FFD Financial Corp. (FFDF, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ffd Financial Corp. has a market cap of $14.15 million; its shares were traded at around $14 with a P/E ratio of 15.38 and P/S ratio of 1.26. The dividend yield of Ffd Financial Corp. stocks is 4.86%.
The allowance for loan losses totaled $1.9 million at March 31, 2010, an increase of $239,000, or 14.1%, from June 30, 2009, and represented 1.08% of total loans on March 31, 2010 and 1.04% of total loans on June 30, 2009. The increase resulted from a provision of $312,000 and recoveries of $8,000, which were partially offset by charge-offs of $81,000. Nonaccrual loans were $2.2 million at March 31, 2010 and $949,000 at June 30, 2009, which represented 1.25% and .58% of loans receivable at those respective dates. Non-accruing non-residential mortgage loans increased by $1.1 million, one- to four-family properties secured by first liens increased by $96,000 and commercial and consumer loans increased by $93,000. Of the $2.2 million nonaccrual loans at March 31, 2010, $475,000 of the balances were guaranteed by a government agency. Of the $949,000 million nonaccrual loans at June 30, 2009, $533,000 of the balances were guaranteed by a government agency. Adjusting for the guaranteed portion, nonaccrual loans were $1.7 million at March 31, 2010 and $416,000 at June 30, 2009, which represented .98% and .26% of loans receivable at those respective dates. Delinquent loans to total loans were 2.12% on March 31, 2010 and 1.69% on June 30, 2009, due to an increase in non-residential properties delinquent 30-89 days, and one- to four-family properties secured by first liens and nonresidential mortgage loans on nonaccrual. Adjusting for the guaranteed portion, delinquent loans to total loans were 1.85% at March 31, 2010 and 1.36% at June 30, 2009. There were no loans past due over 90 days and still on accrual. Although the Corporation experienced increases in nonaccrual and delinquent loans from June 30, 2009 to March 31, 2010, management does not believe further increases in the allowance and related provision are necessary. Management has reviewed these loans for loss exposure and believe they are adequately collateralized in the event of foreclosure. The composition of the loan portfolio remained relatively the same from June 30, 2009 to March 31, 2010. Real estate loans consisting of residential real estate, one- to four-family and multifamily and nonresidential real estate and land make up most of the portfolio. Impaired loan balances were $3.7 million with an allowance of $591,000 and $1.8 million with an allowance of $413,000 at March 31, 2010 and June 30, 2009, respectively. Although management believes that the
Total interest income decreased $262,000, or 3.3%, to $7.7 million for the nine months ended March 31, 2010, compared to the same period in 2009. The decrease was due primarily to decreases on yields across all categories of interest earning assets, despite general increases in average balances outstanding. Interest income on loans decreased by $223,000, or 2.9%, due to a 54 basis point decrease in yield, which more than offset an increase of $9.6 million, or 6.1%, in the average loan portfolio balance outstanding. Interest income on investment securities decreased by $2,000, or 1.0%, to $198,000 due to a 152 basis point decrease in yield, which was partially offset by a $2.6 million, or 46.1%, increase in the average balance outstanding. Interest income on interest bearing deposits decreased $31,000, or 26.1%, to a total of $88,000 for the nine-months ended March 31, 2010, due to a 73 basis point decrease in yield, which was partially offset by a $989,000, or 13.0%, increase in the average balance outstanding. Interest income on mortgage-backed securities decreased by $6,000, or 46.2%, due to a decrease of $74,000, or 21.5%, in the average balance outstanding and a 144 basis point decrease in yield.
General, administrative and other expense totaled $4.2 million for the nine months ended March 31, 2010, an increase of $462,000, or 12.5%, compared to the same period in 2009. The increase in noninterest expense includes increases of $198,000, or 12.1%, in employee compensation and benefits, $79,000, or 76.7%, in FDIC insurance expense, $64,000, or 18.4%, in occupancy and equipment expense, $39,000, or 8.2%, in other operating expense, $29,000 in loss on sale of real estate owned, $24,000, or 9.1%, in data processing, $14,000, or 11.0%, in postage and stationary supplies, $14,000, or 15.2%, in advertising expense, $5,000, or 2.9%, in checking account maintenance expense, and $2,000, or 2.0%, in ATM processing, which were slightly offset by decreases of $5,000, or 2.5%, in professional and consulting fees and $1,000, or .58% in franchise tax. The increase in employee compensation was due to additional staffing in connection with the opening of the new Berlin, Ohio office. Portions of the increase in noninterest expense in advertising, postage and stationary supplies, occupancy and equipment expense and data processing were also the result of opening and marketing the new Berlin office.
