News Feed Item

FFW Corporation Announces Earnings for the Quarter Ended September 30, 2013

WABASH, IN -- (Marketwired) -- 10/23/13 -- FFW Corporation (the "Corporation") (OTCBB: FFWC) (10/22/2013 Close: $17.00), parent corporation of Crossroads Bank, announced earnings for the three months ended September 30, 2013.

For the three months ended September 30, 2013, the Corporation reported net income of $638,000 or $0.46 per common share compared to $530,000 or $0.37 per common share for the three months ended September 30, 2012. The net interest margin for the three months ended September 30, 2013 was $2,560,000 compared to $2,365,000 for the three months ended September 30, 2012. The provision for loan losses decreased from $210,000 for the period ended September 30, 2012 to $180,000 for the period ended September 30, 2013. Total noninterest income was $606,000 for the three months ended September 30, 2013 compared to $648,000 for the three months ended September 30, 2012. Noninterest expense was $2,197,000 for the three months ended September 30, 2013 and $2,122,000 for the three months ended September 30, 2012.

The three months ended September 30, 2013 represented a return on average common equity of 8.75%, compared to 6.85% for the three month period ended September 30, 2012. The three months ended September 30, 2013 represented a return on average assets of 0.75%, compared to 0.64% for the three month period ended September 30, 2012.

The allowance for loan losses as a percentage of gross loans receivable was 1.36% at September 30, 2013 compared to 1.43% at June 30, 2013. Nonperforming assets were $9,057,000 at September 30, 2013 compared to $9,794,000 at June 30, 2013.

As of September 30, 2013, FFWC's equity-to-assets ratio was 9.15% compared to 9.27% at June 30, 2013. Total assets at September 30, 2013 were $339,852,000 compared to $337,818,000 at June 30, 2013. Shareholders' equity was $31,107,000 at September 30, 2013 compared to $31,322,000 at June 30, 2013. 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

                                                 September 30     June 30
                                                 ------------  ------------
                                                     2013          2013
                                                 ------------  ------------
Cash and due from financial institutions         $  6,031,436  $  4,353,619
Interest-earning deposits in other financial
 institutions                                       6,095,134    11,647,346
                                                 ------------  ------------
  Cash and cash equivalents                        12,126,570    16,000,965
                                                 ------------  ------------

Securities available for sale                      81,946,426    85,122,447
Loans receivable, net of allowance for loan
 losses of $3,091,000 at September 30, 2013 and
 $3,132,000 at June 30, 2013                      224,092,935   215,347,079
Loans held for sale                                   695,600       113,600
Federal Home Loan Bank stock, at cost               2,717,300     2,717,300
Accrued interest receivable                         1,850,563     1,719,787
Premises and equipment, net                         3,274,516     3,348,926
Mortgage servicing rights                             625,129       629,050
Cash surrender value of life insurance              7,274,118     7,206,897
Goodwill                                            1,213,898     1,213,898
Deferred tax asset                                  2,607,754     2,392,638
Other assets                                        1,426,805     2,005,096
                                                 ------------  ------------
  Total assets                                   $339,851,614  $337,817,683
                                                 ============  ============

Liabilities and shareholders' equity
  Noninterest-bearing deposits                   $ 30,866,048  $ 27,397,357
  Interest-bearing deposits                       272,844,125   272,581,131
                                                 ------------  ------------
    Total deposits                                303,710,173   299,978,488
                                                 ------------  ------------

Borrowings                                          3,258,400     4,758,400
Accrued expenses and other liabilities              1,776,283     1,758,769
                                                 ------------  ------------
  Total liabilities                               308,744,856   306,495,657
                                                 ------------  ------------

