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FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2013

WABASH, IN -- (Marketwired) -- 08/16/13 -- FFW Corporation (the "Corporation") (OTCBB: FFWC) (8/15/2013 Close: $16.95), parent corporation of Crossroads Bank, announced earnings for the three and twelve months ended June 30, 2013.

For the three months ended June 30, 2013, the Corporation reported net income of $698,000 or $0.52 per common share compared to net loss of ($1,536,000) or ($1.47) per common share for the three months ended June 30, 2012. The net interest margin for the three months ended June 30, 2013 was $2,432,000 compared to $2,177,000 for the three months ended June 30, 2012. The provision for loan losses decreased from $3,900,000 for the period ended June 30, 2012 to $210,000 for the period ended June 30, 2013. Total noninterest income was $818,000 for the three months ended June 30, 2013 compared to $838,000 for the three months ended June 30, 2012. Noninterest expense was $2,187,000 for the three months ended June 30, 2013 and $2,048,000 for the three months ended June 30, 2012.

For the twelve months ended June 30, 2013, the Corporation reported net income of $2,729,000 or $2.01 per common share compared to $593,000 or $0.11 per common share for the twelve months ended June 30, 2012. The net interest margin for the twelve months ended June 30, 2013 was $9,413,000 compared to $9,365,000 for the twelve months ended June 30, 2012. The provision for loan losses decreased from $4,800,000 for the period ended June 30, 2012 to $840,000 for the period ended June 30, 2013. Total noninterest income was $3,284,000 for the twelve months ended June 30, 2013 compared to $3,339,000 for the twelve months ended June 30, 2012. Noninterest expense was $8,617,000 for the twelve months ended June 30, 2013 and $8,252,000 for the twelve months ended June 30, 2012.

The three and twelve months ended June 30, 2013 represented a return on average common equity of 9.17% and 9.14%, respectively, compared to -26.25% and 0.51% for the three and twelve month periods ended June 30, 2012. The three and twelve months ended June 30, 2013 represented a return on average assets of 0.82% and 0.81%, respectively, compared to -1.82% and 0.18% for the three and twelve month periods ended June 30, 2012.

The allowance for loan losses as a percentage of gross loans receivable was 1.43% at June 30, 2013 compared to 1.68% at June 30, 2012. Nonperforming assets were $9,794,000 at June 30, 2013 compared to $10,234,000 at June 30, 2012.

As of June 30, 2013, FFWC's equity-to-assets ratio was 9.27% compared to 9.34% at June 30, 2012. Total assets at June 30, 2013 were $337,818,000 compared to $329,042,000 at June 30, 2012. Shareholders' equity was $31,322,000 at June 30, 2013 compared to $30,746,000 at June 30, 2012. Crossroads Bank exceeds all applicable regulatory requirements to be considered "well capitalized."

Crossroads Bank is a wholly owned subsidiary of FFW Corporation providing an extensive array of banking services and a wide range of investments and securities products through its main office in Wabash and four Indiana banking centers located in Columbia City, North Manchester, South Whitley, and Syracuse. The Bank provides leasing services at its banking centers and its Carmel, IN leasing and commercial loan office. Insurance products are offered through an affiliated company, Insurance 1 Services, Inc. The corporation's stock is traded on the OTC Markets under the symbol "FFWC." Our website address is www.crossroadsbanking.com.

                              FFW Corporation
                       Selected Financial Information

Consolidated Balance Sheet

                                                 June 30         June 30
                                              -------------   -------------
                                                   2013            2012
                                              -------------   -------------
                                                Unaudited
Assets
Cash and due from financial institutions      $   4,353,619   $   3,478,709
Interest-earning deposits in other financial
 institutions                                    11,647,346      13,360,765
                                              -------------   -------------
  Cash and cash equivalents                      16,000,965      16,839,474
                                              -------------   -------------

