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

May 14, 2012 | About:

First Financial Service Corp. (FFKY) 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.

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.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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