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, 2004

                                       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 Sections
13 or 15(d) of the Securities Exchange Act of 1934 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 |_|

                      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 14, 2004 - 1,207,603 shares of
common stock, no par value

Transitional Small Business Disclosure Format (Check one): Yes |_| No |X|


                                  Page 1 of 17
<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 of
           Financial Condition and Results of
           Operations                                                         10

PART II -  OTHER INFORMATION                                                  15

SIGNATURES                                                                    17


                                       2
<PAGE>

                            FFD Financial Corporation

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)

<TABLE>
<CAPTION>
                                                                                 March 31,        June 30,
         ASSETS                                                                       2004            2003
<S>                                                                              <C>             <C>
Cash and due from banks                                                          $   2,372       $   1,845
Interest-bearing deposits in other financial institutions                            9,442          10,398
                                                                                 ---------       ---------
         Cash and cash equivalents                                                  11,814          12,243

Investment securities designated as available for sale - at market                   4,536           1,502
Mortgage-backed securities designated as available for sale - at market                679             832
Mortgage-backed securities held to maturity - at amortized cost,
  approximate market value of $477 and $687 as of
  March 31, 2004 and June 30, 2003, respectively                                       478             651
Loans receivable - net                                                             113,809         114,199
Loans held for sale - at lower of cost or market                                       313           1,767
Office premises and equipment - at depreciated cost                                  2,057           2,134
Real estate acquired through foreclosure                                                --             161
Stock in Federal Home Loan Bank - at cost                                            2,027           1,967
Accrued interest receivable                                                            377             386
Prepaid expenses and other assets                                                      287             244
Prepaid federal income taxes                                                           226             322
                                                                                 ---------       ---------

         Total assets                                                            $ 136,603       $ 136,408
                                                                                 =========       =========

         LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits                                                                         $ 103,503       $ 104,351
Advances from the Federal Home Loan Bank                                            15,267          13,891
Accrued interest payable                                                                99              96
Other liabilities                                                                      354             935
Deferred federal income taxes                                                          261             217
                                                                                 ---------       ---------
         Total liabilities                                                         119,484         119,490

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                                                         7,924           7,889
  Retained earnings - substantially restricted                                      12,358          12,202
  Accumulated comprehensive income; unrealized gains on
    securities designated as available for sale, net of related tax effects             28               8
  Shares acquired by stock benefit plans                                              (444)           (559)
  Less 247,385 and 241,753 treasury shares at March 31, 2004 and
    June 30, 2003, respectively - at cost                                           (2,747)         (2,622)
                                                                                 ---------       ---------
         Total shareholders' equity                                                 17,119          16,918
                                                                                 ---------       ---------

         Total liabilities and shareholders' equity                              $ 136,603       $ 136,408
                                                                                 =========       =========
</TABLE>


                                       3
<PAGE>

                            FFD Financial Corporation

                       CONSOLIDATED STATEMENTS OF EARNINGS

                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                   For the nine months      For the three months
                                                                     ended March 31,          ended March 31,
                                                                     2004         2003         2004          2003
<S>                                                               <C>          <C>          <C>           <C>
Interest income
  Loans                                                           $ 4,573      $ 4,826      $ 1,510       $ 1,594
  Mortgage-backed securities                                           46           87           13            24
  Investment securities, interest-bearing deposits and other          186          228           82            69
                                                                  -------      -------      -------       -------
         Total interest income                                      4,805        5,141        1,605         1,687

Interest expense
  Deposits                                                          1,457        1,853          459           557
  Borrowings                                                          442          445          150           138
                                                                  -------      -------      -------       -------
         Total interest expense                                     1,899        2,298          609           695
                                                                  -------      -------      -------       -------

         Net interest income                                        2,906        2,843          996           992

Provision for losses on loans                                          --          131           --            32
                                                                  -------      -------      -------       -------

         Net interest income after provision
           for losses on loans                                      2,906        2,712          996           960

Other income
  Gain on sale of loans                                               305          584           53           202
  Other operating                                                     161          114           52            21
                                                                  -------      -------      -------       -------
         Total other income                                           466          698          105           223

