EXHIBIT 99
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FFD Financial Corporation
August 03, 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 Twelve Months
Ended June 30, 2004
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, 2004, of $154,000, or diluted earnings per share of $.13,
compared to net earnings of $310,000, or $.25 per diluted share, recorded in the
2003 quarter. The $156,000, or 50.3%, decrease in net earnings resulted from a
$190,000 decrease in other income, a $41,000 increase in general and
administrative expenses and, a $7,000 decrease in net interest income after the
provision for losses on loans which were partially offset by a $82,000 decrease
in federal income taxes.
The decrease in other income during the quarter resulted primarily from
decreases in gain on sale of mortgage loans in the secondary market and
associated servicing rights income., 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 in the
number of mortgage loans originated.
Net earnings for the fiscal year ended June 30, 2004, totaled $687,000, or
diluted earnings per share of $.58, compared to the $1,032,000, or $.86 per
diluted share, of net earnings reported in fiscal 2003. The decrease in net
earnings resulted from a $422,000 decrease in other income and a $290,000
increase in general, administrative, and other expense, which were partially
offset by a $187,000 increase in net interest income after provision for loan
losses and a $180,000 decrease in provision for federal income taxes. The
decrease in other income resulted primarily from a $489,000 decrease in gain on
sale of loans, which was partially offset by a $55,000 increase in fee income
from the servicing of loans sold. 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.
FFD Financial Corporation reported total assets of $135.9 million at June 30,
2004, including loans of $114.5 million, total liabilities of $119.2 million,
including deposits of $105.4 million, and total shareholders' equity of $16.7
million. Total assets decreased by $545,000 or 0.4%, total loans decreased by
$1.5 million, or 1.3%, and total deposits increased by $1.1 million, or 1.0%,
from the fiscal year ended June 30, 2003.
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.
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
June 30, June 30,
ASSETS 2004 2003
(unaudited)
Cash and cash equivalents $ 10,819 $ 12,243
Investment securities 4,402 1,502
Mortgage-backed securities 1,029 1,483
Loans receivable 114,505 115,966
Other assets 5,108 5,214
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Total assets $135,863 $136,408
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $105,446 $104,351
Borrowings 12,669 13,891
Other liabilities 1,042 1,248
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Total liabilities 119,157 119,490
Shareholders' equity 16,706 16,918
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Total liabilities and shareholders' equity $135,863 $136,408
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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,
2004 2003 2004 2003
(unaudited) (unaudited) (unaudited) (unaudited)
Total interest income $6,360 $6,758 $1,555 $1,617
Total interest expense 2,487 2,966 588 668
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Net interest income 3,873 3,792 967 949
Provision for losses on loans 25 131 25 0
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Net interest income after
Provision for losses on loans 3,848 3,661 942 949
Other income 616 1,038 150 340
General, administrative and other expense 3,423 3,133 858 817
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Earnings before income taxes 1,041 1,566 234 472
Federal income taxes 354 534 80 162
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NET EARNINGS $ 687 $1,032 $ 154 $ 310
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EARNINGS PER SHARE
Basic $ .59 $ .88 $ .13 $ .26
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Diluted $ .58 $ .86 $ .13 $ .25
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