Business briefcase
Monessen
FedFirst announces income
FedFirst Financial Corp., the parent company of First Federal Savings Bank, has announced net income of $246,000 for the three months ended June 30 compared to net income of $295,000 for the three months ended June 30, 2010. Basic and diluted earnings per share were 8 cents for the three months ended June 30 compared to earnings per share of 10 cents for the three months ended June 30, 2010.
The company reported net income of $514,000 for the six months ended June 30 compared to $669,000 for the six months ended June 30, 2010. Basic and diluted earnings per share were 18 cents for the six months ended June 30 compared to 23 cents for the six months ended June 30, 2010. The per share amounts for the prior period were adjusted to reflect the share exchange as a result of the completion of the company’s conversion from the mutual holding company form of organization to the stock holding company form on Sept. 21, 2010.
“We are encouraged by continued improvement in net interest margin and interest rate spread through reduction in the cost of our liabilities. We have also made decisions to streamline our company while insuring that our customers are well served,” said Patrick G. O’Brien, president and chief executive officer. “We are encouraged by continued improvement in net interest margin and interest rate spread through reduction in the cost of our liabilities. We have also made decisions to streamline our company while insuring that our customers are well served.”
Harrisburg
Economic report focuses on transportation
With Pennsylvania’s Transportation Funding Advisory Commission offering recommendations on how to support billions of dollars in additional infrastructure support, State Treasurer Rob McCord said the complexity and significance of this issue prompted the Treasury Department to examine it further in its latest quarterly report, which he released today.
The publication, entitled The McCord Report, offers unbiased information on timely topics affecting the state and its economic health. Treasurer McCord said the quality of Pennsylvania’s transportation infrastructure plays a pivotal role in how well the Commonwealth fares economically.
“When it comes to maintaining our transportation infrastructure, Pennsylvanians face considerable challenges,” said Treasurer McCord. “We often hear about the limited funds that are available to build, repair, and maintain our roads and bridges, yet ensuring the high quality of our infrastructure is imperative – not only for the safety of Pennsylvanians and those who travel through our state, but also for promoting a healthy and vibrant economy that supports commerce and creates jobs.”
The Transportation Funding Advisory Commission’s recommendations reportedly could generate and invest an additional $2.7 billion annually for infrastructure work and improvements.
The edition of The McCord Report highlights issues such as the number of structurally deficient bridges in the state, the extent to which in-state road quality has changed in recent years, and how the public has altered its travel behavior. The publication looks at current funding sources such as gasoline taxes and vehicle registration fees, and it provides a breakdown of the Commonwealth’s Motor License Fund.
To read the latest and past editions, go online to www.patreasury.org, and click on The McCord Report graphic on the right hand side.