-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PUv6IHlB6Iu6kxQ/BqfikKEBFOxrdTVmF0nJrO0BunWRYexYc6QvMfr4gLuBRXuD HNSKX7d2vFZccL0lPxjbIQ== 0000909654-08-000850.txt : 20080501 0000909654-08-000850.hdr.sgml : 20080501 20080501123345 ACCESSION NUMBER: 0000909654-08-000850 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080501 DATE AS OF CHANGE: 20080501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FedFirst Financial CORP CENTRAL INDEX KEY: 0001308017 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 251828028 STATE OF INCORPORATION: X1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51153 FILM NUMBER: 08793453 BUSINESS ADDRESS: STREET 1: DONNER AT SIXTH STREET CITY: MONESSEN STATE: PA ZIP: 15062 BUSINESS PHONE: (724) 684-6800 MAIL ADDRESS: STREET 1: DONNER AT SIXTH STREET CITY: MONESSEN STATE: PA ZIP: 15062 8-K 1 fedfirst8kapr30.txt 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 30, 2008 FEDFIRST FINANCIAL CORPORATION ------------------------------ (Exact Name of Registrant as Specified in Its Charter) United States 0-51153 25-1828028 ------------- ------- ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) Donner at Sixth Street, Monessen, Pennsylvania 15062 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) (724) 684-6800 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 2 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION --------------------------------------------- On April 30, 2008, FedFirst Financial Corporation issued a press release to announce its financial results for the quarter ended March 31, 2008. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. --------------------------------- (d) Exhibits Number Description ------ ----------- 99.1 Press Release dated April 30, 2008 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. FEDFIRST FINANCIAL CORPORATION Date: May 1, 2008 By: /s/ John G. Robinson ----------------------------------- John G. Robinson President, Chief Executive Officer and Director EX-99.1 2 fedfirstreleaseapr30.txt 1 PRESS RELEASE FOR IMMEDIATE RELEASE Contact: John G. Robinson Telephone: (724) 684-6800 FEDFIRST FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER 2008 RESULTS MONESSEN, PA-- April 30, 2008- FedFirst Financial Corporation (NASDAQ Capital: FFCO; the "Company"), the parent company of First Federal Savings Bank, today announced net income of $268,000 for the quarter ended March 31, 2008 compared to a net loss of $969,000 for the quarter ended March 31, 2007. Basic and diluted earnings (loss) per share were $0.04 for the quarter ended March 31, 2008 compared to $(0.15) for the quarter ended March 31, 2007. Mr. Robinson, President and Chief Executive Officer of the Company, stated, "Although conditions in the financial industry continue to be unstable, we believe our positive results for the quarter are a sign that our strategic growth and profitability plan is working. Our plan for the remainder of 2008 is to continue to work on building our core banking business." Net interest income for the quarter ended March 31, 2008 increased $366,000 to $1.9 million. Interest rate spread and net interest margin improved to 2.01% and 2.50% for the quarter ended March 31, 2008 compared to 1.71% and 2.26% for the quarter ended March 31, 2007, respectively. The improvement in interest rate spread and net interest margin is primarily attributed to the securities restructuring that was completed in April 2007, which improved the yield on the securities portfolio, and the growth of the loan portfolio. The provision for loan losses increased $14,000 to $59,000 for the quarter ended March 31, 2008. The increase in the provision is primarily related to growth in the commercial and home equity portion of the loan portfolio as well as current economic conditions in the housing and credit markets. Net charge-offs were $171,000 for the three months ended March 31, 2008. The charge-off was related to the Company assuming possession of a one-to-four family property prior to being transferred to real estate owned at $160,000. There were no charge-offs for the three months ended March 31, 2007. Noninterest income increased $1.7 million to $1.0 million for the quarter ended March 31, 2008 compared to an expense of $650,000 for the quarter ended March 31, 2007. The change is primarily attributed to the recognition of a $1.4 million loss as part of the securities restructuring in the prior period. The current period includes $156,000 of gains on the sale of callable securities. In addition, insurance commissions increased $129,000. Noninterest expense increased $140,000 to $2.4 million for the quarter ended March 31, 2008 compared to $2.2 million for the quarter ended March 31, 2007. The increase is primarily related to compensation and benefits and occupancy costs. The current three months ended includes additional compensation and occupancy expenses related to the Washington office, which opened in June 2007. 2 Total assets were $325.8 million at March 31, 2008 compared to $305.3 million at December 31, 2007. The increase in total assets was primarily from purchases of securities and loan growth in commercial real estate and home equity loans, which was primarily funded from borrowings and deposits. FedFirst Financial Corporation is the parent company of First Federal Savings Bank, a community-oriented financial institution operating nine 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-K 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. 3
FEDFIRST FINANCIAL CORPORATION SELECTED FINANCIAL INFORMATION (UNAUDITED) (In thousands, except share and per share data) MARCH 31, DECEMBER 31, 2008 2007 ----------- ------------ SELECTED FINANCIAL CONDITION DATA: - ---------------------------------- Total assets $ 325,790 $ 305,273 Cash and cash equivalents 5,588 5,552 Securities available-for-sale 103,496 89,073 Loans receivable, net 193,183 187,954 Deposits 161,865 155,558 Borrowings 115,147 101,074 Equity $ 43,411 43,773
THREE MONTHS ENDED MARCH 31, 2008 2007 ---------- ---------- SELECTED OPERATIONS DATA: - ------------------------- Total interest income $ 4,306 $ 3,638 Total interest expense 2,426 2,124 ---------- ---------- Net interest income 1,880 1,514 Provision for loan losses 59 45 ---------- ---------- Net interest income after provision for loan losses 1,821 1,469 Noninterest income 1,045 (650) Noninterest expense 2,354 2,214 Minority interest in net income of consolidated subsidiary 43 31 ---------- ---------- Income (loss) before income tax expense (benefit) 469 (1,426) Income tax expense (benefit) 201 (457) ---------- ---------- Net income (loss) $ 268 $ (969) ========== ========== Earnings (loss) per share - basic and diluted $ 0.04 $ (0.15) Weighted average shares outstanding - basic 6,231,354 6,390,012 Weighted average shares outstanding - diluted 6,231,516 6,393,516
THREE MONTHS ENDED MARCH 31, 2008 2007 ---------- ---------- SELECTED FINANCIAL RATIOS(1): - ----------------------------- Return on average assets 0.34 % (1.36) % Return on average equity 2.48 (8.35) Average interest-earning assets to average interest-bearing liabilities 115.28 117.53 Average equity to average assets 13.54 16.29 Interest rate spread 2.01 1.71 Net interest margin 2.50 % 2.26 %
Period Ended March 31, December 31, 2008 2007 --------- ------------ Allowance for loan losses to total loans 0.68 % 0.76 % Allowance for loan losses to nonperforming loans 162.83 113.74 Nonperforming loans to total loans 0.42 % 0.67 %
(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. -----END PRIVACY-ENHANCED MESSAGE-----