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First Federal annual loss amounts to $9.3 million

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Fourth-quarter loss includes $4.4 million one-time accounting charge

By Ben Sheroan

Dealing with a group of failed commercial real estate loans and hit by what the bank’s leadership calls a “punitive” accounting charge, First Federal Savings Bank reported a loss of $9.3 million for 2010.

“The company had a challenging year during 2010 as we continue to work through the remnants of the worst recession since the Great Depression,” B. Keith Johnson, First Federal’s chief executive officer since 1997, said in the formal 12-page financial report released last week.


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