EXHIBIT 99
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Date: October 30, 2007
FOR IMMEDIATE RELEASE:
CONTACT: ABOUT FFD:
Trent B. Troyer, President & CEO FFD Financial Corporation is
NASDAQ 330-364-7777 or trent@onlinefirstfed.com traded on the Capital Market
------------------------ under the symbol FFDF
FFD Financial Corporation Reports Net Earnings For The Three Months Ended
September 30, 2007
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, 2007, of $408,000, or per share diluted earnings of $.37,
compared to net earnings of $442,000, or $.37 per diluted share, reported for
the comparable three-month period in 2006. Diluted earnings per share remained
constant period to period, despite the decrease in net earnings, as a result of
the Corporation's stock repurchases, a longstanding capital management tool.
The $34,000, or 7.7%, decrease in net earnings resulted from increases of
$78,000, or 7.4%, in general, administrative and other expenses and $25,000, or
39.7%, in the provision for losses on loans and a decrease of $14,000, or 8.3%,
in other income, and were partially offset by an increase of $65,000, or 4.0%,
in net interest income and a decrease of $18,000, or 7.9%, in the provision for
federal income taxes.
The increase in net interest income was primarily due to stable yields and
increases in 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. 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 $14,000
decrease in mortgage banking income from a continued soft residential mortgage
market. The increase in the provision for losses on loans was due to a
combination of loan portfolio growth, net charge-offs, and management's
assessment of current economic conditions applied to the portfolio. The
decrease in the provision for income taxes was due to decreased earnings before
income taxes period to period.
FFD Financial Corporation reported total assets at September 30, 2007 of $173.3
million, total liabilities of $155.0 million, including deposits of $137.1
million, and shareholders' equity of $18.3 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, on the Boulevard in Dover, and in Sugarcreek
and a limited service office in 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)
September 30, June 30,
ASSETS 2007 2007
(unaudited)
Cash and cash equivalents $ 7,540 $ 9,033
Investment securities 3,488 3,448
Mortgage-backed securities 351 364
Loans receivable, net 155,214 153,282
Loans held for sale 170 624
Other assets 6,567 6,243
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Total assets $173,330 $172,994
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $137,114 $139,922
Borrowings 15,920 13,055
Other liabilities 2,014 1,882
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Total liabilities 155,048 154,859
Shareholders' equity 18,282 18,135
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Total liabilities and shareholders' equity $173,330 $172,994
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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,
2007 2006
Total interest income $3,070 $2,744
Total interest expense 1,380 1,119
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Net interest income 1,690 1,625
Provision for losses on loans 88 63
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Net interest income after provision for
losses on loans 1,602 1,562
Other income 155 169
General, administrative and other expense 1,138 1,060
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Earnings before income taxes 619 671
Federal income taxes 211 229
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NET EARNINGS $ 408 $ 442
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EARNINGS PER SHARE
Basic $.37 $.37
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Diluted $.37 $.37
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