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


                                   FORM 10-QSB

(Mark One)

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

For the quarterly period ended    March 31, 2006
                                ------------------------------------------------

                                       OR

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

For the transition period from ____________ to _______________

Commission File Number:               0-27916
                         ---------------------------------------

                            FFD FINANCIAL CORPORATION
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

             Ohio                                            34-1921148
--------------------------------               --------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

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

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


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

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  issuer was  required  to file such  reports)  and (2) has been
subject to such filing requirements for the past 90 days.

Yes [X]           No  [ ]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

Yes [ ]           No  [X]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest  practicable  date:  May 12, 2006 -  1,192,253  common
shares, no par value

Transitional Small Business Disclosure Format (Check one):  Yes [ ]       No [X]


                                       1
<PAGE>

                                      INDEX

                                                                            Page
                                                                            ----

PART I   -  FINANCIAL INFORMATION

            Consolidated Statements of Financial Condition                    3

            Consolidated Statements of Earnings                               4

            Consolidated Statements of Comprehensive Income                   5

            Consolidated Statements of Cash Flows                             6

            Notes to Consolidated Financial Statements                        8

            Management's Discussion and Analysis or
            Plan of Operations                                               11


PART II  -  OTHER INFORMATION                                                 16

SIGNATURES                                                                    17


                                       2
<PAGE>
<TABLE>
<CAPTION>

                            FFD Financial Corporation

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)

                                                                           March 31,    June 30,
         ASSETS                                                                2006         2005
<S>                                                                         <C>          <C>
                                                                         (Unaudited)

Cash and due from banks                                                   $   1,956    $   2,113
Interest-bearing deposits in other financial institutions                     5,480        5,672
                                                                          ---------    ---------
         Cash and cash equivalents                                            7,436        7,785

Investment securities designated as available for sale - at market            3,413        3,485
Mortgage-backed securities designated as available for sale - at market         444          500
Mortgage-backed securities held to maturity - at amortized cost,
  approximate market value of $196 and $225 as of March 31,
  2006 and June 30, 2005, respectively                                          193          220
Loans receivable - net                                                      138,928      131,168
Loans held for sale - at lower of cost or market                                272          325
Office premises and equipment - at depreciated cost                           2,005        2,031
Stock in Federal Home Loan Bank - at cost                                     2,228        2,140
Accrued interest receivable                                                     542          450
Prepaid expenses and other assets                                               293          239
Prepaid federal income taxes                                                     --          252
                                                                          ---------    ---------

         Total assets                                                     $ 155,754    $ 148,595
                                                                          =========    =========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                  $ 121,403    $ 111,495
Advances from the Federal Home Loan Bank                                     14,595       17,880
Accrued interest payable                                                        155          155
Other liabilities                                                             1,179        1,385
Accrued federal income taxes                                                     81           --
Deferred federal income taxes                                                   292          242
                                                                          ---------    ---------
         Total liabilities                                                  137,705      131,157

Commitments                                                                      --           --

Shareholders' equity
  Preferred stock - authorized 1,000,000 shares without par
    value; no shares issued                                                      --           --
  Common stock - authorized 5,000,000 shares without par or
    stated value; 1,454,750 shares issued                                        --           --
  Additional paid-in capital                                                  8,085        7,987
  Retained earnings - restricted                                             13,415       12,954
  Accumulated comprehensive loss; unrealized losses on securities
    designated as available for sale, net of related tax benefits               (56)          (9)
  Shares acquired by stock benefit plans                                       (225)        (334)
  Less 262,497 and 264,773 treasury shares at March 31, 2006 and
    June 30, 2005, respectively - at cost                                    (3,170)      (3,160)
                                                                          ---------    ---------
         Total shareholders' equity                                          18,049       17,438
                                                                          ---------    ---------

         Total liabilities and shareholders' equity                       $ 155,754    $ 148,595
                                                                          =========    =========
</TABLE>

                                       3
<PAGE>
<TABLE>
<CAPTION>

                            FFD Financial Corporation

                 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

                      (In thousands, except per share data)

                                                             For the nine months  For the three months
                                                                  ended March 31,      ended March 31,
                                                                 2006       2005       2006       2005
<S>                                                               <C>        <C>        <C>         <C>
Interest income
  Loans                                                        $6,516     $4,817     $2,271     $1,706
  Mortgage-backed securities                                       27         28         10          9
  Investment securities, interest-bearing deposits and other      377        265        136         94
                                                               ------     ------     ------     ------
         Total interest income                                  6,920      5,110      2,417      1,809

Interest expense
  Deposits                                                      2,050      1,371        745        477
  Borrowings                                                      608        425        167        139
                                                               ------     ------     ------     ------
         Total interest expense                                 2,658      1,796        912        616

