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)
January 21, 1997
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FFY FINANCIAL CORP
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(Exact name of registrant as specified in its charter)
Delaware 0-21638 34-1735753
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
724 Boardman-Poland Road, Youngstown, Ohio 44512
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 330-726-3396
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N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
On January 21, 1997, 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: December 31, June 30, %
- ----------------------------------------------- 1996 1996 Change
(Dollars in thousands) ---------------------------------
Total assets $582,331 $575,602 1%
Loans receivable, net 453,270 438,790 3%
Allowance for loan losses 3,506 3,439 2%
Non-performing assets 4,984 4,673 7%
Securities available for sale 83,484 109,836 -24%
Deposits 460,708 456,541 1%
Securities sold under agreements to repurchase 6,888 6,640 4%
Borrowed funds 25,000 1,200 NM
Stockholders' equity 83,342 101,921 -18%
Three months ended Six months ended
December 31, December 31,
Selected Consolidated Operations Data: ---------------------------- ----------------------------
- -------------------------------------- % %
(Dollars in thousands except per share amounts) 1996 1995 Change 1996 1995 Change
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Total interest income $11,588 $10,883 6% $22,797 $21,731 5%
Total interest expense 5,927 5,554 7% 11,493 11,156 3%
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Net interest income 5,661 5,329 6% 11,304 10,575 7%
Provision for loan losses 198 73 171% 353 149 137%
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Net interest income after provision for loan losses 5,463 5,256 4% 10,951 10,426 5%
Non-interest income 219 278 -21% 439 533 -18%
Gain (loss) on sale of securities 173 17 NM (370) 17 NM
Total non-interest expense (3,014) (2,857) 5% (8,967) (5,800) 55%
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Income before federal income taxes 2,841 2,694 5% 2,053 5,176 -60%
Federal income tax expense 940 918 2% 647 1,748 -63%
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Net income $ 1,901 $ 1,776 7% $ 1,406 $ 3,428 -59%
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Earnings per share $ 0.39 $ 0.35 11% $ 0.29 $ 0.67 -57%
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Cash dividends declared per share $ 0.175 $ 0.15 17% $ 0.35 $ 0.30 17%
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FFY FINANCIAL CORP. AND SUBSIDIARY
(unaudited)
Three months ended Six months ended
December 31, December 31,
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Selected Financial Ratios and Other Data: 1996 1995 1996 1995
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Performance Ratios:
Return on assets (ratio of net income to
average total assets) 1.27%(2) 1.24%(2) 0.48%(2) 1.20%(2)
Interest rate spread information:
Average during period (3) 3.12%(2) 2.98%(2) 3.20%(2) 2.93%(2)
End of period (3) 3.02% 2.73% 3.02% 2.73%
Net interest margin (1) (3) 3.92%(2) 3.85%(2) 4.00%(2) 3.80%(2)
Ratio of operating expense to average
total assets 2.01%(2) 2.00%(2) 3.05%(2) 2.02%(2)
Return on equity (ratio of net income
to average equity) 7.38%(2) 6.71%(2) 2.74%(2) 6.43%(2)
Dividend payout ratio 44.87% 42.86% 120.69% 44.78%
Liquidity Ratio (Bank only) 7.67% 13.45% 7.67% 13.45%
Quality Ratios:
Non-performing assets to total assets at end
of period 0.86% 0.84% 0.86% 0.84%
Allowance for loan losses to non-performing
assets 70.35% 68.71% 70.35% 68.71%
Provision for loan losses to total loans
receivable, net 0.17%(2) 0.07%(2) 0.16%(2) 0.07%(2)
Capital Ratios:
Equity to total assets at end of period 14.31% 18.17% 14.31% 18.17%
Average equity to average assets 17.16% 18.53% 17.45% 18.57%
Book value per share $19.30 $20.15 $ 19.30 $ 20.15
Increase in book value per share
due to SFAS No. 115 $ 0.04 $ 0.07 $ 0.04 $ 0.07
Ratio of average interest-earning assets to
average interest-bearing liabilities 1.20 x 1.22 x 1.20 x 1.22 x
Regulatory capital ratios: (Bank only)
Tangible capital - 1.50% required 9.92% 10.04% 9.92% 10.04%
Core capital - 3.00% required 9.92% 10.04% 9.92% 10.04%
Risk-based capital - 8.00% required 17.48% 18.95% 17.48% 18.95%
<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%.
(b) Exhibits
20.1. Press release, dated January 21, 1997.
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: January 24, 1997 By: /s/ JEFFREY L. FRANCIS
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Jeffrey L. Francis,
President and CEO