Securities available for sale                    85,122,447      83,665,458
Loans receivable, net of allowance for loan
 losses of $3,132,000 at June 30, 2013 and
 $3,520,000 at June 30, 2012                    215,347,079     205,934,060
Loans held for sale                                 113,600         337,000
Federal Home Loan Bank stock, at cost             2,717,300       2,717,300
Accrued interest receivable                       1,719,787       1,647,845
Premises and equipment, net                       3,348,926       3,550,515
Mortgage servicing rights                           629,050         486,617
Cash surrender value of life insurance            7,206,897       6,938,977
Goodwill                                          1,213,898       1,213,898
Deferred tax asset                                2,392,638       2,558,162
Other assets                                      2,005,096       3,152,807
                                              -------------   -------------
  Total assets                                $ 337,817,683   $ 329,042,113
                                              =============   =============

Liabilities and shareholders' equity
Deposits
  Noninterest-bearing deposits                $  27,397,357   $  20,029,966
  Interest-bearing deposits                     272,581,131     262,519,228
                                              -------------   -------------
    Total deposits                              299,978,488     282,549,194
                                              -------------   -------------

Borrowings                                        4,758,400      14,258,400
Accrued expenses and other liabilities            1,758,769       1,488,058
                                              -------------   -------------
  Total liabilities                             306,495,657     298,295,652
                                              -------------   -------------

Shareholders' equity
Preferred stock, $.01 par; $1,000
 liquidation value per share; 500,000 shares
 authorized;
  Series A, 5% Fixed Rate Cumulative
   Perpetual Preferred Stock - 7,289 shares
   outstanding June 30, 2013, $7,336,000
   liquidation preference                         7,248,308       7,166,924
  Series B, 9% Fixed Rate Cumulative
   Perpetual Preferred Stock - 364 shares
   outstanding June 30, 2013, $368,000
   liquidation preference                           368,292         376,876
Common stock, $.01 par; 2,000,000 shares
 authorized;
  issued shares: 1,836,328
  outstanding shares: 1,122,084                      18,363          18,363
Additional paid-in capital                        9,531,646       9,495,807
Retained earnings                                25,737,557      23,848,467
Accumulated other comprehensive income             (618,516)        803,648
Treasury stock, at cost: 714,244 shares         (10,963,624)    (10,963,624)
                                              -------------   -------------
  Total shareholders' equity                     31,322,026      30,746,461
                                              -------------   -------------

                                              -------------   -------------
  Total liabilities and shareholders' equity  $ 337,817,683   $ 329,042,113
                                              =============   =============



                              FFW Corporation
                       Selected Financial Information

Consolidated Statement of Income

                    Three Months Ended June 30  Twelve Months Ended June 30
                    --------------------------  ---------------------------
                        2013          2012          2013           2012
                    ------------  ------------  ------------  -------------
                      Unaudited     Unaudited     Unaudited
Interest and
 dividend income:
  Loans, including
   fees             $  2,604,953  $  2,567,679  $ 10,513,322  $  11,191,505
  Taxable
   securities            359,961       513,721     1,639,864      2,067,341
  Tax exempt
   securities            279,881       159,656       979,359        555,348
  Other                   16,826        13,556        34,931         32,786
                    ------------  ------------  ------------  -------------
    Total interest
     and dividend
     income            3,261,621     3,254,612    13,167,476     13,846,980
                    ------------  ------------  ------------  -------------

Interest expense:
  Deposits               779,344       946,701     3,413,966      3,951,857
  Borrowings              50,090       130,421       340,708        529,894
                    ------------  ------------  ------------  -------------
    Total interest
     expense             829,434     1,077,122     3,754,674      4,481,751
                    ------------  ------------  ------------  -------------

Net interest income    2,432,187     2,177,490     9,412,802      9,365,229

Provision for loan
 losses                  210,000     3,900,000       840,000      4,800,000

Net interest income
 after provision
 for loan losses       2,222,187    (1,722,510)    8,572,802      4,565,229