         Net interest income                                    4,262      3,314      1,505      1,193

Provision for losses on loans                                     115         11         40          7
                                                               ------     ------     ------     ------

         Net interest income after provision                    4,147      3,303      1,465      1,186

Other income
  Gain on sale of loans                                           157        193         31         98
  Gain on redemption of securities                                 16         --         --         --
  Other operating                                                 237        250         42         27
                                                               ------     ------     ------     ------
         Total other income                                       410        443         73        125

General, administrative and other expense
  Employee compensation and benefits                            1,473      1,297        547        419
  Occupancy and equipment                                         303        285        101        101
  Franchise taxes                                                 161        156         56         53
  Data processing                                                 237        220         91         78
  Other operating                                               1,050        831        320        270
                                                               ------     ------     ------     ------
         Total general, administrative and other expense        3,224      2,789      1,115        921
                                                               ------     ------     ------     ------

         Earnings before income taxes                           1,333        957        423        390

Federal income taxes
  Current                                                         380        271        104         62
  Deferred                                                         75         54         41         70
                                                               ------     ------     ------     ------
         Total federal income taxes                               455        325        145        132
                                                               ------     ------     ------     ------

         NET EARNINGS                                          $  878     $  632     $  278     $  258
                                                               ======     ======     ======     ======

         EARNINGS PER SHARE
           Basic                                               $  .75     $  .55     $  .24     $  .22
                                                               ======     ======     ======     ======

           Diluted                                             $  .74     $  .54     $  .23     $  .22
                                                               ======     ======     ======     ======

           Dividends per common share                          $0.350     $0.325     $0.120     $0.110
                                                               ======     ======     ======     ======

</TABLE>

                                       4
<PAGE>
<TABLE>
<CAPTION>


                            FFD Financial Corporation

           CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

                                 (In thousands)


                                                            For the nine months  For the three months
                                                                 ended March 31,       ended March 31,
                                                                2006       2005       2006       2005
<S>                                                            <C>        <C>        <C>        <C>
Net earnings                                                   $ 878      $ 632      $ 278      $ 258

Other comprehensive income (loss), net of tax effects:
  Unrealized holding gains (losses) on securities during
    the period, net of taxes (benefits) of $(24), $8, $(7)
    and $(22) for the respective periods                         (47)        16        (13)       (43)
                                                               -----      -----      -----      -----

Comprehensive income                                           $ 831      $ 648      $ 265      $ 215
                                                               =====      =====      =====      =====

Accumulated comprehensive loss                                 $ (56)     $ (50)     $ (56)     $ (50)
                                                               =====      =====      =====      =====
</TABLE>

                                       5
<PAGE>
<TABLE>
<CAPTION>

                            FFD Financial Corporation

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                       For the nine months ended March 31,
                                 (In thousands)

                                                                       2006        2005
<S>                                                                     <C>          <C>
Cash flows from operating activities:
  Net earnings for the period                                      $    878    $    632
  Adjustments to reconcile net earnings to net cash
  provided by operating activities:
    Amortization of discounts and premiums on loans,
      investments and mortgage-backed securities - net                   --           1
    Amortization of deferred loan origination costs                      42          34
    Depreciation and amortization                                       117         134
    Gain on redemption of investment securities                         (16)         --
    Provision for losses on loans                                       115          11
    Amortization expense of stock benefit plans                         197         182
    Gain on sale of loans                                               (64)        (54)
    Loans originated for sale in the secondary market                (8,476)     (9,780)
    Proceeds from sale of loans in the secondary market               8,593       8,287
    Proceeds from sale of  loans to other financial institutions      2,321       1,764
    Federal Home Loan Bank stock dividends                              (88)        (67)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                       (92)        (41)
      Prepaid expenses and other assets                                 (54)         33
      Accrued interest payable                                           --          21
      Other liabilities                                                (206)       (251)
      Federal income taxes
        Current                                                         333         165
        Deferred                                                         75          54
                                                                   --------    --------
         Net cash provided by operating activities                    3,675       1,125

Cash flows used in investing activities:
  Proceeds from redemption of investment securities                      16          --
  Proceeds from maturity of investment securities                        --       1,000
  Principal repayments on mortgage-backed securities                     83         254
  Loan principal repayments                                          38,787      25,310
  Loan disbursements                                                (49,025)    (33,518)
  Purchase of office premises and equipment                             (91)       (116)
                                                                   --------    --------
         Net cash used in investing activities                      (10,230)     (7,070)
                                                                   --------    --------

         Net cash used in operating and investing
           activities (subtotal carried forward)                     (6,555)     (5,945)
                                                                   --------    --------
</TABLE>

