<PAGE>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-KSB

(Mark One)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

                    For the fiscal year ended June 30, 2006

                                       OR

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

       For the transition period from ______________ to ________________

                        Commission file number: 0-27916

                           FFD FINANCIAL CORPORATION
                 ----------------------------------------------
                 (Name of small business issuer in its charter)

              Ohio                                      34-1921148
-------------------------------          ---------------------------------------
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
 incorporation of organization)

                  321 North Wooster Avenue, Dover, Ohio 44622
              ---------------------------------------------------
              (Address of principal executive offices) (Zip Code)

                   Issuer's telephone number:  (330) 364-7777
                                             ------------------

         Securities registered under Section 12(b) of the Exchange Act:

         Common Shares, without par value        NASDAQ Capital Market
         --------------------------------        ---------------------
               (Title of each class)             (Name of each exchange
                                                  on which registered)

         Securities registered under Section 12(g) of the Exchange Act:

                                      None
                                ----------------
                                (Title of class)

      Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes X  No
                                                                      ---   ---

      Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. [X]

      Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes    No X
                                               ---   ---

      The issuer's revenues for the fiscal year ended June 30, 2006, were $10.1
million.

      The aggregate market value of the voting stock held by non-affiliates of
the registrant, computed by reference to the average of the bid and asked
prices quoted by the NASDAQ Capital Market, was $15.5 million on September 20,
2006.

      1,212,872 of the issuer's common shares were issued and outstanding
                            on September 20, 2006.

                      DOCUMENTS INCORPORATED BY REFERENCE

  Part II of Form 10-KSB - Portions of the Annual Report to Shareholders for
  the fiscal year ended June 30, 2006. Part III of Form 10-KSB - Portions of
       the Proxy Statement for the 2006 Annual Meeting of Shareholders.

     Transitional Small Business Disclosure Format (check one): Yes    No X
                                                                   ---   ---
<PAGE>

                                     PART I

Item 1.  Description of Business

General

      FFD Financial Corporation ("FFD") an Ohio corporation formed in 1996, is
a savings and loan holding company which owns all of the issued and outstanding
common shares of First Federal Community Bank, a federal savings bank ("First
Federal").

      First Federal has conducted business in Tuscarawas County, Ohio since it
was incorporated in 1898 as an Ohio savings and loan association under the name
"Dover Building & Loan Company." First Federal obtained a federal savings and
loan charter in 1937 under the name "First Federal Savings & Loan Association."
In 1983, First Federal changed its charter to a federal savings bank charter
under the name "First Federal Savings Bank of Dover." In August 2001, First
Federal adopted its present name. First Federal presently conducts its business
from its main office in Dover, Ohio, branches in Dover and New Philadelphia,
Ohio and limited service offices in Coshocton and Sugarcreek, Ohio.

      FFD is subject to regulation and examination by the Office of Thrift
Supervision of the United States Department of the Treasury (the "OTS") and the
United States Securities and Exchange Commission (the "SEC"). First Federal is
subject to supervision and regulation by the OTS and the Federal Deposit
Insurance Corporation (the "FDIC"). First Federal's deposits are FDIC insured
up to applicable limits.

      First Federal's business involves attracting deposits from individual and
business customers and using these deposits to originate loans to individuals
and businesses in its primary market area, which consists of Tuscarawas and
contiguous counties in Ohio. First Federal provides deposit products including
checking, savings, money market and individual retirement accounts and
certificates of deposit. First Federal originates residential and home equity
loans, construction loans, nonresidential real estate loans, business loans,
and consumer loans. Loan funds are obtained primarily from deposits and loan
repayments. First Federal also obtains advances from the FHLB of Cincinnati
when other sources of funds are inadequate to fund loan demand. First Federal
also invests in U.S. Government agency obligations, interest-bearing deposits
in other financial institutions, mortgage-backed securities and other
investments permitted by applicable law. Additionally, First Federal provides
access to its products and services via the Internet at www.onlinefirstfed.com.

      Interest on loans, mortgage-backed securities and investments is First
Federal's primary source of income. First Federal's principal expense is
interest paid on deposit accounts and borrowings. Operating results are
dependent to a significant degree on First Federal's net interest income, which
is the difference between interest earned on loans, mortgage-backed securities
and other investments and interest paid on deposits and borrowings. Like most
thrift institutions, First Federal's interest income and interest expense are
significantly affected by general economic conditions and by the policies of
various regulatory authorities.

Lending Activities

      General. First Federal's principal lending activities are the origination
of real estate loans secured by one- to four-family residential properties,
nonresidential real estate loans, and commercial loans in First Federal's
primary market area. First Federal also originates loans secured by multifamily
properties containing five units or more, construction loans, and various types
of consumer loans.
<PAGE>

      Loan Portfolio Composition. The following table presents certain
information regarding the composition of First Federal's loan portfolio at the
dates indicated:

<TABLE>
<CAPTION>
                                                                At June 30,
                                   --------------------------------------------------------------------
                                           2006                    2005                    2004
                                   --------------------    --------------------    --------------------
                                                Percent                 Percent                 Percent
                                               of total                of total                of total
                                    Amount       loans      Amount       loans      Amount       loans
                                    ------     --------     ------     --------     ------     --------
                                                          (Dollars in thousands)
<S>                                <C>           <C>       <C>           <C>       <C>           <C>
One- to four-family (1)            $ 64,781       44.4%    $ 61,157       45.4%    $ 56,972       49.0%
Multifamily (1)                      10,120        6.9        9,082        6.7        6,056        5.2
Nonresidential and land (1)          48,337       33.1       42,763       31.8       34,968       30.1
Commercial - secured                 16,408       11.2       16,388       12.2       15,111       13.0
Commercial - unsecured                  273        0.2          279        0.2          269        0.2
Consumer                              5,969        4.1        4,896        3.6        2,769        2.4
Deferred loan origination costs         153        0.1          139        0.1          138        0.1
                                   --------      -----     --------      -----     --------      -----
    Total loans                     146,041      100.0%     134,704      100.0%     116,283      100.0%
                                                 =====                   =====                   =====
Less:
Undisbursed portion of loans
 in process                           1,647                   2,770                   1,216
Allowance for loan losses               752                     766                     779
                                   --------                --------                --------

    Loans receivable, net          $143,642                $131,168                $114,288
                                   ========                ========                ========

--------------------
(1)   Includes construction loans.
</TABLE>

      Loan Maturity Schedule. The following table sets forth certain
information as of June 30, 2006, regarding the dollar amount of loans maturing
in First Federal's portfolio based on their contractual terms to maturity.
Demand loans and loans having no stated schedule of repayments and no stated
maturity are reported as due in one year or less. Applicable deferred loan
origination costs are included in the amounts presented.

<TABLE>
<CAPTION>
                                Due during the year ending     Due 4-5    Due 6-10    Due 11-or more
                                         June 30,               years      years           years
                              -----------------------------     after      after           after
                               2007       2008       2009      6/30/06    6/30/06         6/30/06         Total
                              -------    -------    -------    -------    --------    --------------    --------
                                                                (In thousands)
<S>                           <C>        <C>        <C>        <C>         <C>            <C>           <C>
Residential real estate(1)    $10,347    $ 3,772    $ 4,041    $ 8,968     $28,652        $19,208       $ 74,988
Nonresidential and land         2,994      3,216      3,454      7,695      24,818          6,183         48,360
Commercial loans                6,779      7,323      2,622          -           -              -         16,724
Consumer loans                  1,935      1,493      1,624        917           -              -          5,969
                              -------    -------    -------    -------     -------        -------       --------
    Total loans               $22,055    $15,804    $11,741    $17,580     $53,470        $25,391       $146,041
                              =======    =======    =======    =======     =======        =======       ========

--------------------
(1)   Includes one- to four-family and multifamily loans.
</TABLE>

      The following table sets forth the dollar amount of all loans due after
June 30, 2007 which have fixed interest rates and which have floating or
adjustable interest rates:

                                              Due after June 30, 2007
                                              -----------------------
                                                   (In thousands)

         Fixed rate of interest                       $ 19,540
         Adjustable rate of interest                   104,446
                                                      --------
                                                      $123,986
                                                      ========

                                       2
<PAGE>

      One- to Four-Family Residential Real Estate Loans. First Federal makes
permanent conventional loans secured by first mortgages on existing one- to
four-family residences, primarily single-family residences, located in its
primary market area. First Federal also originates home equity loans secured by
mortgages on one- to four-family residential real estate. The aggregate amount
of First Federal's one- to four-family residential real estate loans was $64.8
million, or 44.4% of total loans, at June 30, 2006.

      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, although most of First Federal's ARMs are 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%. Some of First
Federal's ARMs have a maximum adjustment of 6% over the term of the loan.

      Adjustable-rate mortgage loans decrease First Federal's interest rate
risk but involve other risks, primarily credit risk, because as interest rates
rise, the payment by the borrower increases to the extent permitted by the
terms of the loan, thereby increasing the potential for default. At the same
time, the marketability of the underlying property may be adversely affected by
higher interest rates. First Federal believes that these risks have not had a
material adverse effect to date.

      First Federal originates fixed-rate loans with terms of up to 30 years,
although the majority of First Federal's fixed-rate loans are sold in the
secondary market.

      To a lesser extent, First Federal makes loans for the construction of
residential real estate. These loans are typically structured as permanent
loans with adjustable or fixed rates of interest and terms from 15 to 30 years.
Construction loans originated by First Federal are made to owner-occupants for
the construction of single-family homes by a general contractor and to
developers for the construction of single-family homes.

