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First Financial Service Corp. Reports Operating Results (10-K)

March 31, 2012 | About:

First Financial Service Corp. (FFKY) filed Annual Report for the period ended 2011-12-31.

First Finl Svcs has a market cap of $15.5 million; its shares were traded at around $3.25 with and P/S ratio of 0.2.

Highlight of Business Operations:

The decline in the volume of interest earning assets and the change in the mix of interest earning assets caused a negative impact on net interest income, which decreased $3.3 million for 2011 compared to a year ago. Average interest earning assets decreased $28.1 million for 2011 compared to 2010 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 5.63% for 2011 compared to an average loan yield of 5.76% for 2010.

The shift in the mix of assets resulting from the addition of lower yielding assets and the increase in the amount of non-performing assets also negatively impacted our net interest margin. The yield on earning assets averaged 4.61% for 2011 compared to an average yield on earning assets of 5.00% for 2010. This decrease was offset somewhat by a decrease in our cost of funds. Net interest margin as a percent of average earning assets decreased 20 basis points to 2.85% for 2011 compared to 3.05% for 2010.

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