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
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.