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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:FFCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.9999 | 0 | 01:00:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2014
|
|
OR
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from __________ to __________
|
|
Commission file number: 0-54124
|
FEDFIRST FINANCIAL CORPORATION
|
||
(Exact name of registrant as specified in its charter)
|
Maryland
|
25-1828028
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
565 Donner Avenue, Monessen, Pennsylvania
|
15062
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(724) 684-6800
|
||
(Registrant’s telephone number, including area code)
|
PART I – FINANCIAL INFORMATION
|
|
PART II – OTHER INFORMATION
|
|
(Dollars in thousands, except share data)
|
June 30,
2014
|
December 31,
2013
|
||||||
Assets:
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash and due from banks
|
$ | 2,133 | $ | 2,034 | ||||
Interest-earning deposits
|
2,581 | 3,518 | ||||||
Total cash and cash equivalents
|
4,714 | 5,552 | ||||||
Securities available-for-sale
|
24,370 | 26,772 | ||||||
Loans, net
|
284,060 | 268,812 | ||||||
Federal Home Loan Bank ("FHLB") stock, at cost
|
2,632 | 2,589 | ||||||
Accrued interest receivable - loans
|
880 | 858 | ||||||
Accrued interest receivable - securities
|
126 | 135 | ||||||
Premises and equipment, net
|
1,470 | 1,852 | ||||||
Bank-owned life insurance
|
8,680 | 8,560 | ||||||
Goodwill
|
1,080 | 1,080 | ||||||
Real estate owned
|
- | 126 | ||||||
Deferred tax assets
|
2,139 | 2,118 | ||||||
Other assets
|
804 | 573 | ||||||
Total assets
|
$ | 330,955 | $ | 319,027 | ||||
Liabilities and Stockholders' Equity:
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$ | 31,502 | $ | 27,247 | ||||
Interest-bearing
|
199,975 | 191,985 | ||||||
Total deposits
|
231,477 | 219,232 | ||||||
Borrowings
|
45,818 | 45,591 | ||||||
Advance payments by borrowers for taxes and insurance
|
676 | 458 | ||||||
Accrued interest payable - deposits
|
93 | 107 | ||||||
Accrued interest payable - borrowings
|
89 | 144 | ||||||
Other liabilities
|
1,981 | 1,644 | ||||||
Total liabilities
|
280,134 | 267,176 | ||||||
Stockholders' equity
|
||||||||
FedFirst Financial Corporation stockholders' equity:
|
||||||||
Preferred stock $0.01 par value; 10,000,000 shares authorized; none issued
|
- | - | ||||||
Common stock $0.01 par value; 20,000,000 shares authorized; 2,315,810 and
2,357,293 shares issued and outstanding
|
23 | 24 | ||||||
Additional paid-in-capital
|
30,498 | 31,169 | ||||||
Retained earnings - substantially restricted
|
20,902 | 21,528 | ||||||
Accumulated other comprehensive income, net of deferred tax of $176 and $40
|
273 | 62 | ||||||
Unearned Employee Stock Ownership Plan ("ESOP")
|
(950 | ) | (1,037 | ) | ||||
Total FedFirst Financial Corporation stockholders' equity
|
50,746 | 51,746 | ||||||
Noncontrolling interest in subsidiary
|
75 | 105 | ||||||
Total stockholders' equity
|
50,821 | 51,851 | ||||||
Total liabilities and stockholders' equity
|
$ | 330,955 | $ | 319,027 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Interest income:
|
||||||||||||||||
Loans
|
$ | 3,050 | $ | 3,018 | $ | 6,052 | $ | 5,943 | ||||||||
Securities - taxable
|
155 | 222 | 321 | 499 | ||||||||||||
Securities - tax exempt
|
38 | 38 | 75 | 76 | ||||||||||||
Other interest-earning assets
|
26 | 4 | 41 | 8 | ||||||||||||
Total interest income
|
3,269 | 3,282 | 6,489 | 6,526 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
303 | 361 | 619 | 745 | ||||||||||||
Borrowings
|
227 | 320 | 501 | 650 | ||||||||||||
Total interest expense
|
530 | 681 | 1,120 | 1,395 | ||||||||||||
Net interest income
|
2,739 | 2,601 | 5,369 | 5,131 | ||||||||||||
Provision for loan losses
|
220 | 165 | 295 | 165 | ||||||||||||
Net interest income after provision for loan losses
|
2,519 | 2,436 | 5,074 | 4,966 | ||||||||||||
Noninterest income:
|
||||||||||||||||
Fees and service charges
|
159 | 206 | 297 | 389 | ||||||||||||
Insurance commissions
|
918 | 736 | 1,708 | 1,750 | ||||||||||||
Income from bank-owned life insurance
|
60 | 61 | 120 | 122 | ||||||||||||
Other
|
9 | 81 | 20 | 92 | ||||||||||||
Total noninterest income
|
1,146 | 1,084 | 2,145 | 2,353 | ||||||||||||
Noninterest expense:
|
||||||||||||||||
Compensation and employee benefits
|
1,591 | 1,580 | 3,154 | 3,100 | ||||||||||||
Occupancy
|
296 | 278 | 621 | 578 | ||||||||||||
FDIC insurance premiums
|
48 | 47 | 97 | 90 | ||||||||||||
Data processing
|
172 | 160 | 344 | 325 | ||||||||||||
Professional services
|
154 | 137 | 317 | 302 | ||||||||||||
Advertising
|
110 | 123 | 247 | 262 | ||||||||||||
Merger-related
|
1,387 | - | 1,387 | - | ||||||||||||
Other
|
339 | 267 | 609 | 547 | ||||||||||||
Total noninterest expense
|
4,097 | 2,592 | 6,776 | 5,204 | ||||||||||||
(Loss) income before income tax (benefit) expense and noncontrolling
interest in net income of consolidated subsidiary
|
(432 | ) | 928 | 443 | 2,115 | |||||||||||
Income tax (benefit) expense
|
(185 | ) | 342 | 138 | 693 | |||||||||||
Net (loss) income before noncontrolling interest in net income
of consolidated subsidiary
|
(247 | ) | 586 | 305 | 1,422 | |||||||||||
Noncontrolling interest in net income of consolidated subsidiary
|
29 | 10 | 47 | 52 | ||||||||||||
Net (loss) income of FedFirst Financial Corporation
|
$ | (276 | ) | $ | 576 | $ | 258 | $ | 1,370 | |||||||
(Loss) Earnings per share:
|
||||||||||||||||
Basic
|
$ | (0.12 | ) | $ | 0.24 | $ | 0.12 | $ | 0.56 | |||||||
Diluted
|
(0.12 | ) | 0.23 | 0.11 | 0.55 | |||||||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
2,231,561 | 2,446,186 | 2,232,304 | 2,450,894 | ||||||||||||
Diluted
|
2,231,561 | 2,479,834 | 2,286,038 | 2,478,222 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net (loss) income before noncontrolling interest in net income
of consolidated subsidiary
|
$ | (247 | ) | $ | 586 | $ | 305 | $ | 1,422 | |||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized gain (loss) on securities available-for-sale,
net of income tax expense (benefit)
|
124 | (116 | ) | 211 | - | |||||||||||
Other comprehensive income (loss), net of income tax expense (benefit)
|
124 | (116 | ) | 211 | - | |||||||||||
Comprehensive (loss) income
|
(123 | ) | 470 | 516 | 1,422 | |||||||||||
Less: Comprehensive income attributable to the
noncontrolling interest in subsidiary
|
29 | 10 | 47 | 52 | ||||||||||||
Comprehensive (loss) income attributable to FedFirst Financial Corporation
|
$ | (152 | ) | $ | 460 | $ | 469 | $ | 1,370 |
(Dollars in thousands, except per share data)
|
Common
Stock
|
Additional
Paid-in-
|
Retained
Earnings
|
Accumulated
Other
|
Unearned
ESOP
|
Noncontrolling
Interest in
|
Total
Stockholders'
|
|||||||||||||||||||||
December 31, 2012
|
$ | 25 | $ | 34,986 | $ | 19,821 | $ | (388 | ) | $ | (1,210 | ) | $ | 60 | $ | 53,294 | ||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income
|
- | - | 1,370 | - | - | 52 | 1,422 | |||||||||||||||||||||
Issuance of common stock (14,750 shares)
|
- | 260 | - | - | - | - | 260 | |||||||||||||||||||||
Purchase and retirement of common
stock (55,152 shares)
