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)
April 15, 1997
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 April 15, 1997, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
FFY FINANCIAL CORP. AND SUBSIDIARY
(unaudited)
Selected Consolidated Financial Condition Data: March 31, June 30, %
($ in thousands) 1997 1996 Change
--------- -------- ------
Total assets $598,667 $575,602 4%
Loans receivable, net 454,730 438,790 4%
Allowance for loan losses 3,160 3,439 -8%
Non-performing assets 4,319 4,673 -8%
Securities available for sale 115,291 109,836 5%
Deposits 447,789 456,541 -2%
Securities sold under agreements to repurchase 34,576 6,640 NM
Borrowed funds 21,500 1,200 NM
Stockholders' equity 84,390 101,921 -17%
Three months ended Nine months ended
March 31, March 31,
-------------------------------- --------------------------------
Selected Consolidated Operations Data: % %
($ in thousands except per share amounts) 1997 1996 Change 1997 1996 Change
---- ---- ------ ---- ---- ------
Total interest income $ 11,418 $ 10,944 4% $ 34,216 $ 32,674 5%
Total interest expense 6,021 5,508 9% 17,515 16,664 5%
--------------------- ---------------------
Net interest income 5,397 5,436 -1% 16,701 16,010 4%
Provision for loan losses 208 77 170% 561 226 148%
--------------------- ---------------------
Net interest income after
provision for loan losses 5,189 5,359 -3% 16,140 15,784 2%
Non-interest income 232 268 -13% 671 801 -16%
Gain (loss) on sale of securities 24 4 NM (346) 21 NM
Total non-interest expense (2,647) (3,263) -19% (11,614) (9,063) 28%
--------------------- ---------------------
Income before federal income taxes 2,798 2,368 18% 4,851 7,543 -36%
Federal income tax expense 887 790 12% 1,534 2,538 -40%
--------------------- ---------------------
Net income $ 1,911 $ 1,578 21% $ 3,317 $ 5,005 -34%
===================== =====================
Earnings per share $ 0.47 $ 0.32 47% $ 0.72 $ 0.98 -27%
===================== =====================
Cash dividends declared per share $ 0.175 $ 0.15 17% $ 0.525 $ 0.45 17%
===================== =====================
FFY FINANCIAL CORP. AND SUBSIDIARY
(unaudited)
Three months ended Nine months ended
March 31, March 31,
------------------- -----------------
Selected Financial Ratios and Other Data: 1997 1996 1997 1996
---- ---- ---- ----
Performance Ratios:
Return on assets (ratio of net income to
average total assets) 1.30%(2) 1.10%(2) 0.75%(2) 1.16%(2)
Interest rate spread information:
Average during period (3) 3.18%(2) 3.08%(2) 3.20%(2) 2.99%(2)
End of period (3) 3.06% 2.81% 3.06% 2.81%
Net interest margin (1) (3) 3.81%(2) 3.92%(2) 3.93%(2) 3.84%(2)
Ratio of operating expense to average
total assets 1.79%(2) 2.28%(2) 2.63%(2) 2.11%(2)
Return on equity (ratio of net income
to average equity) 9.15%(2) 6.03%(2) 4.59%(2) 6.30%(2)
Dividend payout ratio 37.23% 46.88% 72.92% 45.92%
Liquidity Ratio (Bank only) 6.93% 11.48% 6.93% 11.48%
Quality Ratios:
Non-performing assets to total assets at end
of period 0.72% 0.88% 0.72% 0.88%
Allowance for loan losses to non-performing
assets 73.17% 66.89% 73.17% 66.89%
Provision for loan losses to total loans
receivable, net 0.18%(2) 0.07%(2) 0.16%(2) 0.07%(2)
Capital Ratios:
Equity to total assets at end of period 14.10% 18.35% 14.10% 18.35%
Average equity to average assets 14.16% 18.29% 16.35% 18.48%
Book value per share $19.50 $20.25 $19.50 $20.25
Change in book value per share
due to SFAS No. 115 $(0.14) $(0.07) $(0.14) $(0.07)
Ratio of average interest-earning assets to
average interest-bearing liabilities 1.15x 1.21x 1.18x 1.21x
Regulatory capital ratios: (Bank only)
Tangible capital - 1.50% required 9.94% 10.43% 9.94% 10.43%
Core capital - 3.00% required 9.94% 10.43% 9.94% 10.43%
Risk-based capital - 8.00% required 17.67% 19.23% 17.67% 19.23%
<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%.
(a) Exhibits
20. Press release, dated April 15, 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: April 18, 1997 By: /s/ Jeffrey L. Francis
Jeffrey L. Francis,
President and CEO