Date: January 23, 2017
FOR IMMEDIATE RELEASE:CONTACT:
Trent B. Troyer, President & CEO Greg W. Dorris, Vice President & Chief Financial Officer 330-364-7777 or trent@onlinefirstfed.com 330-364-7777 or gdorris@onlinefirstfed.com
FFD Financial Corporation Reports Increased Net Earnings For The Three-and Six-Month Periods Ended December 31, 2016DOVER, OHIO - FFD Financial Corporation (OTC: 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, 2016. Net earnings for the quarter ended December 31, 2016, were $993,000, or diluted earnings per share of $1.00, an increase of $191,000, or 23.82%, from the $802,000, or $0.81 per diluted share, reported for the comparable three- month period in 2015. Net earnings for the six months ended December 31, 2016, were $2.2 million, or diluted earnings per share of $2.24; an increase of $644,000, or 40.89%, from the $1.58 million, or $1.59 per diluted share, of net earnings for the comparable six-month period in 2015.
Items to note:
Net Loans increased $22.0 million or 9.2% to $261.1 million at December 31, 2016 from $239.0 million as of June 30, 2016 as a result of strong loan demand;
Net interest income for the quarter and six-months ending December 31, 2016 increased $217,000 or 8.96% and $459,000 or 9.66% respectively, compared to the same period in 2015 primarily as a result of decreased interest expense on deposits and borrowings and increased revenue from loans;
Noninterest income for the quarter and six-months ending December 31, 2016 increased $15,000 or 3.68% and $507,000 or 63.38% respectively compared the same periods in 2015. Increases for the quarter are primarily as a result of increases in mortgage banking income and bank owned life insurance; and increases for the six month period also include gain on sale of securities.
The Bank continued to experience excellent credit quality as delinquency as a percentage of total loans was 0.47% for the three month period ending December 31, 2016 and net charge offs to total loans for the quarter was -0.01%.
Total assets were $318.7 million at December 31, 2016, an increase of $26.1 million, or 8.9%, over the June 30, 2016 balance of $292.6 million. Total deposits are up by $12.0 million, while borrowed funds are up $13.1 million. The allowance for loan losses as a percentage of total loans was 1.15% at December 31, 2016 and 1.18% at June 30, 2016. Shareholders' equity was $28.4 million at December 31, 2016, an increase of $1.0 million over the June 30, 2016 balance of $27.4 million.
Notable key ratios: return on average assets (ROAA) of 1.29%, and 1.47%, and return on average equity (ROAE) of 14.06%, and 15.87%, for the three and six month periods ending December 31, 2016 respectively. As of December 31, 2016 the current book value is $28.63 per share compared to $27.59 at June 30, 2016. The closing share price at quarter-end was $33.50, which represents a price to book trading ratio of 1.17.
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
FFD Financial Corporation CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(In thousands)
December 31, June 30, ASSETS 2016 2016(unaudited)
Cash and cash equivalents | $ 22,969 | $ 17,614 |
Certificates of deposits in other financial institutions | $ 650 | $ 650 |
Investment securities available for sale | 16,733 | 18,447 |
Investment securities held to maturity | 5 | 15 |
Loans receivable, net | 261,089 | 239,043 |
Loans held for sale | 636 | 1,598 |
Other assets | 16,570 | 15,215 |
Total assets | $ 318,652 | $ 292,582 |
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits | $ 262,373 | $ 250,422 |
Borrowings | 24,983 | 11,845 |
Other liabilities | 2,901 | 2,958 |
Total liabilities | 290,257 | 265,225 |
Shareholders' equity | 28,395 | 27,357 |
Total liabilities and shareholders' equity | $ 318,652 | $ 292,582 |
(In thousands, except share data)
Six months ended December 31, | Three months ended December 31, | |||
2016 2015 (unaudited) | 2016 2015 (unaudited) | |||
Total interest income | $ 5,767 $ 5,386 | $2,915 $2,726 | ||
Total interest expense | 555 633 | 277 305 | ||
Net interest income | 5,212 4,753 | 2,638 2,421 | ||
Provision for losses on loans Net interest income after provision for losses on loans | 155 62 5,057 4,691 | 70 41 2,568 2,380 | ||
Noninterest income | 1,307 800 | 423 408 | ||
Noninterest expense | 3,308 3,209 | 1,649 1,642 | ||
Earnings before income taxes | 3,056 2,282 | 1,342 1,146 | ||
Federal income taxes | 837 707 | 349 344 | ||
NET EARNINGS | $ 2,219 $ 1,575 | $ 993 $ 802 | ||
EARNINGS PER SHARE | ||||
Basic | $ 2.24 | $ 1.59 | $ 1.00 | $ 0.81 |
Diluted | $ 2.24 | $ 1.59 | $ 1.00 | $ 0.81 |
FFD Financial Corporation published this content on 23 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2017 23:10:08 UTC.
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