|
- | (992 | ) | - | - | - | - | (992 | ) | |||||||||||||||||||
ESOP shares committed to be released
|
- | (14 | ) | - | - | 87 | - | 73 | ||||||||||||||||||||
Stock-based compensation expense
|
- | 122 | - | - | - | - | 122 | |||||||||||||||||||||
Stock awards granted (14,750 shares)
|
- | (260 | ) | - | - | - | - | (260 | ) | |||||||||||||||||||
Distribution to noncontrolling shareholder
|
- | - | - | - | - | (32 | ) | (32 | ) | |||||||||||||||||||
Dividends paid ($0.10 per share)
|
- | - | (246 | ) | - | - | - | (246 | ) | |||||||||||||||||||
June 30, 2013
|
$ | 25 | $ | 34,102 | $ | 20,945 | $ | (388 | ) | $ | (1,123 | ) | $ | 80 | $ | 53,641 |
(Dollars in thousands, except per share data)
|
Common
Stock
|
Additional
Paid-in-
|
Retained
Earnings
|
Accumulated
Other
|
Unearned
ESOP
|
Noncontrolling
Interest in
|
Total
Stockholders'
|
|||||||||||||||||||||
December 31, 2013
|
$ | 24 | $ | 31,169 | $ | 21,528 | $ | 62 | $ | (1,037 | ) | $ | 105 | $ | 51,851 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income
|
- | - | 258 | - | - | 47 | 305 | |||||||||||||||||||||
Other comprehensive income, net of tax of $136
|
- | - | - | 211 | - | - | 211 | |||||||||||||||||||||
Purchase and retirement of common
stock (41,483 shares)
|
(1 | ) | (831 | ) | - | - | - | - | (832 | ) | ||||||||||||||||||
ESOP shares committed to be released
|
- | - | - | - | 87 | - | 87 | |||||||||||||||||||||
Stock-based compensation expense
|
- | 160 | - | - | - | - | 160 | |||||||||||||||||||||
Distribution to noncontrolling shareholder
|
- | - | - | - | - | (77 | ) | (77 | ) | |||||||||||||||||||
Dividends paid ($0.39 per share)
|
- | - | (884 | ) | - | - | - | (884 | ) | |||||||||||||||||||
June 30, 2014
|
$ | 23 | $ | 30,498 | $ | 20,902 | $ | 273 | $ | (950 | ) | $ | 75 | $ | 50,821 |
Six Months Ended
June 30,
|
||||||||
(Dollars in thousands)
|
2014
|
2013
|
||||||
Cash flows from operating activities:
|
||||||||
Net income of FedFirst Financial Corporation
|
$ | 258 | $ | 1,370 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Noncontrolling interest in net income of consolidated subsidiary
|
47 | 52 | ||||||
Provision for loan losses
|
295 | 165 | ||||||
Depreciation
|
475 | 150 | ||||||
Amortization of intangibles
|
8 | 33 | ||||||
Net amortization of security premiums and loan costs
|
113 | 256 | ||||||
Noncash expense for ESOP
|
87 | 73 | ||||||
Noncash expense for stock-based compensation
|
160 | 122 | ||||||
Increase in bank-owned life insurance
|
(120 | ) | (122 | ) | ||||
Refund of FDIC prepaid insurance assessment
|
- | 643 | ||||||
(Increase) decrease in other assets
|
(283 | ) | 552 | |||||
Increase in other liabilities
|
268 | 160 | ||||||
Net cash provided by operating activities
|
1,308 | 3,454 | ||||||
Cash flows from investing activities:
|
||||||||
Net loan originations
|
(15,584 | ) | (6,602 | ) | ||||
Proceeds from maturities and principal repayments of securities available-for-sale
|
2,677 | 10,807 | ||||||
Purchases of premises and equipment
|
(93 | ) | (58 | ) | ||||
(Increase) decrease in FHLB stock, at cost
|
(43 | ) | 1,536 | |||||
Net cash (used in) provided by investing activities
|
(13,043 | ) | 5,683 | |||||
Cash flows from financing activities:
|
||||||||
Net increase (decrease) in short-term borrowings
|
13,140 | (12,000 | ) | |||||
Repayments of long-term borrowings
|
(12,913 | ) | (1,801 | ) | ||||
Net increase in deposits
|
12,245 | 8,971 | ||||||
Increase (decrease) in advance payments by borrowers for taxes and insurance
|
218 | (67 | ) | |||||
Purchase and retirement of common stock
|
(832 | ) | (992 | ) | ||||
Dividends paid
|
(884 | ) | (246 | ) | ||||
Distribution to noncontrolling shareholder
|
(77 | ) | (32 | ) | ||||
Net cash provided by (used in) financing activities
|
10,897 | (6,167 | ) | |||||
Net (decrease) increase in cash and cash equivalents
|
(838 | ) | 2,970 | |||||
Cash and cash equivalents, beginning of period
|
5,552 | 5,874 | ||||||
Cash and cash equivalents, end of period
|
$ | 4,714 | $ | 8,844 | ||||
Supplemental cash flow information:
|
||||||||
Cash paid for:
|
||||||||
Interest on deposits and borrowings (including interest credited
to deposit accounts of $633 and $780 respectively)
|
$ | 1,189 | $ | 1,480 | ||||
Income taxes
|
507 | 135 | ||||||
Real estate acquired in settlement of loans
|
- | 507 |
June 30, 2014
|
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair
Value
|
||||||||||||
Municipal bonds
|
$ | 7,954 | $ | 217 | $ | 66 | $ | 8,105 | ||||||||
Mortgage-backed - GSEs
|
6,763 | 524 | - | 7,287 | ||||||||||||
REMICs
|
5,208 | 65 | 11 | 5,262 | ||||||||||||
Corporate debt
|
3,996 | - | 280 | 3,716 | ||||||||||||
Total securities available-for-sale
|
$ | 23,921 | $ | 806 | $ | 357 | $ | 24,370 | ||||||||
December 31, 2013
|
||||||||||||||||
Municipal bonds
|
$ | 7,988 | $ | 207 | $ | 225 | $ | 7,970 | ||||||||
Mortgage-backed - GSEs
|
7,740 | 452 | - | 8,192 | ||||||||||||
REMICs
|
6,946 | 98 | 25 | 7,019 | ||||||||||||
Corporate debt
|
3,996 | - | 405 | 3,591 | ||||||||||||
Total securities available-for-sale
|
$ | 26,670 | $ | 757 | $ | 655 | $ | 26,772 |
(Dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Due in one year or less
|
$ | 1 | $ | 1 | ||||
Due from one to five years
|
2,070 | 2,252 | ||||||
Due from five to ten years
|
5,917 | 6,022 | ||||||
Due after ten years
|
15,933 | 16,095 | ||||||
Total
|
$ | 23,921 | $ | 24,370 |
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||||||||||||||
June 30, 2014
|
Number
of
|
Fair
Value
|
Gross
Unrealized
|
Number
of
|
Fair
Value
|
Gross
Unrealized
|
Number
of
|
Fair
Value
|
Gross
Unrealized
|
|||||||||||||||||||||||||||
Municipal bonds
|
- | $ | - | $ | - | 2 | $ | 3,855 | $ | 66 | 2 | $ | 3,855 | $ | 66 | |||||||||||||||||||||
REMICs
|
1 | 1,577 | 11 | - | - | - | 1 | 1,577 | 11 | |||||||||||||||||||||||||||
Corporate debt
|
- | - | - | 3 | 3,716 | 280 | 3 | 3,716 | 280 | |||||||||||||||||||||||||||
Total securities temporarily impaired
|
1 | $ | 1,577 | $ | 11 | 5 | $ | 7,571 | $ | 346 | 6 | $ | 9,148 | $ | 357 |
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||||||||||||||
December 31, 2013
|
Number
of
|
Fair
Value
|
Gross
Unrealized
|
Number
of
|
Fair
Value
|
Gross
Unrealized
|
Number
of
|
Fair
Value
|
Gross
Unrealized
|
|||||||||||||||||||||||||||
Municipal bonds
|
2 | $ | 4,147 | $ | 142 | 1 | $ | 1,058 | $ | 83 | 3 | $ | 5,205 | $ | 225 | |||||||||||||||||||||
REMICs
|
3 | 2,532 | 25 | - | - | - | 3 | 2,532 | 25 | |||||||||||||||||||||||||||
Corporate debt
|
- | - | - | 3 | 3,591 | 405 | 3 | 3,591 | 405 | |||||||||||||||||||||||||||
Total securities temporarily impaired
|
5 | $ | 6,679 | $ | 167 | 4 | $ | 4,649 | $ | 488 | 9 | $ | 11,328 | $ | 655 |
(a)
|
A temporary interest shortfall is caused by an amount of deferrals/defaults high enough such that there is insufficient cash flow available to pay current interest on the given tranche or by breaching the principal coverage test of the tranche immediately senior to the given tranche. Amounts presented represent additional deferrals/defaults beyond those currently existing that must occur before the security would experience an interest shortfall.
