EXHIBIT 99
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April 27, 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
Nine-Month Periods Ended March 31, 2005
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank, reported net earnings for the quarter ended March 31, 2004, of
$258,000, or diluted earnings per share of $.22, compared to $172,000, or $.14
per diluted share, of net earnings reported for the comparable 2004 quarter. The
increase in net earnings for the current quarter resulted from increases of
$197,000 in net interest income, and $20,000 in other income, which were
partially offset by increases of $80,000 in general, administrative and other
expenses, $44,000 in federal income tax expense, and $7,000 in the provision for
loan losses.
Net earnings reported for the nine months ended March 31, 2005, were $632,000,
or diluted earnings per share of $.54, an increase of $99,000 from the $533,000,
or $.45 per diluted share, of net earnings reported for the comparable
nine-month period in 2004. The increase in net earnings for the nine-month
period resulted from a $408,000 increase in net interest income, which was
substantially offset by increases of $224,000 in general, administrative and
other expenses, $51,000 in federal income tax expense, and $11,000 in the
provision for loan losses, and a $23,000 decrease in other income
The increase in net interest income resulted from a combination of increases in
earning assets and sustained increases in short-term interest rates during the
nine month period. 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 $51,000
net decrease in mortgage servicing rights income, which was partially offset by
an increase of $8,000 in gain on the sale of loans in the secondary mortgage
market and an increase in fee income of $19,000.
FFD Financial Corporation reported total assets of $139.7 million at March 31,
2005, an increase of 2.8% over the June 30, 2004 balance of $135.9 million.
Loans receivable increased by 6.9% from the June 30, 2004 balance of $114.5
million to $122.5 million at March 31, 2005. Total liabilities of FFD Financial
Corporation increased by 2.9% from the June 30, 2004 balance of $119.2 million
to $122.7 million at March 31, 2005, and included deposits of $109.3 million,
representing an increase of 3.7% over the June 30, 2004 balance of $105.4
million. Shareholders' equity was $17.0 million at March 31, 2005.
FFD Financial Corporation is traded on the NASDAQ SmallCap Market under the
symbol FFDF. First Federal Community Bank has full service offices in downtown
Dover, downtown New Philadelphia, on the Boulevard in Dover, and a loan
production office in downtown Coshocton. The Corporation maintains an
interactive web site at www.onlinefirstfed.com.
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2005 2004
(unaudited)
Cash and cash equivalents $ 8,026 $ 10,820
Investment securities 3,424 4,402
Mortgage-backed securities 771 1,025
Loans receivable 122,451 114,505
Other assets 5,033 5,140
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Total assets $139,705 $135,892
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $109,312 $105,446
Borrowings 12,484 12,669
Other liabilities 871 1,039
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Total liabilities 122,667 119,154
Shareholders' equity 17,038 16,738
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Total liabilities and shareholders' equity $139,705 $135,892
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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,
2005 2004 2005 2004
Total interest income $5,110 $4,805 $1,809 $1,605
Total interest expense 1,796 1,899 616 609
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Net interest income 3,314 2,906 1,193 996
Provision for losses on loans 11 -- 7 --
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Net interest income after provision
for losses on loans 3,303 2,906 1,186 996
Other income 443 466 125 105
General, administrative and other expense 2,789 2,565 921 841
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Earnings before income taxes 957 807 390 260
Federal income taxes 325 274 132 88
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NET EARNINGS $ 632 $ 533 $ 258 $ 172
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EARNINGS PER SHARE
Basic $ .55 $ .46 $ .22 $ .15
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Diluted $ .54 $ .45 $ .22 $ .14
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