                                       6
<PAGE>
<TABLE>
<CAPTION>

                            FFD Financial Corporation

          CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(CONTINUED)

                       For the nine months ended March 31,
                                 (In thousands)

                                                                        2006        2005
<S>                                                                     <C>         <C>
         Net cash used in operating and investing
           activities (subtotal brought forward)                    $ (6,555)   $ (5,945)

Cash flows provided by financing activities:
  Net increase in deposit accounts                                     9,908       3,866
  Proceeds from Federal Home Loan Bank advances                       13,000       2,000
  Repayment of Federal Home Loan Bank advances                       (16,285)     (2,185)
  Proceeds from exercise of stock options                                 64         234
  Purchase of treasury shares                                            (64)       (377)
  Dividends on common shares                                            (417)       (387)
                                                                    --------    --------
         Net cash provided by financing activities                     6,206       3,151
                                                                    --------    --------

Net decrease in cash and cash equivalents                               (349)     (2,794)

Cash and cash equivalents at beginning of period                       7,785      10,820
                                                                    --------    --------

Cash and cash equivalents at end of period                          $  7,436    $  8,026
                                                                    ========    ========


Supplemental  disclosure of cash flow  information:
  Cash paid during the period for:
    Federal income taxes                                            $     85    $    135
                                                                    ========    ========

    Interest on deposits and borrowings                             $  2,658    $  1,775
                                                                    ========    ========

Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                            $    (47)   $     16
                                                                    ========    ========

  Recognition of mortgage servicing rights in accordance with
    SFAS No. 140                                                    $     93    $    139
                                                                    ========    ========
</TABLE>

                                       7
<PAGE>

                            FFD Financial Corporation

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

       For the nine- and three-month periods ended March 31, 2006 and 2005


1. Basis of Presentation
   ---------------------

The accompanying  unaudited  consolidated  financial statements were prepared in
accordance with the instructions for Form 10-QSB and, therefore,  do not include
information  or footnotes  necessary  for a complete  presentation  of financial
position,  results of operations  and cash flows in conformity  with  accounting
principles  generally  accepted in the United  States of  America.  Accordingly,
these financial  statements  should be read in conjunction with the Consolidated
Financial  Statements  and  Notes  thereto  of FFD  Financial  Corporation  (the
"Corporation")  included in the Annual  Report on Form 10-KSB for the year ended
June  30,  2005.  However,  in  the  opinion  of  management,   all  adjustments
(consisting of only normal  recurring  accruals)  which are necessary for a fair
presentation  of the financial  statements  have been  included.  The results of
operations for the nine- and  three-month  periods ended March 31, 2006, are not
necessarily  indicative  of the  results  which may be  expected  for the entire
fiscal year.

2. Principles of Consolidation
   ---------------------------

The accompanying  consolidated  financial statements include the accounts of the
Corporation,  First  Federal  Community  Bank (the  "Bank")  and  Dover  Service
Corporation, a wholly owned subsidiary of the Bank. All significant intercompany
items have been eliminated.

3. Earnings Per Share
   ------------------

Basic  earnings  per share is computed  based upon the  weighted-average  common
shares   outstanding  during  the  period  less  shares  in  the  FFD  Financial
Corporation  Employee Stock Ownership Plan (the "ESOP") that are unallocated and
not committed to be released.  Weighted-average common shares deemed outstanding
give  effect  to  13,162  unallocated  ESOP  shares  for each of the  nine-  and
three-month  periods ended March 31, 2006 and 26,339 unallocated ESOP shares for
each of the nine- and three-month periods ended March 31, 2005. Diluted earnings
per common share  include the dilutive  effect of  additional  potential  common
shares issuable under the Corporation's  stock option plan. The computations are
as follows:

<TABLE>
<CAPTION>
                                   For the nine months ended  For the three months ended
                                             March 31,               March 31,
                                           2006        2005        2006        2005
<S>                                      <C>         <C>         <C>         <C>

Weighted-average common shares
  outstanding (basic)                 1,169,803   1,150,631   1,179,091   1,160,163
Dilutive effect of assumed exercise
  of stock options                       24,492      21,372      27,353      23,810
                                      ---------   ---------   ---------   ---------
Weighted-average common shares
  outstanding (diluted)               1,194,295   1,172,003   1,206,444   1,183,973
                                      =========   =========   =========   =========
</TABLE>

4. Stock Option Plan
   -----------------

The FFD Financial  Corporation 1996 Stock Option and Incentive Plan (the "Plan")
provides  for grants of options to  purchase  169,838  authorized  but  unissued
common shares.

