First Financial Service Corp. (FFKY, Financial) filed Quarterly Report for the period ended 2012-03-31.
First Finl Svcs has a market cap of $14 million; its shares were traded at around $3.05 with and P/S ratio of 0.3.
The yield on earning assets averaged 4.57% for 2012 compared to an average yield on earning assets of 4.76% for 2011. This decrease was offset by a decrease in our cost of funds which averaged 1.71% for 2012 compared to an average cost of funds of 1.98% for 2011. Net interest margin as a percent of average earning assets increased 4 basis points to 2.95% for 2012 compared to 2.91% for 2011.
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First Finl Svcs has a market cap of $14 million; its shares were traded at around $3.05 with and P/S ratio of 0.3.
Highlight of Business Operations:
The large decline in the volume of interest earning assets for the quarter and the change in the mix of interest earning assets caused a negative impact on net interest income, which decreased $1.3 million for 2012 compared to a year ago. Average interest earning assets decreased $76.9 million for 2012 compared to 2011 due to a decrease in average loans and our efforts to increase liquidity by increasing lower yielding investments. The decrease in average loans was due to loan principal payments, payoffs, charge-offs and the conversion of nonperforming loans to other real estate owned properties. The average loan yield was 5.56% for 2012 compared to an average loan yield of 5.71% for 2011.The yield on earning assets averaged 4.57% for 2012 compared to an average yield on earning assets of 4.76% for 2011. This decrease was offset by a decrease in our cost of funds which averaged 1.71% for 2012 compared to an average cost of funds of 1.98% for 2011. Net interest margin as a percent of average earning assets increased 4 basis points to 2.95% for 2012 compared to 2.91% for 2011.
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