|
(b)
|
A break in yield for a given tranche means that deferrals/defaults have reached such a level that the tranche would not receive all of its contractual cash flows (principal and interest) by maturity (so not just a temporary interest shortfall, but an actual loss in yield on the investment). In other words, the magnitude of the defaults/deferrals has depleted the entire credit enhancement (excess interest and over-collateralization) beneath the given tranche. Amounts presented represent additional deferrals/defaults beyond those currently existing that must occur before the security would experience a break in yield.
|
June 30, 2014
|
December 31, 2013
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
Real estate-mortgage:
|
||||||||||||||||
One- to four-family residential
|
||||||||||||||||
Originated
|
$ | 105,247 | 35.4 | % | $ | 104,870 | 37.1 | % | ||||||||
Purchased
|
6,076 | 2.0 | 6,888 | 2.4 | ||||||||||||
Total one- to four-family residential
|
111,323 | 37.4 | 111,758 | 39.5 | ||||||||||||
Multi-family
|
||||||||||||||||
Originated
|
7,310 | 2.5 | 7,083 | 2.5 | ||||||||||||
Purchased
|
3,238 | 1.1 | 3,768 | 1.3 | ||||||||||||
Total multi-family
|
10,548 | 3.6 | 10,851 | 3.8 | ||||||||||||
Commercial
|
69,700 | 23.4 | 61,889 | 21.9 | ||||||||||||
Total real estate-mortgage
|
191,571 | 64.4 | 184,498 | 65.2 | ||||||||||||
Real estate-construction:
|
||||||||||||||||
Residential
|
3,805 | 1.3 | 3,337 | 1.2 | ||||||||||||
Commercial
|
18,016 | 6.1 | 15,979 | 5.7 | ||||||||||||
Total real estate-construction
|
21,821 | 7.4 | 19,316 | 6.9 | ||||||||||||
Consumer:
|
||||||||||||||||
Home equity
|
||||||||||||||||
Loan-to-value ratio of 80% or less
|
45,826 | 15.4 | 47,543 | 16.9 | ||||||||||||
Loan-to-value ratio of greater than 80%
|
9,052 | 3.0 | 9,247 | 3.3 | ||||||||||||
Total home equity
|
54,878 | 18.4 | 56,790 | 20.2 | ||||||||||||
Other
|
1,579 | 0.5 | 1,666 | 0.6 | ||||||||||||
Total consumer
|
56,457 | 18.9 | 58,456 | 20.8 | ||||||||||||
Commercial business
|
27,594 | 9.3 | 20,023 | 7.1 | ||||||||||||
Total loans
|
$ | 297,443 | 100.0 | % | $ | 282,293 | 100.0 | % | ||||||||
Net premiums on loans purchased
|
81 | 93 | ||||||||||||||
Net deferred loan costs
|
322 | 351 | ||||||||||||||
Loans in process
|
(10,174 | ) | (10,617 | ) | ||||||||||||
Allowance for loan losses
|
(3,612 | ) | (3,308 | ) | ||||||||||||
Loans, net
|
$ | 284,060 | $ | 268,812 |
June 30, 2014
|
December 31, 2013
|
|||||||||||||||||||||||
30-59
Days
|
60-89
Days
|
90 Days
or Greater
|
30-59
Days
|
60-89
Days
|
90 Days
or Greater
|
|||||||||||||||||||
Real estate - mortgage:
|
||||||||||||||||||||||||
One- to four-family residential
|
||||||||||||||||||||||||
Originated
|
$ | - | $ | 260 | $ | 1,348 | $ | 1,012 | $ | 427 | $ | 627 | ||||||||||||
Purchased
|
- | - | 307 | - | - | 307 | ||||||||||||||||||
Total one- to four-family residential
|
- | 260 | 1,655 | 1,012 | 427 | 934 | ||||||||||||||||||
Commercial
|
28 | - | 467 | 30 | - | 493 | ||||||||||||||||||
Total real estate - mortgage
|
28 | 260 | 2,122 | 1,042 | 427 | 1,427 | ||||||||||||||||||
Real estate - construction:
|
||||||||||||||||||||||||
Residential
|
- | - | - | 715 | - | - | ||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity
|
||||||||||||||||||||||||
Loan-to-value ratio of 80% or less
|
17 | - | 66 | 1 | - | - | ||||||||||||||||||
Loan-to-value ratio of greater than 80%
|
291 | - | 47 | 144 | 158 | 30 | ||||||||||||||||||
Total home equity
|
308 | - | 113 | 145 | 158 | 30 | ||||||||||||||||||
Other
|
64 | 4 | - | - | 3 | - | ||||||||||||||||||
Total consumer
|
372 | 4 | 113 | 145 | 161 | 30 | ||||||||||||||||||
Total delinquencies
|
$ | 400 | $ | 264 | $ | 2,235 | $ | 1,902 | $ | 588 | $ | 1,457 |
June 30, 2014
|
December 31, 2013
|
|||||||||||||||
Number of
Contracts
|
Amount
|
Number of
Contracts
|
Amount
|
|||||||||||||
Nonaccrual loans:
|
||||||||||||||||
Real estate - mortgage:
|
||||||||||||||||
One- to four-family residential
|
||||||||||||||||
Originated
|
7 | $ | 2,306 | 4 | $ | 1,595 | ||||||||||
Purchased
|
4 | 307 | 4 | 307 | ||||||||||||
Total one- to four-family residential
|
11 | 2,613 | 8 | 1,902 | ||||||||||||
Commercial
|
2 | 467 | 2 | 493 | ||||||||||||
Total real estate - mortgage
|
13 | 3,080 | 10 | 2,395 | ||||||||||||
Consumer:
|
||||||||||||||||
Home equity
|
||||||||||||||||
Loan-to-value ratio of 80% or less
|
2 | 66 | - | - | ||||||||||||
Loan-to-value ratio of greater than 80%
|
2 | 47 | 1 | 30 | ||||||||||||
Total home equity
|
4 | 113 | 1 | 30 | ||||||||||||
Total nonaccrual loans
|
17 | 3,193 | 11 | 2,425 | ||||||||||||
Accruing loans past due 90 days or more
|
- | - | - | - | ||||||||||||
Total nonaccrual loans and accruing loans past due 90 days or more | 17 | 3,193 | 11 | 2,425 | ||||||||||||
Real estate owned
|
- | - | 1 | 126 | ||||||||||||
Total nonperforming assets
|
17 | $ | 3,193 | 12 | $ | 2,551 | ||||||||||
Troubled debt restructurings
|
||||||||||||||||
In nonaccrual status
|
1 | 958 | 1 | 968 | ||||||||||||
Performing under modified terms
|
8 | 2,301 | 8 | 2,358 | ||||||||||||
Troubled debt restructurings
|
9 | $ | 3,259 | 9 | $ | 3,326 | ||||||||||
Total nonperforming loans to total loans
|
1.07 | % | 0.86 | % | ||||||||||||
Total nonperforming assets to total assets
|
0.96 | 0.80 | ||||||||||||||
Total nonperforming assets and troubled debt restructurings
performing under modified terms to total assets
|
1.66 | 1.54 |
June 30, 2014
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
|||||||||||||||
Impaired loans with no related allowance recorded
|
||||||||||||||||||||
One- to four-family originated residential
|
$ | 1,493 | $ | 1,493 | $ | - | $ | 1,499 | $ | 28 | ||||||||||
Commercial real estate
|
2,635 | 2,648 | - | 2,676 | 76 | |||||||||||||||
Home equity (loan-to-value ratio of 80% or less)
|
397 | 397 | - | 401 | 9 | |||||||||||||||
Total impaired loans
|
$ | 4,525 | $ | 4,538 | $ | - | $ | 4,576 | $ | 113 |
December 31, 2013
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
|||||||||||||||
Impaired loans with no related allowance recorded
|
||||||||||||||||||||
One- to four-family originated residential
|
$ | 1,505 | $ | 1,505 | $ | - | $ | 1,515 | $ | 65 | ||||||||||
Commercial real estate
|
2,705 | 2,705 | - | 2,742 | 149 | |||||||||||||||
Home equity (loan-to-value ratio of 80% or less)
|
405 | 405 | - | 409 | 10 | |||||||||||||||
Total impaired loans
|
$ | 4,615 | $ | 4,615 | $ | - | $ | 4,666 | $ | 224 |
·
|
Loans purchased in the secondary market.
Prior to 2006, pools of multi-family and one- to four- family residential mortgage loans located in areas outside of our primary geographic lending area in southwestern Pennsylvania were acquired in the secondary market. Although these loans were underwritten to our lending standards, they are considered higher risk given our unfamiliarity with the geographic areas where the properties are located and ability to timely identify problem loans through servicer correspondence.
|
·
|
Home equity loans with a loan-to-value ratio greater than 80%.