The Corporation  accounts for the Plan in accordance with Statement of Financial
Accounting   Standards   ("SFAS")   No.   123,   "Accounting   for   Stock-Based
Compensation,"  which contains a fair value-based method for valuing stock-based
compensation  that entities may use,  which  measures  compensation  cost at the
grant date based on the fair value of the award. Compensation is then recognized
over the service  period,  which is usually the vesting  period.  Alternatively,
SFAS No. 123 permits  entities  to  continue  to account  for stock  options and
similar equity

                                       8
<PAGE>

                            FFD Financial Corporation

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

       For the nine- and three-month periods ended March 31, 2006 and 2005


4. Stock Option Plan (continued)
   -----------------

instruments   under   Accounting   Principles  Board  ("APB")  Opinion  No.  25,
"Accounting  for Stock Issued to  Employees."  Entities that continue to account
for stock  options  using APB  Opinion  No.  25 are  required  to make pro forma
disclosures of net earnings and earnings per share,  as if the fair  value-based
method of accounting defined in SFAS No. 123 had been applied.  Such disclosures
are not included herein due to materiality.

The fair value of each option  grant is estimated on the date of grant using the
modified Black-Scholes options-pricing model with the following assumptions used
for grants in fiscal 2004: dividend yield of 3.0%; expected volatility of 38.2%;
risk-free  interest  rates of 4.3% and an  expected  life of ten  years  for all
grants.

A summary of the status of the  Corporation's  stock option plan as of March 31,
2006 and June 30, 2005 and 2004,  and changes  during the periods then ended are
presented below:

<TABLE>
<CAPTION>
                                             March 31,                          June 30,
                                               2006                  2005                   2004
                                                 Weighted-              Weighted-              Weighted-
                                                   average                average                average
                                                  exercise               exercise               exercise
                                        Shares       price     Shares       price     Shares       price
<S>                                     <C>          <C>      <C>            <C>     <C>            <C>
Outstanding at beginning of period      60,618    $  10.17     89,998    $   9.84    115,183    $   9.47
Granted                                     --          --         --          --      4,500       14.87
Exercised                               (5,997)      10.71    (29,305)       9.15    (28,365)       9.15
Forfeited                                   --          --        (75)      12.48     (1,320)       9.54
                                      --------    --------   --------    --------   --------    --------

Outstanding at end of period            54,621    $  10.11     60,618    $  10.17     89,998    $   9.84
                                      ========    ========   ========    ========   ========    ========

Options exercisable at period-end       44,563    $   9.63     46,831    $   9.66     68,755    $   9.33
                                      ========    ========   ========    ========   ========    ========
Weighted-average fair value of
  options granted during the period                    N/A                    N/A               $   4.36
                                                  ========               ========               ========

The following information applies to options outstanding at March 31, 2006:

Number outstanding                                                                                43,621
Range of exercise prices                                                                    $8.38-$10.10
Number outstanding                                                                                11,000
Range of exercise prices                                                                   $12.00-$14.88
Weighted-average exercise price                                                                   $10.11
Weighted-average remaining contractual life in years                                          3.94 years
</TABLE>

SFAS No.  123 was  amended in  December  2004 by SFAS No.  123(R),  "Share-Based
Payment" to require  compensation  expense  recognition  beginning  in the first
annual  period  beginning  after  December 15,  2005,  or July 1, 2006 as to the
Corporation.  To the extent  options  are  granted or vest after June 30,  2006,
expense will be  recognized  based on the fair value of such shares on the grant
date.

                                       9
<PAGE>

                            FFD Financial Corporation

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

       For the nine- and three-month periods ended March 31, 2006 and 2005


5. Recent Accounting Developments
   ------------------------------

In February 2006, the FASB issued SFAS No. 155,  "Accounting  for Certain Hybrid
Instruments - an amendment of FASB  Statements No. 133 and 140," to simplify and
make  more  consistent  the  accounting  for  certain   financial   instruments.
Specifically,  SFAS No. 155 amends  SFAS No.  133,  "Accounting  for  Derivative
Instruments and Hedging  Activities," to permit fair value remeasurement for any
hybrid  financial  instrument  with an embedded  derivative that otherwise would
require  bifurcation,  provided that the whole  instrument is accounted for on a
fair value basis.  SFAS No. 155 amends SFAS No. 140,  "Accounting  for Transfers
and Servicing of Financial Assets and Extinguishment of Liabilities," to allow a
qualifying special purpose entity to hold a derivative  instrument that pertains
to a beneficial interest other than another derivative financial instrument.

SFAS No. 155 is effective for all financial instruments acquired or issued after
the beginning of an entity's  first fiscal year that begins after  September 15,
2006, or July 1, 2007 as to the Corporation,  with earlier application  allowed.
The Corporation is currently  evaluating SFAS No. 155, but does not expect it to
have a material  effect on the  Corporation's  financial  position or results of
operations.

