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
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...