Total interest income increased by $46,000, or 1.8%, to $2.6 million for the three months ended March 31, 2010, compared to the same period in 2009. Interest income on loans increased by $31,000, or 1.3%, due to an increase of $13.2 million, or 8.2%, in the average loan portfolio balance outstanding, which has partially offset by a 39 basis point decrease in yield. Interest income on investment securities increased by $18,000, or 31.0%, to a total of $76,000, due to a $3.2 million, or 56.7%, increase in the average balance outstanding, which was partially offset by a 59 basis point decrease in yield. Interest income on interest bearing deposits decreased by $1,000, or 3.3%, to a total of $29,000 for the three months ended March 31, 2010, due to a $3.5 million, or 40.3%, decrease in the average balance outstanding, and a 79 basis point increase in yield. Interest income on mortgage-backed securities decreased by $2,000, or 50.0%, due to a decrease of $115,000, or 29.2%, in the average balance outstanding and a 84 basis point decrease in yield.
General, administrative and other expense totaled $1.4 million for the three months ended March 31, 2010, an increase of $125,000, or 10.0%, compared to the same period in 2009. The increase in noninterest expense includes increases of $52,000, or 9.3%, in employee compensation and benefits, $25,000, or 20.8%, in occupancy and equipment expense, $17,000, or 37.0%, in FDIC insurance expense, $16,000, or 18.8%, in data processing, $14,000, in loss on sale of real estate owned, $11,000, or 21.6%, in professional and consulting fees, $5,000, or 16.7%, in ATM processing, $2,000, or 3.5%, in checking account maintenance expense, and $1,000, or 4.8%, in advertising expense, which were slightly offset by decreases of $15,000, or 8.5%, in other operating expense, $2,000, or 4.8%, in postage and stationary supplies and $1,000, or 1.7%, in franchise tax. The increase in employee compensation was due to additional staffing in connection with the opening of the new Berlin, Ohio office. Portions of the increase in noninterest expense in postage and stationary supplies, occupancy and equipment expense and data processing were also the result of opening and marketing the new Berlin office.
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Ffd Financial Corp. has a market cap of $14.15 million; its shares were traded at around $14 with a P/E ratio of 15.38 and P/S ratio of 1.26. The dividend yield of Ffd Financial Corp. stocks is 4.86%.
Highlight of Business Operations:
Loans receivable totaled $176.5 million at March 31, 2010, an increase of $15.0 million, or 9.3%, from the June 30, 2009 total. The portfolio of loans secured by one- to four-family residential real estate increased by $3.3 million, or 5.2%, to $66.2 million at March 31, 2010. Loans secured by nonresidential real estate and land totaled $72.2 million at June 30, 2009, compared to $79.5 million at March 31, 2010, an increase of $7.3 million, or 10.2%. Commercial loans totaled $17.7 million at June 30, 2009, compared to $19.9 million at March 31, 2010, an increase of $2.2 million, or 12.4%. Loan originations during the period totaling $69.4 million were partially offset by principal repayments of $53.2 million, adjustments to the allowance for loan losses and net unamortized fees and costs. During the nine-month period ended March 31, 2010, loan originations were comprised of $37.0 million of one- to four-family residential real estate loans, $24.0 million of nonresidential real estate loans, $2.7 million of consumer loans, $4.0 million of commercial loans, and $1.7 million of multifamily real estate loans. Nonresidential real estate and commercial lending generally involve a higher degree of risk than one- to four-family residential real estate lending due to the relatively larger loan amounts and the effects of general economic conditions on the successful operation of income-producing properties and businesses. The Corporation endeavors to reduce this risk by evaluating the credit history and past performance of the borrower, the location of the real estate, the quality of the management operating the property or business, the debt service ratio, the quality and characteristics of the income stream generated by the property or business and appraisals supporting the real estate or collateral valuation.The allowance for loan losses totaled $1.9 million at March 31, 2010, an increase of $239,000, or 14.1%, from June 30, 2009, and represented 1.08% of total loans on March 31, 2010 and 1.04% of total loans on June 30, 2009. The increase resulted from a provision of $312,000 and recoveries of $8,000, which were partially offset by charge-offs of $81,000. Nonaccrual loans were $2.2 million at March 31, 2010 and $949,000 at June 30, 2009, which represented 1.25% and .58% of loans receivable at those respective dates. Non-accruing non-residential mortgage loans increased by $1.1 million, one- to four-family properties secured by first liens increased by $96,000 and commercial and consumer loans increased by $93,000. Of the $2.2 million nonaccrual loans at March 31, 2010, $475,000 of the balances were guaranteed by a government agency. Of the $949,000 million nonaccrual loans at June 30, 2009, $533,000 of the balances were guaranteed by a government agency. Adjusting for the guaranteed portion, nonaccrual loans were $1.7 million at March 31, 2010 and $416,000 at June 30, 2009, which represented .98% and .26% of loans receivable at those respective dates. Delinquent loans to total loans were 2.12% on March 31, 2010 and 1.69% on June 30, 2009, due to an increase in non-residential properties delinquent 30-89 days, and one- to four-family properties secured by first liens and nonresidential