Welcome!

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
                                                 ------------  ------------
                                                   Unaudited
Assets
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
Deposits
  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
 authorized;
  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

FOR MORE INFORMATION
Contact:
Emily Boardman
Treasurer
260-563-3185

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
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...