First Federal Bancshares Sees High in 4Q
by January 26, 2001 4:35 pm 69 views
Earnings for First Federal Bancshares Inc.’s fourth quarter were down, but the company saw a 52-week stock high of $19 per share during the quarter ended Dec. 31.
The unitary savings and loan holding company for First Federal Bank of Arkansas FA, First Federal released its fourth-quarter earnings Thursday.
Included in the company’s performance was a 21 percent drop in net income, from $1.2 million, or 36 cents per share, for 2000’s fourth frame, compared with $1.5 million, or 40 cents per share, in 1999.
Year-end net income was down 16 percent, from $6.3 million, or $1.57 per share, to $5.6 million, or $1.60 per share.
Larry J. Brandt, the company’s president, attributed the earnings dip to the “tightening of [the bank’s] net interest margin for the past year of increased interest rates.” But he touted the stock’s 20.2 percent climb and praised the company’s growing assets.
“Our asset quality continues to remain strong,” said Brandt, whose bank has 16 offices in north-central and northwest Arkansas.
Total assets and liabilities increased 5 percent and 12 percent, respectively. They increased from $680.7 million in assets and $601.1 in liabilities for the fourth quarter 1999 to $713.9 million and $637.8 million.