In March  2006,  the FASB  issued SFAS No. 156,  "Accounting  for  Servicing  of
Financial Assets - an amendment of SFAS No. 140," to simplify the accounting for
separately recognized servicing assets and servicing liabilities.  Specifically,
SFAS No.  156 amends  SFAS No.  140 to  require an entity to take the  following
steps:

   o  Separately  recognize  financial  assets as servicing  assets or servicing
      liabilities,  each time it undertakes an obligation to service a financial
      asset by entering into certain kinds of servicing contracts;
   o  Initially   measure  all  separately   recognized   servicing  assets  and
      liabilities at fair value, if practicable, and;
   o  Separately present servicing assets and liabilities  subsequently measured
      at fair  value in the  statement  of  financial  position  and  additional
      disclosures for all separately  recognized  servicing assets and servicing
      liabilities.

Additionally,  SFAS No. 156 permits,  but does not require,  an entity to choose
either  the  amortization  method  or the  fair  value  measurement  method  for
measuring  each class of separately  recognized  servicing  assets and servicing
liabilities. SFAS No. 156 also permits a servicer that uses derivative financial
instruments  to offset  risks on servicing  to use fair value  measurement  when
reporting both the derivative  financial  instrument and related servicing asset
or liability.

SFAS  No.  156  applies  to  all  separately  recognized  servicing  assets  and
liabilities  acquired or issued after the  beginning of an entity's  fiscal year
that begins after  September  15, 2006,  or July 1, 2007 as to the  Corporation,
with earlier application permitted. The Corporation is currently evaluating SFAS
No. 156, but does not expect it to have a material  effect on the  Corporation's
financial position or results of operations.

                                       10
<PAGE>

                            FFD Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

Forward-Looking Statements
--------------------------

Certain  statements  contained in this report that are not historical  facts are
forward-looking  statements that are subject to certain risks and uncertainties.
When used herein, the terms "anticipates,"  "plans," "expects,"  "believes," and
similar  expressions  as they relate to FFD or its  management  are  intended to
identify such forward looking statements.  FFD's actual results,  performance or
achievements  may  materially  differ  from  those  expressed  or implied in the
forward-looking  statements.   Risks  and  uncertainties  that  could  cause  or
contribute to such material differences include, but are not limited to, general
and  local  economic  conditions,  changes  in the  interest  rate  environment,
competitive  conditions  in the  financial  services  industry,  changes in law,
governmental policies and regulations, and rapidly changing technology affecting
financial services.

Critical Accounting Policies
----------------------------

There have been no  material  changes to the  critical  accounting  policies  as
disclosed in the Corporation's Form 10-KSB for the year ended June 30, 2005.


Discussion of Financial Condition Changes from June 30, 2005 to March 31, 2006
------------------------------------------------------------------------------

The  Corporation's  total assets at March 31, 2006, were $155.8 million,  a $7.2
million,  or 4.8%,  increase over the total at June 30, 2005,  funded  primarily
through deposit growth.

Cash and cash equivalents  totaled $7.4 million at March 31, 2006, a decrease of
$349,000,  or 4.5%,  from the  total at June  30,  2005.  Investment  securities
totaled $3.4 million at March 31, 2006, a $72,000,  or 2.1%,  decrease  from the
total at June 30, 2005, which resulted primarily from mark-to-market adjustments
under SFAS No.  115,  "Accounting  for  Certain  Investments  in Debt and Equity
Securities."  Mortgage-backed  securities  totaled $637,000 at March 31, 2006, a
$83,000,  or  11.5%,  decrease  compared  to the total at June 30,  2005,  which
resulted from principal repayments and a $1,000 mark-to-market  adjustment under
SFAS No. 115.

Loans receivable, including loans held for sale, totaled $139.2 million at March
31, 2006,  an increase of $7.7 million,  or 5.9%,  from the June 30, 2005 total.
Loan  disbursements  during the period  totaling  $57.5  million were  partially
offset by principal  repayments  of $38.8  million,  loans sold in the secondary
market of $8.5 million and loans sold to other  financial  institutions  of $2.3
million.  During the nine-month  period ended March 31, 2006, loan  originations
were comprised of $29.9 million of one- to four-family  residential  real estate
loans,  $6.2 million of commercial loans,  $17.5 million of nonresidential  real
estate loans,  $800,000 of multi-family  residential  real estate loans and $3.1
million of consumer loans.  Nonresidential real estate, multi-family residential
real estate and  commercial  lending  generally  involve a higher degree of risk
than one- to four-family  residential  real estate lending due to the relatively
larger  loan  amounts  and the  effects of general  economic  conditions  on the
successful  operation of  income-producing  properties and businesses.  The Bank
endeavors  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  operating  the property or business,  the debt  service  ratio,  the
quality and  characteristics  of the income stream  generated by the property or
business and appraisals supporting the real estate or collateral valuation.