Noninterest income:
  Net gains on
   sales of
   securities             70,102       155,078       316,343        463,225
  Net gains on
   sales of loans        169,403       159,576       881,112        736,506
  Net gains
   (losses) on
   fixed assets                -             -             -              -
  Other than
   temporary
   impairment on
   securities            (21,685)       (3,253)     (104,526)       (93,826)
  Commission income      212,637       199,141       785,003        743,116
  Service charges
   and fees              271,314       237,798     1,023,462      1,042,903
  Earnings on life
   insurance              67,233        70,416       267,920        283,113
  Other                   49,356        18,785       114,281        164,041
                    ------------  ------------  ------------  -------------
    Total
     noninterest
     income              818,360       837,541     3,283,595      3,339,078
                    ------------  ------------  ------------  -------------

Noninterest
 expense:
  Salaries and
   benefits            1,062,417       993,848     4,260,263      4,162,397
  Occupancy and
   equipment             251,497       322,254     1,007,006      1,068,252
  Professional           156,999        91,930       502,541        364,840
  Marketing               41,694        45,790       168,713        183,767
  Deposit insurance
   premium                71,138       112,446       415,133        429,268
  Regulatory
   assessment             38,415        35,752       150,475        138,989
  Correspondent
   bank charges           24,325        25,318        95,974         80,555
  Data processing        152,632       131,706       567,738        502,993
  Printing, postage
   and supplies           49,487        43,890       234,039        218,684
  Expense on life
   insurance              17,418        16,108        69,673         64,433
  Contribution
   expense                 7,745        14,879        40,550         65,173
  Other                  312,902       214,212     1,105,205        972,780
                    ------------  ------------  ------------  -------------
    Total
     noninterest
     expense           2,186,669     2,048,133     8,617,310      8,252,131
                    ------------  ------------  ------------  -------------

Income before
 income taxes            853,878    (2,933,102)    3,239,087       (347,824)

Income tax expense       155,565    (1,397,499)      509,702       (940,823)

                    ------------  ------------  ------------  -------------
Net income          $    698,313  $ (1,535,603) $  2,729,385  $     592,999
                    ------------  ------------  ------------  -------------
Preferred stock
 dividends and
 discount
 accretion, net          117,504       117,504       470,016        470,016
                    ------------  ------------  ------------  -------------
Net income
 attributable to
 common
 shareholders       $    580,809  $ (1,653,107) $  2,259,369  $     122,983
                    ------------  ------------  ------------  -------------



                              FFW Corporation
                       Selected Financial Information

Key Balances and Ratios

                    Three Months Ended June 30  Twelve Months Ended June 30
                    --------------------------  ---------------------------
                        2013          2012          2013           2012
                    ------------  ------------  ------------  -------------
                      Unaudited     Unaudited     Unaudited
Per common share
 data:
Earnings            $       0.52  $      (1.47) $       2.01  $        0.11
Diluted earnings    $       0.52  $      (1.47) $       2.01  $        0.11
Dividends paid      $       0.11  $       0.11  $       0.33  $        0.33
Average shares
 issued and
 outstanding           1,122,084     1,122,084     1,122,084      1,121,945
Shares outstanding
 end of period         1,122,084     1,122,084     1,122,084      1,122,084

Supplemental data:
Net interest margin
 **                         3.00%         2.92%         2.99%          3.01%
Return on average
 assets ***                 0.82%        -1.82%         0.81%          0.18%
Return on average
 common equity ***          9.17%       -26.25%         9.14%          0.51%

                       June 30       June 30
                    ------------  ------------
                        2013          2012
                    ------------  ------------
Nonperforming
 assets *           $  9,794,035  $ 10,233,539
Repossessed assets  $    813,386  $  1,402,764

*    Includes non-accruing loans, accruing loans delinquent more than 90
     days and repossessed assets
**   Yields reflected have not been computed on a tax equivalent basis
***  Annualized

For More Information Contact:
Emily Boardman
Treasurer
260-563-3185

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