These loans are considered higher risk given the pressure on property values and reduced credit alternatives available to leveraged borrowers.
|
Real estate - mortgage
|
Real estate-construction
|
Consumer
|
||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
Home equity (loan-
to-value ratio of
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
residential
|
Multi-family
|
80% |
greater
|
Other
|
Commercial
|
|||||||||||||||||||||||||||||||||||||||||||||||
(originated)
|
(purchased)
|
(originated)
|
(purchased)
|
Commercial
|
Residential
|
Commercial
|
or less)
|
than 80%)
|
Consumer
|
business
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||||||||||||||
Loan Balance
|
$ | 105,247 | $ | 6,076 | $ | 7,310 | $ | 3,238 | $ | 69,700 | $ | 3,805 | $ | 18,016 | $ | 45,826 | $ | 9,052 | $ | 1,579 | $ | 27,594 | $ | 297,443 | ||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014
|
$ | 418 | $ | 275 | $ | 113 | $ | 34 | $ | 1,095 | $ | 9 | $ | 113 | $ | 469 | $ | 263 | $ | 11 | $ | 456 | $ | 131 | $ | 3,387 | ||||||||||||||||||||||||||
Charge-offs
|
- | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Recoveries
|
3 | - | - | - | - | - | - | - | 2 | - | - | - | 5 | |||||||||||||||||||||||||||||||||||||||
Provision
|
85 | (18 | ) | - | (5 | ) | 51 | (3 | ) | 37 | (4 | ) | (2 | ) | (1 | ) | 85 | (5 | ) | 220 | ||||||||||||||||||||||||||||||||
June 30, 2014
|
$ | 506 | $ | 257 | $ | 113 | $ | 29 | $ | 1,146 | $ | 6 | $ | 150 | $ | 465 | $ | 263 | $ | 10 | $ | 541 | $ | 126 | $ | 3,612 | ||||||||||||||||||||||||||
December 31, 2013
|
$ | 432 | $ | 286 | $ | 114 | $ | 34 | $ | 1,025 | $ | 6 | $ | 103 | $ | 475 | $ | 268 | $ | 11 | $ | 432 | $ | 122 | $ | 3,308 | ||||||||||||||||||||||||||
Charge-offs
|
- | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Recoveries
|
6 | - | - | - | - | - | - | - | 3 | - | - | - | 9 | |||||||||||||||||||||||||||||||||||||||
Provision
|
68 | (29 | ) | (1 | ) | (5 | ) | 121 | - | 47 | (10 | ) | (8 | ) | (1 | ) | 109 | 4 | 295 | |||||||||||||||||||||||||||||||||
June 30, 2014
|
$ | 506 | $ | 257 | $ | 113 | $ | 29 | $ | 1,146 | $ | 6 | $ | 150 | $ | 465 | $ | 263 | $ | 10 | $ | 541 | $ | 126 | $ | 3,612 | ||||||||||||||||||||||||||
Collectively evaluated
on historical loss
experience
|
$ | 113 | $ | 126 | $ | - | $ | - | $ | 62 | $ | - | $ | - | $ | 29 | $ | 86 | $ | 5 | $ | 26 | $ | - | $ | 447 | ||||||||||||||||||||||||||
Collectively evaluated
on qualitative
factors
|
393 | 131 | 113 | 29 | 1,084 | 6 | 150 | 436 | 177 | 5 | 515 | - | 3,039 | |||||||||||||||||||||||||||||||||||||||
Unallocated
|
- | - | - | - | - | - | - | - | - | - | - | 126 | 126 | |||||||||||||||||||||||||||||||||||||||
Total allowance
for loan losses
|
$ | 506 | $ | 257 | $ | 113 | $ | 29 | $ | 1,146 | $ | 6 | $ | 150 | $ | 465 | $ | 263 | $ | 10 | $ | 541 | $ | 126 | $ | 3,612 | ||||||||||||||||||||||||||
Percent of Allowance
|
14.0 | % | 7.1 | % | 3.1 | % | 0.8 | % | 31.7 | % | 0.1 | % | 4.2 | % | 12.9 | % | 7.3 | % | 0.3 | % | 15.0 | % | 3.5 | % | 100.0 | % | ||||||||||||||||||||||||||
Percent of Loans
(1)
|
35.4 | % | 2.0 | % | 2.5 | % | 1.1 | % | 23.4 | % | 1.3 | % | 6.1 | % | 15.4 | % | 3.0 | % | 0.5 | % | 9.3 | % | 100.0 | % |
(1)
|
Represents percentage of loans in each category to total loans.
|
Real estate - mortgage
|
Real estate-construction
|
Consumer
|
||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family |
Home equity (loan-
to-value ratio of
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
residential
|
Multi-family
|
80% |
greater
|
Other
|
Commercial
|
|||||||||||||||||||||||||||||||||||||||||||||||
(originated)
|
(purchased)
|
(originated)
|
(purchased)
|
Commercial
|
Residential
|
Commercial
|
or less)
|
than 80%)
|
Consumer
|
business
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||||||||||||||
Loan Balance
|
$ | 104,637 | $ | 7,954 | $ | 10,706 | $ | 3,830 | $ | 49,189 | $ | 1,883 | $ | 15,194 | $ | 45,736 | $ | 8,914 | $ | 1,730 | $ | 17,339 | $ | 267,112 | ||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2013
|
$ | 448 | $ | 340 | $ | 33 | $ | 102 | $ | 807 | $ | 3 | $ | 18 | $ | 464 | $ | 264 | $ | 18 | $ | 263 | $ | 103 | $ | 2,886 | ||||||||||||||||||||||||||
Charge-offs
|
(12 | ) | (4 | ) | - | - | - | - | - | - | (35 | ) | - | - | - | (51 | ) | |||||||||||||||||||||||||||||||||||
Recoveries
|
3 | - | - | - | 9 | - | - | - | 1 | - | - | - | 13 | |||||||||||||||||||||||||||||||||||||||
Provision
|
18 | (36 | ) | (1 | ) | (9 | ) | 37 | - | 5 | 11 | 54 | - | 22 | 64 | 165 | ||||||||||||||||||||||||||||||||||||
June 30, 2013
|
$ | 457 | $ | 300 | $ | 32 | $ | 93 | $ | 853 | $ | 3 | $ | 23 | $ | 475 | $ | 284 | $ | 18 | $ | 285 | $ | 167 | $ | 2,990 | ||||||||||||||||||||||||||
December 31, 2012
|
$ | 466 | $ | 372 | $ | 33 | $ | 102 | $ | 802 | $ | 3 | $ | 8 | $ | 434 | $ | 246 | $ | 19 | $ | 245 | $ | 156 | $ | 2,886 | ||||||||||||||||||||||||||
Charge-offs
|
(12 | ) | (33 | ) | - | - | - | - | - | - | (35 | ) | - | - | - | (80 | ) | |||||||||||||||||||||||||||||||||||
Recoveries
|
6 | - | - | - | 9 | - | - | - | 1 | 3 | - | - | 19 | |||||||||||||||||||||||||||||||||||||||
Provision
|
(3 | ) | (39 | ) | (1 | ) | (9 | ) | 42 | - | 15 | 41 | 72 | (4 | ) | 40 | 11 | 165 | ||||||||||||||||||||||||||||||||||
June 30, 2013
|
$ | 457 | $ | 300 | $ | 32 | $ | 93 | $ | 853 | $ | 3 | $ | 23 | $ | 475 | $ | 284 | $ | 18 | $ | 285 | $ | 167 | $ | 2,990 | ||||||||||||||||||||||||||
Collectively evaluated
on historical loss
experience
|
$ | 130 | $ | 134 | $ | - | $ | 58 | $ | 97 | $ | - | $ | - | $ | 65 | $ | 111 | $ | 13 | $ | 10 | $ | - | $ | 618 | ||||||||||||||||||||||||||
Collectively evaluated
on qualitative
factors
|
327 | 166 | 32 | 35 | 756 | 3 | 23 | 410 | 173 | 5 | 275 | - | 2,205 | |||||||||||||||||||||||||||||||||||||||
Unallocated
|
- | - | - | - | - | - | - | - | - | - | - | 167 | 167 | |||||||||||||||||||||||||||||||||||||||
Total allowance
for loan losses
|
$ | 457 | $ | 300 | $ | 32 | $ | 93 | $ | 853 | $ | 3 | $ | 23 | $ | 475 | $ | 284 | $ | 18 | $ | 285 | $ | 167 | $ | 2,990 | ||||||||||||||||||||||||||
Percent of Allowance
|
15.3 | % | 10.0 | % | 1.1 | % | 3.1 | % | 28.5 | % | 0.1 | % | 0.8 | % | 15.9 | % | 9.5 | % | 0.6 | % | 9.5 | % | 5.6 | % | 100.0 | % | ||||||||||||||||||||||||||
Percent of Loans
(1)
|
39.2 | % | 3.0 | % | 4.0 | % | 1.4 | % | 18.4 | % | 0.7 | % | 5.7 | % | 17.2 | % | 3.3 | % | 0.6 | % | 6.5 | % | 100.0 | % |
(1)
|
Represents percentage of loans in each category to total loans.
