EX-99 2 ffd-x99.txt EXHIBIT 99 EXHIBIT 99 ---------- October 30, 2006 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, 2006 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, 2006, of $442,000, or per share diluted earnings of $.37, compared to net earnings of $308,000, or $.26 per diluted share reported for the comparable three-month period in 2005. The $134,000, or 43.5%, increase in net earnings resulted from an increase of $296,000, or 22.3%, in net interest income which was partially offset by increases of $70,000, or 44.0%, in the provision for federal income taxes, $37,000, or 3.6%, in general, administrative and other expenses, $33,000, or 110.0%, in the provision for losses on loans, and a decrease of $22,000 or 11.5% in other income. The increase in net interest income was primarily due to increases in yields and average balances of loans receivable and other interest-earning assets, which were partially offset by increases in the cost of new and repricing deposits during the period. Borrowing costs decreased period to period because decreases in the average balance outweighed the increase in interest rates. The increase in general, administrative and other expense was due primarily to growth in the Corporation's operations year over year. The decrease in other income was the result of a $26,000 decline in mortgage banking income from a continued soft residential mortgage market and the absence of a $16,000 pre-tax gain from a holdback payment recorded in 2005 from the sale of stock in Intrieve, Incorporated, which were partially offset by an increase of $20,000 in service charges and other fee income. FFD Financial Corporation reported total assets at September 30, 2006 of $160.5 million, total liabilities of $141.6 million, including deposits of $126.3 million, and shareholders' equity of $19.0 million. 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 and on the Boulevard in Dover, and limited service 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 2006 2006 (unaudited) Cash and cash equivalents $ 9,537 $ 7,692 Investment securities 3,431 3,353 Mortgage-backed securities 406 561 Loans receivable 142,166 144,556 Other assets 4,997 5,071 -------- -------- Total assets $160,537 $161,233 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits $126,275 $121,919 Borrowings 12,931 18,428 Other liabilities 2,408 2,523 -------- -------- Total liabilities 141,614 142,870 Shareholders' equity 18,923 18,363 -------- -------- Total liabilities and shareholders' equity $160,537 $161,233 ======== ======== FFD Financial Corporation ------------------------- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except share data) Three months ended September 30, 2006 2005 Total interest income $2,744 $2,163 Total interest expense 1,119 834 ------ ------ Net interest income 1,625 1,329 Provision for losses on loans 63 30 ------ ------ Net interest income after provision for losses on loans 1,562 1,299 Other income 169 191 General, administrative and other expense 1,060 1,023 ------ ------ Earnings before income taxes 671 467 Federal income taxes 229 159 ------ ------ NET EARNINGS $ 442 $ 308 ====== ====== EARNINGS PER SHARE Basic $.37 $.26 ====== ====== Diluted $.37 $.26 ====== ======