First Franklin Corp. (FFHS, Financial) filed Quarterly Report for the period ended 2009-09-30.
FIRST FRANKLIN CORP.is a bank holding company engaged in general banking business. First Franklin Corp. has a market cap of $12.61 million; its shares were traded at around $7.5001 with and P/S ratio of 0.67. First Franklin Corp. had an annual average earning growth of 6.5% over the past 5 years.
Noninterest expenses were $2.56 million for the current quarter and $7.15 million for the current nine-month period compared to $2.08 million for the same quarter in 2008 and $5.79 million for the nine months ended September 30, 2008. As a percentage of average assets, this is 3.04% for the nine months ended September 30, 2009 compared to 2.42% for the first nine months of 2008. The increase in noninterest expense is primarily due to an increase of $908,000 in compensation and employee benefit costs, primarily commissions, associated with the loan originators added earlier this year, and the $150,000 FDIC special assessment in the second quarter of 2009. Because of the high volume of loan originations and sales in the first nine months of 2009, commission expense was higher than in previous periods when originations and sales were lower. When loan origination volumes decline, commission expense will also decline.
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FIRST FRANKLIN CORP.is a bank holding company engaged in general banking business. First Franklin Corp. has a market cap of $12.61 million; its shares were traded at around $7.5001 with and P/S ratio of 0.67. First Franklin Corp. had an annual average earning growth of 6.5% over the past 5 years.
Highlight of Business Operations:
As the table below indicates, Franklins interest rate spread (the yield on interest-earning assets less the cost of interest-bearing liabilities) was 2.00% for the nine months ended September 30, 2009, compared to 1.82% for the same period in 2008. The increase in the interest rate spread was the result of a decrease in the cost of interest-bearing liabilities from 3.88% to 3.34% due to a decrease in the cost of FHLB advances from 4.66% to 4.50%, savings deposits from 1.12% to 0.82%, checking accounts from 0.75% to 0.48% and certificates of deposit from 4.50% to 4.00%. The yield on interest-earning assets decreased from 5.70% for the nine months ended September 30, 2008 to 5.34% for the current nine month period, due to decreases in the yield on loans from 5.72% to 5.44%, the yield on investment securities from 5.47% to 4.07% and in the yield on the FHLB stock from 5.33% to 4.65%. The decline in the yield on interest-earning assets and the cost of interest-bearing liabilities is the result of a general decline in market interest rates.Noninterest expenses were $2.56 million for the current quarter and $7.15 million for the current nine-month period compared to $2.08 million for the same quarter in 2008 and $5.79 million for the nine months ended September 30, 2008. As a percentage of average assets, this is 3.04% for the nine months ended September 30, 2009 compared to 2.42% for the first nine months of 2008. The increase in noninterest expense is primarily due to an increase of $908,000 in compensation and employee benefit costs, primarily commissions, associated with the loan originators added earlier this year, and the $150,000 FDIC special assessment in the second quarter of 2009. Because of the high volume of loan originations and sales in the first nine months of 2009, commission expense was higher than in previous periods when originations and sales were lower. When loan origination volumes decline, commission expense will also decline.
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