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First Federal Bankshares reports improved Q2 results

First Federal Bankshares has reported a net income of $2.9m

First Federal Bankshares, the parent company of Vantus Bank, has reported a net income of $2.9 million, or $0.87 per diluted share, for the second quarter ended December 31, 2008, compared to a net loss of $1.8 million, or $0.54 per diluted share, for the same period of fiscal 2008.

Net interest income for the second quarter of fiscal 2009 was $4.4 million, compared to $4.2 million for the second quarter of fiscal 2008. The net interest margin improved 63 basis points to 3.65% for the second quarter of fiscal 2009 from 3.02% for the same period in fiscal 2008.

For the first six months of fiscal 2009, the company had a net income of $2.1 million, or $0.63 per diluted share, compared to a net loss of $1.3 million, or $0.41 per diluted share, for the first half of fiscal 2008.

For the first half of fiscal 2009, net interest income was $8.9 million, compared to $8.3 million for the first half of fiscal 2008. The net interest margin improved 68 basis points to 3.64% for the first six months of fiscal 2009 from 2.96% for the same period in fiscal 2008.

Levon Mathews, president and CEO of First Federal Bankshares, said: The bank will continue to evaluate its business model to optimise operating efficiency and effectiveness for shareholder value and customer satisfaction. The reorganisation reduced the full time equivalent employees by approximately 15% and management anticipates a savings of approximately $2 million a year.