General, administrative and other expense
  Employee compensation and benefits                                1,141          908          378           305
  Occupancy and equipment                                             289          271          101            97
  Franchise taxes                                                     155          138           54            48
  Data processing                                                     218          201           84            71
  Loss on sale of real estate acquired through foreclosure              7           --           --            --
  Other operating                                                     755          798          224           243
                                                                  -------      -------      -------       -------
         Total general, administrative and other expense            2,565        2,316          841           764
                                                                  -------      -------      -------       -------

         Earnings before income taxes                                 807        1,094          260           419

Federal income taxes
  Current                                                             241          357          109           139
  Deferred                                                             33           15          (21)            1
                                                                  -------      -------      -------       -------
         Total federal income taxes                                   274          372           88           140
                                                                  -------      -------      -------       -------

         NET EARNINGS                                             $   533      $   722      $   172       $   279
                                                                  =======      =======      =======       =======

         EARNINGS PER SHARE
           Basic                                                  $   .46      $   .62      $   .15       $   .24
                                                                  =======      =======      =======       =======

           Diluted                                                $   .45      $   .61      $   .14       $   .24
                                                                  =======      =======      =======       =======
</TABLE>


                                       4
<PAGE>

                            FFD Financial Corporation

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                 (In thousands)

<TABLE>
<CAPTION>
                                                                  For the nine months       For the three months
                                                                   ended March 31,            ended March 31,
                                                                  2004           2003        2004           2003
<S>                                                              <C>            <C>         <C>            <C>
Net earnings                                                     $ 533          $ 722       $ 172          $ 279

Other comprehensive income (loss), net of tax effects:
  Unrealized holding gains (losses) on securities during
    the period, net of taxes (benefits) of $ 10, $(4), $12,
    and $- for the respective periods                               20             (7)         22             (1)
                                                                 -----          -----       -----          -----

Comprehensive income                                             $ 553          $ 715       $ 194          $ 278
                                                                 =====          =====       =====          =====

Accumulated comprehensive income                                 $  28          $  12       $  28          $  12
                                                                 =====          =====       =====          =====
</TABLE>


                                       5
<PAGE>

                            FFD Financial Corporation

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

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

<TABLE>
<CAPTION>
                                                                      2004           2003
<S>                                                               <C>            <C>
Cash flows from operating activities:
  Net earnings for the period                                     $    533       $    722
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Amortization of discounts and premiums on loans,
      investments and mortgage-backed securities - net                   4             48
    Amortization of deferred loan origination fees (costs)              27            (38)
    Depreciation and amortization                                      141            150
    Provision for losses on loans                                       --            131
    Amortization expense of stock benefit plans                        187            154
    Gain on sale of loans                                              (45)          (273)
    Proceeds from sale of loans in the secondary market             26,110         30,537
    Loans originated for sale in the secondary market              (24,611)       (32,034)
    Loss on sale of real estate acquired through foreclosure             7             --
    Federal Home Loan Bank stock dividends                             (60)           (63)
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                        9             39
      Prepaid expenses and other assets                                (43)            49
      Accrued interest payable                                           3            (10)
      Other liabilities                                               (581)            (5)
      Federal income taxes
        Current                                                         96             97
        Deferred                                                        33             15
                                                                  --------       --------
         Net cash provided by (used in) operating activities         1,810           (481)

Cash flows provided by (used in) investing activities:
  Proceeds from maturity of investment securities                    2,500          6,000
  Purchase of investment securities                                 (5,500)        (7,510)
  Purchase of mortgage-backed securities                                --           (956)
  Principal repayments on mortgage-backed securities                   319          2,442
  Loan principal repayments                                         31,884         35,845
  Loan disbursements                                               (31,367)       (39,117)
  Purchase of office premises and equipment                            (64)          (334)
                                                                  --------       --------
         Net cash used in investing activities                      (2,228)        (3,630)
                                                                  --------       --------

         Net cash used in operating and investing
           activities (subtotal carried forward)                      (418)        (4,111)
                                                                  --------       --------
</TABLE>


                                       6
<PAGE>

                            FFD Financial Corporation

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

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

<TABLE>
<CAPTION>
                                                                              2004          2003
<S>                                                                        <C>            <C>
         Net cash used in operating and investing
           activities (subtotal brought forward)                           $   (418)      $ (4,111)

