This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

FFD Financial Corporation Reports Net Earnings For The Quarter And Fiscal Year Ended June 30, 2010

DOVER, Ohio, Aug. 2, 2010 (GLOBE NEWSWIRE) -- FFD Financial Corporation (Nasdaq:FFDF), parent company of First Federal Community Bank, Dover, Ohio, reported net earnings for the three months ended June 30, 2010, of $356,000, or diluted earnings per share of $.35, compared to the $322,000, or $.32, per diluted share, reported for the comparable three-month period in 2009. The $34,000, or 10.6%, increase in net earnings resulted from increases of $283,000, or 18.6%, in net interest income and $4,000, or 1.3%, in other income, which were partially offset by increases of $163,000, or 223.3%, in the provision for losses on loans, $71,000, or 5.6%, in general, administrative and other expenses and $19,000, or 11.4%, in the provision for federal income taxes.

Net earnings for the fiscal year ended June 30, 2010, decreased $98,000, or 9.3%, to $959,000, or diluted earnings per share of $.95, compared to the $1.1 million, or $1.02 per diluted share, reported in the fiscal year ended June, 30 2009. The decrease in net earnings resulted from increases of $533,000, or 10.8%, in general, administrative and other expenses and $104,000, or 23.4%, in the provision for losses on loans, which were partially offset by increases of $357,000, or 5.7%, in net interest income and $125,000, or 16.9%, in other income, and a decrease of $57,000, or 10.1%, in the provision for federal income taxes.

The increase in net interest income for the fiscal year was primarily due to the costs of new and repricing deposits declining faster than the yields on interest earning assets. Borrowing costs decreased period to period due to decreases in the average balance outstanding, which was partially offset by an increase in the average cost of borrowings. The decrease in the average balance period to period was due to the use of excess liquidity to repay certain Federal Home Loan Bank advances and borrowings under a credit line with another financial institution. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
FFDF $26.01 -1.81%
AAPL $132.65 1.82%
FB $81.91 0.47%
GOOG $555.37 -1.71%
TSLA $231.55 6.01%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs