UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 15, 1996
----------------
FFY FINANCIAL CORP
------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-21638 34-1735753
- --------------------------------------------------------------------------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
724 Boardman-Poland Road, Youngstown, Ohio 44512
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 330-726-3396
- --------------------------------------------------------------------------------
N/A
------------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events
On October 15, 1996, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Fiancial Statements
FFY FINANCIAL CORP. AND SUBSIDIARY
(unaudited)
Selected Consolidated Financial Condition Data: September 30, June 30, %
(Dollars in thousands) 1996 1996 Change
------------- -------- ------
Total assets $602,557 $575,602 5%
Loans receivable, net 449,145 438,790 2%
Allowance for loan losses 3,545 3,439 3%
Non-performing assets 5,067 4,673 8%
Securities available for sale (1) 125,023 109,836 14%
Deposits 448,910 456,541 -2%
Securities sold under agreements to repurchase 6,619 6,640 -0%
Borrowed funds 32,655 1,200 NM
Stockholders' equity 102,228 101,921 0%
Three Months Ended
September 30,
------------------------------
Selected Consolidated Operations Data: %
(Dollars in thousands except per share amounts) 1996 1995 Change
-------- -------- ------
Total interest income $ 11,209 $ 10,848 3%
Total interest expense 5,566 5,603 -1%
--------------------
Net interest income 5,643 5,245 8%
Provision for loan losses 155 76 104%
--------------------
Net interest income after provision for loan losses 5,488 5,169 6%
Non-interest income 219 255 NM
Loss on sale of securities (543) 0 NM
Total non-interest expense (5,953) (2,942) 102%
--------------------
Income (loss) before federal income taxes (789) 2,482 NM
Federal income tax expense (benefit) (293) 830 NM
--------------------
Net income (loss) $ (496) $ 1,652 NM
====================
Earnings (loss) per share $ (0.10) $ 0.32 NM
====================
Cash dividends declared per share $ 0.175 $ 0.15 17%
====================
<FN>
<F1> Includes $28.8 million in securities which management decided to sell at
September 30, 1996 resulting in a charge of $340,000 after tax, or $.07 per
share representing a write-down for other-than-temporary impairment at that
date.
</FN>
FFY FINANCIAL CORP. AND SUBSIDIARY
(unaudited)
Three Months Ended
September 30,
---------------------------
Selected Financial Ratios and Other Data: 1996 1995
----------- -----------
Performance Ratios:
Return on assets (ratio of net income to average total assets) -0.34% (2) 1.15% (2)
Interest rate spread information:
Average during period (3) 3.28% (2) 2.88% (2)
End of period (3) 2.93% 2.69%
Net interest margin (1) (3) 4.08% (2) 3.75% (2)
Ratio of operating expense to average total assets 4.13% (2) 2.04% (2)
Return on equity (ratio of net income to average equity) -1.94% (2) 6.16% (2)
Dividend payout ratio NM 46.88%
Liquidity Ratio (bank only) 10.32% 16.00%
Quality Ratios:
Non-performing assets to total assets at end of period 0.84% 0.85%
Allowance for loan losses to non-performing assets 69.96% 66.38%
Provision for loan losses to total loans receivable, net 0.14% (2) 0.07% (2)
Capital Ratios:
Equity to total assets at end of period 16.97% 18.82%
Average equity to average assets 17.76% 18.61%
Book value per share $19.98 $19.88
Decrease in book value per share due to SFAS No. 115 ($ 0.07) ($ 0.05)
Ratio of average interest-earning assets to average
interest-bearing liabilities 1.20 x 1.22 x
Regulatory capital ratios: (Bank only)
Tangible capital - 1.50% required 9.40% 9.85%
Core capital - 3.00% required 9.40% 9.85%
Risk-based capital - 8.00% required 16.97% 18.79%
<FN>
<F1> Net interest income divided by average interest earning assets - calculated
without consideration of the unrealized loss on securities available for
sale.
<F2> Annualized.
<F3> Ratio is presented on a fully taxable equivalent basis using the company's
federal statutory tax rate of 34%.
</FN>
(b) Exhibits
20.1. Press release, dated October 15, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
FFY FINANCIAL CORP.
Date: October 16, 1996 By: /s/ JEFFREY L. FRANCIS
--------------------- ------------------------------
Jeffrey L. Francis,
President and CEO