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First Federal Bancshares earnings fall 54 percent in fourth quarter Thursday, Jan 31, 2008 Arkansas News Bureau LITTLE ROCK - First Federal Bancshares of Arkansas Inc. announced Wednesday that its fourth quarter net income fell 54 percent compared to the same quarter last year. The Harrison-based unitary savings and loan holding company for First Federal Bank reported earnings of $649,000, down from $1.4 million in the same quarter a year ago. On the year, earnings fell 65 percent from $7.4 million last year to $2.6 million this year. "Although our annual and fourth quarter 2007 profits were greatly impacted by the housing market and general economic downturn, we were pleased to remain profitable in both the fourth quarter and for 2007," CEO Larry J. Brandt said in a prepared statement. Brandt said he believed the company was prepared for 2008, noting that the company has not invested in any high-risk mortgage-backed securities or collateralized debt obligations. Many financial institutions have invested in them and lost money, he said. "We do remain bullish on the future of Northwest Arkansas considering that Northwest Arkansas is the home of Wal-Mart, the largest corporation in the world, unemployment in the area is low, and the population of the area is still growing and projected to continue to grow in the foreseeable future," Brandt said. Shares of First Federal Bancshares of Arkansas (NASDAQ GM: FFBH) closed Wednesday at $14.07, up 82 cents for a 6.2 percent gain. |
