EXHIBIT 99
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October 24, 2005
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, 2005
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, 2005, of $308,000, or diluted earnings per share of $.26, compared
to the $204,000, or $.17 per diluted share, of net earnings reported for the
comparable three-month period in 2004. The $104,000, or 51.0%, increase in net
earnings resulted from increases of $297,000, or 28.8%, in net interest income,
and $27,000, or 16.5%, in other income, which were partially offset by increases
of $136,000, or 15.3%, in general, administrative and other expenses, $54,000,
or 51.4%, in the provision for federal income taxes, and $30,000 in the
provision for losses on loans.
The increase in net interest income was due to an increase in average loans
outstanding and an increase in the lending rates during the period which was
partially offset by a gradual increase in the cost of new and re-pricing
deposits during the period. The increase in general, administrative and other
expense was due primarily to increases in other operating expenses and data
processing expenses. Other operating expenses increased as a result of the
withdrawal from the going private transaction on September 15, 2005, advertising
expense and other pro-rata increases.
FFD Financial Corporation reported total assets at September 30, 2005 of $155.3
million, total liabilities of $137.7 million, including deposits of $112.2
million, and shareholders' equity of $17.6 million.
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.
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, June 30,
ASSETS 2005 2005
(unaudited)
Cash and cash equivalents $ 9,647 $ 7,785
Investment securities 3,461 3,485
Mortgage-backed securities 692 720
Loans receivable 136,517 131,493
Other assets 4,959 5,112
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Total assets $ 155,276 $ 148,595
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $ 112,234 $ 111,495
Borrowings 23,786 17,880
Other liabilities 1,656 1,782
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Total liabilities 137,676 131,157
Shareholders' equity 17,600 17,438
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Total liabilities and shareholders' equity $ 155,276 $ 148,595
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FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
September 30,
2005 2004
Total interest income $ 2,163 $ 1,612
Total interest expense 834 580
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Net interest income 1,329 1,032
Provision for losses on loans 30 0
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Net interest income after provision for
losses on loans 1,299 1,032
Other income 191 164
General, administrative and other expense 1,023 887
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Earnings before income taxes 467 309
Federal income taxes 159 105
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NET EARNINGS $ 308 $ 204
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EARNINGS PER SHARE
Basic $ .26 $ .18
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Diluted $ .26 $ .17
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