EX-99 2 exhibit99.txt EXHIBIT 99 ---------- FFD Financial Corporation April 26, 2004 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, 2004 DOVER, OHIO - FFD Financial Corporation, parent company of First Federal Community Bank, reported net earnings for the quarter ended March 31, 2004, of $172,000, or diluted earnings per share of $.14, compared to $279,000, or $.23 per diluted share for the comparable period in 2003. The decrease in net earnings for the current quarter as compared to the quarter ended March 31, 2003, resulted primarily from a $77,000 increase in general, administrative, and other expense and a $118,000 decrease in other income, which were partially offset by a $32,000 decrease in the provision for losses on loans, a $4,000 increase in net interest income, and a $52,000 decrease in federal income tax expense. Net earnings for the nine months ended March 31, 2004, were $533,000, or diluted earnings per share of $.45, a decrease of $189,000 from the $722,000, or $.61 per diluted share, of net earnings reported for the comparable nine-month period in 2003. The decrease in net earnings for the nine-month period resulted from a $249,000 increase in general, administrative and other expenses and a $232,000 decrease in other income, which were partially offset by a $131,000 decrease in the provision for loan losses, a $63,000 increase in net interest income, and a $98,000 decrease in federal income tax expense. The increase in general, administrative and other expenses related primarily to increases in salaries and employee benefits and decreases in deferred loan origination costs related to the reduction of the number of mortgage loans originated. The decrease in other income resulted primarily from a $227,000 decrease in gain on sale of loans in the secondary market. FFD Financial Corporation reported total assets of $136.6 million at March 31, 2004, an increase of .12% over the June 30, 2003 balance of $136.4 million. Total liabilities of FFD Financial Corporation were $119.5 million at March 31, 2004, and included deposits of $103.5 million, representing a decrease of .8% over the June 30, 2003 balance of $104.4 million. Shareholders' equity totaled $17.1 million at March 31, 2004. 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 2004 2003 (unaudited) Cash and cash equivalents $ 11,814 $ 12,243 Investment securities 4,536 1,502 Mortgage-backed securities 1,157 1,483 Loans receivable 114,122 115,966 Other assets 4,945 5,214 -------- -------- Total assets $136,574 $136,408 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $103,503 $104,351 Borrowings 15,267 13,891 Other liabilities 684 1,248 -------- -------- Total liabilities 119,454 119,490 Shareholders' equity 17,120 16,918 -------- -------- Total liabilities and shareholders' equity $136,574 $136,408 ======== ======== FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data)
Nine months ended Three months ended March 31, March 31, 2004 2003 2004 2003 Total interest income $4,805 $5,141 $1,605 $1,687 Total interest expense 1,899 2,298 609 695 ------ ------ ------ ------ Net interest income 2,906 2,843 996 992 Provision for losses on loans 0 131 0 32 ------ ------ ------ ------ Net interest income after provision for losses on loans 2,906 2,712 996 960 Other income 466 698 105 223 General, administrative and other expense 2,565 2,316 841 764 ------ ------ ------ ------ Earnings before income taxes 807 1,094 260 419 Federal income taxes 274 372 88 140 ------ ------ ------ ------ NET EARNINGS $ 533 $ 722 $ 172 $ 279 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .46 $ .62 $ .15 $ .24 ====== ====== ====== ====== Diluted $ .45 $ .61 $ .14 $ .23 ====== ====== ====== ======