FedFirst Financial Corporation Announces Second Quarter 2014 Results

MONESSEN, Pa., July 31, 2014 (GLOBE NEWSWIRE) -- FedFirst Financial Corporation (Nasdaq:FFCO) (the "Company"), the parent company of First Federal Savings Bank (the "Bank"), today announced a net loss of $276,000 for the three months ended June 30, 2014 compared to net income of $576,000 for the three months ended June 30, 2013. Diluted loss per share was $0.12 for the three months ended June 30, 2014 compared to diluted earnings per share of $0.23 for the three months ended June 30, 2013. The Company reported net income of $258,000 for the six months ended June 30, 2014 compared to $1.4 million for the six months ended June 30, 2013, a decrease of $1.1 million or 81.2%. Diluted earnings per share was $0.11 for the six months ended June 30, 2014 compared to $0.55 for the six months ended June 30, 2013, a decrease of $0.44 per share or 80.0%. The quarter and year-to-date results were largely impacted by $1.4 million in merger-related expenses from the Company's planned merger with CB Financial Services, Inc., a Carmichaels, Pennsylvania based holding company for Community Bank.

"Although merger-related expenses resulted in negative results this quarter, our core banking business performed well," said Patrick G. O'Brien, President and CEO. "Net interest income improved over 5% compared to the prior year period, while commercial real estate and commercial business loans have driven year-to-date loan growth of over 5%."

Second Quarter Results

Net interest income for the three months ended June 30, 2014 increased $138,000, or 5.3%, to $2.7 million compared to $2.6 million for the three months ended June 30, 2013. Payoff of higher-cost, long-term borrowings replaced at short-term, lower rates resulted in a $93,000 decrease in interest expense on borrowings and interest rate reductions and decreases in average balances on higher-cost deposits resulted in a $58,000 decrease in interest expense on deposits. In addition, primarily due to commercial loan growth, interest income on loans increased $32,000 despite the impact of a one-time receipt in the prior period of $115,000 upon payoff of an impaired, nonaccrual commercial real estate loan. This was partially offset by a $67,000 decline in interest income on securities from paydowns.

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