FFD Financial Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 22, 2017
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FFD Financial Corporation announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2016. For the quarter, the company’s net earnings were $0.993 million, or $1.00 per basic and diluted share, an increase of $0.191 million, or 23.82%, from net earnings of $0.802 million, or $0.81 per basic and diluted share, reported for the comparable three- month period in 2015. Total interest income was $2.915 million against $2.726 million a year ago. Net interest income was $2.638 million against $2.421 million a year ago. Net interest income after provision for losses on loans was $2.658 million against $2.380 million a year ago. Earnings before income taxes were $1.342 million against $1.146 million a year ago. Return on average assets (ROAA) was 1.29%. Return on average equity (ROAE) was 14.06%.
For the six months, the company’s net earnings were $2.219 million, or $2.24 per basic and diluted share, an increase of $0.644 million, or 40.89%, net earnings of $1.575 million, or $1.59 per basic and diluted share for the comparable six-month period in 2015. Total interest income was $5.767 million against $5.386 million a year ago. Net interest income was $5.212 million against $4.753 million a year ago. Net interest income after provision for losses on loans was $5.057 million against $4.691 million a year ago. Earnings before income taxes were $3.056 million against $2.282 million a year ago. Net interest income for the quarter and six-months ending December 31, 2016 increased $0.217 million or 8.96% and $0.459 million 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. Return on average assets (ROAA) was 1.47%. Return on average equity (ROAE) was 15.87%. As of December 31, 2016 the current book value was $28.63 per share compared to $27.59 at June 30, 2016.
FFD Financial Corporation is a bank holding company for First Federal Community Bank (the Bank). The Company also has a limited purpose property and casualty insurance company subsidiary, FFD Risk Management, Inc. The Bank conducts general banking business in its market area of Tuscarawas, Holmes and contiguous counties in Ohio which consists primarily of attracting deposits from the general public and applying those funds to the origination of loans for residential, consumer and nonresidential purposes. The Bankâs personal banking services includes personal checking, debit card, credit cards, personal savings, personal loans and account services. Its business banking includes business checking, business debit card, business credit cards, business savings, business loans, account services and cash management. The Bank offers various loans and mortgages, including home mortgage loans, personal loans, credit cards, business loans and business credit cards.