|
Real estate - mortgage
|
Real estate-construction
|
Consumer
|
||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family |
Home equity (loan-
to-value ratio of
|
|||||||||||||||||||||||||||||||||||||||||||||||
residential
|
Multi-family
|
80% |
greater
|
Other
|
Commercial
|
Total
|
||||||||||||||||||||||||||||||||||||||||||
June 30, 2014
|
(originated)
|
(purchased)
|
(originated)
|
(purchased)
|
Commercial
|
Residential
|
Commercial
|
or less)
|
than 80%)
|
Consumer
|
business
|
loans
|
||||||||||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Pass
|
$ | 102,941 | $ | 5,769 | $ | 5,492 | $ | 3,238 | $ | 66,952 | $ | 3,805 | $ | 18,016 | $ | 45,163 | $ | 9,005 | $ | 1,579 | $ | 25,860 | $ | 287,820 | ||||||||||||||||||||||||
Special Mention
|
- | - | 1,818 | - | 544 | - | - | - | - | - | 1,734 | 4,096 | ||||||||||||||||||||||||||||||||||||
Substandard
|
2,306 | 307 | - | - | 2,204 | - | - | 663 | 47 | - | - | 5,527 | ||||||||||||||||||||||||||||||||||||
Total
|
$ | 105,247 | $ | 6,076 | $ | 7,310 | $ | 3,238 | $ | 69,700 | $ | 3,805 | $ | 18,016 | $ | 45,826 | $ | 9,052 | $ | 1,579 | $ | 27,594 | $ | 297,443 |
Real estate - mortgage
|
Real estate-construction
|
Consumer
|
||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family
|
Home equity (loan-
to-value ratio of
|
|||||||||||||||||||||||||||||||||||||||||||||||
residential
|
Multi-family
|
80% |
greater
|
Other
|
Commercial
|
Total
|
||||||||||||||||||||||||||||||||||||||||||
December 31, 2013
|
(originated)
|
(purchased)
|
(originated)
|
(purchased)
|
Commercial
|
Residential
|
Commercial
|
or less)
|
than 80%)
|
Consumer
|
business
|
loans
|
||||||||||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Pass
|
$ | 103,275 | $ | 6,581 | $ | 5,231 | $ | 3,768 | $ | 58,311 | $ | 3,337 | $ | 15,979 | $ | 46,934 | $ | 9,217 | $ | 1,666 | $ | 17,964 | $ | 272,263 | ||||||||||||||||||||||||
Special Mention
|
- | - | 1,852 | - | 676 | - | - | - | - | - | 2,059 | 4,587 | ||||||||||||||||||||||||||||||||||||
Substandard
|
1,595 | 307 | - | - | 2,902 | - | - | 609 | 30 | - | - | 5,443 | ||||||||||||||||||||||||||||||||||||
Total
|
$ | 104,870 | $ | 6,888 | $ | 7,083 | $ | 3,768 | $ | 61,889 | $ | 3,337 | $ | 15,979 | $ | 47,543 | $ | 9,247 | $ | 1,666 | $ | 20,023 | $ | 282,293 |
June 30, 2014
|
December 31, 2013
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
Noninterest-bearing demand deposits
|
$ | 31,502 | 13.6 | % | $ | 27,247 | 12.4 | % | ||||||||
Interest-bearing demand deposits
|
34,787 | 15.0 | 30,733 | 14.0 | ||||||||||||
Savings accounts
|
25,094 | 10.8 | 24,415 | 11.1 | ||||||||||||
Money market accounts
|
57,189 | 24.7 | 48,746 | 22.2 | ||||||||||||
Certificates of deposit
|
82,905 | 35.9 | 88,091 | 40.3 | ||||||||||||
Total deposits
|
$ | 231,477 | 100.0 | % | $ | 219,232 | 100.0 | % |
June 30, 2014
|
December 31, 2013
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
Weighted
Average
|
Balance
|
Weighted
Average
|
||||||||||||
Due in one year or less
|
$ | 34,000 | 0.43 | % | $ | 33,860 | 1.81 | % | ||||||||
Due in one to two years
|
12,000 | 3.82 | 12,000 | 3.82 | ||||||||||||
Advances
|
$ | 46,000 | $ | 45,860 | ||||||||||||
Less: deferred premium on modification
|
(182 | ) | (269 | ) | ||||||||||||
Total advances
|
$ | 45,818 | 1.32 | % | $ | 45,591 | 2.34 | % |
(Dollars in thousands)
|
Six Months
Ended
|
Year
Ended
|
||||||
Maximum amount outstanding at any month end during the period
|
$ | 45,818 | $ | 46,338 | ||||
Average amount outstanding during the period
|
40,963 | 37,784 | ||||||
Weighted average rate during the period
|
2.45 | % | 3.37 | % |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(Dollars in thousands, except per share amounts)
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
Net (loss) income of FedFirst Financial Corporation
|
$ | (276 | ) | $ | 576 | $ | 258 | $ | 1,370 | |||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
2,231,561 | 2,446,186 | 2,232,304 | 2,450,894 | ||||||||||||
Effect of dilutive stock options and restrictive stock awards | - | 33,648 | 53,734 | 27,328 | ||||||||||||
Diluted
|
2,231,561 | 2,479,834 | 2,286,038 | 2,478,222 | ||||||||||||
(Loss) earnings per share:
|
||||||||||||||||
Basic
|
$ | (0.12 | ) | $ | 0.24 | $ | 0.12 | $ | 0.56 | |||||||
Diluted
|
(0.12 | ) | 0.23 | 0.11 | 0.55 |
Level 1 –
|
Quoted prices for identical instruments in active markets.
|
|
Level 2 –
|
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are active, and model derived valuations in which significant inputs or significant drivers are observable in active markets.
|
|
Level 3 –
|
Valuations derived from valuation techniques in which one or more significant inputs or significant drivers are unobservable.
