-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I7bWrGbkKpf/EHD2cjZ34xk53IH7Wp//0J/5sjiXMR/QdQVbyNfB9Wmbd+xS0y+s pd0/xNBW7tO19RGV4cuE1A== 0000914317-04-002969.txt : 20040804 0000914317-04-002969.hdr.sgml : 20040804 20040804103207 ACCESSION NUMBER: 0000914317-04-002969 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040803 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FFD FINANCIAL CORP/OH CENTRAL INDEX KEY: 0001006177 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 341921148 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27916 FILM NUMBER: 04950261 BUSINESS ADDRESS: STREET 1: 321 NORTH WOOSTER STREET CITY: DOVER STATE: OH ZIP: 44622 BUSINESS PHONE: 3303647777 MAIL ADDRESS: STREET 1: 321 NORTH WOOSTER AVE STREET 2: P.O. BOX 38 CITY: DOVER STATE: OH ZIP: 44622 FORMER COMPANY: FORMER CONFORMED NAME: FIRSTFED FINANCIAL CORP /OH/ DATE OF NAME CHANGE: 19960123 8-K 1 form8k-62242_ffd.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 3, 2004 --------------- FFD Financial Corporation ----------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 0-27916 34-1921148 - -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) 321 North Wooster Avenue, Dover, Ohio 44622 ---------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (330) 364-7777 ------------- ----------------------------------------------------------- (Former name or former address, if changed since last report) FORM 8-K Item 7. Financial Statements and Exhibits. - ------ --------------------------------- (a) and (b). Not applicable. (c) Exhibits. See Index to Exhibits. Item 12. Results of Operations and Financial Condition. - ------- --------------------------------------------- On August 3, 2004, FFD Financial Corporation issued a press release regarding its earnings for the quarter and year ended June 30, 2004. The press release is attached as Exhibit 99 hereto and incorporated herein by reference. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FFD FINANCIAL CORPORATION By: /s/ Trent B. Troyer ------------------------------------- Trent B. Troyer President and Chief Executive Officer Date: August 3, 2004 INDEX TO EXHIBITS ----------------- Exhibit Number Description - -------------- ----------- 99 Press Release of FFD Financial Corporation dated August 3, 2004 EX-99 2 exhibit99.txt EXHIBIT 99 ---------- FFD Financial Corporation August 03, 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 Twelve Months Ended June 30, 2004 DOVER, OHIO - FFD Financial Corporation (Nasdaq: "FFDF"), parent company of First Federal Community Bank of Dover, Ohio, reported net earnings for the quarter ended June 30, 2004, of $154,000, or diluted earnings per share of $.13, compared to net earnings of $310,000, or $.25 per diluted share, recorded in the 2003 quarter. The $156,000, or 50.3%, decrease in net earnings resulted from a $190,000 decrease in other income, a $41,000 increase in general and administrative expenses and, a $7,000 decrease in net interest income after the provision for losses on loans which were partially offset by a $82,000 decrease in federal income taxes. The decrease in other income during the quarter resulted primarily from decreases in gain on sale of mortgage loans in the secondary market and associated servicing rights income., 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 in the number of mortgage loans originated. Net earnings for the fiscal year ended June 30, 2004, totaled $687,000, or diluted earnings per share of $.58, compared to the $1,032,000, or $.86 per diluted share, of net earnings reported in fiscal 2003. The decrease in net earnings resulted from a $422,000 decrease in other income and a $290,000 increase in general, administrative, and other expense, which were partially offset by a $187,000 increase in net interest income after provision for loan losses and a $180,000 decrease in provision for federal income taxes. The decrease in other income resulted primarily from a $489,000 decrease in gain on sale of loans, which was partially offset by a $55,000 increase in fee income from the servicing of loans sold. 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. FFD Financial Corporation reported total assets of $135.9 million at June 30, 2004, including loans of $114.5 million, total liabilities of $119.2 million, including deposits of $105.4 million, and total shareholders' equity of $16.7 million. Total assets decreased by $545,000 or 0.4%, total loans decreased by $1.5 million, or 1.3%, and total deposits increased by $1.1 million, or 1.0%, from the fiscal year ended June 30, 2003. First Federal Community Bank has two banking offices in Dover and one banking office in New Philadelphia, Ohio, and has provided financial services to the surrounding areas since 1898. The Company has an interactive web site at www.onlinefirstfed.com. FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) June 30, June 30, ASSETS 2004 2003 (unaudited) Cash and cash equivalents $ 10,819 $ 12,243 Investment securities 4,402 1,502 Mortgage-backed securities 1,029 1,483 Loans receivable 114,505 115,966 Other assets 5,108 5,214 -------- -------- Total assets $135,863 $136,408 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $105,446 $104,351 Borrowings 12,669 13,891 Other liabilities 1,042 1,248 -------- -------- Total liabilities 119,157 119,490 Shareholders' equity 16,706 16,918 -------- -------- Total liabilities and shareholders' equity $135,863 $136,408 ======== ======== FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data)
Fiscal year ended Three months ended June 30, June 30, 2004 2003 2004 2003 (unaudited) (unaudited) (unaudited) (unaudited) Total interest income $6,360 $6,758 $1,555 $1,617 Total interest expense 2,487 2,966 588 668 ------ ------ ------ ------ Net interest income 3,873 3,792 967 949 Provision for losses on loans 25 131 25 0 ------ ------ ------ ------ Net interest income after Provision for losses on loans 3,848 3,661 942 949 Other income 616 1,038 150 340 General, administrative and other expense 3,423 3,133 858 817 ------ ------ ------ ------ Earnings before income taxes 1,041 1,566 234 472 Federal income taxes 354 534 80 162 ------ ------ ------ ------ NET EARNINGS $ 687 $1,032 $ 154 $ 310 ====== ====== ====== ====== EARNINGS PER SHARE Basic $ .59 $ .88 $ .13 $ .26 ====== ====== ====== ====== Diluted $ .58 $ .86 $ .13 $ .25 ====== ====== ====== ======
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