The following summarizes key activities of the Company during the quarter ended September 30, 2010:
- Net interest margin, on a fully tax equivalent basis, was 3.91%, compared to 3.94% for the June 30, 2010 quarter and down from 4.03% for the comparable quarter last year.
- The provision for loan losses was down $18.8 million from the linked quarter and $3.7 million from the same period last year. Net charge-offs were $17.7 million and $7.3 million for the September 30, 2010 and 2009 quarters respectively. The current quarter net charge-offs were down from $32.2 million for the linked quarter.
- Core deposits, which include checking, money market and savings accounts, increased during the quarter, while higher priced certificates of deposit declined as a result of matured accounts not being renewed.
- First Federal remains categorized as "well-capitalized" under regulatory standards with total risk-based capital at 12.55% and Tier 1 risk-based capital of 11.27% as of September 30, 2010.