EXHIBIT 99
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Date November 52008
FOR IMMEDIATE RELEASE:
CONTACT:
Trent B. Troyer, President & CEO
330-364-7777 or trent@onlinefirstfed.com
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FFD Financial Corporation Reports Net Earnings For The
Three Months Ended September 30, 2008
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, 2008, of $331,000, or diluted earnings per share of $.31,
compared to net earnings of $408,000, or $.37 per diluted share, reported for
the comparable three-month period in 2007. The $77,000, or 18.9%, decrease in
net earnings resulted from a decrease of $59,000, or 3.5%, in net interest
income and increases of $72,000, or 6.3%, in general, administrative and other
expenses and $17,000, or 19.3%, in the provision for losses on loans, which
were partially offset by an increase of $37,000, or 26.8%, in other income and
a decrease of $34,000, or 16.1%, in the provision for federal income taxes.
The decrease in net interest income was primarily due to a slight decline in
yields on interest earning assets and decreases in the average balances of
loans receivable and other interest-earning assets, which were partially offset
by decreases in average 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 increase in other income was
primarily the result of a $25,000 gain on the valuation of mortgage servicing
rights and a $4,000 increase in gain on sale of mortgages. 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. The decrease in the provision for income taxes was due to decreased
earnings before income taxes.
FFD Financial Corporation reported total assets at September 30, 2008, of
$176.3 million, a decrease of $5.4 million, or 3.0% over the June 30, 2008
balance of $181.7 million. Cash and cash equivalents decreased by 45.9% to $7.1
million from the June 30, 2008 balance of $13.1 million. Loans receivable (net)
increased by .2% from the June 30, 2008, balance of $156.2 million to $156.6
million at September 30, 2008. Total liabilities decreased by 6.1% from the
June 30, 2008 balance of $163.6 million to $158.0 million at September 30,
2008, and included deposits of $136.0 million, representing a decrease of 3.8%
over the June 30, 2008 balance of $141.3 million. The increase in shareholders
equity was primarily attributable to net earnings of $331,000 and proceeds from
the exercise of stock options, which were partially offset by declines in the
fair market value of investments available for sale and the payment of
quarterly dividends. First Federal continues to maintain strong capital ratios,
exceeding well capitalized regulatory requirements.
321 N. Wooster Avenue, Post Office Box 38
Dover, OH 44622
330-364-7777 www.onlinefirstfed.com
NASDAQ: FFDF
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.
The Corporation maintains an interactive web site at www.onlinefirstfed.com
321 N. Wooster Avenue, Post Office Box 38
Dover, OH 44622
330-364-7777 www.onlinefirstfed.com
NASDAQ: FFDF
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September 30, June 30,
ASSETS 2008 2008
(unaudited)
Cash and cash equivalents $ 7,055 $ 13,049
Investment securities 5,581 5,623
Mortgage-backed securities 311 323
Loans receivable, net 156,599 156,232
Loans held for sale 267 -
Other assets 6,482 6,511
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Total assets $176,295 $181,738
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $135,996 $141,332
Borrowings 20,430 20,595
Other liabilities 1,532 1,631
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Total liabilities 157,958 163,558
Shareholders' equity 18,337 18,180
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Total liabilities and shareholders' equity $176,295 $181,738
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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,
2008 2007
(unaudited) (unaudited)
Total interest income $2,724 $3,087
Total interest expense 1,076 1,380
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Net interest income 1,648 1,707
Provision for losses on loans 105 88
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Net interest income after provision
for losses on loans 1,543 1,619
Other income 175 138
General, administrative and other expense 1,210 1,138
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Earnings before income taxes 508 619
Federal income taxes 177 211
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NET EARNINGS $ 331 $ 408
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EARNINGS PER SHARE
Basic $ .31 $ .37
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Diluted $ .31 $ .37
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