EXHIBIT 99
FFD Financial Corporation
April 23, 2003
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 and
Nine Month Periods Ended March 31, 2003
DOVER, OHIO - FFD Financial Corporation, parent company of First Federal
Community Bank, reported net earnings for the quarter ended March 31, 2003, of
$279,000, or diluted earnings per share of $.23, compared to $250,000, or $.21
per diluted share for the comparable period in 2002. The increase in net
earnings for the current quarter as compared to the quarter ended March 31,
2002, resulted primarily from a $76,000 increase in other income, which was
partially offset by an $11,000 decrease in net interest income, and increases of
$19,000 in the provision for losses on loans, $5,000 in general, administrative,
and other expense, and $12,000 in federal income taxes. The increase in other
income resulted primarily from a $122,000 increase in gain on sale of loans,
which was partially offset by a $46,000 decrease in other operating income.
Net earnings for the quarter ended December 31, 2002 were $223,000, or $.19 per
diluted share. The increase in net earnings for the current quarter as compared
to the quarter ended December 31, 2002, resulted primarily from a $71,000
increase in net interest income and a $37,000 decrease in provision for losses
on loans, which were partially offset by a decrease of $28,000 in other income
and a $21,000 increase in federal income tax.
Net earnings for the nine months ended March 31, 2003, were $722,000, or diluted
earnings per share of $.61, a decrease of $212,000, or 22.7%, from the $934,000,
or $.77 per diluted share of net earnings reported for the comparable nine-month
period in 2002. The decrease in net earnings resulted primarily from a decrease
of $286,000 in net interest income and a $271,000 increase in general,
administrative and other expense, which were partially offset by an increase of
$260,000 in other income and a decrease of $106,000 in federal income tax
expense. Net interest income declined during the nine-months ended March 31,
2003, due primarily to a decline in the yield on the Bank's loan portfolio in
the current low interest rate environment. The increase in general,
administrative and other expense related primarily to expenses associated with
the new branch facility, which opened in July 2002, and to the conversion of the
Bank's data processing to a new platform that will better accommodate future
product expansion and growth. The increase in other income resulted primarily
from a $402,000 increase in gain on sale of loans in the secondary market, which
was partially offset by decreases of $67,000 in gain on sale of mortgage-backed
securities and $75,000 in other operating income.
FFD Financial Corporation reported total assets of $133.0 million at March 31,
2003, an increase of 2.0% over the June 30, 2002 balance of $130.3 million.
Total liabilities of FFD Financial Corporation increased by 2.1% over the June
30, 2002 balance of $113.8 million to $116.1 million at March 31, 2003, and
included deposits of $101.4 million, representing an increase of 6.1% over the
June 30, 2002 balance of $95.5 million. Shareholders' equity amounted to $16.9
million at March 31, 2003.
FFD Financial Corporation is traded on the NASDAQ SmallCap Market under the
symbol FFDF. First Federal Community Bank has offices in downtown Dover,
downtown New Philadelphia, and on the Boulevard in Dover. The company maintains
an interactive web site at www.onlinefirstfed.com.
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
March 31, June 30,
ASSETS 2003 2002
Cash and cash equivalents $ 10,900 $ 13,216
Investment securities 3,507 2,047
Mortgage-backed securities 1,662 3,157
Loans receivable 111,843 107,055
Other assets 5,051 4,828
------- -------
Total assets $132,963 $130,303
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $101,372 $ 95,542
Borrowings 14,067 17,553
Other liabilities 663 667
------- -------
Total liabilities 116,102 113,762
Shareholders' equity 16,861 16,541
------- -------
Total liabilities and shareholders' equity $132,963 $130,303
======= =======
FFD Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except share data)
Nine months ended Three months ended
March 31, 3/31 12/31 3/31
2003 2002 2003 2002 2002
Total interest income $5,141 $6,220 $1,687 $1,699 $1,850
Total interest expense 2,298 3,091 695 778 847
----- ----- ----- ----- -----
Net interest income 2,843 3,129 992 921 1,003
Provision for losses on loans 131 110 32 69 13
----- ----- ----- ----- -----
Net interest income after provision
for losses on loans 2,712 3,019 960 852 990
Other income 698 438 223 251 147
General, administrative and other expense 2,316 2,045 764 761 759
----- ----- ----- ----- -----
Earnings before income taxes 1,094 1,412 419 342 378
Federal income taxes 372 478 140 119 128
----- ----- ----- ----- -----
NET EARNINGS $ 722 $ 934 $ 279 $ 223 $ 250
===== ===== ===== ===== =====
EARNINGS PER SHARE
Basic $.62 $.78 $.24 $.19 $.21
=== === === === ===
Diluted $.61 $.77 $.23 $.19 $.21
=== === === === ===