CINCINNATI, July 30 /PRNewswire-FirstCall/ -- First
Franklin Corporation (Nasdaq: FFHS), the parent of Franklin
Savings and Loan Company, today reported a net loss of $558,000, or 33
cents per share, for the second quarter of 2010 and
$640,000 or 38
cents per share for the six months ended June 30, 2010, compared with net income of
$7,000, or 1
cent per share for the second quarter of 2009 and
$267,000 or 16
cents per share for the six months ended June 30, 2009.
John J. Kuntz, Chairman,
President and Chief Executive Officer, said, "Results for the
current quarter continued to be impacted by the lingering effects
of this recession. Real estate owned expenses increased
$41,000 and loss reserves increased
$260,000 compared to the second
quarter of 2009. During the same period, compensation increased
approximately $224,000. Additionally,
approximately $175,000 of cost
associated with the recent proxy contest and a $300,000 external fraud loss, which affected
numerous financial institutions in the area, which impacted the
current results."
Kuntz also said, "Although the economic upheaval combined with
other expense burdens has impacted our financial performance, I
remain optimistic and encouraged by our core business metrics.
Our fee income from the mortgage origination business remains
strong and our net interest income continues to improve, increasing
to $1.71 million during the current
quarter from $1.47 million for the
same period in 2009."
About First Franklin Corporation: First
Franklin Corporation is a savings and loan holding company that was
incorporated under the laws of the State
of Delaware in September 1987.
It owns all of the outstanding common stock of The Franklin
Savings and Loan Company. Additional information about First
Franklin and Franklin Savings can be found on the company's Web
site: www.franklinsavings.com.
Forward-Looking Statements: Statements included in this
document which are not historical or current facts are
"forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results. Such
statements may be identified by the use of the words "may",
"anticipates", "expects", "hopes", "believes", "plans", "intends"
and similar expressions. Factors that could cause financial
performance to differ materially from that expressed in any
forward-looking statement include, but are not limited to, credit
risk, interest rate risk, competition, changes in the regulatory
environment and changes in general and local business and economic
trends.
SOURCE First Franklin Corporation