First Federal Bancshares Assets Growing

First Federal Bancshares of Arkansas Inc. reported on May 15 that its assets grew to $691.1 million during the first quarter ended March 31.

That gave the Harrison bank a 1.6 percent increase from its $680.2 million in assets at 2001’s end. In its quarterly filing with the Securities Exchange Commission, First Federal attributed that growth to $10.8 million in cash and cash equivalents stemming from the temporary investment of excess funds.

Loan originations for the quarter consisted of $31.9 million in one- to four-family residential loans, $11.9 million in consumer installment loans, $11.1 million in commercial loans, $7 million in construction loans and $1 million in multifamily residential loans.

Of the consumer installments, $5.8 million consisted of home equity loans and $3.6 million consisted of automobile loans.

First Federal improved its net income 64 percent from $1.1 million in 2001’s first quarter to $1.8 million this winter.