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposit accounts                                  (848)         5,830
  Proceeds from Federal Home Loan Bank advances                               1,525             --
  Repayment of Federal Home Loan Bank advances                                 (149)        (3,486)
  Proceeds from exercise of stock options                                       117             21
  Purchase of treasury shares                                                  (279)          (234)
  Dividends on common shares                                                   (377)          (336)
                                                                           --------       --------
         Net cash provided by (used in) financing activities                    (11)         1,795
                                                                           --------       --------

Net decrease in cash and cash equivalents                                      (429)        (2,316)

Cash and cash equivalents at beginning of period                             12,243         13,216
                                                                           --------       --------

Cash and cash equivalents at end of period                                 $ 11,814       $ 10,900
                                                                           ========       ========

Supplemental disclosure of cash flow information:
  Cash paid during the period for:
    Federal income taxes                                                   $    110       $    280
                                                                           ========       ========

    Interest on deposits and borrowings                                    $  1,896       $  2,308
                                                                           ========       ========

Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as available for
    sale, net of related tax effects                                       $     20       $     (7)
                                                                           ========       ========

  Recognition of mortgage servicing rights in accordance with
    SFAS No. 140                                                           $    260       $    311
                                                                           ========       ========

  Transfers from mortgage loans to real estate acquired through
    foreclosure                                                            $     --       $    161
                                                                           ========       ========
</TABLE>


                                       7
<PAGE>

                            FFD Financial Corporation

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

       For the nine- and three-month periods ended March 31, 2004 and 2003

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, 2003. 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, 2004, 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 and First Federal Community Bank (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 39,513 unallocated ESOP shares for each of the nine- and
three-month periods ended March 31, 2004 and 52,687 unallocated ESOP shares for
each of the nine- and three-month periods ended March 31, 2003. 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,
                                                    2004           2003           2004           2003
<S>                                            <C>            <C>            <C>            <C>
      Weighted-average common shares
        outstanding (basic)                    1,158,483      1,154,705      1,156,331      1,160,221
      Dilutive effect of assumed exercise
        of stock options                          36,123         25,918         36,279         26,431
                                               ---------      ---------      ---------      ---------
      Weighted-average common shares
        outstanding (diluted)                  1,194,606      1,180,623      1,192,610      1,186,652
                                               =========      =========      =========      =========
</TABLE>


                                       8
<PAGE>

                            FFD Financial Corporation

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

       For the nine- and three-month periods ended March 31, 2004 and 2003

4. Stock Option Plan

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

The Corporation accounts for the Plan in accordance with 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 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.

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, as well as 2003 and 2002, respectively: dividend
yields of 2.80%, 3.0% and 3.5%; expected volatility of 28.9%, 22.6% and 36.7%;
risk-free interest rates of 4.1%, 4.0% and 3.0% 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,
2004 and June 30, 2003 and 2002, and changes during the periods then ended are
presented below:

<TABLE>
<CAPTION>
                                                March 31,                                June 30,
                                                  2004                     2003                       2002
                                                       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        115,183       $ 9.47       104,385       $ 9.25       108,563       $ 9.22
Granted                                     2,500        14.88        14,920        10.94         2,000        12.00
Exercised                                 (12,845)        9.14        (4,122)        9.17        (5,578)        9.14
Forfeited                                  (1,320)        9.54            --           --          (600)       14.59
                                         --------       ------      --------       ------      --------       ------

Outstanding at end of period              103,518       $ 9.47       115,183       $ 9.47       104,385       $ 9.25
                                         ========       ======      ========       ======      ========       ======

Options exercisable at period-end          92,693       $ 9.25        91,809       $ 9.22        90,604       $ 9.21
                                         ========       ======      ========       ======      ========       ======
Weighted-average fair value of
  options granted during the period                     $ 3.60                     $ 3.92                     $ 3.59
                                                        ======                     ======                     ======
</TABLE>

<TABLE>
<S>                                                                                                  <C>
The following information applies to options outstanding at March 31, 2004:

Number outstanding                                                                                            90,211
Range of exercise prices                                                                              $8.38 - $10.10
Number outstanding                                                                                            13,307
Range of exercise prices                                                                             $11.17 - $14.88

Weighted-average exercise price                                                                                $9.47
Weighted-average remaining contractual life in years                                                       4.3 years
</TABLE>


                                       9
<PAGE>

                            FFD Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

Discussion of Financial Condition Changes from June 30, 2003 to March 31, 2004

The Corporation's total assets at March 31, 2004, amounted to $136.6 million, a
$195,000, or 0.1%, increase over the total at June 30, 2003.

