EXHIBIT 99
----------
October 27, 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 Months Ended
September 30, 2004
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, 2004, of $204,000, or diluted earnings per share of $.17, compared
to the $176,000, or $.15 per diluted share, of net earnings reported for the
comparable three-month period in 2003. The $28,000, or 15.9%, increase in net
earnings resulted from an increase of $91,000, or 9.7%, in net interest income,
which was partially offset by increases of $44,000 in general, administrative
and other expenses and $14,000 in the provision for federal income taxes, and a
$5,000 decrease in other income.
The increase in net interest income was due to an increase in average loans
outstanding and the .75% increase in the prime lending rate that occurred during
the period and a decrease in the cost of time deposits which re-priced to
current market rates during the period. The increase in general, administrative
and other expense was due primarily to an increase in salaries and employee
benefits and a decrease in deferred loan origination costs related to the
reduction in the number of mortgage loans originated.
FFD Financial Corporation reported total assets at September 30, 2004 of $136.7
million, total liabilities of $119.9 million, including deposits of $106.3
million and shareholders' equity of $16.8 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.
----------------------
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, June 30,
ASSETS 2004 2004
(unaudited)
Cash and cash equivalents $ 9,031 $ 10,820
Investment securities 4,501 4,402
Mortgage-backed securities 944 1,025
Loans receivable 117,078 114,505
Other assets 5,157 5,140
-------- --------
Total assets $136,711 $135,892
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 106,311 $105,446
Borrowings 12,607 12,669
Other liabilities 956 1,039
-------- --------
Total liabilities 119,874 119,154
Shareholders' equity 16,837 16,738
-------- --------
Total liabilities and shareholders' equity $136,711 $135,892
======== ========
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
September 30,
2004 2003
Total interest income $1,612 $1,592
Total interest expense 580 651
------ ------
Net interest income 1,032 941
Provision for losses on loans 0 0
------ ------
Net interest income after provision for
losses on loans 1,032 941
Other income 164 169
General, administrative and other expense 887 843
------ ------
Earnings before income taxes 309 267
Federal income taxes 105 91
------ ------
NET EARNINGS $ 204 $ 176
====== ======
EARNINGS PER SHARE
Basic $ .18 $ .15
====== ======
Diluted $ .17 $ .15
====== ======