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FedFirst Financial Corporation Announces Year-to-Date 2013 Results

Stocks in this article: FFCO

MONESSEN, Pa., Jan. 31, 2014 (GLOBE NEWSWIRE) -- FedFirst Financial Corporation (Nasdaq:FFCO) (the "Company"), the parent company of First Federal Savings Bank (the "Bank"), today announced net income of $402,000 for the three months ended December 31, 2013 compared to $556,000 for the three months ended December 31, 2012, a decrease of $154,000 or 27.7%. Diluted earnings per share was $0.17 for the three months ended December 31, 2013 compared to $0.20 for the three months ended December 31, 2012, a decrease of $0.03 per share or 15.0%. The Company reported net income of $2.2 million for the year ended December 31, 2013 compared to $2.3 million for the year ended December 31, 2012, a decrease of $20,000 or 0.9%. Diluted earnings per share was $0.91 for the year ended December 31, 2013 compared to $0.80 for the year ended December 31, 2012, an increase of $0.11 per share or 13.8%.

"We are pleased to announce another year of strong results highlighted by an improved net interest margin from controlling interest rates in a challenging low interest rate environment and an increase in insurance commissions," said Patrick G. O'Brien, President and CEO. "While charge-offs declined, robust commercial loan growth fueled a rise in provision for loan losses. Shareholders benefited from the operational success as well as continued repurchases of common stock which increased book value per share to $22.00 and the increase in our quarterly dividend to $0.06 per share. The strong results also contributed to our ability to declare a $0.25 per share special dividend today. A focus of FedFirst Financial is building shareholder value through operational success, payment of dividends and our share repurchase program and this special dividend reinforces that focus."

Fourth Quarter Results

Net interest income for the three months ended December 31, 2013 remained at approximately $2.6 million compared to the three months ended December 31, 2012. Interest rate reductions and decreases in average balances on higher-cost deposits resulted in an $83,000 decrease in interest expense on deposits and the payoff of higher-cost long-term borrowings replaced at short-term, lower rates resulted in a $37,000 decrease in interest expense on borrowings. In addition, loan volume resulted in a $40,000 increase in interest income on loans. This was partially offset by a $143,000 decline in interest income on securities from paydowns.

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