Cash and cash equivalents totaled $11.8 million at March 31, 2004, a decrease of
$429,000, or 3.5%, from the total at June 30, 2003. Investment securities
totaled $4.5 million at March 31, 2004, a $3.0 million, or 202%, increase over
the total at June 30, 2003, as a result of the purchase of U.S. Government
agency securities totaling $5.5 million which was partially offset by maturities
totaling $2.5 million. Mortgage-backed securities totaled $1.2 million at March
31, 2004, a $326,000 or 22.0%, decrease compared to the total at June 30, 2003.
This decrease resulted primarily from principal repayments totaling $319,000.

Loans receivable, including loans held for sale, totaled $114.1 million at March
31, 2004, a decrease of $1.8 million, or 1.6%, from the June 30, 2003 total.
Loan disbursements during the period totaling $56.0 million were offset by
principal repayments of $31.9 million and loans sold in the secondary market of
$26.1 million. During the nine-month period ended March 31, 2004, loan
originations were comprised of $31.6 million of one- to four-family residential
real estate loans, $12.2 million of commercial loans, $10.2 million of
nonresidential real estate loans, $1.2 million of multi-family residential real
estate loans and $797,000 of consumer loans. Nonresidential real estate,
multi-family residential real estate and commercial lending are generally
considered to 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 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 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 $790,000 at March 31, 2004, a decrease of
$28,000, or 3.4%, over the June 30, 2003 balance of $818,000, and represented
..68% of total loans at each of those dates. The Bank's impaired and
nonperforming loans totaled $805,000 at March 31, 2004, a 68.1% decrease from
the June 30, 2003 total of $2.4 million. Approximately $200,000 of specific
reserves has been allocated to certain impaired and nonperforming loans.
Although management believes that the allowance for loan losses at March 31,
2004, is adequate based upon the available facts and circumstances, there can be
no assurance that additions to such allowance will not be necessary in future
periods, which could adversely affect the Corporation's results of operations.

Deposits totaled $103.5 million at March 31, 2004, a $848,000, or 0.8%, decrease
from total deposits at June 30, 2003. The overall decrease in deposits was the
result of a $1.8 million increase in demand transaction and passbook accounts,
which was offset by a decrease of $2.6 million in certificates of deposits. FHLB
advances totaled $15.3 million at March 31, 2004, a $1.4 million, or 9.9%,
increase from the June 30, 2003 total. During the nine-month period ended March
31, 2004, management elected to increase advances to fund loans.

Shareholders' equity totaled $17.1 million at March 31, 2004, an increase of
$201,000, or 1.2%, over June 30, 2003. The increase was due primarily to net
earnings of $533,000, amortization of stock benefit plans totaling $187,000 and
effects of stock options exercised totaling $117,000, which were partially
offset by dividends paid of $377,000 and share repurchases of $279,000. The Bank
is required to meet minimum capital standards promulgated by the Office of
Thrift Supervision ("OTS"), and at March 31, 2004, the Bank's regulatory capital
exceeded such minimum capital requirements.


                                       10
<PAGE>

                            FFD Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Nine-Month Periods Ended March 31, 2004
and 2003

General

The Corporation's net earnings totaled $533,000 for the nine months ended March
31, 2004, a decrease of $189,000, or 26.2%, a substantial decrease from the net
earnings of $722,000 recorded in the comparable period in 2003. The decrease in
net earnings resulted from an increase in general, administrative and other
expense of $249,000 and a decrease of $232,000 in other income, which were
partially offset by a decrease in the provision for loan losses of $131,000, a
decrease of $98,000 in the provision for federal income taxes and an increase of
$63,000 in net interest income. The decrease in other income was primarily due
to a decrease in gain on sale of loans of $279,000, which was partially offset
by an increase of $47,000 in other operating income. The decrease in gain on
sale of loans is attributable to the decline in the number of loans sold and
loss on sale of certain loans from the comparable period.