|
(Dollars in thousands)
|
June 30, 2014
|
December 31, 2013
|
||||||
Significant other observable inputs (Level 2)
|
||||||||
Securities available-for-sale
|
||||||||
Municipal bonds
|
$ | 8,105 | $ | 7,970 | ||||
Mortgage-backed - GSEs
|
7,287 | 8,192 | ||||||
REMICs
|
5,262 | 7,019 | ||||||
Total significant other observerable inputs (Level 2)
|
20,654 | 23,181 | ||||||
Significant unobservable inputs (Level 3)
|
||||||||
Securities available-for-sale
|
||||||||
Corporate debt
|
3,716 | 3,591 | ||||||
Total significant unobservable inputs (Level 3)
|
3,716 | 3,591 | ||||||
Total securities available-for-sale
|
$ | 24,370 | $ | 26,772 | ||||
Total assets measured at fair value on a recurring basis
|
$ | 24,370 | $ | 26,772 |
(Dollars in thousands)
|
Significant
Unobservable Inputs
|
|||
December 31, 2012
|
$ | 1,882 | ||
Total unrealized gains included in other comprehensive income
|
1,708 | |||
Discount accretion
|
1 | |||
December 31, 2013
|
$ | 3,591 | ||
Total unrealized gains included in other comprehensive income
|
125 | |||
June 30, 2014
|
$ | 3,716 |
December 31, 2013
|
||||||||
(Dollars in thousands)
|
Carrying Value
|
Fair Value
|
||||||
Level 3
|
||||||||
Impaired loans
|
$ | 586 | $ | 586 | ||||
Real estate owned
|
465 | 465 | ||||||
Total assets measured at fair value on a nonrecurring basis | $ | 1,051 | $ | 1,051 |
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Significant
Unobservable Inputs
|
Significant Unobservable
Input Value
|
|||||
Recurring basis
|
|||||||||
Securities available-for-sale:
|
|||||||||
Corporate debt
|
$ | 3,716 |
Discounted cash flow
|
Average probability of default
|
0.72% | ||||
Correlation for issuers in the same industry
|
50% | ||||||||
Deferral/default recovery rate on currently defaulted/deferring assets and projected defaults
|
0% | ||||||||
Prepayment
|
0% |
Carrying
|
Estimated
|
Fair Value Measurements
|
||||||||||||||||||
June 30, 2014
|
Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 4,714 | $ | 4,714 | $ | 4,714 | $ | - | $ | - | ||||||||||
Securities available-for-sale
|
24,370 | 24,370 | - | 20,654 | 3,716 | |||||||||||||||
Loans, net
|
284,060 | 290,652 | - | - | 290,652 | |||||||||||||||
FHLB stock
|
2,632 | 2,632 | - | 2,632 | - | |||||||||||||||
Accrued interest receivable
|
1,006 | 1,006 | - | 1,006 | - | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
231,477 | 231,833 | - | 231,833 | - | |||||||||||||||
Borrowings
|
45,818 | 46,276 | - | 46,276 | - | |||||||||||||||
Accrued interest payable
|
182 | 182 | - | 182 | - |
Carrying
|
Estimated
|
Fair Value Measurements
|
||||||||||||||||||
December 31, 2013
|
Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 5,552 | $ | 5,552 | $ | 5,552 | $ | - | $ | - | ||||||||||
Securities available-for-sale
|
26,772 | 26,772 | - | 23,181 | 3,591 | |||||||||||||||
Loans, net
|
268,812 | 271,038 | - | - | 271,038 | |||||||||||||||
FHLB stock
|
2,589 | 2,589 | - | 2,589 | - | |||||||||||||||
Accrued interest receivable
|
993 | 993 | - | 993 | - | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
219,232 | 219,538 | - | 219,538 | - | |||||||||||||||
Borrowings
|
45,591 | 46,446 | - | 46,446 | - | |||||||||||||||
Accrued interest payable
|
251 | 251 | - | 251 | - |
Three Months Ended June 30, 2014
|
Before Income
Tax Expense
|
Income
Tax Expense
|
Net of Income
Tax Expense
|
|||||||||
Other comprehensive income:
|
||||||||||||
Unrealized gain on securities available-for-sale
|
$ | 204 | $ | 80 | $ | 124 | ||||||
Three Months Ended June 30, 2013
|
||||||||||||
Other comprehensive loss:
|
||||||||||||
Unrealized loss on securities available-for-sale
|
$ | (191 | ) | $ | (75 | ) | $ | (116 | ) | |||
Six Months Ended June 30, 2014
|
||||||||||||
Other comprehensive income:
|
||||||||||||
Unrealized gain on securities available-for-sale,
|
$ | 347 | $ | 136 | $ | 211 |
First Federal Savings Bank
|
Exchange Underwriters, Inc.
|
FedFirst Financial Corporation
|
Net Eliminations
|
Consolidated
|
||||||||||||||||
June 30, 2014
|
||||||||||||||||||||
Assets
|
$ | 330,851 | $ | 1,375 | $ | 50,853 | $ | (52,124 | ) | $ | 330,955 | |||||||||
Liabilities
|
284,265 | 667 | 107 | (4,905 | ) | 280,134 | ||||||||||||||
Stockholders' equity
|
46,586 | 708 | 50,746 | (47,219 | ) | 50,821 | ||||||||||||||
December 31, 2013
|
||||||||||||||||||||
Assets
|
$ | 319,381 | $ | 1,438 | $ | 51,773 | $ | (53,565 | ) | $ | 319,027 | |||||||||
Liabilities
|
273,457 | 578 | 27 | (6,886 | ) | 267,176 | ||||||||||||||
Stockholders' equity
|
45,924 | 860 | 51,746 | (46,679 | ) | 51,851 | ||||||||||||||
Three Months Ended June 30, 2014
|
||||||||||||||||||||
Total interest income
|
$ | 3,269 | $ | - | $ | 18 | $ | (18 | ) | $ | 3,269 | |||||||||
Total interest expense
|
548 | - | - | (18 | ) | 530 | ||||||||||||||
Net interest income
|
2,721 | - | 18 | - | 2,739 | |||||||||||||||
Provision for loan losses
|
220 | - | - | - | 220 | |||||||||||||||
Net interest income after provision for loan losses
|
2,501 | - | 18 | - | 2,519 | |||||||||||||||
Noninterest income
|
228 | 918 | - | - | 1,146 | |||||||||||||||
Noninterest expense
|
3,311 | 670 | 116 | - | 4,097 | |||||||||||||||
Undistributed net income of subsidiary
|
145 | - | (211 | ) | 66 | - | ||||||||||||||
Income (loss) before income tax expense (benefit) and noncontrolling
interest in net income of consolidated subsidiary
|
(437 | ) | 248 | (309 | ) | 66 | (432 | ) | ||||||||||||
Income tax expense (benefit)
|
(255 | ) | 103 | (33 | ) | - | (185 | ) | ||||||||||||
Net income (loss) before noncontrolling interest in net
income of consolidated subsidiary
|
(182 | ) | 145 | (276 | ) | 66 | (247 | ) | ||||||||||||
Less: Noncontrolling interest in net income of
consolidated subsidiary
|
29 | - | - | - | 29 | |||||||||||||||
Net income (loss) of FedFirst Financial Corporation
|
$ | (211 | ) | $ | 145 | $ | (276 | ) | $ | 66 | $ | (276 | ) | |||||||
Six Months Ended June 30, 2014
|
||||||||||||||||||||
Total interest income
|
$ | 6,489 | $ | - | $ | 37 | $ | (37 | ) | $ | 6,489 | |||||||||
Total interest expense
|
1,157 | - | - | (37 | ) | 1,120 | ||||||||||||||
Net interest income
|
5,332 | - | 37 | - | 5,369 | |||||||||||||||
Provision for loan losses
|
295 | - | - | - | 295 | |||||||||||||||
Net interest income after provision for loan losses
|
5,037 | - | 37 | - | 5,074 | |||||||||||||||
Noninterest income
|
437 | 1,708 | - | - | 2,145 | |||||||||||||||
Noninterest expense
|
5,256 | 1,303 | 217 | - | 6,776 | |||||||||||||||
Undistributed net income of subsidiary
|
234 | - | 377 | (611 | ) | - | ||||||||||||||
Income (loss) before income tax expense (benefit) and noncontrolling
interest in net income of consolidated subsidiary
|
452 | 405 | 197 | (611 | ) | 443 | ||||||||||||||
Income tax expense (benefit)
|
28 | 171 | (61 | ) | - | 138 | ||||||||||||||
Net income (loss) before noncontrolling interest in net
income of consolidated subsidiary
|
424 | 234 | 258 | (611 | ) | 305 | ||||||||||||||
Less: Noncontrolling interest in net income of
consolidated subsidiary
|
47 | - | - | - | 47 | |||||||||||||||
Net income (loss) of FedFirst Financial Corporation
|
$ | 377 | $ | 234 | $ | 258 | $ | (611 | ) | $ | 258 |
(Dollars in thousands)
|
First Federal Savings Bank
|
Exchange Underwriters, Inc.
