EXHIBIT 99
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October 30, 2006
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, 2006
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, 2006, of $442,000, or per share diluted earnings of $.37,
compared to net earnings of $308,000, or $.26 per diluted share reported for
the comparable three-month period in 2005. The $134,000, or 43.5%, increase in
net earnings resulted from an increase of $296,000, or 22.3%, in net interest
income which was partially offset by increases of $70,000, or 44.0%, in the
provision for federal income taxes, $37,000, or 3.6%, in general,
administrative and other expenses, $33,000, or 110.0%, in the provision for
losses on loans, and a decrease of $22,000 or 11.5% in other income.
The increase in net interest income was primarily due to increases in yields
and average balances of loans receivable and other interest-earning assets,
which were partially offset by increases in the cost of new and repricing
deposits during the period. Borrowing costs decreased period to period because
decreases in the average balance outweighed the increase in interest rates. The
increase in general, administrative and other expense was due primarily to
growth in the Corporation's operations year over year. The decrease in other
income was the result of a $26,000 decline in mortgage banking income from a
continued soft residential mortgage market and the absence of a $16,000 pre-tax
gain from a holdback payment recorded in 2005 from the sale of stock in
Intrieve, Incorporated, which were partially offset by an increase of $20,000
in service charges and other fee income.
FFD Financial Corporation reported total assets at September 30, 2006 of $160.5
million, total liabilities of $141.6 million, including deposits of $126.3
million, and shareholders' equity of $19.0 million.
FFD Financial Corporation is traded on the NASDAQ Capital 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 limited
service 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 2006 2006
(unaudited)
Cash and cash equivalents $ 9,537 $ 7,692
Investment securities 3,431 3,353
Mortgage-backed securities 406 561
Loans receivable 142,166 144,556
Other assets 4,997 5,071
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Total assets $160,537 $161,233
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $126,275 $121,919
Borrowings 12,931 18,428
Other liabilities 2,408 2,523
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Total liabilities 141,614 142,870
Shareholders' equity 18,923 18,363
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Total liabilities and shareholders' equity $160,537 $161,233
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FFD Financial Corporation
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Three months ended
September 30,
2006 2005
Total interest income $2,744 $2,163
Total interest expense 1,119 834
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Net interest income 1,625 1,329
Provision for losses on loans 63 30
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Net interest income after provision for
losses on loans 1,562 1,299
Other income 169 191
General, administrative and other expense 1,060 1,023
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Earnings before income taxes 671 467
Federal income taxes 229 159
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NET EARNINGS $ 442 $ 308
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EARNINGS PER SHARE
Basic $.37 $.26
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Diluted $.37 $.26
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