EXHIBIT 99
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July 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 Months and
Fiscal Year Ended June 30, 2005
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank, reported net earnings for the quarter ended June 30, 2005, of
$454,000, or diluted earnings per share of $.38, compared to $154,000, or $.13
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
$272,000 in net interest income and $324,000 in other income, and a decrease of
$25,000 in the provision for loan losses, which were partially offset by
increases of $167,000 in general, administrative and other expenses, and
$154,000 in federal income tax expense.
Net earnings for the fiscal year ended June 30, 2005, totaled $1.1 million, or
diluted earnings per share of $.92, an increase of $399,000 from the $687,000,
or $.58 per diluted share, of net earnings reported in fiscal 2004. The increase
in net earnings for the 2005 fiscal year resulted from increases of $680,000 in
net interest income and $301,000 in other income, and a decrease of $14,000 in
the provision for loan losses, which were partially offset by increases of
$391,000 in general, administrative and other expenses, and $205,000 in federal
income tax expense.
The increase in net interest income resulted from a combination of increases in
earning assets and sustained increases in short-term interest rates during
fiscal 2005. 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 increase in other income resulted primarily from
a $329,000 pre-tax gain from the sale of shares of Intrieve, Incorporated in
connection with the acquisition of Intrieve by Harland Financial Solutions, Inc.
and an increase in fee income of $18,000, which was partially offset by a
$63,000 net decrease in mortgage servicing rights income.
FFD Financial Corporation reported total assets of $148.6 million at June 30,
2005, an increase of 9.3% over the June 30, 2004 balance of $135.9 million.
Loans receivable increased by 14.8% from the June 30, 2004 balance of $114.5
million to $131.5 million at June 30, 2005. Total liabilities of FFD Financial
Corporation increased by 10.1% from the June 30, 2004 balance of $119.2 million
to $131.2 million at June 30, 2005, and included deposits of $111.5 million,
representing an increase of 6.5% over the June 30, 2004 balance of $104.7
million. Shareholders' equity totaled $17.4 million at June 30, 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 and on the Boulevard in Dover, and has loan
production offices in Coshocton and Sugarcreek. The Corporation maintains an
interactive web site at www.onlinefirstfed.com.
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FFD Financial Corporation
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
June 30, June 30,
ASSETS 2005 2004
(unaudited)
Cash and cash equivalents $ 7,785 $ 10,820
Investment securities 3,485 4,402
Mortgage-backed securities 720 1,025
Loans receivable 131,493 114,505
Other assets 5,076 5,140
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Total assets $148,559 $135,892
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $111,495 $104,651
Borrowings 17,880 12,669
Other liabilities 1,782 1,834
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Total liabilities 131,157 119,154
Shareholders' equity 17,402 16,738
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Total liabilities and shareholders' equity $148,559 $135,892
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FFD Financial Corporation
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Fiscal year ended Three months ended
June 30, June 30,
2005 2004 2005 2004
Total interest income $7,073 $6,360 $1,963 $1,555
Total interest expense 2,520 2,487 724 588
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Net interest income 4,553 3,873 1,239 967
Provision for losses on loans 11 25 - 25
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Net interest income after provision
for losses on loans 4,542 3,848 1,239 942
Other income 917 616 474 150
General, administrative and other expense 3,814 3,423 1,025 858
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Earnings before income taxes 1,645 1,041 688 234
Federal income taxes 559 354 234 80
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NET EARNINGS $1,086 $ 687 $ 454 $ 154
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EARNINGS PER SHARE
Basic $ .94 $ .59 $ .39 $ .13
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Diluted $ .92 $ .58 $ .38 $ .13
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