|
FedFirst Financial Corporation
|
Net Eliminations
|
Consolidated
|
|||||||||||||||
Three Months Ended June 30, 2013
|
||||||||||||||||||||
Total interest income
|
$ | 3,282 | $ | - | $ | 21 | $ | (21 | ) | $ | 3,282 | |||||||||
Total interest expense
|
702 | - | - | (21 | ) | 681 | ||||||||||||||
Net interest income
|
2,580 | - | 21 | - | 2,601 | |||||||||||||||
Provision for loan losses
|
165 | - | - | - | 165 | |||||||||||||||
Net interest income after provision for loan losses
|
2,415 | - | 21 | - | 2,436 | |||||||||||||||
Noninterest income
|
348 | 736 | - | - | 1,084 | |||||||||||||||
Noninterest expense
|
1,866 | 646 | 80 | - | 2,592 | |||||||||||||||
Undistributed net income of subsidiary
|
51 | - | 615 | (666 | ) | - | ||||||||||||||
Income before income tax expense (benefit) and
noncontrolling interest in net income of consolidated subsidiary
|
948 | 90 | 556 | (666 | ) | 928 | ||||||||||||||
Income tax expense (benefit)
|
323 | 39 | (20 | ) | - | 342 | ||||||||||||||
Net income before noncontrolling interest in net
income of consolidated subsidiary
|
625 | 51 | 576 | (666 | ) | 586 | ||||||||||||||
Less: Noncontrolling interest in net income of
consolidated subsidiary
|
10 | - | - | - | 10 | |||||||||||||||
Net income of FedFirst Financial Corporation
|
$ | 615 | $ | 51 | $ | 576 | $ | (666 | ) | $ | 576 | |||||||||
Six Months Ended June 30, 2013
|
||||||||||||||||||||
Total interest income
|
$ | 6,526 | $ | - | $ | 42 | $ | (42 | ) | $ | 6,526 | |||||||||
Total interest expense
|
1,437 | - | - | (42 | ) | 1,395 | ||||||||||||||
Net interest income
|
5,089 | - | 42 | - | 5,131 | |||||||||||||||
Provision for loan losses
|
165 | - | - | - | 165 | |||||||||||||||
Net interest income after provision for loan losses
|
4,924 | - | 42 | - | 4,966 | |||||||||||||||
Noninterest income
|
603 | 1,750 | - | - | 2,353 | |||||||||||||||
Noninterest expense
|
3,748 | 1,302 | 154 | - | 5,204 | |||||||||||||||
Undistributed net income of subsidiary
|
261 | - | 1,444 | (1,705 | ) | - | ||||||||||||||
Income before income tax expense (benefit) and
noncontrolling interest in net income of consolidated subsidiary
|
2,040 | 448 | 1,332 | (1,705 | ) | 2,115 | ||||||||||||||
Income tax expense (benefit)
|
544 | 187 | (38 | ) | - | 693 | ||||||||||||||
Net income before noncontrolling interest in net
income of consolidated subsidiary
|
1,496 | 261 | 1,370 | (1,705 | ) | 1,422 | ||||||||||||||
Less: Noncontrolling interest in net income of
consolidated subsidiary
|
52 | - | - | - | 52 | |||||||||||||||
Net income of FedFirst Financial Corporation
|
$ | 1,444 | $ | 261 | $ | 1,370 | $ | (1,705 | ) | $ | 1,370 |
Stock Options
|
||||||||||||
Stock-Based Compensation
|
Number
of
|
Weighted
Average
|
Weighted
Average
|
|||||||||
Outstanding at December 31, 2013
|
294,081 | $ | 16.44 | 7.08 | ||||||||
Expired
|
(5,918 | ) | 21.35 | |||||||||
Outstanding at June 30, 2014
|
288,163 | $ | 16.34 | 6.68 | ||||||||
Exercisable at June 30, 2014
|
133,507 | $ | 17.23 | 4.94 |
Stock Options
|
Restricted Stock Awards
|
|||||||||||||||
Number of
Shares
|
Fair-Value
Price
|
Number of
Shares
|
Fair-Value
Price
|
|||||||||||||
Nonvested at December 31, 2013
|
175,390 | $ | 3.37 | 46,715 | $ | 16.80 | ||||||||||
Vested
|
(20,734 | ) | 3.56 | (7,198 | ) | 15.65 | ||||||||||
Nonvested at June 30, 2014
|
154,656 | $ | 3.34 | 39,517 | $ | 17.01 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
(Dollars in thousands)
|
2014
|
2013
|
||||||
Net income of FedFirst Financial Corporation
|
$ | (276 | ) | $ | 576 | |||
Return on average assets
|
(0.34 | ) % | 0.72 | % | ||||
Return on average equity
|
(2.13 | ) | 4.18 | |||||
Average equity to average assets
|
15.82 | 17.32 |
Three Months Ended June 30,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans, net
(1)(2)
|
$ | 277,892 | $ | 3,050 | 4.39 | % | $ | 254,319 | $ | 3,018 | 4.75 | % | ||||||||||||
Securities
(3)(4)
|
24,653 | 213 | 3.46 | 34,723 | 280 | 3.23 | ||||||||||||||||||
Other interest-earning assets
|
6,315 | 26 | 1.65 | 9,692 | 4 | 0.17 | ||||||||||||||||||
Total interest-earning assets
|
308,860 | 3,289 | 4.26 | 298,734 | 3,302 | 4.42 | ||||||||||||||||||
Noninterest-earning assets
|
17,979 | 19,250 | ||||||||||||||||||||||
Total assets
|
$ | 326,839 | $ | 317,984 | ||||||||||||||||||||
Liabilities and
|
||||||||||||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liablities:
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 35,121 | 6 | 0.07 | % | $ | 24,251 | 5 | 0.08 | % | ||||||||||||||
Savings accounts
|
25,112 | 3 | 0.05 | 24,626 | 3 | 0.05 | ||||||||||||||||||
Money market accounts
|
57,084 | 21 | 0.15 | 57,616 | 20 | 0.14 | ||||||||||||||||||
Certificates of deposit
|
85,303 | 273 | 1.28 | 91,174 | 333 | 1.46 | ||||||||||||||||||
Total interest-bearing deposits
|
202,620 | 303 | 0.60 | 197,667 | 361 | 0.73 | ||||||||||||||||||
Borrowings
|
39,321 | 227 | 2.31 | 35,253 | 320 | 3.63 | ||||||||||||||||||
Total interest-bearing liabilities
|
241,941 | 530 | 0.88 | 232,920 | 681 | 1.17 | ||||||||||||||||||
Noninterest-bearing liabilities
|
33,176 | 29,984 | ||||||||||||||||||||||
Total liabilities
|
275,117 | 262,904 | ||||||||||||||||||||||
Stockholders' equity
|
51,722 | 55,080 | ||||||||||||||||||||||
Total liabilities and
|
||||||||||||||||||||||||
stockholders' equity
|
$ | 326,839 | $ | 317,984 | ||||||||||||||||||||
Net interest income
|
$ | 2,759 | $ | 2,621 | ||||||||||||||||||||
Interest rate spread
|
3.38 | % | 3.25 | % | ||||||||||||||||||||
Net interest margin
|
3.57 | 3.51 | ||||||||||||||||||||||
Average interest-earning
|
||||||||||||||||||||||||
assets to average
|
||||||||||||||||||||||||
interest-bearing liabilities
|
127.66 | % | 128.26 | % |
(1)
|
Amount is net of deferred loan costs, loans in process and allowance for loan losses.
|
(2)
|
Amount includes nonaccrual loans in average balances only.
|
(3)
|
Amount does not include effect of unrealized gain (loss) on securities available-for-sale.
|
(4)
|
Includes municipal bonds; yield and interest are stated on a taxable equivalent basis.
|
Three Months Ended June 30, 2014
|
||||||||||||
Compared To
|
||||||||||||
Three Months Ended June 30, 2013
|
||||||||||||
Increase (decrease) due to
|
||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
Interest and dividend income:
|
||||||||||||
Loans, net
|
$ | 270 | $ | (238 | ) | $ | 32 | |||||
Securities
|
(86 | ) | 19 | (67 | ) | |||||||
Other interest-earning assets
|
(2 | ) | 24 | 22 | ||||||||
Total interest-earning assets
|
182 | (195 | ) | (13 | ) | |||||||
Interest expense:
|
||||||||||||
Deposits
|
8 | (66 | ) | (58 | ) | |||||||
Borrowings
|
33 | (126 | ) | (93 | ) | |||||||
Total interest-bearing liablities
|
41 | (192 | ) | (151 | ) | |||||||
Change in net interest income
|
$ | 141 | $ | (3 | ) | $ | 138 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
(Dollars in thousands)
|
2014
|
2013
|
||||||
Compensation and employee benefits
|
$ | 1,591 | $ | 1,580 | ||||
Occupancy
|
296 | 278 | ||||||
FDIC insurance premiums
|
48 | 47 | ||||||
Data processing
|
172 | 160 | ||||||
Professional services
|
154 | 137 | ||||||
Advertising
|
110 | 123 | ||||||
Merger-related
|
1,387 | - | ||||||
Supplies
|
19 | 21 | ||||||
Telephone
|
12 | 12 | ||||||
Postage
|
30 | 26 | ||||||
Correspondent bank fees
|
15 | 11 | ||||||
Real estate owned
|
70 | (8 | ) | |||||
Amortization of intangibles
|
3 | 9 | ||||||
All other
|
190 | 196 | ||||||
Total noninterest expense
|
$ | 4,097 | $ | 2,592 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
(Dollars in thousands)
|
2014
|
2013
|
||||||
Net income of FedFirst Financial Corporation
|
$ | 258 | $ | 1,370 | ||||
Return on average assets
|
0.16 | % | 0.86 | % | ||||
Return on average equity
|
1.00 | 5.01 | ||||||
Average equity to average assets
|
15.96 | 17.25 |
Six Months Ended June 30,
|
||||||||||||||||||||||||
2014
|
2013
|
|||||||||||||||||||||||
Interest
|
Interest
|
|||||||||||||||||||||||
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans, net
(1)(2)
|
$ | 273,796 | $ | 6,052 | 4.42 | % | $ | 251,770 | $ | 5,943 | 4.72 | % | ||||||||||||
Securities
(3)(4)
|
25,306 | 435 | 3.44 | 37,667 | 614 | 3.26 | ||||||||||||||||||
Other interest-earning assets
|
6,412 | 41 | 1.28 | 8,651 | 8 | 0.18 | ||||||||||||||||||
Total interest-earning assets
|
305,514 | 6,528 | 4.27 | 298,088 | 6,565 | 4.40 | ||||||||||||||||||
Noninterest-earning assets
|
17,569 | 18,884 | ||||||||||||||||||||||
Total assets
|
$ | 323,083 | $ | 316,972 | ||||||||||||||||||||
Liabilities and
|
||||||||||||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||||||
Interest-bearing liablities:
|
||||||||||||||||||||||||
Interest-bearing
|
||||||||||||||||||||||||
demand deposits
|
$ | 34,046 | 13 | 0.08 | % | $ | 21,513 | 9 | 0.08 | % | ||||||||||||||
Savings accounts
|
24,879 | 6 | 0.05 | 24,557 | 6 | 0.05 | ||||||||||||||||||
Money market accounts
|
53,116 | 39 | 0.15 | 56,402 | 41 | 0.15 | ||||||||||||||||||
Certificates of deposit
|
86,417 | 561 | 1.30 | 91,613 | 689 | 1.50 | ||||||||||||||||||
Total interest-bearing deposits
|
198,458 | 619 | 0.62 | 194,085 | 745 | 0.77 | ||||||||||||||||||
Borrowings
|
40,963 | 501 | 2.45 | 39,279 | 650 | 3.31 | ||||||||||||||||||
Total interest-bearing liabilities
|
239,421 | 1,120 | 0.94 | 233,364 | 1,395 | 1.20 | ||||||||||||||||||
Noninterest-bearing liabilities
|
32,108 | 28,936 | ||||||||||||||||||||||
Total liabilities
|
271,529 | 262,300 | ||||||||||||||||||||||
Stockholders' equity:
|
51,554 | 54,672 | ||||||||||||||||||||||
Total liabilities and
|
||||||||||||||||||||||||
stockholders' equity
|
$ | 323,083 | $ | 316,972 | ||||||||||||||||||||
Net interest income
|
$ | 5,408 | $ | 5,170 | ||||||||||||||||||||
Interest rate spread
|
3.33 | % | 3.20 | % | ||||||||||||||||||||
Net interest margin
|
3.54 | 3.47 | ||||||||||||||||||||||
Average interest-earning
|
||||||||||||||||||||||||
assets to average
|
||||||||||||||||||||||||
interest-bearing liabilities
|
127.61 | % | 127.74 | % |
(1)
|
Amount is net of deferred loan costs, loans in process and allowance for loan losses.
