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First Federal profits rise on one-time gain Thursday, Apr 24, 2008 Arkansas News Bureau LITTLE ROCK - First Federal Bancshares of Arkansas reported first-quarter earnings of $1.1 million on Tuesday, up from profits of $159,000 in the same quarter last year. The Harrison-based unitary savings and loan company for First Federal Bank received a $1.2 million one-time gain from a death benefit claim from life insurance policies reported in its non-interest income. "We are pleased to report another profitable quarter, but the downturn in the housing market and weak economy continue to have an adverse impact on our bank," First Federal CEO Larry Brandt said. The housing and construction slowdown have negatively impacted the company's net interest income, but the company is optimistic about the projected future growth in Northwest and North-Central Arkansas, Brandt said. In the meantime, First Federal will work to reduce its non-performing loans and real estate owned and "continue to closely monitor such loans and increase our allowances for loan losses accordingly." The company decreased its loan loss reserves in the first quarter by $433,000 because of a large specific loan loss allowance in the first quarter last year. |
