FedFirst Financial, a bank holding company, has reported that its net loss was $581 million for the fourth quarter of 2007, compared to a net loss of $99 million for the fourth quarter of 2006.
Basic and diluted earnings per share were a loss of $0.09 for the period ended December 31, 2007, compared to a loss of $0.02 for the fourth quarter of 2006.
For the full-year period ended December 31, 2007, net loss was $2 million, compared to net income of $344 million for the full-year period of 2006. Basic and diluted earnings per share were a loss of $0.30 for the full-year period of 2007, compared to a loss of $0.05 per share for the full-year period of 2006.
John Robinson, president and CEO, said: Disappointing fourth-quarter and year-end earnings resulted largely from the restructuring of our investment portfolio, increasing the size of our loan loss reserve, and loan charge-offs. We believe that these aggressive steps, along with continued investment in our people and processes throughout 2007, will position us for the future, which promises to be challenging.