Date: January 21, 2016
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
DOVER, 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, 2015. Net earnings for the quarter ended December 31, 2015, were $802,000, or diluted earnings per share of $0.81, an increase of $115,000, or 16.74%, from the $687,000, or $0.69 per diluted share, reported for the comparable three- month period in 2014. Net earnings for the six months ended December 31, 2015, were $1.6 million, or diluted earnings per share of $1.59; an increase of $211,000, or 15.47%, from the $1.4 million, or $1.38 per diluted share, of net earnings for the comparable six-month period in 2014.
Items to note:
Net Loans increased $11.0 million or 5% to $230.7 million at December 31, 2015 from $219.7 million as of June 30, 2015 as a result of strong loan demand;
Investment securities available for sale increased $4.3 million or 28.6% from $15.1 million at June 30, 2015 to $19.4 million as of December 31, 2015;
Net interest income for the quarter and six-months ending December 31, 2015 increased $166,000 or 7.36%
and $267,000 or 5.95% respectively, compared to the same period in 2014 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, 2015 increased $42,000 or 11.48%
and $69,000 or 9.44% respectively compared the same periods in 2014. 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.
The Bank continued to experience excellent credit quality as delinquency as a percentage of total loans was 0.37% for the period ending December 31, 2015, similar to 0.58% for same period in 2014; and net charge offs to total loans for the quarter was 0.00%.
Total assets were $278.1 million at December 31, 2015, an increase of $5.4 million, or 2.0%, over the June 30, 2015 balance of $272.7 million. Total deposits are down by $4.9 million, while borrowed funds are up $8.3 million. The allowance for loan losses as a percentage of total loans was 1.20% at December 31, 2015 and 1.25% at June 30, 2015. Shareholders' equity was $25.9 million at December 31, 2015, an increase of $1.2 million over the June 30, 2015 balance of $24.8 million.
Notable key ratios: return on average assets (ROAA) of 1.17%, and 1.15%, and return on average equity (ROAE) of 12.50%, and 12.42%, for the three and six month periods ending December 31, 2015 respectively. As of December 31, 2015 the current book value is $26.19 per share compared to $24.98 at June 30, 2015. The closing share price at quarter-end was $27.50, which represents a price to book trading ratio of 1.05.
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)
(unaudited)
June 30, 2015Cash and cash equivalents
$ 12,570 $ 22,870
Investment securities available for sale 19,442 15,121
Investment securities held to maturity 17 19
Loans receivable, net 230,654 219,657
Loans held for sale 150 231
Other assets 15,276 14,810
Total assets $278,109 $272,708
Deposits $237,822 $242,697
Borrowings 11,420 3,164
Other liabilities 2,926 2,099
Total liabilities 252,168 247,960
Shareholders' equity 25,941 24,748
Total liabilities and shareholders' equity $278,109 $272,708
(In thousands, except share data)
Six months ended Three months ended December 31, December 31, 2015 2014 2014 2014Total interest income | $5,386 | $5,248 | $2,726 | $2,635 |
Total interest expense | 633 | 762 | 305 | 380 |
Net interest income | 4,753 | 4,486 | 2,421 | 2,255 |
Provision for losses on loans | 62 | 43 | 41 | 7 |
Net interest income after provision | ||||
for losses on loans | 4,691 | 4,443 | 2,380 | 2,248 |
Noninterest income | 800 | 731 | 408 | 366 |
Noninterest expense | 3,209 | 3,192 | 1,642 | 1,632 |
Earnings before income taxes | 2,282 | 1,982 | 1,146 | 982 |
Federal income taxes | 707 | 618 | 344 | 295 |
NET EARNINGS | $ 1,575 | $ 1,364 | $ 802 | $ 687 |
EARNINGS PER SHARE | ||||
Basic and Diluted | $1.59 | $1.38 | $.81 | $.69 |
(Unaudited) (Unaudited)
FFD Financial Corporation issued this content on 2016-01-21 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-21 21:46:07 UTC
Original Document: http://www.snl.com/irweblinkx/file.aspx?IID=102329&FID=1001206020
