of $0.02 per share or 9.5%. The Company reported net income of $1.4 million for the six months ended June 30, 2013 compared to $1.1 million for the six months ended June 30, 2012, an increase of $320,000 or 30.5%. Diluted earnings per share was $0.55 for the six months ended June 30, 2013 compared to $0.37 for the six months ended June 30, 2012, an increase of $0.18 per share or 48.6%.

"We are pleased to report continued strong performance for the second quarter," said Patrick G. O'Brien, President and CEO. "While loan growth remains challenging, we have nevertheless been successful in improving our net interest margin over the prior year. In addition to operational gains, we have also been focused on managing our capital to drive returns to shareholders. This quarter saw a 50% increase in our quarterly dividend and the improvement in earnings per share and book value per share is a reflection of our share repurchase activity."

Second Quarter Results

Net interest income for the three months ended June 30, 2013 increased $75,000, or 3.0%, to $2.6 million compared to $2.5 million for the three months ended June 30, 2012. Interest rate reductions and decreases in average balances on higher-cost deposits resulted in a $172,000 decrease in deposits expense and payoffs on borrowings resulted in a $111,000 decrease in borrowings expense. This was partially offset by modifications and payoffs of higher yielding loans and securities due to the continued low interest rate environment that resulted in a $208,000 decline in interest income. Interest income on loans included the effect of a one-time receipt in the current period of $115,000 upon payoff of an impaired, nonaccrual commercial real estate loan. Interest received while the loan was on nonaccrual was applied to principal and was not recognized to income until payoff.

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