The allowance for loan losses totaled  $733,000 at March 31, 2006, a decrease of
$33,000,  or 4.3%,  from the June 30, 2005 balance of $766,000,  and represented
52% and .57% of total loans at each of those  respective  dates.  The  decrease
resulted  from  $148,000  of charge  offs,  which  were  partially  offset by an
addition of $115,000 to the  allowance.  At March 31, 2006,  the  allowance  was
comprised solely of a general  allowance.  The Bank's impaired and nonperforming
loans  totaled $1.1 million at March 31, 2006, a 6.0% decrease from the June 30,
2005 total of $1.2 million.  Although management believes that the allowance for
loan losses at March 31, 2006, is adequate  based upon the  available  facts and
circumstances,  there can be no assurance  that  additions to the allowance will
not  be  necessary  in  future  periods,   which  could  adversely   affect  the
Corporation's results of operations.

                                       11
<PAGE>

                            FFD Financial Corporation

     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONTINUED)


Discussion of Financial  Condition  Changes from June 30, 2005 to March 31, 2006
--------------------------------------------------------------------------------
(continued)

Deposits  totaled  $121.4  million at March 31, 2006, a $9.9  million,  or 8.9%,
increase  from total  deposits at June 30, 2005.  FHLB  advances  totaled  $14.6
million at March 31, 2006, a $3.3 million, or 18.4%,  decrease from the June 30,
2005 total, due to repayments funded by deposit growth.

Shareholders'  equity  totaled  $18.0  million at March 31, 2006, an increase of
$611,000,  or 3.5%, over June 30, 2005. The increase was due primarily to period
net  earnings of $878,000  and  amortization  of stock  benefit  plans  totaling
$197,000,  which  were  partially  offset by  unrealized  losses  on  securities
designated as available for sale of $47,000 and dividends paid of $417,000.  The
Bank is required to meet minimum capital standards  promulgated by the Office of
Thrift Supervision and at March 31, 2006, the Bank's regulatory capital exceeded
the minimum capital requirements.


Comparison of Operating Results for the Nine-Month Periods Ended March 31, 2006
--------------------------------------------------------------------------------
and 2005
--------

General
-------

The  Corporation's net earnings totaled $878,000 for the nine months ended March
31, 2006, an increase of $246,000,  or 38.9%,  from the net earnings of $632,000
recorded in the comparable period in 2005. The increase in net earnings resulted
from an  increase of  $948,000,  or 28.6%,  in net  interest  income,  which was
partially offset by increases of $435,000,  or 15.6% in general,  administrative
and other expenses,  $130,000 in federal income taxes, $104,000 in the provision
for losses on loans, and a $33,000, or 7.4%, decrease in other operating income.

Net Interest Income
-------------------

Total interest income  increased by $1.8 million,  or 35.4%, to $6.9 million for
the nine months  ended March 31,  2006,  compared to the nine months ended March
31, 2005.  Interest income on loans increased by $1.7 million,  or 35.3%, due to
an increase of $17.0 million,  or 14.4%,  in the average loan portfolio  balance
outstanding  and  a 99  basis  point  increase  in  yield.  Interest  income  on
mortgage-backed  securities decreased by $1,000, or 3.6%, due to a $204,000,  or
23.1%,  decrease in the average balance outstanding,  which was partially offset
by a 98 basis point increase in yield. Interest income on investment securities,
interest-bearing  deposits and other increased by $112,000, or 42.3%, to a total
of $377,000 for the nine months  ended March 31, 2006,  due to a 183 basis point
increase in the yield,  which was partially offset by a $1.5 million,  or 12.5%,
decrease in the average balance outstanding.

Total interest expense increased by $862,000,  or 48.0%, to $2.7 million for the
nine months  ended March 31,  2006,  compared to the nine months ended March 31,
2005. Interest expense on deposits increased by $679,000,  or 49.5%, due to a 63
basis  point  increase  in the  average  cost of  deposits to 2.33% for the 2006
period, and a $9.8 million, or 9.1%, increase in the average balance of deposits
outstanding  period to period.  Interest  expense  on  borrowings  increased  by
$183,000, or 43.1%, due to an increase of $5.3 million, or 41.5%, in the average
balance of advances outstanding and a 5 basis point increase in the average cost
of borrowings.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income  increased by $948,000,  or 28.6%, for the nine months ended
March 31, 2006,  compared to the same period in 2005.  The interest  rate spread
was 3.68% and 3.20%,  and the net interest  margin totaled 3.88% and 3.37%,  for
the nine-month periods ended March 31, 2006 and 2005, respectively. The increase
in both the interest rate spread and the net interest margin for the nine months
ended March 31, 2006 was due to the Corporation's  asset sensitive balance sheet
in the rising interest rate environment.