      Construction loans generally involve greater underwriting and default
risks than loans secured by mortgages on existing properties. First Federal
advances loan funds upon the security of the project under construction, which
is more difficult to value before the completion of construction. Because of
the uncertainties inherent in estimating construction costs, if a default on a
construction loan occurs and foreclosure follows, First Federal must take
control of the project and attempt either to arrange for completion of
construction or dispose of the unfinished project.

      OTS regulations limit the amount that First Federal may lend in
relationship to the appraised value of the real estate and improvements (the
"Loan-to-Value Ratio" or "LTV") at the time of loan origination. Most of First
Federal's one- to four-family loans have a LTV of 80% or less, although First
Federal will make first mortgage loans on one- to four-family residences with
LTVs up to 89%. First Federal also has an affordable housing loan program under
which it originates a small number of variable-rate loans with LTVs of up to
95%.

      Included in one- to four-family loans are lines of credit secured by a
mortgage on the borrower's 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. First Federal also
originates a small number of home equity lines of credit up to 95% for
borrowers with high credit ratings. Premier lines of credit to certain high net
worth borrowers are made for amounts which may exceed the estimated value of
the real estate. First Federal's home equity loans have terms of up to 15
years. 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 nation's 30 largest banks, as reported in The Wall Street Journal.
At June 30, 2006, First Federal's one- to four-family residential real estate
loan portfolio included $15.4 million in home equity loans.

      Multifamily Residential Real Estate Loans. First Federal originates loans
secured by multifamily properties containing five or more units. The majority
of these loans are made with adjustable interest rates and a maximum LTV of 85%
for terms of up to 20 years.

      Multifamily lending is generally considered to involve a higher degree of
risk because the loan amounts are larger and the borrower typically depends
upon income generated by the project to cover operating expenses and debt
service. The profitability of a project can be affected by economic conditions,
government policies and other factors beyond the control of the borrower. First
Federal attempts to reduce the risk associated with multifamily lending by
evaluating the creditworthiness of the borrower and the projected income from
the project and by obtaining personal guarantees on loans made to corporations,
partnerships and limited liability companies.

      At June 30, 2006, loans secured by multifamily properties totaled
approximately $10.1 million, or 6.9% of total loans.

                                       3
<PAGE>

      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 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%.

      Nonresidential real estate lending is generally considered to involve a
higher degree of risk than residential lending due to the relatively larger
loan amounts and the effects of general economic conditions, and/or on the
successful operation of income-producing properties. If, for example, leases
are not obtained or renewed, the cash flow on the property may be reduced and
the borrower's ability to repay may be impaired. First Federal has endeavored
to reduce such risk by evaluating the credit history and past performance of
the borrower, the location of the real estate, the quality of the management
constructing and operating the property, the debt service ratio, the quality
and characteristics of the income stream generated by the property, personal
guarantees and appraisals supporting the property's valuation.

      First Federal also originates loans for the construction of
nonresidential real estate. These loans are typically structured as permanent
loans with adjustable or fixed rates of interest and terms up to 20 years and
generally involve greater underwriting and default risks than do loans secured
by mortgages on existing properties. Because of the uncertainties inherent in
estimating construction costs, in the event a default on a construction loan
occurs and foreclosure follows, First Federal must take control of the project
and attempt either to arrange for completion of construction or dispose of the
unfinished project.

      At June 30, 2006, First Federal had a total of $48.3 million, or 33.1% 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, 2006, nonresidential
mortgage and land loans totaled 273% of First Federal's capital.

      Commercial Loans. First Federal makes commercial loans to businesses in
its primary market area which are secured by inventory, accounts receivable,
machinery, personal guarantees or other assets of the borrower. The LTV ratios
for commercial loans depend upon the nature of the underlying collateral, but
generally commercial loans are made with LTVs of not more than 85% and have
adjustable interest rates with terms up to 10 years.

      Commercial loans generally entail significantly greater risk than real
estate lending. The repayment of commercial loans is typically dependent on the
income stream and successful operation of a business, which can be affected by
general economic conditions.

      At June 30, 2006, First Federal had approximately $16.7 million, or 11.4%
of total loans, invested in commercial loans. OTS regulations limit the amount
of First Federal's commercial loans to 20% of First Federal's total assets,
provided that amounts in excess of 10% may only be used for small business
loans. At June 30, 2006, First Federal complied with this limit.

      Consumer Loans. First Federal makes various types of consumer loans,
including unsecured loans and loans secured by savings accounts, motor vehicles
and boats. Consumer loans are made at fixed or adjustable rates of interest.
Unsecured loans are made with terms of up to two years. Motor vehicle loans are
made with terms of up to five and a half years. Consumer loans may entail
greater credit risk than residential mortgage loans. The risk of default on
consumer loans increases during periods of recession, high unemployment and
other adverse economic conditions, and often the underlying collateral, such as
a vehicle, declines in value over time.

      At June 30, 2006, approximately $6.0 million, or 4.1% of First Federal's
total loans were invested in consumer loans.

      Loan Solicitation and Processing. Loan originations are developed from a
number of sources, including continuing business with depositors, borrowers and
real estate developers, newspaper, television, and radio advertisements,
solicitations by First Federal's lending staff, automobile and boat dealers,
word of mouth and walk-in customers.

      Loan applications for real estate loans are taken by First Federal's loan
personnel. First Federal typically obtains a credit report, verification of
income and other documentation concerning the creditworthiness of the borrower.
An appraisal or evaluation of the fair market value of the real estate which
will be given as security for the loan is prepared by a staff appraiser or a
fee appraiser approved by the Board of Directors. For construction loans, the
appraiser also evaluates the building plans, construction specifications and
estimates of construction costs, and First Federal evaluates the feasibility of
the proposed construction project and the experience and record of the builder.
Upon the completion of the appraisal or evaluation and the receipt of
information on the credit history of the borrower, the loan application is
submitted for review in accordance with First Federal's underwriting
guidelines.

                                       4
<PAGE>

      Loan applications for non-residential real estate loans are taken by
First Federal's loan personnel. First Federal typically obtains information
from the business entity and any guarantors that will include, as applicable,
personal and/or entity credit reports, tax returns, financial statements, and
other documentation concerning creditworthiness. An appraisal or evaluation of
the fair market value of the real estate which will be given as security for
the loan is prepared by a staff appraiser or a fee appraiser approved by the
Board of Directors. For construction loans, the appraiser also evaluates the
building plans, construction specifications and estimates of construction
costs, and First Federal evaluates the feasibility of the proposed construction
project and the experience and record of the builder. Upon the completion of
the appraisal or evaluation and the receipt of information on the credit
history of the borrower, the loan application is submitted for review in
accordance with First Federal's underwriting guidelines.

      Under First Federal's current loan guidelines, if a residential or
nonresidential real estate loan application is approved, First Federal usually
obtains title insurance on the real estate which will secure the mortgage loan.
In the past, First Federal used an attorney's opinion for single-family loans.
First Federal requires borrowers to carry satisfactory fire and casualty
insurance and, if applicable, flood insurance, and to name First Federal as an
insured mortgagee.

      Loan applications for commercial loans are taken by First Federal's loan
personnel. First Federal typically obtains information from the business entity
and any guarantors that will include, as applicable, personal and/or entity
credit reports, tax returns, financial statements, and other documentation
concerning creditworthiness. Documentation, an appraisal or an evaluation of
the fair market value of the collateral which will be given as security for the
loan is typically obtained. This can take the form of officer loan inspection,
book value, aging schedules, borrowing base reports, or appraisals prepared by
a staff appraiser or an industry field expert or dealer. Upon the completion of
the appraisal or evaluation and the receipt of information on the credit
history of the borrower, the loan application is submitted for review in
accordance with First Federal's underwriting guidelines.

      Consumer loans are underwritten on the basis of the borrower's credit
history and an analysis of the borrower's income and expenses, ability to repay
the loan and the value of the collateral, if any.

      Loan Originations, Purchases and Sales. Currently, First Federal
originates both adjustable-rate and fixed-rate loans for its portfolio. First
Federal sells a majority of its fixed-rate real estate loans to Freddie Mac,
and First Federal services the loan in exchange for a servicing fee. During the
year ended June 30, 2006, First Federal sold approximately $11.0 million in
loans to Freddie Mac and sold approximately $3.5 million in nonresidential
loans to other financial institutions.

      The following table presents the activity in First Federal's loan
portfolio for the periods indicated. First Federal occasionally purchases
participation interests in loans originated by other financial institutions.
During 2006, 2005, and 2004 loans originated include $2.0 million, $340,000 and
$1.2 million, respectively, in nonresidential real estate loans purchased from
other financial institutions.

<TABLE>
<CAPTION>
                                                       Year ended June 30,
                                                ---------------------------------
                                                 2006         2005         2004
                                                -------      -------      -------
                                                          (In thousands)

<S>                                             <C>          <C>          <C>
Loans originated:
  One- to four-family                           $38,312      $32,771      $36,182
  Construction                                    5,872        7,445        3,700
  Nonresidential and land                        17,340       16,898       11,589
  Commercial                                     10,721        4,799       16,744
  Consumer                                        4,651        4,665        1,626
                                                -------      -------      -------
    Total loans originated                       76,896       66,578       69,841

Principal repayments                             49,200       36,188       41,633
Loans sold                                       14,422       13,343       29,752
Increase (decrease) in other items, net (1)       (211)          (59)          83
                                                -------      -------      -------
Net increase (decrease) in loans receivable     $13,063      $16,988      $(1,461)
                                                =======      =======      =======

--------------------
(1)   Other items consist of amortization of deferred loan origination costs,
      the provision for losses on loans, transfers to real estate acquired
      through foreclosure, and the recognition and amortization of mortgage
      servicing rights.
</TABLE>

      OTS regulations limit the aggregate amount that a savings association may
lend to any one borrower to 15% of the association's total capital for
risk-based capital purposes plus, any loan loss reserves not already included
in total capital (the "Lending Limit Capital"). A savings association may loan
to one borrower an additional amount not to exceed 10% of the

                                       5
<PAGE>

association's Lending Limit Capital if the additional amount is fully secured
by certain forms of "readily marketable collateral." Real estate is not
considered "readily marketable collateral." In applying this limit, the
regulations require that loans to certain related or affiliated borrowers be
aggregated. In addition, the OTS may permit exceptions to the lending limit on
a case-by-case basis under certain circumstances.

