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Press Release FOR IMMEDIATE RELEASE
Contact: John G. Robinson
Telephone: (724) 684-6800
FEDFIRST FINANCIAL CORPORATION
REVISED FOURTH QUARTER 2006 RESULTS
MONESSEN, PA-- March 15, 2007- FedFirst Financial Corporation (NASDAQ
Capital: FFCO; the "Company"), the parent company of First Federal Savings Bank,
today announced a revision of net (loss) income and earnings per share.
As part of the Company's review of the 2006 year end financial statements,
the previously reported net (loss) income for the quarter and year ended
December 31, 2006 was reduced by $65,000 to reflect an adjustment to state
income tax for loss carryforwards. The impact on earnings per share was a
reduction of $0.01 for the quarter and year ended December 31, 2006.
The Company had a net loss of $99,000 for the quarter ended December 31,
2006 compared to a net loss of $505,000 for the quarter ended December 31, 2005.
Net income for the year ended December 31, 2006 was $344,000 compared to a net
loss of $102,000 for the year ended December 31, 2005. Basic and diluted
earnings per share were $(0.02) and $(0.08) for the quarters ended December 31,
2006 and 2005, respectively. Basic and diluted earnings per share for the year
ended December 31, 2006 was $0.05. Earnings per share data for the year ended
December 31, 2005 is not presented since the Company was wholly owned by
FedFirst Financial MHC prior to the completion of its initial public offering on
April 6, 2005.
FedFirst Financial Corporation is the parent company of First Federal
Savings Bank, a community-oriented financial institution operating eight
full-service branch locations in southwestern Pennsylvania. First Federal offers
a broad array of retail and commercial lending and deposit services and provides
commercial and personal insurance services through Exchange Underwriters, Inc.,
its 80% owned subsidiary. Financial highlights of the Company are attached.
* * * * *
Statements contained in this news release that are not historical facts
may constitute forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995 and such forward-looking statements are
subject to significant risks and uncertainties. The Company intends such
forward-looking statements to be covered by the safe harbor provisions contained
in the Act. The Company's ability to predict results or the actual effect of
future plans or strategies is inherently uncertain. Factors which could have a
material adverse effect on the operations and future prospects of the Company
and its subsidiaries include, but are not limited to, changes in market interest
rates, general economic conditions, changes in federal and state regulation,
actions by our competitors, loan delinquency rates and our ability to control
costs and expenses and other factors that may be described in the Company's
annual report on Form 10-KSB as filed with the Securities and Exchange
Commission. These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed on such
statements.
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FEDFIRST FINANCIAL CORPORATION
SELECTED FINANCIAL INFORMATION
(In thousands, except share and per share data)
December 31, December 31,
2006 2005
------------ ------------
SELECTED FINANCIAL CONDITION DATA:
- ---------------------------------
Total assets $ 283,517 $ 276,176
Cash and cash equivalents 4,432 6,332
Securities available-for-sale 83,045 77,947
Loans receivable, net 174,718 171,162
Deposits 143,495 124,897
Federal Home Loan Bank advances 89,323 102,404
Equity $ 46,346 $ 45,400
Three Months Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
---------- ---------- ---------- ----------
SELECTED OPERATIONS DATA:
- -------------------------
Total interest income $ 3,709 $ 3,385 $ 13,869 $ 13,431
Total interest expense 2,152 1,775 7,663 7,047
---------- ---------- ---------- ----------
Net interest income 1,557 1,610 6,206 6,384
Provision for loan losses 15 35 84 85
---------- ---------- ---------- ----------
Net interest income after provision for
loan losses 1,542 1,575 6,122 6,299
Noninterest income 470 482 2,240 2,214
Noninterest expense 2,003 2,608 7,630 8,489
Minority interest in net income (loss)
of consolidated subsidiary 4 (7) 51 38
---------- ---------- ---------- ----------
Income (loss) before income tax expense (benefit) 5 (544) 681 (14)
Income tax expense (benefit) 104 (39) 337 88
---------- ---------- ---------- ----------
Net (loss) income $ (99) $ (505) $ 344 (102)
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Earnings per share - basic and diluted $ (0.02) $ (0.08) $ 0.05 N/A
Weighted average shares outstanding - basic 6,385,692 6,367,691 6,379,211 N/A
Weighted average shares outstanding - diluted 6,389,704 6,367,691 6,429,565 N/A
Three Months Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
---------- ---------- ---------- ----------
SELECTED FINANCIAL RATIOS(1):
- -----------------------------
Return on average assets (0.14)% (0.73)% 0.13 % (0.04)%
Return on average equity (0.86) (4.33) 0.75 (0.26)
Average interest-earning assets to average
interest-bearing liabilities 117.36 116.38 117.39 114.12
Average equity to average assets 16.20 16.91 16.75 14.10
Interest rate spread 1.76 2.02 1.88 2.03
Net interest margin 2.31 % 2.47 % 2.39 % 2.41 %
Year Ended
December 31, December 31,
2006 2005
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Allowance for loan losses to total loans 0.49 % 0.46 %
Allowance for loan losses to nonperforming loans 112.86 295.20
Nonperforming loans to total loans 0.43 % 0.16 %
(1) Three months ended ratios are calculated on an annualized basis.
NOTE:
Certain items previously reported may have been reclassified to conform with
the current reporting period's format.