EXHIBIT 99
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FFD Financial Corporation
January 23, 2004
FOR IMMEDIATE RELEASE:
CONTACT:
Trent 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
Six-Month Periods Ended December 31, 2003
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank, reported net earnings for the quarter ended December 31, 2003,
of $185,000, or diluted earnings per share of $.15, compared to $223,000, or
$.19 per diluted share of net earnings reported for the comparable 2002 quarter.
The decrease in net earnings for the current quarter resulted from a $113,000
increase in general, administrative and other expenses and a $66,000 decrease in
other income, which were partially offset by a $69,000 decrease in the provision
for loan losses, a $48,000 increase in net interest income, and a $24,000
decrease in federal income tax expense.
Net earnings reported for the six months ended December 31, 2003, were $361,000,
or diluted earnings per share of $.30 a decrease of $82,000 from the $443,000,
or $.38 per diluted share of net earnings reported for the comparable six-month
period in 2002. The decrease in net earnings for the six-month period resulted
from a $172,000 increase in general, administrative and other expenses, a
$114,000 decrease in other income, which were partially offset by a $99,000
decrease in the provision for loan losses, a $ 59,000 increase in net interest
income, and a $46,000 decrease in federal income tax expense.
The increase in general, administrative and other expenses related primarily to
increases in salaries and employee benefits. The decrease in other income
resulted from a $129,000 decrease in gain on sale of loans in the secondary
market.
FFD Financial Corporation reported total assets of $138.1 million at December
31, 2003, an increase of 1.2% over the June 30, 2003 balance of $136.4 million.
Total liabilities of FFD Financial Corporation increased by 1.3% from the June
30, 2003 balance of $119.5 million to $121.0 million at December 31, 2003, and
included deposits of $105.2 million, representing an increase of .8% over the
June 30, 2003 balance of $104.4 million. Shareholders' equity amounted to $17.1
million at December 31, 2003.
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)
December 31, June 30,
ASSETS 2003 2003
(unaudited)
Cash and cash equivalents $ 15,279 $ 12,243
Investment securities 4,501 1,502
Mortgage-backed securities 1,255 1,483
Loans receivable 112,471 115,966
Other assets 4,577 5,214
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Total assets $ 138,083 $ 136,408
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 105,175 $ 104,351
Borrowings 15,327 13,891
Other liabilities 503 1,248
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Total liabilities 121,005 119,490
Shareholders' equity 17,078 16,918
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Total liabilities and shareholders' equity $ 138,083 $ 136,408
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FFD Financial Corporation
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Six months ended Three months ended
December 31, December 31,
2003 2002 2003 2002
Total interest income $3,200 $3,454 $1,608 $1,699
Total interest expense 1,290 1,603 639 778
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Net interest income 1,910 1,851 969 921
Provision for losses on loans 0 99 0 69
Net interest income after provision
for losses on loans 1,910 1,752 969 852
Other income 361 475 185 251
General, administrative and other expense 1,724 1,552 874 761
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Earnings before income taxes 547 675 280 342
Federal income taxes 186 232 95 119
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NET EARNINGS $ 361 $ 443 $ 185 $ 223
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EARNINGS PER SHARE
Basic $ .31 $ .38 $ .16 $ .19
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Diluted $ .30 $ .38 $ .15 $ .19
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