Date: January 21, 2015
CONTACT:
Trent B. Troyer, President & CEO Greg W. Dorris, Vice President & Chief Financial Officer
330-364-7777 or trent@onlinefirstfed.com330-364-7777 or gdorris@onlinefirstfed.com
DOVER, OHIO - FFD Financial Corporation (OTCQB: FFDF), parent company of First Federal Community Bank, National Association, is pleased to report its unaudited earnings for the three and six months ended December 31, 2014. Net earnings for the quarter ended December 31, 2014, were
$687,000, or diluted earnings per share of $0.69, an increase of $46,000, or 7.18%, from the $641,000, or
$0.63 per diluted share, reported for the comparable three-month period in 2013. Net earnings for the six
months ended December 31, 2014, were $1.4 million, or diluted earnings per share of $1.38; an increase of
$177,000, or 14.91%, from the $1.2 million, or $1.16 per diluted share, of net earnings for the comparable
six-month period in 2013.
Items to note:
Net interest income for the quarter and six-months ending December 31, 2014 increased $56,000
or 2.55% and $154,000 or 3.59% respectively, compared to the same period in 2013 primarily as a
result of decreased interest expense on deposits and borrowings and increased revenue from loans
and securities;
Noninterest income for the quarter and six-months ending December 31, 2014 increased $45,000 or 14.02% and $99,000 or 15.66% respectively compared the same periods in 2013. Increases for the quarter are primarily as a result of increases in mortgage banking income, bank owned life insurance, and service charges on deposit accounts.
Total assets were $268.5 million at December 31, 2014, an increase of $14.4 million, or 5.7%, over the June 30, 2014 balance of $254.1 million. Net loans increased by 1.4% and total deposits grew by 6.0%. The allowance for loan losses as a percentage of total loans was 1.29% at December 31, 2014 and the same at June 30, 2014. Shareholders' equity was $23.8 million at December 31, 2014, an increase of $976,000 over the June 30, 2014 balance of $22.8 million.
Notable key ratios include return on average assets (ROAA) of 1.03%, and 1.04%, and return on average equity (ROAE) of 11.66%, and 11.70%, for the three and six month periods ending December 31, 2014 respectively. As of December 31, 2014 the current book value is $24.01 per share compared to $23.03 at June 30, 2014. The closing share price at quarter-end was $27.10, which represents a price to book trading ratio of 1.13.
FFD Financial Corporation is traded on the Over the Counter Markets under the symbol FFDF. First Federal Community Bank has full service offices in downtown Dover, downtown New Philadelphia, on the Boulevard in Dover, in Sugarcreek and in Berlin. First Federal earned a Bauer Financial 5-Star Superior rating, denoting the highest level of strength, safety, and performance. FFD maintains an interactive web site at www.onlinefirstfed.com
(In thousands)
December 31, June 30, ASSETS 2014 2014(Unaudited)
FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(In thousands, except share data)
Six months ended Three months ended December 31, December 31, 2014 2013 2014 2013
(Unaudited) (Unaudited)
EARNINGS PER SHARE
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