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PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: John G. Robinson
Telephone: (724) 684-6800
FEDFIRST FINANCIAL CORPORATION
FIRST QUARTER 2007 RESULTS
MONESSEN, PA-- April 30, 2007- FedFirst Financial Corporation (NASDAQ
Capital: FFCO; the "Company"), the parent company of First Federal Savings Bank,
today announced a net loss of $969,000 for the quarter ended March 31, 2007
compared to net income of $238,000 for the quarter ended March 31, 2006. Basic
and diluted earnings per share were $(0.15) for the quarter ended March 31, 2007
compared to $0.04 for the quarter ended March 31, 2006.
Net interest income for the quarter ended March 31, 2007 was comparable to
the quarter ended March 31, 2006 at $1.5 million, but interest rate spread and
net interest margin continued to compress. Interest rate spread and net interest
margin were 1.71% and 2.26% for the quarter ended compared to 1.91% and 2.38%
for the quarter ended March 31, 2006, respectively.
Noninterest income decreased $1.4 million to an expense of $650,000 for
the quarter ended March 31, 2007 compared to income of $725,000 for the quarter
ended March 31, 2006. The decrease was attributable to a $1.4 million loss
recorded as a result of the securities restructuring which was completed in
April 2007. The Company sold $40.8 million of securities at an average yield of
4.08% and from the proceeds purchased $30.8 million of securities yielding
5.44%. The remaining $10.0 million will be utilized to pay maturing short term
Federal Home Loan Bank borrowings. The decision to sell the securities required
the Company to reclassify the securities from available-for-sale into held for
trading at March 31, 2007 and, as a result, required the recognition of a loss
for the decline in the fair value of the securities. Excluding the loss related
to the reclassification of the securities, the Company had noninterest income of
$759,000.
Noninterest expense increased to $2.2 million for the quarter ended March
31, 2007 compared to $1.8 million for the quarter ended March 31, 2006. The
increase is primarily related to compensation and benefits. The Company hired
key personnel to compliment existing staff and strengthen our retail operations
sales force in connection with the opening of the Peters Township office in July
2006 and the upcoming opening of the Washington office, tentatively scheduled
for June 2007. Additionally, the current quarter includes expense related to
awards under the 2006 Equity Incentive Plan which were granted in August 2006.
Total assets were $285.1 million at March 31, 2007 compared to $283.5
million at December 31, 2006. The increase in total assets was primarily from
loan growth in commercial real estate and home equity loans which was primarily
funded from cash flows from securities and deposits. Mr. Robinson, President and
Chief Executive Officer of the Company, stated, "We continue to strive towards
building a solid foundation of infrastructure which includes personnel, products
and services, and expansion into new markets that should provide greater
opportunity to improve earnings."
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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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<Table>
<Caption>
FEDFIRST FINANCIAL CORPORATION
SELECTED FINANCIAL INFORMATION
(In thousands, except share and per share data) MARCH 31, DECEMBER 31,
2007 2006
-------------- ---------------
SELECTED FINANCIAL CONDITION DATA:
- ---------------------------------
Total assets $ 285,141 $ 283,517
Cash and cash equivalents 8,351 4,432
Secuities held for trading 41,122 -
Securities available-for-sale 38,724 83,045
Loans receivable, net 176,082 174,718
Deposits 147,721 143,495
Borrowings 87,135 89,323
Equity $ 46,269 $ 46,346
</Table>
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31, DECEMBER 31,
2007 2006
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SELECTED OPERATIONS DATA:
- ------------------------
Total interest income $ 3,638 $ 3,322
Total interest expense 2,124 1,783
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Net interest income 1,514 1,539
Provision for loan losses 45 20
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Net interest income after provision for loan losses 1,469 1,519
Noninterest income (650) 725
Noninterest expense 2,214 1,832
Minority interest in net income of consolidated subsidiary 31 31
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(Loss) income before income tax (benefit) expense (1,426) 381
Income tax (benefit) expense (457) 143
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Net (loss) income $ (969) $ 238
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Earnings per share - basic and diluted $ (0.15) $ 0.04
Weighted average shares outstanding - basic 6,390,012 6,372,731
Weighted average shares outstanding - diluted 6,393,516 6,372,731
</Table>
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31, DECEMBER 31,
2007 2006
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SELECTED FINANCIAL RATIOS(1):
- -----------------------------
Return on average assets (1.36)% 0.35 %
Return on average equity (8.35) 2.09
Average interest-earning assets to average
interest-bearing liabilities 117.52 116.86
Average equity to average assets 16.29 16.67
Interest rate spread 1.71 1.91
Net interest margin 2.26 % 2.38 %
</Table>
<Table>
<Caption>
PERIOD ENDED
MARCH 31, DECEMBER 31,
2007 2006
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Allowance for loan losses to total loans 0.51 % 0.49 %
Allowance for loan losses to nonperforming loans 127.95 112.91
Nonperforming loans to total loans 0.40 % 0.43 %
</Table>
(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.