UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 28, 2003
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FFD Financial Corporation
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(Exact name of registrant as specified in its charter)
Ohio 0-27916 34-1921148
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
321 North Wooster Avenue, Dover, Ohio 44622
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (330) 364-7777
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(Former name or former address, if changed since last report)
FORM 8-K
Item 7. Financial Statements and Exhibits.
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(a) and (b). Not applicable.
(c) Exhibits.
See Index to Exhibits.
Item 12. Results of Operations and Financial Condition.
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On October 28, 2003, FFD Financial Corporation issued a press release
regarding its earnings for the quarter ended September 30, 2003. The press
release is attached as Exhibit 99 hereto and incorporated herein by reference.
SIGNATURES
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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.
FFD FINANCIAL CORPORATION
By: /s/ Trent B. Troyer
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Trent B. Troyer
President and Chief Executive Officer
Date: October 29, 2003
FFD Financial Corporation
INDEX TO EXHIBITS
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Exhibit Number Description
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99 Press Release of FFD Financial Corporation dated October 28, 2003
EXHIBIT 99
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FFD Financial Corporation
October 28, 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 Months Ended
September 30, 2003
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank of Dover, Ohio, reported net earnings for the three months ended
September 30, 2003, of $176,000, or diluted earnings per share of $.15, compared
to the $220,000, or $.19 per diluted share, of net earnings reported for the
comparable three-month period in 2002. The $44,000, or 20.0%, decrease in net
earnings resulted from a decrease of $55,000 in other income and a $52,000
increase in general, administrative and other expense, which were offset by a
$41,000 increase in net interest income after provision for losses on loans and
a $22,000 decrease in the provision for federal income taxes.
Other income declined during the quarter due primarily to a decrease in gain on
sale of loans in the secondary market. The increase in general, administrative
and other expense related to pro-rata increases in expenses from year-to-year.
FFD Financial Corporation reported total assets at September 30, 2003 of $136.2
million, total liabilities of $119.2 million, including deposits of $103.3
million and shareholders' equity of $17.0 million.
FFD Financial Corporation is traded on the NASDAQ SmallCap Market under the
symbol FFDF. First Federal Community Bank has offices in downtown Dover,
downtown New Philadelphia, and on the Boulevard in Dover. The company maintains
an interactive web site at www.onlinefirstfed.com.
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, June 30,
ASSETS 2003 2003
(unaudited)
Cash and cash equivalents $ 13,543 $ 12,243
Investment securities 1,501 1,502
Mortgage-backed securities 1,357 1,483
Loans receivable 115,221 115,966
Other assets 4,551 5,214
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Total assets $ 136,173 $ 136,408
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 103,346 $ 104,351
Borrowings 15,387 13,891
Other liabilities 469 1,248
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Total liabilities 119,202 119,490
Shareholders' equity 16,971 16,918
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Total liabilities and shareholders' equity $ 136,173 $ 136,408
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
September 30,
2003 2002
Total interest income $ 1,592 $ 1,755
Total interest expense 651 825
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Net interest income 941 930
Provision for losses on loans 0 30
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Net interest income after provision for
losses on loans 941 900
Other income 169 224
General, administrative and other expense 843 791
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Earnings before income taxes 267 333
Federal income taxes 91 113
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NET EARNINGS $ 176 $ 220
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EARNINGS PER SHARE
Basic $ .15 $ .19
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Diluted $ .15 $ .19
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