      Based on the 15% limit, First Federal was able to lend approximately $2.8
million to one borrower at June 30, 2006. The largest amount First Federal had
outstanding to one borrower at June 30, 2006, was $2.2 million.

      Loan Origination and Other Fees. First Federal realizes loan origination
fees and other fee income from its lending activities, including late payment
charges, application fees and fees for other miscellaneous services. Loan
origination fees and other fees are a volatile source of income, varying with
the volume of lending, loan repayments and general economic conditions. All
nonrefundable loan origination fees and certain direct loan origination costs
are deferred and recognized as an adjustment to yield over the life of the
related loan.

      Delinquent Loans, Nonperforming Assets and Classified Assets. First
Federal endeavors to maintain a high level of asset quality through sound
underwriting and efficient collection practices. To discourage late payments,
First Federal charges a late fee of 5% of the payment amount after 15 days for
fixed-rate and ARM loans and 30 days for some older ARMs. When a loan is 30
days or more delinquent, the borrower is sent a delinquency notice. When a loan
is 60 days delinquent, First Federal may contact the borrower by telephone.
When a loan becomes 90 days delinquent, it is generally referred to an attorney
for foreclosure or collection, unless the Board of Directors authorizes
appropriate alternative payment arrangements to eliminate the arrearage. First
Federal bases a decision as to whether and when to initiate foreclosure or
collection proceedings on such factors as the amount of the outstanding loan in
relation to the original indebtedness, the extent of the delinquency and the
borrower's ability and willingness to cooperate in curing the delinquency.

      If a foreclosure or repossession occurs, the real estate or other
collateral is sold at public sale and may be purchased by First Federal. Real
estate acquired by First Federal as a result of foreclosure proceedings is
classified as real estate owned ("REO") until it is sold. When First Federal
acquires a property, or any other collateral, it initially records the property
or collateral at the lower of cost or fair value, less estimated selling costs.
First Federal records a loss provision if the collateral's fair value
substantially declines below the value determined at the recording date. In
determining the lower of cost or fair value at acquisition, costs relating to
development and improvement are capitalized. Costs relating to holding real
estate acquired through foreclosure, net of rental income, are charged against
earnings as incurred. First Federal had no REO at June 30, 2006.

      The following table reflects the amount of delinquent loans as of the
dates indicated:

<TABLE>
<CAPTION>
                                    June 30, 2006                   June 30, 2005                   June 30, 2004
                            ----------------------------    ----------------------------    ----------------------------
                                                Percent                         Percent                         Percent
                                                of total                        of total                        of total
                            Number    Amount     loans      Number    Amount     loans      Number    Amount     loans
                            ------    ------    --------    ------    ------    --------    ------    ------    -------
                                                                (Dollars in thousands)

<S>                           <C>     <C>         <C>         <C>     <C>         <C>         <C>     <C>         <C>
Loans delinquent for:
  30 - 59 days                22      $  368       .25%       13      $  210      0.16%        6      $  157      0.13%
  60 - 89 days                14         506       .35%       15         484      0.36%       11         474      0.41%
  90 days and over            17         492       .34%       16         685      0.51%       14         741      0.64%
                              --      ------       ----       --      ------      ----        --      ------      ----
Total delinquent loans        53      $1,366      0.94%       44      $1,379      1.03%       31      $1,372      1.18%
                              ==      ======      ====        ==      ======      ====        ==      ======      ====
</TABLE>

      Nonperforming assets include nonaccruing loans, real estate acquired by
foreclosure or by deed-in-lieu of foreclosure, and repossessed assets. First
Federal stops accruing interest on real estate loans that are delinquent 90
days or more. Interest accrual may stop before a loan is 90 days delinquent if,
in the opinion of management, the collateral value is not adequate to cover the
outstanding principal and interest. First Federal places a loan on nonaccrual
status when, in management's judgment, the collection of interest contractually
past due is unlikely.

                                       6
<PAGE>

      The following table sets forth information with respect to First
Federal's nonaccruing, impaired and nonperforming loans and nonperforming
assets at the dates indicated.

                                                        At June 30,
                                               ----------------------------
                                                2006       2005       2004
                                               ------     ------     ------
                                                  (Dollars in thousands)

Impaired nonperforming loans                   $  108     $  440     $  370
Impaired performing loans                         780        533        404
                                               ------     ------     ------

    Total impaired loans                          888        973        774

Other nonperforming loans                         383        243        370
                                               ------     ------     ------

    Total nonperforming and impaired loans      1,271      1,216      1,144

Real estate acquired through foreclosure            -          -          -
                                               ------     ------     ------

    Total nonperforming and impaired assets    $1,271     $1,216     $1,144
                                               ======     ======     ======

Total nonperforming and impaired loans
 as a percent of total loans                     0.86%      0.90%      0.98%

Allowance for loan losses as a percent
 of nonperforming and impaired loans            59.17%     62.99%     68.09%

Total nonperforming and impaired assets
 to total assets                                 0.79%      0.82%      0.84%

      For the year ended June 30, 2006, interest income of $46,000 would have
been recorded on nonaccruing loans had they been accruing pursuant to
contractual terms. No interest income was recorded on such loans during the
year.

      OTS regulations require that each thrift institution classify its own
assets on a regular basis. Problem assets are classified as "substandard,"
"doubtful" or "loss." "Substandard" assets have one or more defined weaknesses
and are characterized by the distinct possibility that the insured institution
will sustain some loss if the deficiencies are not corrected. "Doubtful" assets
have the same weaknesses as "substandard" assets, with the additional
characteristics that (i) the weaknesses make collection or liquidation in full
on the basis of currently existing facts, conditions and values questionable
and (ii) there is a high possibility of loss. An asset classified as "loss" is
considered uncollectible and of such little value that its continuance as an
asset of the institution is not warranted. If an asset, or portion thereof, is
classified as loss, the association must either establish a specific allowance
for losses in the amount of 100% of the portion of the asset classified as loss
or charge-off such amount. OTS regulations also contain a "special mention"
category, consisting of assets which do not currently expose an institution to
a sufficient degree of risk to warrant classification but which possess credit
deficiencies or potential weaknesses deserving management's close attention. At
June 30, 2006, First Federal had $3.1 million in special mention assets.

      The aggregate amounts of First Federal's classified assets at the dates
indicated were as follows:

                                               At June 30,
                                      ----------------------------
                                       2006        2005       2004
                                      ------      ------      ----
                                             (In thousands)
          Classified assets:
            Substandard               $  993      $1,041      $415
            Doubtful                     184         108       534
                                      ------      ------      ----
            Total                     $1,177      $1,149      $949
                                      ======      ======      ====

      Federal examiners are authorized to classify an association's assets. If
the association does not agree with an examiner's classification of an asset,
it may appeal the determination to the OTS Regional Director. First Federal had
no disagreements with the examiners regarding the classification of assets at
the time of its last examination.

                                       7
<PAGE>

      Allowance for Loan Losses. First Federal maintains an allowance for loan
losses based upon a number of relevant factors, including growth and changes in
the composition of the loan portfolio, trends in the level of delinquent and
problem loans, loan charge-offs, current and anticipated economic conditions in
First Federal's primary lending area, past loss experience and possible losses
arising from specific problem assets.

      The single largest component of First Federal's loan portfolio consists
of one- to four-family residential real estate loans. Substantially all of
these loans are secured by property in First Federal's primary lending area of
Tuscarawas and contiguous counties in Ohio which has a fairly stable economy.
First Federal's practice of making loans primarily in its local market area has
contributed to a historically low charge-off rate. Substantially all of First
Federal's other real estate loans are also secured by properties in First
Federal's primary lending area. First Federal has not experienced any
significant charge-offs from these other real estate loan categories in recent
years. A small portion of First Federal's total loans consists of consumer
loans. Some of these loans are unsecured and others are secured by collateral
that declines in value, which entails a higher degree of risk than real estate
loans.

      Large loans are reviewed periodically to identify potential problems at
an early date. While the Board of Directors believes that it uses the best
information available to determine the allowance for loan losses, unforeseen
market conditions could result in material adjustments, and net earnings could
be significantly adversely affected, if circumstances differ substantially from
the assumptions used in making the final determination.