                                       12
<PAGE>

                            FFD Financial Corporation

     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Nine-Month  Periods Ended March 31, 2006
--------------------------------------------------------------------------------
and 2005 (continued)
--------

Provision for Losses on Loans
-----------------------------

The  Corporation  recorded a $115,000  provision  for losses on loans during the
nine months ended March 31, 2006,  and a $11,000  provision  for the  comparable
quarter in 2005. The increase in the allowance for losses on loans was primarily
due to growth in the loan  portfolio,  an increase  in  commercial  loans,  loan
charge offs,  and an increase  related to  management's  assessment  of economic
conditions.  There  can be no  assurance  that the loan loss  allowance  will be
adequate to cover losses on  nonperforming  and  impaired  assets in the future,
which can adversely affect the Corporation's results of operations.

Other Income
------------

Other  income  totaled  $410,000  for the nine months  ended March 31,  2006,  a
decrease  of $33,000,  or 7.4%,  from the 2005 total.  The  decrease  was due to
decreases of $36,000,  or 18.7%, in the gain on sale of loans,  and $13,000,  or
5.2%, in other operating  income,  which were partially offset by the receipt of
$16,000 in holdback proceeds from the previously  reported gain on redemption of
Intrieve,   Incorporated   stock  from  its  acquisition  by  Harland  Financial
Solutions, Inc.

General, Administrative and Other Expense
-----------------------------------------

General,  administrative  and other  expense  totaled  $3.2 million for the nine
months ended March 31, 2006, an increase of $435,000,  or 15.6%, compared to the
same period in 2005. The increase in general,  administrative  and other expense
includes  increases of $219,000,  or 26.4%,  in other  operating,  $176,000,  or
13.6%, in employee compensation and benefits, $18,000, or 6.3%, in occupancy and
equipment,  $17,000,  or  7.7%,  in  data  processing,  and  $5,000,  or 3.2% in
franchise   tax.  The  increase  in  other   operating   expense  was  primarily
attributable to costs related to the Corporation's  growth year to year, as well
as  discretionary  increases  in  advertising  and legal costs  associated  with
terminating the going private transaction. The increase in employee compensation
was due to normal merit increases, bonus compensation and additional staffing.

Federal Income Taxes
--------------------

The Corporation  recorded a provision for federal income taxes totaling $455,000
for the nine months  ended March 31, 2006,  an increase of  $130,000,  or 40.0%,
over the same period in 2005. The increase  resulted from a $376,000,  or 39.3%,
increase in earnings before taxes.  The  Corporation's  effective tax rates were
34.1% and 34.0% for the nine months ended March 31, 2006 and 2005, respectively.

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2006
--------------------------------------------------------------------------------
and 2005
--------

General
-------

The Corporation's net earnings totaled $278,000 for the three months ended March
31,  2006,  an increase of $20,000,  or 7.8%,  from the net earnings of $258,000
recorded in the comparable period in 2005. The increase in net earnings resulted
from an  increase of  $312,000,  or 26.2%,  in net  interest  income,  which was
partially offset by a decrease of $52,000,  or 41.6%, in other operating income,
and  increases  of  $194,000,  or 21.1%,  in general,  administrative  and other
expenses,  $33,000 in the provision for losses on loans,  and $13,000 in federal
income taxes.

                                       13
<PAGE>

                            FFD Financial Corporation

     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month Periods Ended March 31, 2006
--------------------------------------------------------------------------------
and 2005 (continued)
--------

Net Interest Income
-------------------

Total interest income  increased by $608,000,  or 33.6%, to $2.4 million for the
three months ended March 31, 2006,  compared to the three months ended March 31,
2005. Interest income on loans increased by $565,000, or 33.1%, due to increases
of $15.5 million,  or 12.8%, in the average loan portfolio  balance  outstanding
and a 102 basis point  increase  in yield.  Interest  income on  mortgage-backed
securities  increased  by $1,000,  or 11.1% due to a 78 basis point  increase in
yield,  which was offset by a decrease  of  $150,000,  or 18.8%,  in the average
balance outstanding. Interest income on investment securities,  interest-bearing
deposits and other  increased by $42,000,  or 44.7%,  to a total of $136,000 for
the three  months  ended March 31,  2006,  due to a 163 basis point  increase in
yield,  which was  partially  offset by a  $493,000,  or 4.3%,  decrease  in the
average balance outstanding.

