EXHIBIT 99
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FFD Financial Corporation
August 4, 2003
FOR IMMEDIATE RELEASE:
CONTACT:
Trent B. Troyer, President
FFD Financial Corporation
321 North Wooster Avenue
Dover, Ohio 44622-0038
(330) 364-7777
FFD Financial Corporation Reports Net Earnings For The Three and Twelve Months
Ended June 30, 2003
DOVER, OHIO - FFD Financial Corporation (Nasdaq: "FFDF"), parent company of
First Federal Community Bank of Dover, Ohio, reported net earnings for the
quarter ended June 30, 2003, of $310,000, or diluted earnings per share of $.25,
compared to net earnings of $179,000, or $.15 per diluted share, recorded in the
2002 quarter. The $131,000, or 73.2%, increase in net earnings resulted
primarily from a $242,000 increase in other income, which was partially offset
by a $34,000 decrease in net interest income and a $50,000 increase in general,
administrative and other expense.
The increase in other income during the quarter resulted primarily from
increased gain on sale of mortgage loans in the secondary market, associated
servicing rights income, and other fee income. Net interest income decreased
during the quarter due to a decline in the yield on the Bank's loan portfolio in
the current low interest rate environment. The increase in general,
administrative and other expense relates primarily to expenses associated with
the new branch facility, which opened in July 2002, and the conversion of the
Bank's data processing to a new platform that will better accommodate future
product expansions and growth.
Net earnings for the fiscal year ended June 30, 2003, totaled $1,032,000, or
diluted earnings per share of $.86, compared to the $1,113,000, or $.92 per
diluted share, of net earnings reported in fiscal 2002. The decrease in net
earnings resulted primarily from a $320,000 decrease in net interest income and
a $321,000 increase in general, administrative, and other expense, which were
partially offset by a $502,000 increase in other income and a $39,000 decrease
in provision for federal income taxes. The increase in other income resulted
primarily from a $493,000 increase in gain on sale of loans, and an increase in
service fees and charges year to year.
FFD Financial Corporation reported total assets of $136.4 million at June 30,
2003, including loans of $116.0 million, total liabilities of $119.4 million,
including deposits of $104.4 million, and total shareholders' equity of $16.9
million. Total assets increased by $6.1 million, or 4.6%, total loans increased
by $8.9 million, or 8.3%, and total deposits increased by $8.8 million, or 9.2%,
over the year ended June 30, 2002.
First Federal Community Bank has two banking offices in Dover and one banking
office in New Philadelphia, Ohio, and has provided financial services to the
surrounding areas since 1898. The Company has an interactive web site at
www.onlinefirstfed.com.
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
June 30, June 30,
ASSETS 2003 2002
(unaudited)
Cash and cash equivalents $ 12,243 $ 13,216
Investment securities 1,500 2,047
Mortgage-backed securities 1,485 3,157
Loans receivable 115,966 107,055
Other assets 5,160 4,828
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Total assets $ 136,354 $ 130,303
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 104,351 $ 95,542
Borrowings 13,892 17,553
Other liabilities 1,194 667
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Total liabilities 119,437 113,762
Shareholders' equity 16,917 16,541
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Total liabilities and shareholders' equity $ 136,354 $ 130,303
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Fiscal year ended Three months ended
June 30, June 30,
2003 2002 2003 2002
(unaudited) (unaudited)
Total interest income $6,757 $8,005 $1,616 $1,785
Total interest expense 2,965 3,893 667 802
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Net interest income 3,792 4,112 949 983
Provision for losses on loans 131 150 0 40
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Net interest income after
Provision for losses on loans 3,661 3,962 949 943
Other income 1,038 536 340 98
General, administrative and other expense 3,133 2,812 817 767
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Earnings before income taxes 1,566 1,686 472 274
Federal income taxes 534 573 162 95
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NET EARNINGS $1,032 $1,113 $ 310 $ 179
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EARNINGS PER SHARE
Basic $ .88 $ .94 $ .26 $ .16
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Diluted $ .86 $ .92 $ .25 $ .15
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