EX-99 2 ex99.txt EXHIBIT 99 ---------- October 24, 2005 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 Months Ended September 30, 2005 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, 2005, of $308,000, or diluted earnings per share of $.26, compared to the $204,000, or $.17 per diluted share, of net earnings reported for the comparable three-month period in 2004. The $104,000, or 51.0%, increase in net earnings resulted from increases of $297,000, or 28.8%, in net interest income, and $27,000, or 16.5%, in other income, which were partially offset by increases of $136,000, or 15.3%, in general, administrative and other expenses, $54,000, or 51.4%, in the provision for federal income taxes, and $30,000 in the provision for losses on loans. The increase in net interest income was due to an increase in average loans outstanding and an increase in the lending rates during the period which was partially offset by a gradual increase in the cost of new and re-pricing deposits during the period. The increase in general, administrative and other expense was due primarily to increases in other operating expenses and data processing expenses. Other operating expenses increased as a result of the withdrawal from the going private transaction on September 15, 2005, advertising expense and other pro-rata increases. FFD Financial Corporation reported total assets at September 30, 2005 of $155.3 million, total liabilities of $137.7 million, including deposits of $112.2 million, and shareholders' equity of $17.6 million. FFD Financial Corporation is traded on the NASDAQ SmallCap Market under the symbol FFDF. First Federal Community Bank has full service offices in downtown Dover, downtown New Philadelphia and on the Boulevard in Dover, and has loan production offices in Coshocton and Sugarcreek. The Corporation maintains an interactive web site at www.onlinefirstfed.com. FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) September 30, June 30, ASSETS 2005 2005 (unaudited) Cash and cash equivalents $ 9,647 $ 7,785 Investment securities 3,461 3,485 Mortgage-backed securities 692 720 Loans receivable 136,517 131,493 Other assets 4,959 5,112 ---------- ---------- Total assets $ 155,276 $ 148,595 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $ 112,234 $ 111,495 Borrowings 23,786 17,880 Other liabilities 1,656 1,782 ---------- ---------- Total liabilities 137,676 131,157 Shareholders' equity 17,600 17,438 ---------- ---------- Total liabilities and shareholders' equity $ 155,276 $ 148,595 ========== ========== FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Three months ended September 30, 2005 2004 Total interest income $ 2,163 $ 1,612 Total interest expense 834 580 -------- -------- Net interest income 1,329 1,032 Provision for losses on loans 30 0 -------- -------- Net interest income after provision for losses on loans 1,299 1,032 Other income 191 164 General, administrative and other expense 1,023 887 -------- -------- Earnings before income taxes 467 309 Federal income taxes 159 105 -------- -------- NET EARNINGS $ 308 $ 204 ======== ======== EARNINGS PER SHARE Basic $ .26 $ .18 ======== ======== Diluted $ .26 $ .17 ======== ========