      The following table sets forth an analysis of First Federal's allowance
for loan losses for the periods indicated:

                                                  Year ended June 30,
                                              ---------------------------
                                               2006       2005       2004
                                              -----       ----       ----
                                                 (Dollars in thousands)

      Balance at beginning of period          $ 766       $779       $818
      Charge-offs - net                        (174)       (24)       (64)
      Provision for losses on loans             160         11         25
                                              -----       ----       ----
      Balance at end of period                $ 752       $766       $779
                                              =====       ====       ====

      Ratio of net charge-offs to average
       loans outstanding during the period     0.13%      0.02%      0.06%

      Ratio of allowance for loan losses
       to total loans                          0.51%      0.57%      0.67%

      The following table sets forth the allocation of First Federal's
allowance for loan losses by type of loan at the dates indicated:

<TABLE>
<CAPTION>
                                                               At June 30,
                         ---------------------------------------------------------------------------------------
                                    2006                           2005                           2004
                         -------------------------      -------------------------      -------------------------
                                      Percent of                     Percent of                     Percent of
                                     loans in each                  loans in each                  loans in each
                                      category to                    category to                    category to
                         Amount       total loans       Amount       total loans       Amount       total loans
                         ------      -------------      ------      -------------      ------      -------------
                                                          (Dollars in thousands)

<S>                       <C>             <C>            <C>            <C>             <C>            <C>
Balance at year end
 applicable to:
  Real estate loans       $285            84.5%          $205            84.0%          $124            84.4%
  Commercial loans         463            11.4            557            12.4            648            13.2
  Consumer loans             4             4.1              4             3.6              7             2.4
                          ----           -----           ----           -----           ----           -----
    Total                 $752           100.0%          $766           100.0%          $779           100.0%
                          ====           =====           ====           =====           ====           =====
</TABLE>

      Because the loan loss allowance is based on estimates, it is monitored
quarterly and adjusted as necessary.

                                       8
<PAGE>

Investment Activities

      First Federal is permitted to invest in certain commercial paper,
corporate debt securities rated in one of the four highest rating categories by
one or more nationally recognized statistical rating organizations, and other
investments permitted by federal regulations.

      First Federal maintains a portfolio of mortgage-backed securities in the
form of Freddie Mac, Ginnie Mae and Fannie Mae participation certificates.
Mortgage-backed securities generally entitle First Federal to receive a portion
of the cash flows from an identified pool of mortgages. Freddie Mac, Ginnie Mae
and Fannie Mae securities are guaranteed by the issuing agency as to principal
and interest. Although mortgage-backed securities generally yield less than
individual loans originated by First Federal, management believes they are a
prudent investment alternative, especially at times when loan origination
levels are low.

                                       9
<PAGE>

      The following table sets forth information regarding First Federal's
investment securities and mortgage-backed securities at the dates indicated:

<TABLE>
<CAPTION>
                                                                         At June 30,
                           -------------------------------------------------------------------------------------------------------
                                         2006                               2005                               2004
                           ---------------------------------  ---------------------------------  ---------------------------------
                           Amortized  % of    Market  % of    Amortized  % of    Market  % of    Amortized  % of    Market  % of
                             cost     total   Value   total     cost     total   value   total     cost     total   value   total
                           ---------  -----   ------  -----   ---------  -----   ------  -----   ---------  -----   ------  -----
                                                                   (Dollars in thousands)

<S>                         <C>       <C>     <C>     <C>      <C>       <C>     <C>     <C>      <C>       <C>     <C>     <C>
Investment securities
 designated as available
 for sale:
  U.S. Government and
   agency obligations       $3,500     86.2%  $3,353   85.6%   $3,500     82.9%  $3,485   82.8%   $4,499     81.4%  $4,402   80.9%
                            ------    -----   ------  -----    ------    -----   ------  -----    ------    -----   ------  -----

Mortgage-backed securities
 designated as held to
 maturity                      130      3.2      131    3.4       220      5.2      225    5.3       395      7.2      411    7.5
Mortgage-backed securities
 designated as available
 for sale                      429     10.6      431   11.0       500     11.9      500   11.9       632     11.4      630   11.6
                            ------    -----   ------  -----    ------    -----   ------  -----    ------    -----   ------  -----
  Total mortgage-backed
   securities                  559     13.8      562   14.4       720     17.1      725   17.2     1,027     18.6    1,041   19.1
                            ------    -----   ------  -----    ------    -----   ------  -----    ------    -----   ------  -----
  Total investment
   securities and
   mortgage-backed
   securities               $4,059    100.0%  $3,915  100.0%   $4,220    100.0%  $4,210  100.0%   $5,526    100.0%  $5,443  100.0%
                            ======    =====   ======  =====    ======    =====   ======  =====    ======    =====   ======  =====
</TABLE>

      The maturities of First Federal's U. S. Government and agency obligations
and mortgage-backed securities at June 30, 2006, are indicated in the following
table:

<TABLE>
<CAPTION>
                                        After one year        After five          After ten
                  Less than one year  through five years  through ten years         years                      Total
                  ------------------  ------------------  ------------------  ------------------  --------------------------------
                  Amortized  Average  Amortized  Average  Amortized  Average  Amortized  Average  Amortized  Market    Weighted-
                    Cost      yield     cost      yield     cost      yield     cost      yield     cost     value   average yield
                  ---------  -------  ---------  -------  ---------  -------  ---------  -------  ---------  ------  -------------
                                                               (Dollars in thousands)

<S>                  <C>      <C>        <C>      <C>      <C>       <C>       <C>        <C>      <C>       <C>         <C>
U.S. Government
 and agency
 obligations         $ -         -%      $ -         -%    $2,500      4.2%    $1,000     5.00%    $3,500    $3,353      4.43%
Mortgage-backed
 securities           10      7.03        21      8.54         11    12.92        517     5.93        559       562      6.18
                     ---      ----       ---      ----     ------    -----     ------     ----     ------    ------      ----

                     $10      7.03%      $21      8.54%    $2,511     4.24%    $1,517     5.32%    $4,059    $3,915      4.67%
                     ===      ====       ===      ====     ======    =====     ======     ====     ======    ======      ====
</TABLE>

                                      10
<PAGE>

Deposits and Borrowings

      Deposits. Deposits have traditionally been First Federal's primary source
of funds for use in lending and other investment activities. Deposits are
attracted principally from within First Federal's primary market area through
the offering of a broad selection of deposit instruments, including negotiable
order of withdrawal ("NOW") accounts, passbook savings accounts, individual
retirement accounts ("IRAs") and certificate of deposit ("CDs") accounts.
Interest rates paid, maturity terms, service fees and withdrawal penalties for
the various types of accounts are established periodically by First Federal's
management based on First Federal's liquidity requirements, growth goals and
interest rates paid by competitors. First Federal does not use brokers to
attract deposits. First Federal's lending activities have also contributed to
deposit growth due to the banks focus on developing relationships with
commercial borrowers.

      At June 30, 2006, First Federal's CDs totaled $62.3 million, or 51.1% of
total deposits. Of this amount, approximately $33.2 million mature within one
year. Based on past experience and First Federal's prevailing pricing
strategies, management believes that a substantial percentage of these CDs will
renew with First Federal at maturity. If there is a significant deviation from
historical experience, First Federal can utilize borrowings from the FHLB as an
alternative to this source of funds.

      The following table sets forth the dollar amount of deposits in the
various types of accounts offered by First Federal at the dates indicated:

<TABLE>
<CAPTION>
                                                                      At June 30,
                                        -------------------------------------------------------------------------
                                                2006                      2005                      2004
                                        ---------------------     ---------------------     ---------------------
                                                     Percent                   Percent                   Percent
                                                     of total                  of total                  of total
                                         Amount      deposits      Amount      deposits      Amount      deposits
                                         ------      --------      ------      --------      ------      --------
                                                                 (Dollars in thousands)

<S>                                     <C>           <C>          <C>          <C>          <C>          <C>
Transaction accounts:
  Demand deposit accounts               $ 10,114        8.3%       $  9,386       8.4%       $ 10,805      10.3%
  NOW and money market accounts (1)       16,546       13.5          13,998      12.6          12,888      12.2
  Passbook savings accounts (2)           32,987       27.1          32,253      28.9          33,526      31.8
                                        --------      -----        --------     -----        --------     -----

  Total transaction accounts              59,647       48.9          55,637      49.9          57,219      54.3

CDs:
   .50 - 1.00%                          $      -          -             493       0.4           1,807       1.7
  1.01 - 2.00%                             1,119        0.9           5,762       5.2          14,691      13.9
  2.01 - 4.00%                            25,535       20.6          35,409      31.8          18,014      17.1
  4.01 - 6.00%                            35,618       29.5          14,194      12.7          13,715      13.0
                                        --------      -----        --------     -----        --------     -----
    Total CDs (3)                         62,272       51.1          55,858      50.1          48,227      45.7
                                        --------      -----        --------     -----        --------     -----

    Total deposits                      $121,919      100.0%       $111,495     100.0%       $105,446     100.0%
                                        ========      =====        ========     =====        ========     =====


--------------------
(1)   The weighted-average interest rates on NOW and money market accounts were
      .84% at June 30, 2006, .38% at June 30, 2005 and 0.17% at June 30, 2004.

(2)   The weighted-average interest rates on passbook accounts were 1.16% at
      June 30, 2006, 1.14% at June 30, 2005 and 0.84% at June 30, 2004.

