Hank's Small Banks

[10 bagger]

FFSL..$9.70

Small well cap bank that had EPS fall off a cliff.. Sold small position today.. hank

05/07/09 3:54 PM EDT Sell 194 FFSL Executed @ $9.7 Details | Edit
05/07/09 3:54 PM EDT Sell 148 FFSL Executed @ $9.7 Details | Edit
05/07/09 3:53 PM EDT Sell 394 FFSL Executed @ $9.8 Details | Edit


First Independence Corporation
For Further Information, Call
Anne M. Bertie, Vice President & CFO
[phone]

FOR IMMEDIATE RELEASE

FIRST INDEPENDENCE ANNOUNCES SECOND QUARTER EARNINGS
INDEPENDENCE, KS (April 21, 2009) -- First Independence Corporation (OTC Bulletin Board: FFSL.OB) (the “Company”), reported net earnings of $98,000 for the second quarter of fiscal 2009, compared to $451,000 for the second quarter of fiscal 2008. Diluted earnings per share of common stock for the second quarter of fiscal 2009 were $.12, compared to diluted earnings per share of $.53 for the second quarter of
fiscal 2008. Net earnings for the first half of fiscal 2009 were $533,000, compared to $863,000 for the first half of fiscal 2008. Diluted earnings per share for the six months
ended March 31, 2009 were $.64, compared to diluted earnings per share of $1.00 for the six months ended March 31, 2008.
The Company increased provision for loan losses during the second quarter of fiscal 2009 by $643,000, compared to $110,000 during the same period last year. The provision for loan losses for the first half of fiscal 2009 was $788,000, compared to
$131,000 for the first half of fiscal 2008.

Return on average assets for the second quarter of fiscal 2009 was .19% (annualized), compared to .92% (annualized), for the same period last year. Return on average equity for the second quarter of fiscal 2009 was 2.21% (annualized), compared to 10.64% (annualized), in the second quarter of fiscal 2008.

Return on average assets

for the first half of fiscal 2009 was .52% (annualized), compared to .89% (annualized), for the same period last year. Return on average equity for the first six months of fiscal
2009 was 6.02% (annualized), compared to 10.15% (annualized), for the first six months of fiscal 2008. We had $203.9 million in assets and $17.7 million in stockholders’ equity as of
March 31, 2009. At March 31, 2009, total shares outstanding were 835,163.

MYRTLE & SIXTH - P.O. DRAWER 947 - INDEPENDENCE, KANSAS 67301 - 620/331-1660

The Company is the parent corporation for First Federal Savings and Loan Association of Independence, Kansas ("First Federal"). At March 31, 2009, First Federal exceeded all of its regulatory capital requirements. First Federal has four fullservice
branch offices primarily serving Montgomery, Wilson, Crawford and Chautauqua Counties in Kansas along with a loan production office in Lawrence, Kansas.

This release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties include, among others, changes in economic conditions in our market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in our market area and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. For additional discussion of factors that may affect the Company’s erformance, refer to those described from time to time in our press releases and other communications.

http://www.firstfederalsl.com/Press%20Releases/EarningsPress%20Release%20042109_.pdf