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Articles 

FFD Financial Corp. Reports Operating Results (10-Q)

February 14, 2012 | About:

FFD Financial Corp. (FFDF) filed Quarterly Report for the period ended 2011-12-31.

Ffd Financial Corp. has a market cap of $15 million; its shares were traded at around $14.73 with a P/E ratio of 10.4 and P/S ratio of 1.3. The dividend yield of Ffd Financial Corp. stocks is 4.6%. Ffd Financial Corp. had an annual average earning growth of 13.7% over the past 10 years.

Highlight of Business Operations:

The Corporation s net earnings totaled $822,000 for the six months ended December 31, 2011, an increase of $91,000, or 12.5%, from the net earnings of $731,000 recorded in the comparable period in 2010. The increase in net earnings resulted from an increase of $245,000, or 6.5%, in net interest income and a decrease of $126,000, or 23.7%, in the provision for losses on loans, which were partially offset by a decrease of $80,000, or 11.3%, in noninterest income and increases of $153,000, or 5.4%, in noninterest expenses and $47,000, or 12.3%, in the provision for federal income taxes.

Noninterest income totaled $628,000 for the six months ended December 31, 2011, a decrease of $80,000, or 11.3%, from the 2010 total. Net gain on sale of loans decreased by $114,000, or 21.3%, to $421,000 for the six months ended December 31, 2011, compared to $535,000 for the six months ended December 31, 2010. The decrease in gain on sale of loans resulted from a 35.7% decrease in loans sold into the secondary mortgage market due to a significant decline in the number of newly originated and refinanced loans in the current economic climate. Service charges on deposit accounts increased by $30,000, or 16.7%, to $210,000 for the six months ended December 31, 2011, compared to $180,000 for the same period in 2010. Mortgage servicing revenue increased $5,000 in 2011 compared to the same period in 2010.

The Corporation s net earnings totaled $454,000 for the three months ended December 31, 2011, an increase of $137,000, or 43.2%, from the net earnings of $317,000 recorded in the comparable period in 2010. The increase in net earnings resulted from increases of $96,000, or 4.9%, in net interest income and a decrease of $183,000, or 52.9%, in the provision for losses on loans, which were partially offset by increases of $76,000, or 5.3%, in noninterest expenses and $70,000, or 41.9%, in the provision for federal income taxes.

Noninterest income totaled $331,000 for the three months ended December 31, 2011, an increase of $4,000, or 1.2%, from the 2010 total. Net gain on sale of loans decreased by $17,000, or 6.2%, to $258,000 for the three months ended December 31, 2011, compared to $275,000 for the three months ended December 31, 2010. The decrease in gain on sale of loans resulted from a 22.4% decrease in loans sold into the secondary mortgage market due to a significant decline in the number of newly originated and refinanced loans in the current economic climate. Service charges on deposit accounts increased by $15,000, or 17.4%, to $101,000 for the three months ended December 31, 2011, compared to $86,000 for the same period in 2010. Mortgage servicing revenue decreased $6,000 in 2011 compared to the same period in 2010.

The Corporation recorded a provision for federal income taxes totaling $237,000 for the three months ended December 31, 2011, an increase of $70,000, or 41.9%, over the same period in 2010. The increase resulted from a $207,000, or 42.8%, increase in earnings before taxes. The Corporation s effective tax rates were 34.3% and 34.2%, for the three-month periods ended December 31, 2011 and 2010, respectively.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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