(3)   The weighted-average rates on all CDs were 4.03% at June 30, 2006, 3.30%
      at June 30, 2005 and 2.98% at June 30, 2004.
</TABLE>

                                      11
<PAGE>

      The following table shows rate and maturity information for First
Federal's CDs at June 30, 2006:

                                              Amount Due
                            ------------------------------------------------
                                          Over          Over
                             Up to      1 year to     3 years to
      Rate                  1 year       3 years       5 years        Total
      ----                  ------      ---------     ----------      -----
                                             (In thousands)

      1.01 - 2.00%            1,109          10              -         1,119
      2.01 - 4.00%           18,992       6,303            240        25,535
      4.01 - 6.00%           13,099      20,919          1,600        35,618
                            -------     -------         ------       -------

        Total               $33,200     $27,232         $1,840       $62,272
                            =======     =======         ======       =======


      The following table presents the amount of First Federal's CDs of
$100,000 or more by the time remaining until maturity at June 30, 2006:

          Maturity                                     Amount
          --------                                     ------
                                                   (In thousands)

          Three months or less                        $  2,444
          Over 3 months to 6 months                      3,007
          Over 6 months to 12 months                     3,599
          Over 12 months                                 7,374
                                                       -------

              Total                                    $16,424
                                                       =======

      The following table sets forth First Federal's deposit account balance
activity for the periods indicated:


                                                 Year ended June 30,
                                        -------------------------------------
                                           2006          2005          2004
                                           ----          ----          ----
                                                (Dollars in thousands)

Beginning balance                       $ 111,495     $ 105,446     $ 104,351

Deposits                                  771,645       754,921       972,191
Withdrawals                              (763,590)     (750,420)     (972,653)
                                        ---------     ---------     ---------
Net increase (decrease) in deposits
 before interest credited                   8,055         4,501          (462)
Interest credited                           2,369         1,548         1,557
                                        ---------     ---------     ---------
Ending balance                          $ 121,919     $ 111,495      $ 105,446
                                        =========     =========      =========

Net increase                            $  10,424     $   6,049      $   1,095
                                        =========     =========      =========

Percent increase                              9.4%          5.7%           1.1%
                                              ===           ===            ===

      Borrowings. First Federal's primary alternative source of funds is FHLB
advances. First Federal is a member of the FHLB of Cincinnati and must maintain
an investment in the capital stock of that FHLB in an amount equal to the
greater of 1% of the aggregate outstanding principal amount of First Federal's
residential mortgage loans, home purchase contracts and similar obligations at
the beginning of each year, and 5% of its advances from the FHLB. First Federal
complied with this requirement at June 30, 2006, with an investment in stock of
the FHLB of Cincinnati of $2.3 million.

      FHLB advances are secured by collateral in one or more of the following
categories: fully-disbursed, whole first mortgage loans on improved residential
property or securities representing a whole interest in such loans; securities
issued, insured, or guaranteed by the U.S. Government or an agency thereof;
deposits in any FHLB; or other real estate related collateral acceptable to the
FHLB, if such collateral has a readily ascertainable value and the FHLB can
perfect its security interest in the

                                      12
<PAGE>

collateral. At June 30, 2006, First Federal had $18.4 million of outstanding
FHLB advances. First Federal had no other borrowings during the last three
fiscal years.

      The following table sets forth certain information as to First Federal's
FHLB advances at the dates indicated:

                                                   At June 30,
                                        ---------------------------------
                                         2006         2005         2004
                                         ----         ----         ----
                                              (Dollars in thousands)

FHLB advances                           $18,428      $17,880      $12,669
Weighted-average interest rate             5.22%        4.32%        4.50%

      The following table sets forth the maximum balance, the average balance
and the weighted-average interest rate of First Federal's FHLB advances during
the periods indicated:

                                               Year ended June 30,
                                        ---------------------------------
                                         2006         2005         2004
                                         ----         ----         ----
                                              (Dollars in thousands)

Maximum balance                         $23,018      $17,938      $15,387
Average balance                         $17,683      $13,882      $14,588
Weighted-average interest rate             4.55%        4.35%        4.03%

      FFD entered into a Business Loan Agreement (the "Line of Credit") on
March 20, 2006, with The Huntington National Bank permitting borrowings by FFD
up to an aggregate principal amount of $2,500,000. At June 30, 2006 and during
the fiscal year then ended, FFD had no borrowings under this Line of Credit or
prior lines of credit.

Competition

      First Federal competes for deposits with other savings associations,
commercial banks and credit unions and with the issuers of commercial paper and
other securities, such as shares in money market mutual funds. The primary
factors in competing for deposits are interest rates and convenience of office
location. In making loans, First Federal competes with other savings
associations, commercial banks, consumer finance companies, credit unions,
leasing companies, mortgage companies and other lenders. First Federal competes
for loan originations primarily through the interest rates and loan fees
offered and through the efficiency and quality of services provided.
Competition is affected by, among other things, the general availability of
lendable funds, general and local economic conditions, current interest rate
levels and other factors which are not readily predictable.

Subsidiaries

      First Federal owns all of the outstanding shares of Dover Service
Corporation ("DSC"). DSC was originally incorporated for the primary purpose of
holding shares in First Federal's data processing provider, Intrieve,
Incorporated ("Intrieve"). In April 2005, Intrieve was acquired by Harland
Financial Solutions, Inc. As a result, DSC received cash of approximately
$344,000 for its Intrieve shares. An additional $34,000 in holdback proceeds
were received in fiscal 2006. The proceeds from the sale of Intrieve shares are
held by DSC in a savings account in First Federal, which is DSC's only asset.
The net book value of First Federal's investment in DSC at June 30, 2006, was
approximately $255,000.

Personnel

      At June 30, 2006, First Federal had 44 full-time equivalent employees.
First Federal believes that relations with its employees are good. First
Federal offers health, disability and life insurance benefits. None of First
Federal's employees is represented by a collective bargaining unit.

                                      13
<PAGE>

                                   REGULATION

General

      As a savings and loan holding company, FFD is subject to regulation,
examination and oversight by the OTS and is required to submit periodic reports
to the OTS concerning its activities and financial condition. In addition, as
an Ohio corporation, FFD is subject to provisions of the Ohio Revised Code
applicable to corporations generally.

      As a federal savings association, First Federal is subject to regulatory
oversight by the OTS and, because its deposits are FDIC insured, First Federal
is subject to examination and regulation by the FDIC. First Federal must file
periodic reports with the OTS concerning its activities and financial
condition. Examinations are conducted periodically by the OTS and the FDIC to
determine whether First Federal is in compliance with various regulatory
requirements and is operating in a safe and sound manner.

Office of Thrift Supervision Regulations

      General. The OTS is responsible for the regulation and supervision of all
federally-chartered savings associations and all other savings associations
that have FDIC insured deposits. The OTS issues regulations governing the
operation of savings associations, regularly examines such associations and
imposes assessments on savings associations based on their asset size to cover
the costs of general supervision and examination. The OTS also may initiate
enforcement actions against savings associations and certain persons affiliated
with them for violations of laws or regulations or for engaging in unsafe or
unsound practices. Under certain circumstances, the OTS may appoint a
conservator or receiver for a savings association.

      Savings associations are subject to regulatory oversight under various
consumer protection and fair lending laws. These laws govern, among other
things, truth-in-lending and truth-in-savings disclosures, equal credit
opportunity, fair credit reporting and community reinvestment. Community
reinvestment regulations evaluate how well and to what extent an association
lends and invests in its designated service area, with particular emphasis on
low- to moderate-income communities and borrowers in those areas. Failure to
abide by federal laws and regulations governing community reinvestment could
limit the ability of an association to open a new branch or engage in a merger.

      Regulatory Capital Requirements. OTS regulations require First Federal to
meet certain minimum capital requirements. All savings associations must have
tangible capital of 1.5% of adjusted total assets, core capital of 4% of
adjusted total assets, except for associations with the highest examination
rating and acceptable levels of risk, and risk-based capital equal to 8% of
risk-weighted assets. At June 30, 2006, First Federal exceeded these
requirements with tangible capital of 10.9%, core capital of 10.9% and
risk-based capital of 14.6%.

      The OTS has adopted regulations governing prompt corrective action to
address capital deficient and otherwise troubled savings associations. At each
successively lower defined capital category, an association is subject to more
restrictive operations and limits, and the OTS has less flexibility in
determining how to resolve the problems of the institution. In addition, the
OTS generally can downgrade an association's capital category if the
association is deemed to be engaging in an unsafe or unsound practice or it is
deemed to be in an unsafe or unsound condition. An undercapitalized association
is subject to increased monitoring and asset growth restrictions and is
required to obtain prior approval for acquisitions, branching and engaging in
new lines of business. Except under limited circumstances, critically
undercapitalized institutions must be placed in conservatorship or receivership
within 90 days of reaching that capitalization level. First Federal's capital
at June 30, 2006, met the standards for the highest category, a
"well-capitalized" institution.

      Limitations on Capital Distributions. The OTS imposes various
restrictions or requirements on the ability of savings associations to make
capital distributions. Capital distributions include payments of cash
dividends, repurchases and certain other acquisitions by an association of its
shares and payments to stockholders of another association in an acquisition of
such other association.

      Federal law prohibits a savings association from making a capital
distribution if, after the distribution or payment, the association would be
undercapitalized. In addition, each company controlling an undercapitalized
association must guarantee that the association will comply with its capital
plan until the association has been adequately capitalized on average during
each of four preceding calendar quarters and must provide adequate assurances
of performance.

      A subsidiary of a savings and loan holding company must file a notice or
an application with the OTS before it can pay a dividend. An application must
be filed if (i) the proposed distribution would cause the savings association's
total distributions for the calendar year to exceed its net income for that
year to date plus its retained net income for the preceding two years; (ii) the
savings association will not be at least adequately capitalized following the
capital distribution; or (iii) the proposed distribution

                                       14
<PAGE>

would violate a prohibition contained in any applicable statute, regulation or
agreement between the savings association and the OTS or the FDIC, or violate a
condition imposed on the savings association in an OTS-approved application or
notice. If a savings association subsidiary of a holding company is not
required to file an application, it must file a notice with the OTS.

      Qualified Thrift Lender Test. If a savings association fails to meet one
of the two tests in order to be a qualified thrift lender ("QTL"), the
association and its holding company become subject to certain operating and
regulatory restrictions. The first test requires a savings association to
maintain a specified level of investments in assets that are designated as
qualifying thrift investments ("QTIs"). Generally, QTIs are assets related to
domestic residential real estate and manufactured housing and include credit
card, student and small business loans and stock issued by a FHLB, Freddie Mac
or Fannie Mae. The second test permits a savings association to qualify as a
QTL if at least 60% of such institution's assets consist of specified types of
property, including cash, loans secured by residential real estate or deposits,
educational loans and certain governmental obligations. The OTS may grant
exceptions to the QTL tests under certain circumstances. At June 30, 2006,
First Federal was a QTL.