Net Interest Income

Total interest income decreased by $336,000, or 6.5%, to a total of $4.8 million
for the nine months ended March 31, 2004, compared to the nine months ended
March 31, 2003. Interest income on loans decreased by $253,000, or 5.2%, due
primarily to a 58 basis point decrease in yield, which was partially offset by
an increase of $5.6 million, or 5.1%, in the average loan portfolio balance
outstanding. Interest income on mortgage-backed securities decreased by $41,000,
or 47.1%, due primarily to a $1.2 million, or 47.3%, decrease in the average
balance outstanding. Interest income on investment securities and
interest-bearing deposits decreased by $42,000, or 18.4%, to a total of $186,000
for the nine months ended March 31, 2004, due primarily to a $2.2 million, or
13.0% decrease in the average balance outstanding year to year and a 10 basis
point decrease in yield.

Interest expense on deposits decreased by $396,000, or 21.4% for the nine months
ended March 31, 2004, compared to the same period in 2003, due primarily to a 75
basis point decrease in the average cost of deposits, to 1.84% which was
partially offset by a $10.2 million, or 10.7%, increase in the average balance
of deposits outstanding year to year. Interest expense on FHLB advances
decreased by $3,000, or 0.7%, due to a $506,000, or 3.28%, decrease in the
average balance of advances outstanding. The decline in average yields on
interest-earning assets and the average cost of liabilities reflected the
lagging effects of rate decreases in prior quarters.

As a result of the foregoing changes in interest income and interest expense,
net interest income increased by $63,000, or 2.2%, for the nine months ended
March 31, 2004, compared to the same period in 2003. The interest rate spread
amounted to 2.80% and 2.56%, and the net interest margin totaled 2.97% and 2.95%
for the nine-month periods ended March 31, 2004 and 2003, respectively.

Provision for Losses on Loans

A provision for losses on loans is charged to earnings to bring the total
allowance for loan losses to a level considered appropriate by management based
on historical loss experience, the volume and type of lending conducted by the
Bank, the status of past due principal and interest payments, general economic
conditions, particularly as such conditions relate to the Bank's market area,
and other factors related to the collectibility of the Bank's loan portfolio.
Based upon management's analysis of the allowance for loan losses, the
Corporation did not record a provision for losses on loans during the nine
months ended March 31, 2004, compared to $131,000 recorded for the same period
in 2003. 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.


                                       11
<PAGE>

                            FFD Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Nine-Month Periods Ended March 31, 2004
and 2003 (continued)

Other Income

Other income totaled $466,000 for the nine months ended March 31, 2004, a
decrease of $232,000, or 33.2%, from the 2003 total. The decrease was due to a
decline of $279,000, or 47.8%, in gain on sale of loans which was partially
offset by an increase of $47,000 in other operating income. The decrease in gain
on sale of loans was due to a $4.0 million decrease in the volume of loans sold
from period to period as well as reduced gains on the loans which were sold in
the current period. Intermittent periods of rising interest rates during the
2004 nine-month period reduced the spread between the rates at which the loans
were originated and the rates at which they could then be sold. Because the
loans still carry relatively low interest rates, the Bank elected to accept the
reduced income rather than incur the interest rate risk associated with holding
the loans in the Bank's portfolio. The increase in other operating income
consisted primarily of increases in service fees on loans sold, which were
partially offset by an increase in the amortization of mortgage servicing
rights.

General, Administrative and Other Expense

General, administrative and other expense totaled $2.6 million for the nine
months ended March 31, 2004, an increase of $249,000, or 10.8%, compared to the
same period in 2003. The increase in general, administrative and other expense
includes increases of $233,000, or 25.7%, in employee compensation and benefits,
$17,000, or 12.3%, in franchise tax, $18,000 in occupancy and equipment, and
$17,000 in data processing, which were partially offset by a decrease of
$43,000, or 5.4%, in other operating expense. The increase in employee
compensation and benefits was due primarily to increases in employee salaries
and bonuses, employee training costs, costs of the employee stock ownership
plan, and decreases in deferred loan origination costs related to the reduction
in the number of loans originated.

Federal Income Taxes

The Corporation recorded a provision for federal income taxes totaling $274,000
for the nine months ended March 31, 2004, a decrease of $98,000, or 26.3%, from
the same period in 2003. The decrease resulted primarily from a $287,000, or
26.2%, decrease in earnings before taxes. The Corporation's effective tax rates
were 33.8% and 34.0% for the nine months ended March 31, 2004 and 2003,
respectively.