|
(2)
|
Amount includes nonaccrual loans in average balances only.
|
(3)
|
Amount does not include effect of unrealized gain (loss) on securities available-for-sale.
|
(4)
|
Includes municipal bonds; yield and interest are stated on a taxable equivalent basis.
|
Six Months Ended June 30, 2014
|
||||||||||||
Compared To
|
||||||||||||
Six Months Ended June 30, 2013
|
||||||||||||
Increase (decrease) due to
|
||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
Interest and dividend income:
|
||||||||||||
Loans, net
|
$ | 501 | $ | (392 | ) | $ | 109 | |||||
Securities
|
(211 | ) | 32 | (179 | ) | |||||||
Other interest-earning assets
|
(3 | ) | 36 | 33 | ||||||||
Total interest-earning assets
|
287 | (324 | ) | (37 | ) | |||||||
Interest expense:
|
||||||||||||
Deposits
|
23 | (149 | ) | (126 | ) | |||||||
Borrowings
|
26 | (175 | ) | (149 | ) | |||||||
Total interest-bearing liablities
|
49 | (324 | ) | (275 | ) | |||||||
Change in net interest income
|
$ | 238 | $ | - | $ | 238 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
(Dollars in thousands)
|
2014
|
2013
|
||||||
Compensation and employee benefits
|
$ | 3,154 | $ | 3,100 | ||||
Occupancy
|
621 | 578 | ||||||
FDIC insurance premiums
|
97 | 90 | ||||||
Data processing
|
344 | 325 | ||||||
Professional services
|
317 | 302 | ||||||
Advertising
|
247 | 262 | ||||||
Merger-related
|
1,387 | - | ||||||
Supplies
|
41 | 42 | ||||||
Telephone
|
24 | 24 | ||||||
Postage
|
60 | 60 | ||||||
Correspondent bank fees
|
26 | 20 | ||||||
Real estate owned
|
67 | (15 | ) | |||||
Amortization of intangibles
|
8 | 33 | ||||||
All other
|
383 | 383 | ||||||
Total noninterest expense
|
$ | 6,776 | $ | 5,204 |
To Be Well
|
||||||||||||||||||||||||
For Capital
|
Capitalized
|
|||||||||||||||||||||||
Adequacy
|
Under Prompt
|
|||||||||||||||||||||||
Actual
|
Purposes
|
Corrective Action
|
||||||||||||||||||||||
June 30, 2014
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total capital (to risk weighted assets)
|
$ | 47,999 | 20.90 | % | $ | 18,370 | 8.00 | % | $ | 22,962 | 10.00 | % | ||||||||||||
Tier 1 capital (to risk weighted assets)
|
45,120 | 19.65 | 9,185 | 4.00 | 13,777 | 6.00 | ||||||||||||||||||
Tier 1 capital (to adjusted total assets)
|
45,120 | 13.70 | 13,174 | 4.00 | 16,467 | 5.00 | ||||||||||||||||||
Tangible capital (to tangible assets)
|
45,120 | 13.70 | 4,940 | 1.50 | N/A | N/A |
December 31, 2013
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Total capital (to risk weighted assets)
|
$ | 47,346 | 21.84 | % | $ | 17,341 | 8.00 | % | $ | 21,676 | 10.00 | % | ||||||||||||
Tier 1 capital (to risk weighted assets)
|
44,629 | 20.59 | 8,670 | 4.00 | 13,006 | 6.00 | ||||||||||||||||||
Tier 1 capital (to adjusted total assets)
|
44,629 | 14.06 | 12,697 | 4.00 | 15,872 | 5.00 | ||||||||||||||||||
Tangible capital (to tangible assets)
|
44,629 | 14.06 | 4,761 | 1.50 | N/A | N/A |
June 30,
|
||||
(Dollars in thousands)
|
2014
|
|||
Loans in process
|
$ | 10,174 | ||
Standby letters of credit
|
20,515 | |||
Unused consumer revolving lines of credit
|
4,879 | |||
Unused commercial lines of credit
|
12,484 | |||
Commitments to originate one-to four- family residential loans
|
7,404 | |||
Commitments to originate consumer loans
|
195 | |||
Commitments to originate commercial loans
|
3,887 | |||
Total commitments outstanding
|
$ | 59,538 |
Period
|
Total Number of
Shares
Purchased
(1)
|
Average Price
Paid per Share
|
Total Number of Shares
Purchased as Part of the
Publicly Announced
Program
|
Maximum Number of
Shares That May Yet Be
Purchased Under the
Program
|
||||||||||||
April 1-30, 2014
|
283
|
$ |
20.30
|
-
|
-
|
(1)
|
In April 2014, the Company purchased 283 shares that were not made pursuant to a publicly announced program. It was the Company’s obligation to purchase shares from participants in the Company’s Equity Incentive Plan to cover income taxes on vested shares.
|
2.1
|
Agreement and Plan of Merger dated as of April 14, 2014, by and between FedFirst Financial Corporation and CB Financial Services, Inc., incorporated by reference from Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed with the SEC on April 16, 2014.
|
10.1
|
Amendment No. 1 to Stock Purchase Agreement dated as of May 29, 2002, by and between FedFirst Exchange Corporation and Richard B. Boyer, incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on April 16, 2014.
|
10.2
|
Stock Purchase Agreement dated as of April 14, 2014 by and between FedFirst Exchange Corporation and Richard B. Boyer, incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed with the SEC on April 16, 2014.
|
31.1
|
Rule 13a-14 (a) / 15d-14 (a) Certification (President and Chief Executive Officer)
|
31.2
|
Rule 13a-14 (a) / 15d-14 (a) Certification (Chief Financial Officer)
|
32.1
|
Certification of Patrick G. O’Brien pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Jamie L. Prah pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.0
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Comprehensive Income, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Unaudited Consolidated Financial Statements
|
FEDFIRST FINANCIAL CORPORATION
|
||
(Registrant)
|
||
Date:
|
August 13, 2014
|
/s/ Patrick G. O’Brien
|
Patrick G. O’Brien
|
||
President and Chief Executive Officer
|
||
Date:
|
August 13, 2014
|
/s/ Jamie L. Prah
|
Jamie L. Prah
|
||
Senior Vice President and Chief Financial Officer
|
||
(Principal Financial Officer and Chief Accounting Officer)
|
1 Year Fedfirst Financial Chart |
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