Total  interest  expense  increased by $296,000,  or 48.1%,  to $912,000 for the
three months ended March 31, 2006,  compared to the three months ended March 31,
2005. Interest expense on deposits increased by $268,000,  or 56.2%, due to a 69
basis  point  increase  in the  average  cost of  deposits to 2.43% for the 2006
quarter  and a $12.8  million,  or 11.6%,  increase  in the  average  balance of
deposits outstanding period to period.  Interest expense on borrowings increased
by  $28,000,  or 20.1%,  due to an increase of $2.1  million,  or 17.0%,  in the
average  balance of advances  outstanding,  and a 11 basis point increase in the
average cost of borrowings.

As a result of the foregoing  changes in interest  income and interest  expense,
net interest income increased by $312,000,  or 26.2%, for the three months ended
March 31, 2006,  compared to the same period in 2005.  The interest  rate spread
was 3.87% and 3.42%,  and the net interest  margin was 4.07% and 3.58%,  for the
three-month periods ended March 31, 2006 and 2005, respectively.

Provision for Losses on Loans
-----------------------------

The  Corporation  recorded a $40,000  provision  for losses on loans  during the
three months ended March 31, 2006,  and a $7,000  provision  for the  comparable
quarter in 2005. The increase in the allowance for losses on loans was primarily
due to the growth in the loan  portfolio,  loan  charge  offs,  and an  increase
related to  management's  assessment  of  economic  conditions.  There can be no
assurance  that the loan loss  allowance  will be  adequate  to cover  losses on
nonperforming assets in the future, which can adversely affect the Corporation's
results of operations.

Other Income
------------

Other  income  totaled  $73,000 for the three  months  ended March 31,  2006,  a
decrease of $52,000,  or 41.6%,  from the 2005 total.  The decrease was due to a
decrease of $67,000,  or 68.4%,  in gain on sale of loans,  which was  partially
offset by an increase of $15,000, or 55.6%, in other operating.

General, Administrative and Other Expense
-----------------------------------------

General,  administrative  and other  expense  totaled $1.1 million for the three
months ended March 31, 2006, an increase of $194,000,  or 21.1%, compared to the
same period in 2005. The increase in general,  administrative  and other expense
includes increases of $128,000, or 30.5%, in employee compensation and benefits,
$50,000,  or 18.5%, in other operating,  $13,000,  or 16.7%, in data processing,
and $3,000, or 5.7%, in franchise tax. The increases in general,  administrative
and other  expenses for the 2006  quarter  generally  reflect the  Corporation's
growth year over year. The increase in employee  compensation  was due to normal
merit increases, bonus compensation and additional staffing.

                                       14
<PAGE>

                            FFD Financial Corporation

     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONTINUED)


Comparison of Operating Results for the Three-Month Periods Ended March 31, 2006
--------------------------------------------------------------------------------
and 2005 (continued)
--------

Federal Income Taxes
--------------------

The Corporation  recorded a provision for federal income taxes totaling $145,000
for the three months ended March 31, 2006, an increase of $13,000, or 9.8%, over
the same period in 2005. The increase resulted from a $33,000, or 8.5%, increase
in earnings before taxes. The Corporation's  effective tax rates were 34.3%, and
a 33.8% for the three months ended March 31, 2006 and 2005, respectively.

ITEM 3:  Controls and Procedures
         -----------------------

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


                                       15
<PAGE>

                            FFD Financial Corporation

                                     PART II


ITEM 1.  Legal Proceedings
         -----------------

         Not applicable

ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds
         -----------------------------------------------------------

         (a)   None

         (b)   None

         (c)   None

         (d)   None

ITEM 3.  Defaults Upon Senior Securities
         -------------------------------

         Not applicable

ITEM 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

         Not applicable

ITEM 5.  Other Information
         -----------------

         None

ITEM 6.  Exhibits
         --------

                     31.1     Section 302 Chief Executive Officer certification
                     31.2     Section 302 Chief Financial Officer certification
                     32.1     Section 906 Chief Executive Officer certification
                     32.2     Section 906 Chief Financial Officer certification



                                       16
<PAGE>


                            FFD Financial Corporation

                                   SIGNATURES


In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

<TABLE>
<CAPTION>

<S>                                      <C>
                                         FFD FINANCIAL CORPORATION




Date:    May 15, 2006                    By:  /s/Trent B. Troyer
       -------------------------              -----------------------------------------------
                                              Trent B. Troyer
                                              President and Chief Executive Officer





Date:    May 15, 2006                    By:  /s/Robert R. Gerber
       -------------------------              -----------------------------------------------
                                              Robert R. Gerber
                                              Vice President, Treasurer and Chief Financial Officer
</TABLE>

                                       17