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2004
and 2003

General

The Corporation's net earnings totaled $172,000 for the three months ended March
31, 2004, a decrease of $107,000, or 38.4%, from the net earnings of $279,000
recorded in the comparable period in 2003. The decrease in net earnings resulted
from an increase in general, administrative and other expense of $77,000 and a
decrease of $118,000 in other income, which were partially offset by decreases
of $32,000 in the provision for loan losses and $52,000 in the provision for
federal income taxes and an increase of $4,000 in net interest income.


                                       12
<PAGE>

                            FFD Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2004
and 2003 (continued)

Net Interest Income

Total interest income decreased by $82,000, or 4.9%, to a total of $1.6 million
for the three months ended March 31, 2004, compared to the three months ended
March 31, 2003. Interest income on loans decreased by $84,000, or 5.3%, due
primarily to a 44 basis point decrease in yield, which was partially offset by
an increase of $2.9 million, or 2.6%, in the average loan portfolio balance
outstanding. Interest income on mortgage-backed securities decreased by $11,000,
or 45.8%, due primarily to a $548,000, or 31.3%, decrease in the average balance
outstanding. Interest income on investment securities and interest-bearing
deposits increased by $13,000, or 18.8%, to a total of $82,000 for the three
months ended March 31, 2004, due primarily to a $1.2 million, or 7.4%, increase
in the average balance outstanding year to year.

Interest expense on deposits decreased by $98,000, or 17.6%, for the three
months ended March 31, 2004, compared to the same quarter in 2003, due primarily
to a 63 basis point decrease in the average cost of deposits, to 1.72% for the
2004 quarter, which was partially offset by a $11.8 million, or 12.5%, increase
in the average balance of deposits outstanding period to period. Interest
expense on FHLB advances increased by $12,000, or 8.7%, due to a $1.3 million,
or 9.4%, increase in the average balance of advances outstanding.

As a result of the foregoing changes in interest income and interest expense,
net interest income increased by $4,000, or 4.0%, for the three months ended
March 31, 2004, compared to the same period in 2003. The interest rate spread
amounted to 2.89% and 2.72%, and the net interest margin totaled 3.04% and 3.10%
for the three-month periods ended March 31, 2004 and 2003, respectively.

Provision for Losses on Loans

A provision for losses on loans is charged to earnings to bring the total
allowance for loan losses to a level considered appropriate by management based
on historical loss experience, the volume and type of lending conducted by the
Bank, the status of past due principal and interest payments, general economic
conditions, particularly as such conditions relate to the Bank's market area,
and other factors related to the collectibility of the Bank's loan portfolio.
Based upon management's analysis of the allowance for loan losses, the
Corporation did not record a provision for losses on loans during the three
months ended March 31, 2004, compared to $32,000 recorded for the same period in
2003. 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 $105,000 for the three months ended March 31, 2004, a
decrease of $118,000, or 52.9%, from the 2003 total. The decrease was due to a
decrease of $149,000, or 73.8%, in gain on sale of loans which was partially
offset by an increase of $31,000 in other operating income quarter to quarter.
The decrease in gain on sale of loans was due primarily to the decrease in sales
volume quarter to quarter. The decrease in sales is attributable to the decline
in the number of refinances from the comparable period in 2003. The increase in
other operating income consisted primarily of increases in service fees on loans
sold, which were partially offset by an increase in the amortization of mortgage
servicing rights.


                                       13
<PAGE>

                            FFD Financial Corporation

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                      AND RESULTS OF OPERATIONS (CONTINUED)

Comparison of Operating Results for the Three-Month Periods Ended March 31, 2003
and 2002 (continued)

General, Administrative and Other Expense

General, administrative and other expense totaled $841,000 for the three months
ended March 31, 2004, an increase of $77,000, or 10.1%, compared to the same
period in 2003. The increase in general, administrative and other expense
includes increases of $73,000, or 23.9%, in employee compensation and benefits,
$13,000, or 18.3%, in data processing, $6,000, or 12.5%, in franchise taxes and
$4,000, or 4.1%, in occupancy and equipment expense which were partially offset
by a decrease of $19,000, or 7.8%, in other operating expenses. The increase in
employee compensation and benefits was due primarily to increases in employee
salaries and bonus, training expense, costs of the employee stock ownership plan
and decreases in deferred loan origination costs related to the reduction in the
number of loans originated quarter to quarter.