mortgage loans on nonaccrual. Adjusting for the guaranteed portion, delinquent loans to total loans were 1.85% at March 31, 2010 and 1.36% at June 30, 2009. There were no loans past due over 90 days and still on accrual. Although the Corporation experienced increases in nonaccrual and delinquent loans from June 30, 2009 to March 31, 2010, management does not believe further increases in the allowance and related provision are necessary. Management has reviewed these loans for loss exposure and believe they are adequately collateralized in the event of foreclosure. The composition of the loan portfolio remained relatively the same from June 30, 2009 to March 31, 2010. Real estate loans consisting of residential real estate, one- to four-family and multifamily and nonresidential real estate and land make up most of the portfolio. Impaired loan balances were $3.7 million with an allowance of $591,000 and $1.8 million with an allowance of $413,000 at March 31, 2010 and June 30, 2009, respectively. Although management believes that the
Total interest income decreased $262,000, or 3.3%, to $7.7 million for the nine months ended March 31, 2010, compared to the same period in 2009. The decrease was due primarily to decreases on yields across all categories of interest earning assets, despite general increases in average balances outstanding. Interest income on loans decreased by $223,000, or 2.9%, due to a 54 basis point decrease in yield, which more than offset an increase of $9.6 million, or 6.1%, in the average loan portfolio balance outstanding. Interest income on investment securities decreased by $2,000, or 1.0%, to $198,000 due to a 152 basis point decrease in yield, which was partially offset by a $2.6 million, or 46.1%, increase in the average balance outstanding. Interest income on interest bearing deposits decreased $31,000, or 26.1%, to a total of $88,000 for the nine-months ended March 31, 2010, due to a 73 basis point decrease in yield, which was partially offset by a $989,000, or 13.0%, increase in the average balance outstanding. Interest income on mortgage-backed securities decreased by $6,000, or 46.2%, due to a decrease of $74,000, or 21.5%, in the average balance outstanding and a 144 basis point decrease in yield.
General, administrative and other expense totaled $4.2 million for the nine months ended March 31, 2010, an increase of $462,000, or 12.5%, compared to the same period in 2009. The increase in noninterest expense includes increases of $198,000, or 12.1%, in employee compensation and benefits, $79,000, or 76.7%, in FDIC insurance expense, $64,000, or 18.4%, in occupancy and equipment expense, $39,000, or 8.2%, in other operating expense, $29,000 in loss on sale of real estate owned, $24,000, or 9.1%, in data processing, $14,000, or 11.0%, in postage and stationary supplies, $14,000, or 15.2%, in advertising expense, $5,000, or 2.9%, in checking account maintenance expense, and $2,000, or 2.0%, in ATM processing, which were slightly offset by decreases of $5,000, or 2.5%, in professional and consulting fees and $1,000, or .58% in franchise tax. The increase in employee compensation was due to additional staffing in connection with the opening of the new Berlin, Ohio office. Portions of the increase in noninterest expense in advertising, postage and stationary supplies, occupancy and equipment expense and data processing were also the result of opening and marketing the new Berlin office.
Total interest income increased by $46,000, or 1.8%, to $2.6 million for the three months ended March 31, 2010, compared to the same period in 2009. Interest income on loans increased by $31,000, or 1.3%, due to an increase of $13.2 million, or 8.2%, in the average loan portfolio balance outstanding, which has partially offset by a 39 basis point decrease in yield. Interest income on investment securities increased by $18,000, or 31.0%, to a total of $76,000, due to a $3.2 million, or 56.7%, increase in the average balance outstanding, which was partially offset by a 59 basis point decrease in yield. Interest income on interest bearing deposits decreased by $1,000, or 3.3%, to a total of $29,000 for the three months ended March 31, 2010, due to a $3.5 million, or 40.3%, decrease in the average balance outstanding, and a 79 basis point increase in yield. Interest income on mortgage-backed securities decreased by $2,000, or 50.0%, due to a decrease of $115,000, or 29.2%, in the average balance outstanding and a 84 basis point decrease in yield.
General, administrative and other expense totaled $1.4 million for the three months ended March 31, 2010, an increase of $125,000, or 10.0%, compared to the same period in 2009. The increase in noninterest expense includes increases of $52,000, or 9.3%, in employee compensation and benefits, $25,000, or 20.8%, in occupancy and equipment expense, $17,000, or 37.0%, in FDIC insurance expense, $16,000, or 18.8%, in data processing, $14,000, in loss on sale of real estate owned, $11,000, or 21.6%, in professional and consulting fees, $5,000, or 16.7%, in ATM processing, $2,000, or 3.5%, in checking account maintenance expense, and $1,000, or 4.8%, in advertising expense, which were slightly offset by decreases of $15,000, or 8.5%, in other operating expense, $2,000, or 4.8%, in postage and stationary supplies and $1,000, or 1.7%, in franchise tax. The increase in employee compensation was due to additional staffing in connection with the opening of the new Berlin, Ohio office. Portions of the increase in noninterest expense in postage and stationary supplies, occupancy and equipment expense and data processing were also the result of opening and marketing the new Berlin office.
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