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
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...