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FedFirst Financial Corporation Announces First Quarter 2014 Results

Stocks in this article: FFCO

MONESSEN, Pa., April 30, 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 $534,000 for the three months ended March 31, 2014 compared to $794,000 for the three months ended March 31, 2013, a decrease of $260,000 or 32.7%. Diluted earnings per share was $0.23 for the three months ended March 31, 2014 compared to $0.32 for the three months ended March 31, 2013, a decrease of $0.09 per share or 28.1%.

"The Company posted strong results in its core banking operations which included an increase in net interest margin in comparison to the first quarter of 2013 and modest growth in loans and deposits," said Patrick G. O'Brien, President and CEO. "Net income for the quarter increased compared to the fourth quarter of 2013 and, although it decreased in comparison to the first quarter of 2013, the prior year results were largely influenced by the receipt of contingency fees on insurance policies."

First Quarter Results

Net interest income for the three months ended March 31, 2014 increased $100,000, or 4.0%, to $2.6 million compared to $2.5 million for the three months ended March 31, 2013. Interest rate reductions and decreases in average balances on higher-cost deposits resulted in a $68,000 decrease in interest expense on deposits and the payoff of higher-cost long-term borrowings in the prior year replaced at short-term, lower rates resulted in a $56,000 decrease in interest expense on borrowings. In addition, loan volume resulted in a $77,000 increase in interest income on loans. This was partially offset by a $112,000 decline in interest income on securities from paydowns.

The provision for loan losses was $75,000 for the three months ended March 31, 2014. There was no provision for loan losses for the three months ended March 31, 2013. In the current period, the provision was impacted by commercial loan growth. Net recoveries for the three months ended March 31, 2014 were $4,000 compared to net charge-offs of $23,000 for the three months ended March 31, 2013.

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