      Transactions with Insiders and Affiliates. Loans to executive officers,
directors and principal shareholders and their related interests must conform
to the lending limit, and the total of such loans cannot exceed the
association's Lending Limit Capital. Most loans to directors, executive
officers and principal shareholders must be approved in advance by a majority
of the "disinterested" directors of the association, with any "interested"
director not participating. All loans to directors, executive officers and
principal shareholders must be made on terms substantially the same as offered
in comparable transactions with the general public or as offered to all
employees in a company-wide benefit program. Loans to executive officers are
subject to additional restrictions. First Federal complied with such
restrictions at June 30, 2006.

      All transactions between savings associations and their affiliates must
comply with Sections 23A and 23B of the Federal Reserve Act and the Federal
Reserve Board's Regulation W. An affiliate of a savings association is any
company or entity that controls, is controlled by, or is under common control
with, the savings association. FFD is an affiliate of First Federal. Generally,
Sections 23A and 23B and Regulation W (i) limit the extent to which a savings
association or its subsidiaries may engage in "covered transactions" with any
one affiliate up to an amount equal to 10% of the institution's capital stock
and surplus, (ii) limit the aggregate of all such transactions with all
affiliates up to an amount equal to 20% of the capital stock and surplus, and
(iii) require that all such transactions be on terms substantially the same, or
at least as favorable to the association, as those provided in transactions
with a non-affiliate. The term "covered transaction" includes making loans,
purchasing assets, accepting securities issued by an affiliate as collateral
for an extension of credit to any person, issuing a guarantee and other similar
types of transactions. In addition to the limits in Sections 23A and 23B and
Regulation W, a savings association may not make any loan or other extension of
credit to an affiliate unless the affiliate is engaged only in activities
permissible for a bank holding company and may not purchase or invest in
securities of any affiliate except shares of a subsidiary. First Federal
complied with these requirements and restrictions at June 30, 2006.

Federal Deposit Insurance Corporation

      First Federal's deposit accounts are insured by the FDIC up to the
prescribed limits. The FDIC has examination authority over all insured
depository institutions, including First Federal, and has authority to initiate
enforcement actions if the FDIC does not believe the OTS has taken appropriate
action to safeguard safety and soundness and the deposit insurance fund.

      The FDIC is required to maintain designated levels of reserves and may
increase assessment rates if necessary to restore the ratio of reserves to
insured deposits to its target level within a reasonable time and may decrease
such rates if such target level has been met. The FDIC has established a
risk-based assessment system for its members, and assessments vary based on the
risk the institution poses to the deposit insurance fund. The risk level is
determined based on the institution's capital level and the FDIC's level of
supervisory concern about the institution.

FRB Reserve Requirements

      FRB regulations currently require that savings associations maintain
reserves of 3% of net transaction accounts (primarily NOW accounts) up to $48.3
million (subject to an exemption of up to $7.8 million), and of 10% of net
transaction accounts in excess of $48.3 million. At June 30, 2006, First
Federal complied with its reserve requirements.

Holding Company Regulation

      As a unitary savings and loan holding company, FFD generally has no
restrictions on its activities. If, however, the OTS determines that there is
reasonable cause to believe that the continuation of an activity by a holding
company constitutes a serious risk to the financial safety, soundness or
stability of its subsidiary savings association, the OTS may impose
restrictions it deems necessary to address such risk, including limiting (i)
payment of dividends by the savings association, (ii) transactions between the
savings association and its affiliates, and (iii) any activities of the savings
association that might create a serious risk that the

                                       15
<PAGE>

liabilities of the holding company and its affiliates may be imposed on the
savings association. If the savings association subsidiary of a holding company
fails to meet the QTL test, then the holding company would become subject to
the activities restrictions applicable to multiple holding companies. At June
30, 2006, First Federal qualified as a QTL.

      Federal law generally prohibits a savings and loan holding company from
controlling any other savings association or savings and loan holding company,
or from acquiring or retaining more than 5% of the voting shares of a savings
association or holding company which is not a subsidiary, without prior OTS
approval. Under certain circumstances, a holding company is permitted to
acquire, with OTS approval, up to 15% of the previously unissued voting shares
of an undercapitalized savings association for cash without such savings
association being deemed to be controlled by the holding company. Without prior
OTS approval, no director or officer of a savings and loan holding company or
person owning or controlling by proxy or otherwise more than 25% of such
holding company's stock may acquire control of any savings institution, other
than a subsidiary institution, or any other savings and loan holding company.

Ohio Corporation Law

      Merger Moratorium Statute. Chapter 1704 of the Ohio Revised Code
regulates certain takeover bids affecting public corporations with significant
ties to Ohio. The statute prohibits, with some exceptions, mergers,
combinations and certain other sales, distributions, dividends, or other
transactions between an Ohio corporation and any person who has the right to
exercise, alone or with others, 10% or more of the voting power of such
corporation (an "Interested Shareholder"), for three years following the date
on which such person first becomes an Interested Shareholder. Such a
transaction is permitted only if, prior to the time the person first becomes an
Interested Shareholder, the Board of Directors has approved the purchase of
shares that resulted in such person first becoming an Interested Shareholder.

      After the initial three-year moratorium, such a transaction may not occur
unless (1) one of the specified exceptions applies (2) the holders of
two-thirds of the voting shares, and a majority of the voting shares not
beneficially owned by the Interested Shareholders, approve the transaction at a
meeting called for such purpose; or (3) the transaction meets certain statutory
criteria designed to ensure that the issuing public corporation's remaining
shareholders receive fair consideration for their shares.

      Control Share Acquisition Statute. Section 1701.831 of the Ohio Revised
Code (the "Control Share Acquisition Statute") requires that, with certain
exceptions, acquisitions of shares which would result in the acquiring
shareholder owning 20%, 33 1/3%, or 50% of the outstanding shares of an Ohio
corporation (a "Control Share Acquisition") must be approved in advance by (a)
the holders of a majority of the outstanding voting shares of the corporation
represented at a meeting at which a quorum is present, and (b) a majority of
the portion of the outstanding voting shares represented at the meeting,
excluding the voting shares owned by the acquiring shareholder, by certain
other persons who acquire or transfer voting shares after public announcement
of the acquisition or by certain officers of the corporation or directors of
the corporation who are employees of the corporation.

Regulation of Acquisitions of Control of FFD and First Federal

      Federal law generally requires regulatory approval of acquisitions at
specified levels. Under pertinent federal law and regulations, no person,
directly or indirectly, or acting in concert with others, may acquire control
of First Federal or FFD without 60 days' prior notice to the OTS. "Control" is
generally defined as having more than 25% ownership or voting power; however,
ownership or voting power of more than 10% may be deemed "control" if certain
factors exist. If the acquisition of control is by a company, the acquiror must
obtain OTS approval of the acquisition. In addition, OTS approval must be
obtained for any merger involving FFD or First Federal.

Federal Taxation

      FFD and First Federal are each subject to the federal tax laws and
regulations which apply to corporations generally. In addition to the regular
income tax, FFD and First Federal may be subject to the alternative minimum tax
which is imposed at a minimum tax rate of 20% on "alternative minimum taxable
income" (which is the sum of a corporation's regular taxable income, with
certain adjustments, and tax preference items), less any available exemption.
In addition, 75% of the amount by which a corporation's "adjusted current
earnings" exceeds its alternative minimum taxable income computed without
regard to preference items and prior to reduction by net operating losses, is
included in alternative minimum taxable income. Net operating losses can offset
no more than 90% of alternative minimum taxable income. The alternative minimum
tax is imposed to the extent it exceeds the corporation's regular income tax.
Payments of alternative minimum tax may be used as credits against regular tax
liabilities in future years. The Taxpayer Relief Act of 1997 repealed the
alternative maximum tax for certain "small corporations" for tax years
beginning after December 31, 1997. Based on First Federal's average gross
receipts for the three tax years ending on June 30, 2006, FFD would not qualify
as a "small corporation" exempt from the alternative minimum tax.

                                       16
<PAGE>

      Certain thrift institutions, such as First Federal, are allowed
deductions for bad debts under methods more favorable than those granted to
other taxpayers. Qualified thrift institutions may compute deductions for bad
debts using either the specific charge-off method of Section 166 of the Code or
the experience method of Section 593 of the Code. The "experience" method is
also available to small banks. Under the experience method, a thrift
institution is generally allowed a deduction for an addition to its bad debt
reserve equal to the greater of (i) an amount based on its actual average
experience for losses in the current and five preceding taxable years, or (ii)
an amount necessary to restore the reserve to its balance as of the close of
the base year. Thrift institutions that are treated as small banks are allowed
to utilize the experience method applicable to such institutions, while thrift
institutions that are treated as large banks are required to use only the
specific charge off method.

