First Federal Bancorp, Inc. (“First Federal” or “the company”), headquartered in Lake City, Florida, is a privately held mutual holding company for First Federal Bank (“the bank”). Founded in 1962, the bank operates 26 branches primarily across northern Florida, where it maintains leading market share, with a smaller presence in Georgia and South Carolina. While growth has been largely organic, First Federal has been moderately active in acquiring mortgage companies, completing four transactions since 2018, including its most recent acquisition of NOLA Lending Group, which closed on March 1, 2026.
As with many mutual institutions, First Federal’s noninterest income is highly correlated with trends in the mortgage banking environment. Gain-on-sale revenues and servicing fees typically account for approximately 70% of total noninterest income (2025). Additionally, the loan portfolio includes an elevated concentration in residential mortgage loans (35% of…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.