EXHIBIT 99
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January 25, 2005
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, 2004
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank, reported net earnings for the quarter ended December 31, 2004,
of $170,000, or diluted earnings per share of $.15, compared to $185,000, or
$.15 per diluted share of net earnings reported for the comparable 2003 quarter.
The decrease in net earnings for the current quarter resulted from a $107,000
increase in general, administrative and other expenses, a $31,000 decrease in
other income, and a $4,000 increase in the provision for loan losses, which were
partially offset by a $120,000 increase in net interest income and a $7,000
decrease in federal income tax expense.
Net earnings reported for the six months ended December 31, 2004, were $374,000,
or diluted earnings per share of $.32, an increase of $13,000 from the $361,000,
or $.30 per diluted share, of net earnings reported for the comparable six-month
period in 2003. The increase in net earnings for the six-month period resulted
from a $211,000 increase in net interest income, which was substantially offset
by a $144,000 increase in general, administrative and other expenses, a $43,000
decrease in other income, a $4,000 increase in the provision for loan losses and
a $7,000 increase in federal income tax expense.
The increase in general, administrative and other expenses related primarily to
increases in salaries and employee benefits and a decrease in deferred loan
origination costs related to the reduction in the number of mortgage loans
originated. The decrease in other income resulted from a $123,000 net decrease
in mortgage servicing rights income and was partially offset by an increase of
$20,000 in gain on the sale of loans in the secondary mortgage market.
FFD Financial Corporation reported total assets of $138.4 million at December
31, 2004, an increase of 1.8% over the June 30, 2004 balance of $135.9 million.
Loans receivable increased by 4.0% from the June 30, 2004 balance of $114.5
million to $119.1 million at December 31, 2004. Total liabilities of FFD
Financial Corporation increased by 2.0% from the June 30, 2004 balance of $119.2
million to $121.5 million at December 31, 2004, and included deposits of $108.1
million, representing an increase of 2.5% over the June 30, 2004 balance of
$105.4 million. Shareholders' equity amounted to $16.9 million at December 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 .
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
December 31, June 30,
ASSETS 2004 2004
(unaudited)
Cash and cash equivalents $ 9,098 $ 10,820
Investment securities 4,487 4,402
Mortgage-backed securities 811 1,025
Loans receivable 119,072 114,505
Other assets 4,926 5,140
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Total assets $138,394 $135,892
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 108,096 $105,446
Borrowings 12,546 12,669
Other liabilities 844 1,039
Total liabilities 121,486 119,154
Shareholders' equity 16,908 16,738
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Total liabilities and shareholders' equity $138,394 $135,892
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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,
2004 2003 2004 2003
Total interest income $3,301 $3,200 $1,689 $1,608
Total interest expense 1,180 1,290 600 639
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Net interest income 2,121 1,910 1,089 969
Provision for losses on loans 4 0 4 0
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Net interest income after provision
for losses on loans 2,117 1,910 1,085 969
Other income 318 361 154 185
General, administrative and other expense 1,868 1,724 981 874
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Earnings before income taxes 567 547 258 280
Federal income taxes 193 186 88 95
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NET EARNINGS $ 374 $ 361 $ 170 $ 185
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EARNINGS PER SHARE
Basic $ .33 $ .31 $ .15 $ .16
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Diluted $ .32 $ .30 $ .15 $ .15
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