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
   September 30, 2013, $7,335,000 liquidation
   preference                                       7,268,654     7,248,308
  Series B, 9% Fixed Rate Cumulative Perpetual
   Preferred Stock - 364 shares outstanding
   September 30, 2013, $368,000 liquidation
   preference                                         366,146       368,292
Common stock, $.01 par; 2,000,000 shares
  issued shares: 1,836,328
  outstanding shares: 1,132,084 at September 30,
   2013 and 1,122,084 at June 30, 2013                 18,363        18,363
Additional paid-in capital                          9,396,224     9,531,646
Retained earnings                                  26,133,400    25,737,557
Accumulated other comprehensive income             (1,265,905)     (618,516)
Treasury stock, at cost: 704,244 shares at
 September 30, 2013 and 714,244 at June 30, 2013  (10,810,124)  (10,963,624)
                                                 ------------  ------------
  Total shareholders' equity                       31,106,758    31,322,026
                                                 ------------  ------------

                                                 ------------  ------------
  Total liabilities and shareholders' equity     $339,851,614  $337,817,683
                                                 ============  ============

                              FFW Corporation
                       Selected Financial Information

Consolidated Statement of Income

                                            Three Months Ended September 30
                                                 2013             2012
                                           ---------------- ---------------
                                               Unaudited       Unaudited
Interest and dividend income:
  Loans, including fees                    $      2,655,870 $     2,712,413
  Taxable securities                                347,313         558,432
  Tax exempt securities                             298,478         132,327
  Other                                               9,066           4,127
                                           ---------------- ---------------
    Total interest and dividend income            3,310,727       3,407,299
                                           ---------------- ---------------

Interest expense:
  Deposits                                          705,113         914,777
  Borrowings                                         45,309         127,033
                                           ---------------- ---------------
    Total interest expense                          750,422       1,041,810
                                           ---------------- ---------------

Net interest income                               2,560,305       2,365,489

Provision for loan losses                           180,000         210,000

Net interest income after provision for
 loan losses                                      2,380,305       2,155,489

Noninterest income:
  Net gains on sales of securities                        -          (7,277)
  Net gains on sales of loans                        43,633         177,002
  Other than temporary impairment on
   securities                                             -            (658)
  Commission income                                 211,458         197,675
  Service charges and fees                          263,892         189,663
  Earnings on life insurance                         67,221          66,362
  Other                                              19,338          25,604
                                           ---------------- ---------------
    Total noninterest income                        605,542         648,371
                                           ---------------- ---------------

Noninterest expense:
  Salaries and benefits                           1,098,801       1,068,203
  Occupancy and equipment                           248,474         256,300
  Professional                                      167,661          86,333
  Marketing                                          41,874          32,003
  Deposit insurance premium                          79,208         115,805
  Regulatory assessment                              28,885          36,486
  Correspondent bank charges                         21,553          24,129
  Data processing                                   169,686         138,096
  Printing, postage and supplies                     55,365          58,641
  Expense on life insurance                          18,818          17,418
  Contribution expense                               12,821          13,017
  Other                                             254,153         275,791
                                           ---------------- ---------------
    Total noninterest expense                     2,197,299       2,122,222
                                           ---------------- ---------------

Income before income taxes                          788,548         681,638

Income tax expense                                  150,670         151,600

                                           ---------------- ---------------
Net income                                 $        637,878 $       530,038
                                           ================ ===============
Preferred stock dividends and discount
 accretion, net                                     117,504         117,504
                                           ---------------- ---------------
Net income attributable to common
 shareholders                              $        520,374 $       412,534
                                           ================ ===============

                              FFW Corporation
                       Selected Financial Information

Key Balances and Ratios
                                            Three Months Ended September 30
                                                 2013             2012
                                           ---------------  ---------------
                                              Unaudited        Unaudited
Per common share data:
Earnings                                   $          0.46  $          0.37
Diluted earnings                           $          0.46  $          0.37
Dividends paid                             $          0.11  $          0.00
Average shares issued and outstanding            1,132,084        1,122,084
Shares outstanding end of period                 1,132,084        1,122,084

Supplemental data:
Net interest margin **                                3.17%            3.04%
Return on average assets ***                          0.75%            0.64%
Return on average common equity ***                   8.75%            6.85%

                                             September 30        June 30
                                           ---------------  ---------------
                                                 2013             2013
                                           ---------------  ---------------
Nonperforming assets *                     $     9,057,146  $     9,794,035
Repossessed assets                         $       406,195  $       813,386

*   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

Emily Boardman

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.