A thrift institution required to change its method of computing reserves for
bad debt will treat such change as a change in the method of accounting,
initiated by the taxpayer and having been made with the consent of the
Secretary of the Treasury. Section 481(a) of the Code requires certain amounts
to be recaptured with respect to such change. Generally, the amounts to be
recaptured will be determined solely with respect to the "applicable excess
reserves" of the taxpayer. The amount of the applicable excess reserves will be
taken into account ratably over a six-taxable year period, commencing with the
first taxable year beginning after 1995, subject to the residential loan
requirement described below. In the case of a thrift institution that is
treated as a large bank, the amount of the institution's applicable excess
reserves generally is the excess of (i) the balances of its reserve for losses
on qualifying real property loans (generally loans secured by improved real
estate) and its reserve for losses on nonqualifying loans (all other types of
loans) as of the close of its last taxable year beginning before January 1,
1996, over (ii) the balances of such reserves as of the close of its last
taxable year beginning before January 1, 1988 (i.e., the "pre-1988 reserves").
In the case of a thrift institution that is treated as a small bank, like First
Federal, the amount of the institution's applicable excess reserves generally
is the excess of (i) the balances of its reserve for losses on qualifying real
property loans and its reserve for losses on nonqualifying loans as of the
close of its last taxable year beginning before January 1, 1996, over (ii) the
greater of the balance of (a) its pre-1988 reserves or (b) what the thrift's
reserves would have been at the close of its last year beginning before January
1, 1996, had the thrift always used the experience method.

      The balance of the pre-1988 reserves is subject to the provisions of
Section 593(e), which require recapture in the case of certain excessive
distributions to shareholders. The pre-1988 reserves may not be utilized for
payment of cash dividends or other distributions to a shareholder (including
distributions in dissolution or liquidation) or for any other purpose (except
to absorb bad debt losses). Distribution of a cash dividend by a thrift
institution to a shareholder is treated as made: first, out of the
institution's post-1951 accumulated earnings and profits; second, out of the
pre-1988 reserves; and third, out of such other accounts as may be proper. To
the extent a distribution by First Federal to FFD is deemed paid out of its
pre-1988 reserves under these rules, the pre-1988 reserves would be reduced and
the gross income of First Federal for tax purposes would be increased by the
amount which, when reduced by the income tax, if any, attributable to the
inclusion of such amount in its gross income, equals the amount deemed paid out
of the pre-1988 reserves. As of June 30, 2006, the pre-1988 reserves of First
Federal for tax purposes totaled approximately $1.7 million. See Notes A-8 and
H to the Consolidated Financial Statements for additional information.

      In July 2006, the FASB issued FIN 48, "Accounting for Uncertainty in
Income Taxes." This Interpretation of FASB Statement No. 109, "Accounting for
Income Taxes," contains guidance on the recognition and measurement of
uncertain tax positions. The Company will be required to recognize the impact
of a tax position if it is more likely than not that it will be sustained upon
examination, based upon the technical merits of the position. The effective
date for application of this Interpretation is for periods beginning after
December 15, 2006. The cumulative effect of applying the provisions of this
Interpretation must be reported as an adjustment to the opening balance of
retained earnings for that fiscal period. FFD is currently evaluating the
impact this Interpretation will have on its consolidated financial statements.

      The tax returns of First Federal have been audited or closed without
audit through 2003. In the opinion of management, any examination of open
returns would not result in a deficiency which could have a material adverse
effect on the financial condition of First Federal.

Ohio Taxation

      FFD is subject to the Ohio corporation franchise tax, which, as applied
to FFD, is a tax measured by both net earnings and net worth. The rate of tax
is the greater of (i) 5.1% on the first $50,000 of computed Ohio taxable income
and 8.5% of computed Ohio taxable income in excess of $50,000 or (ii) 0.4% of
taxable net worth.

      In computing its tax under the net worth method, FFD may exclude 100% of
its investment in the capital stock of First Federal, as reflected on the
balance sheet of FFD in computing its taxable net worth as long as it owns at
least 25% of the issued and outstanding capital stock of First Federal. The
calculation of the exclusion from net worth is based on the ratio of the
excludable investment (net of any appreciation or goodwill included in such
investment) to total assets multiplied by the net value

                                       17
<PAGE>

of the stock. As a holding company, FFD may be entitled to various other
deductions in computing taxable net worth that are not generally available to
operating companies.

      FFD may elect to be a "qualifying holding company" and as such be exempt
from the net worth tax. A corporation franchise tax based solely on net
earnings would still apply. To be exempt, FFD must satisfy all of the
requirements of the applicable statute, including making related member
adjustments that could affect the taxable net worth of First Federal. FFD made
such an election for fiscal 2006.

      First Federal is a "financial institution" for State of Ohio tax
purposes. As such, it is subject to the Ohio corporate franchise tax on
"financial institutions," which is imposed at a rate of 1.3% of the taxable
book net worth. As a "financial institution," First Federal is not subject to
any tax based upon net income or net profits imposed by the State of Ohio.

Item 2.  Description of Property.

      The following table sets forth certain information at June 30, 2006,
regarding the properties on which First Federal's main office, branch offices
and branches with limited activities are located:

<TABLE>
<CAPTION>
                                     Office           Owned         Date           Lease                Net
Location                              type          or leased     acquired     expiration date       book value
--------                              ----          ---------     --------     ---------------       ----------
                                                                                                   (In thousands)
<S>                              <C>                  <C>           <C>             <C>                <C>
321 North Wooster Avenue
Dover, Ohio  44622                    Main            Owned         1/96             N/A               $528

224 West High Avenue
New Philadelphia, Ohio 44663         Branch           Owned         11/97            N/A               $287

902 Boulevard
Dover, Ohio  44622                   Branch           Owned         12/01            N/A               $766

406 South 2nd St., Suite 3           Limited
Coshocton, Ohio 43812            Service Office       Leased        3/05            2/07               $  4

1047 W. Main St., Suite C            Limited
Sugarcreek, Ohio 44681           Service Office       Leased        3/05            4/08               $  7
</TABLE>

      There are no mortgages or liens on the property owned by First Federal.
FFD believes that all office locations are adequately covered by insurance and
are in good physical condition. At June 30, 2006, First Federal's office
premises and equipment had a total net book value of approximately $2.0
million. For additional information regarding First Federal's office premises
and equipment, see Notes A-7 and E of Notes to Consolidated Financial
Statements contained in the FFD Financial Corporation Annual Report to
Shareholders for the fiscal year ended June 30, 2006 (the "Annual Report").

Item 3.  Legal Proceedings.

      Neither FFD nor First Federal is presently involved in any legal
proceedings of a material nature. From time to time, First Federal is a party
to legal proceedings incidental to its business to enforce its security
interest in collateral pledged to secure loans made by First Federal.

Item 4.  Submission of Matters to a Vote of Security Holders.

      Not applicable.

                                     PART II

Item 5.  Market for Common Equity and Related Stockholder Matters.

      The information contained in the Annual Report under the caption "Market
Price of FFD's Common Shares and Related Shareholder Matters" is incorporated
herein by reference. At August 31, 2006, FFD had approximately 606 shareholders
of record.

      During the quarter ended June 30, 2006, FFD did not issue unregistered
shares.

                                       18
<PAGE>

      FFD's Board of Directors has approved the repurchase of up to an
aggregate of 61,000 of FFD's common shares pursuant to a repurchase program
that was publicly announced on April 15, 2003 (the "Program"), which was
subsequently extended in June 2004. FFD has no other publicly announced
repurchase plans or programs and no plans or programs expired or were
terminated in the quarter ended June 30, 2006. Unless earlier terminated by the
Board of Directors, the Program will expire when FFD has repurchased all shares
authorized for repurchase under the Program. FFD did not repurchase any shares
during the quarter ended June 30, 2006.

Item 6.  Management's Discussion and Analysis or Plan of Operation.

      The information contained in the Annual Report under the caption
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" is incorporated herein by reference.

Item 7.  Financial Statements.

      The Consolidated Financial Statements appearing in the Annual Report,
including the report of Grant Thornton LLP dated September 5, 2006, are
incorporated herein by reference.

Item 8.  Changes in and Disagreements with Accountants on Accounting and
          Financial Disclosure.

      Not applicable.

Item 8A. Controls and Procedures.

      FFD's Chief Executive Officer and Chief Financial Officer evaluated the
disclosure controls and procedures (as defined under Rule 13a-14(c) and 15d-14
(c) of the Securities Exchange Act of 1934, as amended) as of the end of the
period covered by this annual report. Based upon that evaluation, the Chief
Executive Officer and Chief Financial Officer have concluded that FFD's
disclosure controls and procedures are effective. There were no changes in
FFD's internal controls which materially affected, or are reasonably likely to
materially affect, FFD's internal controls over financial reporting.

Item 8B. Other Information.

      Not applicable.

                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
          Compliance with Section 16(a) of the Exchange Act.

      The information contained in the definitive Proxy Statement for FFD's
2006 Annual Meeting of Shareholders (the "Proxy Statement") under the captions
"Election of Directors and Board Information," "Executive Officers," and
"Section 16(a) Beneficial Ownership Reporting Compliance" is incorporated
herein by reference.

      FFD has adopted a Code of Business Conduct and Ethics applicable to all
officers, directors and employees that complies with SEC and NASDAQ
requirements. A copy of FFD's Code of Business Conduct and Ethics may be
obtained without charge upon written request to FFD's Secretary at 321 North
Wooster Avenue, Dover, Ohio 44622.

Item 10.  Executive Compensation.

      The information contained in the Proxy Statement under the caption
"Compensation of Executive Officers and Directors" is incorporated herein by
reference.

Item 11.  Security Ownership of Certain Beneficial Owners and Management and
           Related Stockholder Matters.

      The information contained in the Proxy Statement under the captions
"Ownership of FFD Shares" is incorporated herein by reference.

      FFD currently maintains the FFD Financial Corporation 1996 Stock Option
and Incentive Plan (the "1996 Plan") and the FFD Financial Corporation 2002
Stock Option Plan for Non-Employee Directors (the "Directors Plan").

