EXHIBIT 99
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FFD Financial Corporation
April 26, 2004
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
Nine-Month Periods Ended March 31, 2004
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank, reported net earnings for the quarter ended March 31, 2004, of
$172,000, or diluted earnings per share of $.14, compared to $279,000, or $.23
per diluted share for the comparable period in 2003. The decrease in net
earnings for the current quarter as compared to the quarter ended March 31,
2003, resulted primarily from a $77,000 increase in general, administrative, and
other expense and a $118,000 decrease in other income, which were partially
offset by a $32,000 decrease in the provision for losses on loans, a $4,000
increase in net interest income, and a $52,000 decrease in federal income tax
expense.
Net earnings for the nine months ended March 31, 2004, were $533,000, or diluted
earnings per share of $.45, a decrease of $189,000 from the $722,000, or $.61
per diluted share, of net earnings reported for the comparable nine-month period
in 2003. The decrease in net earnings for the nine-month period resulted from a
$249,000 increase in general, administrative and other expenses and a $232,000
decrease in other income, which were partially offset by a $131,000 decrease in
the provision for loan losses, a $63,000 increase in net interest income, and a
$98,000 decrease in federal income tax expense. The increase in general,
administrative and other expenses related primarily to increases in salaries and
employee benefits and decreases in deferred loan origination costs related to
the reduction of the number of mortgage loans originated. The decrease in other
income resulted primarily from a $227,000 decrease in gain on sale of loans in
the secondary market.
FFD Financial Corporation reported total assets of $136.6 million at March 31,
2004, an increase of .12% over the June 30, 2003 balance of $136.4 million.
Total liabilities of FFD Financial Corporation were $119.5 million at March 31,
2004, and included deposits of $103.5 million, representing a decrease of .8%
over the June 30, 2003 balance of $104.4 million. Shareholders' equity totaled
$17.1 million at March 31, 2004.
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
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2004 2003
(unaudited)
Cash and cash equivalents $ 11,814 $ 12,243
Investment securities 4,536 1,502
Mortgage-backed securities 1,157 1,483
Loans receivable 114,122 115,966
Other assets 4,945 5,214
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Total assets $136,574 $136,408
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $103,503 $104,351
Borrowings 15,267 13,891
Other liabilities 684 1,248
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Total liabilities 119,454 119,490
Shareholders' equity 17,120 16,918
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Total liabilities and shareholders' equity $136,574 $136,408
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Nine months ended Three months ended
March 31, March 31,
2004 2003 2004 2003
Total interest income $4,805 $5,141 $1,605 $1,687
Total interest expense 1,899 2,298 609 695
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Net interest income 2,906 2,843 996 992
Provision for losses on loans 0 131 0 32
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Net interest income after provision
for losses on loans 2,906 2,712 996 960
Other income 466 698 105 223
General, administrative and other expense 2,565 2,316 841 764
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Earnings before income taxes 807 1,094 260 419
Federal income taxes 274 372 88 140
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NET EARNINGS $ 533 $ 722 $ 172 $ 279
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EARNINGS PER SHARE
Basic $ .46 $ .62 $ .15 $ .24
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Diluted $ .45 $ .61 $ .14 $ .23
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