Federal Income Taxes

The Corporation recorded a provision for federal income taxes totaling $88,000
for the three months ended March 31, 2004, a decrease of $52,000, or 37.1%, over
the same period in 2003. The decrease resulted primarily from a $159,000, or
37.9%, decrease in earnings before taxes. The Corporation's effective tax rates
were 33.9% and 33.4% for the three months ended March 31, 2004 and 2003,
respectively.

Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in the Corporation's market risk since the
Corporation's Form 10-KSB filed with the Securities and Exchange Commission for
the fiscal year ended June 30, 2003.

ITEM 3: Controls and Procedures

      The Corporation's Chief Executive Officer and Chief Financial Officer have
evaluated the effectiveness of the Corporation's disclosure controls and
procedures (as defined under Rules 13a-14 and 15d-14 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 affect, the
Corporation's internal controls over financial reporting.


                                       14
<PAGE>

                            FFD Financial Corporation

                                     PART II

ITEM 1.     Legal Proceedings

            Not applicable

ITEM 2.     Changes in Securities and Small Business Issuer Purchases of Equity
            Securities

            (a)   None

            (b)   None

            (c)   During the quarter ended March 31, 2004, the Corporation
                  issued a total of 10,845 unregistered shares upon the exercise
                  of employee and director stock options for an aggregate
                  purchase price of $99,123. The foregoing purchases and sales
                  were exempt from registration pursuant to Section 4(2) of the
                  Securities Act of 1933, as amended.

            (d)   None

            (e)

<TABLE>
<CAPTION>
                                                                                   (c)                 (d)
                                                                              Total number           Maximum
                                                                                of shares          number (or
                                                  (a)                          (or units)      approximate dollar
                                                 Total            (b)         purchased as      value) of shares
                                                number          Average     part of publicly   (or units) that may
                                               of shares      price paid        announced       yet be purchased
                                              (or units)       per share        plans or         under the plans
                  Period                     purchased (1)     (or unit)      programs (2)         or programs
<S>                                              <C>             <C>               <C>                <C>
            January 1, 2004
                 through
            January 31, 2004                        --           $   --               --              43,660

            February 1, 2004
                 through
            February 29, 2004                    8,744            15.03            8,744              34,916

            March 31, 2004
                 through
            March 31, 2004                          --               --               --              34,916
                                                 -----           ------            -----              ------

            Total                                8,744           $15.03            8,744              34,916
                                                 =====           ======            =====              ======
</TABLE>

            ----------
            (1)   The Corporation repurchased an aggregate of 8,744 of the
                  Corporation's common shares pursuant to the repurchase program
                  that was publicly announced on April 15, 2003 (the "Program").
                  The Corporation has no other publicly announced repurchase
                  plans or programs and no plans or programs expired or were
                  terminated in the reported periods.

            (2)   The Corporation's Board of Directors approved the repurchase
                  by the Corporation of up to an aggregate of 61,000 of the
                  Corporation's common shares pursuant to the Program. Unless
                  earlier terminated by the Board of Directors, the Program will
                  expire when we have repurchased all shares authorized for
                  repurchase under the Program.

ITEM 3.     Defaults Upon Senior Securities

            Not applicable


                                       15
<PAGE>

                            FFD Financial Corporation

                               PART II (CONTINUED)

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

            None

ITEM 5.     Other Information

            None

ITEM 6.     Exhibits and Reports on Form 8-K

            (a)   Exhibits:

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

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

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

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

            (b)   Report on Form 8-K

                              On January 27, 2004, the Corporation filed a Form
                                8-K regarding its press release announcing
                                earnings for the three and six months ended
                                December 31, 2003.


                                       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.

                                       FFD FINANCIAL CORPORATION


Date:  May 17, 2004                    By: /s/ Trent B. Troyer
     ----------------                      -------------------------------------
                                           Trent B. Troyer
                                           President and Chief Executive Officer


Date:  May 17, 2004                    By: /s/ Robert R. Gerber
     ----------------                      -------------------------------------
                                           Robert R. Gerber
                                           Vice President, Treasurer and
                                           Chief Financial Officer


                                       17