FFD Financial Corp. (FFDF, Financial) filed Annual Report for the period ended 2009-06-30.
FFD Financial Corporation is a savings and loan holding company which owns all of the issued and outstanding common shares of First Federal Savings Bank of Dover now known as First Federal Community Bank a federal savings bank. Ffd Financial Corp. has a market cap of $14.79 million; its shares were traded at around $12.75 with a P/E ratio of 14.35 and P/S ratio of 1.32. The dividend yield of Ffd Financial Corp. stocks is 4.64%. Ffd Financial Corp. had an annual average earning growth of 11.8% over the past 5 years.
Regulations limit the amount that First Federal may lend in relationship to the appraised value of the real estate securing the loan, as determined by an appraisal at the time of loan origination. Lending policies of First Federal limit the maximum loan amount as it relates to the value of the property (Loan-to-Value Ratio or LTVs). The maximum LTV without private mortgage insurance is 80% of the lesser of the appraised value or the purchase price of the property. However, First Federal makes loans in excess of 80% LTV on owner occupied single family, duplex and three- to four-family properties with private mortgage insurance. First Federal also has adjustable rate loans for owner occupied properties with LTVs up to 89% and an affordable housing loan program under which it originates a small number of adjustable rate loans with LTVs of up to 95%, each without private mortgage insurance. For non owner occupied one- to two-family and three- to four-family properties, fixed rate loans with LTVs of 90% and 75%, respectively, are available with private mortgage insurance. For non owner occupied properties with a maximum LTV of 85%, adjustable rate loans are available without private mortgage insurance.
Included in one- to four-family loans are lines of credit secured by a mortgage on the borrowers principal residence. Typically, home equity lines of credit, when added to any prior indebtedness secured by the real estate, do not exceed 89% of the estimated value of the real estate. For borrowers with high credit ratings, First Federal originates a small number of home equity lines of credit up to 95%. First Federals home equity loans have terms of up to 15 years. Premier lines of credit to certain limited high net worth borrowers are made for amounts which may exceed the estimated value of the underlying real estate. The interest rates charged by First Federal on home equity loans adjust monthly and are tied to the base rate on corporate loans, posted by at least 75% of the nations 30 largest banks, as reported in The Wall Street Journal. At June 30, 2009, First Federals one- to four-family residential real estate loan portfolio included $13.3 million in home equity loans.
Nonresidential Real Estate and Land Loans. First Federal makes loans secured by nonresidential real estate such as retail stores, office buildings and other commercial properties, with terms of up to 20 years and a maximum LTV of 85%. First Federal also makes loans secured by improved and unimproved lots for the construction of single-family residences. Unimproved land and lot loans have terms of up to five years and a maximum LTV of 65%. Improved lot loans have terms of up to five years and a maximum LTV of 80%.
At June 30, 2009, First Federal had a total of $72.2 million, or 43.1% of total loans, invested in nonresidential real estate and land loans. Federal regulations limit the amount of nonresidential mortgage and land loans which First Federal may make to 400% of its capital. At June 30, 2009, nonresidential mortgage and land loans totaled 369% of First Federals capital.
At June 30, 2009, First Federal had approximately $17.7 million, or 10.6% of total loans, invested in commercial loans. OTS regulations limit the amount of First Federals commercial loans to 20% of First Federals total assets, provided that amounts in excess of 10% may only be used for small business loans. At June 30, 2009, First Federal complied with these limits.
Read the The complete Report
FFD Financial Corporation is a savings and loan holding company which owns all of the issued and outstanding common shares of First Federal Savings Bank of Dover now known as First Federal Community Bank a federal savings bank. Ffd Financial Corp. has a market cap of $14.79 million; its shares were traded at around $12.75 with a P/E ratio of 14.35 and P/S ratio of 1.32. The dividend yield of Ffd Financial Corp. stocks is 4.64%. Ffd Financial Corp. had an annual average earning growth of 11.8% over the past 5 years.
Highlight of Business Operations:
First Federal offers adjustable-rate mortgage loans (ARMs) for terms up to 30 years. The interest rate adjustment periods on the ARMs are one year, three years or five years. Typically, most of First Federals ARMs adjust after one-year. The rates on ARMs are tied to the average monthly mortgage contract rate for previously occupied homes published by the Federal Housing Finance Board. The maximum allowable adjustment at each adjustment date is 2%. A limited number of First Federals ARMs have a maximum adjustment of 6% over the term of the loan.Regulations limit the amount that First Federal may lend in relationship to the appraised value of the real estate securing the loan, as determined by an appraisal at the time of loan origination. Lending policies of First Federal limit the maximum loan amount as it relates to the value of the property (Loan-to-Value Ratio or LTVs). The maximum LTV without private mortgage insurance is 80% of the lesser of the appraised value or the purchase price of the property. However, First Federal makes loans in excess of 80% LTV on owner occupied single family, duplex and three- to four-family properties with private mortgage insurance. First Federal also has adjustable rate loans for owner occupied properties with LTVs up to 89% and an affordable housing loan program under which it originates a small number of adjustable rate loans with LTVs of up to 95%, each without private mortgage insurance. For non owner occupied one- to two-family and three- to four-family properties, fixed rate loans with LTVs of 90% and 75%, respectively, are available with private mortgage insurance. For non owner occupied properties with a maximum LTV of 85%, adjustable rate loans are available without private mortgage insurance.
Included in one- to four-family loans are lines of credit secured by a mortgage on the borrowers principal residence. Typically, home equity lines of credit, when added to any prior indebtedness secured by the real estate, do not exceed 89% of the estimated value of the real estate. For borrowers with high credit ratings, First Federal originates a small number of home equity lines of credit up to 95%. First Federals home equity loans have terms of up to 15 years. Premier lines of credit to certain limited high net worth borrowers are made for amounts which may exceed the estimated value of the underlying real estate. The interest rates charged by First Federal on home equity loans adjust monthly and are tied to the base rate on corporate loans, posted by at least 75% of the nations 30 largest banks, as reported in The Wall Street Journal. At June 30, 2009, First Federals one- to four-family residential real estate loan portfolio included $13.3 million in home equity loans.
Nonresidential Real Estate and Land Loans. First Federal makes loans secured by nonresidential real estate such as retail stores, office buildings and other commercial properties, with terms of up to 20 years and a maximum LTV of 85%. First Federal also makes loans secured by improved and unimproved lots for the construction of single-family residences. Unimproved land and lot loans have terms of up to five years and a maximum LTV of 65%. Improved lot loans have terms of up to five years and a maximum LTV of 80%.
At June 30, 2009, First Federal had a total of $72.2 million, or 43.1% of total loans, invested in nonresidential real estate and land loans. Federal regulations limit the amount of nonresidential mortgage and land loans which First Federal may make to 400% of its capital. At June 30, 2009, nonresidential mortgage and land loans totaled 369% of First Federals capital.
At June 30, 2009, First Federal had approximately $17.7 million, or 10.6% of total loans, invested in commercial loans. OTS regulations limit the amount of First Federals commercial loans to 20% of First Federals total assets, provided that amounts in excess of 10% may only be used for small business loans. At June 30, 2009, First Federal complied with these limits.
Read the The complete Report