      The following table shows for the 1996 Plan and the Directors Plan the
(a) number of common shares issuable upon exercise of outstanding stock
options, (b) the weighted average exercise price of those stock options, and
(c) the number of

                                       19
<PAGE>

common shares remaining for future issuance at June 30, 2006, excluding shares
issuable upon exercise of outstanding stock options. The 1996 Plan has been
previously approved by the shareholders; the Directors Plan has not.

<TABLE>
<CAPTION>

                                                 (a)                      (b)                        (c)
-------------------------------------------------------------------------------------------------------------------
                                                                                            Number of securities
                                                                                           remaining available for
                                         Number of securities                               future issuance under
                                          to be issued upon        Weighted-average       equity compensation plans
                                             exercise of           exercise price of        (excluding securities
Plan Category                            outstanding options      outstanding options     reflected in column (a))
-------------                            --------------------     -------------------     -------------------------

-------------------------------------------------------------------------------------------------------------------
<S>                                            <C>                      <C>                        <C>
Equity compensation plans approved             45,676                   $10.12                     45,676
by security holders (the 1996 Option
Plan)

-------------------------------------------------------------------------------------------------------------------

Equity compensation plans not                   8,945                    10.10                      8,945
approved by security holders (the
Directors Plan) (1)

-------------------------------------------------------------------------------------------------------------------

Total                                          54,621                   $10.11                     54,621
                                               ======                   ======                     ======

-------------------------------------------------------------------------------------------------------------------

(1)   The Board adopted the Directors Plan because certain restrictions then
      contained in the 1996 Plan prevented any future option grants to
      directors under the 1996 Plan. Because a grant of options to a new
      director was not possible under the 1996 Plan, the Board adopted the
      Directors Plan in order to award options to Leonard L. Gundy upon his
      election as a director at the 2002 Annual Meeting of Shareholders. There
      were 12,250 options reserved under the Directors Plan, of which 8,945
      have been granted. As of September 26, 2006, no options granted under the
      plan had been exercised. Because of the small number of options available
      under the Directors Plan, shareholder approval of the plan was not
      required under NASDAQ rules applicable at the time. Options granted under
      the Directors Plan are non-qualified stock options and the option
      exercise price of each option granted under the Directors Plan must be at
      least 100% of the "fair market value" (as defined in the Directors Plan)
      of FFD's common shares on the date of the grant.
</TABLE>

Item 12.  Certain Relationships and Related Transactions.

      The information contained in the Proxy Statement under the caption
"Certain Transactions" is incorporated by reference.

                                      20
<PAGE>

Item 13.  Exhibits.


 3       Articles of Incorporation and Code of Regulations

10.1     FFD Financial Corporation 1996 Stock Option and Incentive Plan

10.2     First Federal Savings Bank of Dover Recognition and Retention Plan and
         Trust Agreement

10.3     FFD Financial Corporation 2002 Stock Option Plan for Non-Employee
         Directors

10.4     Change of Control Agreement between First Federal Community Bank and
         Trent B. Troyer dated June 12, 2003

10.5     Change of Control Agreement between First Federal Community Bank and
         Scott C. Finnell dated June 12, 2003

10.6     Change of Control Agreement between First Federal Community Bank and
         Sally K. O'Donnell dated June 12, 2003

10.7     Business Loan Agreement between FFD Financial Corporation and The
         Huntington National Bank dated March 20, 2006

13       2006 Annual Report to Shareholders (the following parts of which are
         incorporated herein by reference; "Market Price of FFD's Common Shares
         and Related Shareholder Matters," "Management's Discussion and
         Analysis of Financial Condition and Results of Operations" and
         Consolidated Financial Statements)

20       Proxy Statement for 2006 Annual Meeting of Shareholders

21       Subsidiaries of FFD Financial Corporation

31.1     Certification of Chief Executive Officer pursuant to Section 302 of
         the Sarbanes-Oxley Act of 2002

31.2     Certification of Chief Financial Officer pursuant to Section 302 of
         the Sarbanes-Oxley Act of 2002

32.1     Certification of Chief Executive Officer pursuant to Section 906 of
         the Sarbanes-Oxley Act of 2002

32.2     Certification of Chief Financial Officer pursuant to Section 906 of
         the Sarbanes-Oxley Act of 2002

Item 14.  Principal Accountant Fees and Services.

      The information contained in the Proxy Statement under the caption "Audit
and Non-Audit Fees" is incorporated by reference.

                                      21
<PAGE>

                                   SIGNATURES

      In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                       FFD FINANCIAL CORPORATION


                                       By:/s/Trent B. Troyer
                                          -------------------------------------
                                          Trent B. Troyer
                                          President and Chief Executive Officer

                                       Date: September 28, 2006

      In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and on
the dates indicated.


/s/Richard A. Brinkman, Jr.            /s/Stephen G. Clinton
-----------------------------------    ------------------------------------
Richard A. Brinkman, Jr.               Stephen G. Clinton
Director                               Director

Date:  September 28, 2006              Date:  September 28, 2006


/s/Leonard L. Gundy                    /s/Enos L. Loader
-----------------------------------    ------------------------------------
Leonard L. Gundy                       Enos L. Loader
Director                               Director

Date:  September 28, 2006              Date:  September 28, 2006


/s/Robert D. Sensel                    /s/Trent B. Troyer
-----------------------------------    ------------------------------------
Robert D. Sensel                       Trent B. Troyer
Director                               President and Chief Executive Officer
                                       (Principal Executive Officer)

Date:  September 28, 2006              Date:  September 28, 2006


/s/Robert R. Gerber
-----------------------------------
Robert R. Gerber
Vice President, Chief Financial Officer
and Treasurer (Principal Financial
Officer and Principal Accounting Officer)

Date:  September 28, 2006

                                      22
<PAGE>

                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT
NUMBER      DESCRIPTION
-------     -----------

<S>         <C>                                         <C>
  3.1       Articles of Incorporation of FFD            Incorporated by reference to the Registration Statement on
            Financial Corporation                       Form S-1 (the "S-1") filed with the Securities and Exchange
                                                        Commission (the "SEC") on December 15, 1995, Exhibit 3.1

  3.2       Certificate of Amendment to Articles of     Incorporated by reference to Pre-Effective Amendment No. 1 to
            Incorporation of FFD Financial              the S-1 filed with the SEC on February 1, 1996
            Corporation                                 ("Pre-Effective Amendment No. 1"), Exhibit 3.2

  3.3       Certificate of Amendment to Articles of     Incorporated by reference to Pre-Effective Amendment No. 1,
            Incorporation of FFD Financial              Exhibit 3.3
            Corporation

  3.4       Code of Regulations of FFD Financial        Incorporated by reference to the S-1, Exhibit 3.3
            Corporation

 10.1       FFD Financial Corporation 1996 Stock        Incorporated by reference to the Proxy Statement for the 2003
            Option and Incentive Plan, as amended       Annual Meeting of Shareholders, filed with the SEC on
                                                        September 22, 2003 (SEC File No. 000-27916), Annex A

 10.2       First Federal Savings Bank of Dover         Incorporated by reference to the Annual Report on Form 10-KSB
            Recognition and Retention Plan and Trust    for the fiscal year ended June 30, 1998, filed with the SEC
            Agreement                                   on September 28, 1998 (SEC File No. 000-27916), Exhibit 10.2

 10.3       FFD Financial Corporation 2002 Stock        Incorporated by reference to the Annual Report on Form 10-KSB
            Option Plan for Non-Employee Directors      for the fiscal year ended June 30, 2003, filed with the SEC
                                                        on September 29, 2003 (SEC File No. 000-27916), Exhibit 10.3

 10.4       Change of Control Agreement between         Incorporated by reference to the Annual Report on Form 10-KSB
            First Federal Community Bank and Scott      for the fiscal year ended June 30, 2004, filed with the SEC
            C. Finnell dated June 12, 2003              on September 28, 2004 (SEC File No. 000-27916) (the "2004
                                                        10-KSB") Exhibit 10.4

 10.5       Change of Control Agreement between         Incorporated by reference to the 2004 10-KSB, Exhibit 10.5
            First Federal Community Bank and Sally
            K. O'Donnell dated June 12, 2003

 10.6       Change of Control Agreement between         Incorporated by reference to the 2004 10-KSB, Exhibit 10.6
            First Federal Community Bank and Trent
            B. Troyer dated June 12, 2003

 10.7       Business Loan Agreement between FFD         Included herewith
            Financial Corporation and The Huntington
            National Bank dated March 20, 2006

 13         FFD Financial Corporation 2006 Annual       Included herewith
            Report to Shareholders

 20         Proxy Statement for 2006 Annual Meeting     Incorporated by reference to the Proxy Statement for the 2006
            of Shareholders                             Annual Meeting of Shareholders, to be filed with the SEC no
                                                        later than 120 days after the end of the fiscal year
                                                        (SEC File No. 000-27916)

 21         Subsidiaries of FFD Financial Corporation   Incorporated by reference to the Annual Report on Form 10-KSB
                                                        for the fiscal year ended June 30, 1996, filed with the SEC
                                                        on September 27, 1996 (SEC File No. 000-27916), Exhibit 21

 31.1       Certification of Chief Executive Officer    Included herewith
            pursuant to Section 302 of the
            Sarbanes-Oxley Act of 2002

 31.2       Certification of Chief Financial Officer    Included herewith
            pursuant to Section 302 of the
            Sarbanes-Oxley Act of 2002

 32.1       Certification of Chief Executive Officer    Included herewith
            pursuant to Section 906 of the
            Sarbanes-Oxley Act of 2002

 32.2       Certification of Chief Financial Officer    Included herewith
            pursuant to Section 906 of the
            Sarbanes-Oxley Act of 2002
</TABLE>

                                      23