First Franklin reports loss in Q4

Mon. March 09, 2009; Posted: 05:01 AM

Mar 09, 2009 (Datamonitor via COMTEX) -- FFHS | Quote | Chart | News | PowerRating -- First Franklin, the parent of Franklin Savings and Loan Company, has reported a net loss of $597,000, or $0.36 per basic share, for the fourth quarter ended December 31, 2008, compared to net income of $89,000, or $0.05 per basic share, for the fourth quarter ended December 31, 2007.

The company reported a net loss of $1.41 million, or $0.84 per basic share, for the year ended December 31, 2008, compared to net income of $456,000, or $0.27 per basic share, for the year ended December 31, 2007.

According to First Franklin, the decrease in 2008 net income before taxes when compared to 2007 is primarily the result of an $86,000 decline in net interest income before loan loss provisions, a $2.40 million increase in loan loss provisions, a $326,000 increase in losses on the sale of repossessed assets, $115,000 of expenses related to a data breach reported mid-year, and an increase of $85,000 in operating expense.

Thomas Siemers, president and CEO, said: "There is no doubt that the unusual conditions that have affected the financial services industry have been a challenge; however, we continue to be well capitalized and are focusing on growing our deposits and expanding our consumer loan portfolio with quality credit. Our emphasis continues to be on local lending for homes and small businesses."

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