First Federal Nets 13 Percent Increase
First Federal Bancshares, the Harrison holding company for First Federal Bank, recently reported a 13 percent increase in first quarter net income year-over-year. That figured rose from $1.756 million or 61 cents per share during the first quarter of 2002 to $1.984 million or 78 cents per share for 2003’s first frame.
The bank, with $696.2 million in assets, has 16 branches in northern Arkansas including seven in the two-county area.
Larry J. Brandt, president and CEO of First Federal, lauded two influences on the bank’s profitability.
“The improvement in our net interest margin from 3.21 percent for first quarter 2002 to 3.55 percent for first quarter 2003 and a 20 percent increase in noninterest income were two significant factors contributing to our increase in net income for this quarter,” Brandt said.