There were 114 press releases posted in the last 24 hours and 423,746 in the last 365 days.

FFW Corporation Announces Earnings for the Quarter Ended September 30, 2016

WABASH, Ind., Oct. 26, 2016 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK:FFWC) (10/25/16 Close: $29.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the three months ended September 30, 2016.

For the three months ended September 30, 2016, the Corporation reported net income of $1,038,000 or $0.87 per common share compared to $950,000 or $0.80 per common share for the three months ended September 30, 2015.  Net interest income for the three months ended September 30, 2016 was $2,906,000 compared to $2,892,000 for the three months ended September 30, 2015.  The provision for loan losses was $193,000 for the three month period ended September 30, 2016 compared to $80,000 for the three month period ended September 30, 2015.  Total noninterest income was $1,411,000 for the three months ended September 30, 2016 compared to $1,166,000 for the three months ended September 30, 2015.  Noninterest expense was $2,794,000 for the three months ended September 30, 2016 and $2,761,000 for the three months ended September 30, 2015.   

The three months ended September 30, 2016 represented a return on average common equity of 11.15% compared to 11.53% for the three month period ended September 30, 2015.  The three months ended September 30, 2016 represented a return on average assets of 1.20% compared to 1.14% for the three month period ended September 30, 2015.

The allowance for loan losses as a percentage of gross loans receivable was 1.46% at September 30, 2016 compared to 1.52% at June 30, 2016.  Nonperforming assets were $6,563,000 at September 30, 2016 compared to $6,700,000 at June 30, 2016.

As of September 30, 2016, FFWC’s equity-to-assets ratio was 11.10% compared to 10.98% at June 30, 2016.  Total assets at September 30, 2016 were $342,530,000 compared to $340,987,000 at June 30, 2016.  Shareholders’ equity was $38,018,000 at September 30, 2016 compared to $37,449,000 at June 30, 2016.  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 five Indiana banking centers located in Columbia City, North Manchester, Peru, 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.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include expressions such as “expects,” “intends,” “believes,” and “should,” which are statements of belief as to the expected outcomes of future events.  Actual results could materially differ from those presented.  The Corporation's ability to predict future results involves a number of risks and uncertainties.  The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

   
FFW Corporation  
Selected Financial Information  
   
Consolidated Balance Sheet  
   
    September 30 June 30  
      2016     2016    
    Unaudited    
Assets      
Cash and due from financial institutions $ 4,291,075   $ 4,031,546    
Interest-bearing deposits in other financial institutions   7,078,162     6,188,392    
  Cash and cash equivalents   11,369,237     10,219,938    
       
Securities available for sale   76,995,409     79,011,265    
Loans receivable, net of allowance for loan losses of $3,439,261 at      
  September 30, 2016 and $3,557,769 at June 30, 2016   231,314,408     229,454,626    
Loans held for sale   717,634     854,375    
Federal Home Loan Bank stock, at cost   1,462,500     1,462,500    
Accrued interest receivable   1,790,930     1,760,537    
Premises and equipment, net   5,609,483     5,193,270    
Mortgage servicing rights   683,940     660,784    
Cash surrender value of life insurance   8,093,694     8,022,990    
Goodwill   1,213,898     1,213,898    
Repossessed Assets   2,418,913     2,062,708    
Other assets   859,622     1,070,211    
  Total assets $   342,529,668   $   340,987,102    
         
Liabilities and shareholders' equity      
Deposits      
  Noninterest-bearing $ 27,894,264   $ 25,032,689    
  Interest-bearing   261,083,483     254,123,833    
    Total deposits   288,977,747     279,156,522    
         
Borrowings   13,518,400     21,698,400    
Accrued expenses and other liabilities   2,015,941     2,682,835    
  Total liabilities   304,512,088     303,537,757    
         
Shareholders' equity      
Preferred stock, $.01 par; $1,000 liquidation value per share, 500,000 shares authorized;      
  Series C, 5% Fixed Rate Cumulative Perpetual Preferred Stock - 2,250 shares outstanding September 30, 2016 and June 30, 2016, $2,264,000 liquidation preference at September 30, 2016 and June 30, 2016   2,250,000     2,250,000    
Common stock, $.01 par; 2,000,000 shares authorized;      
  Issued: 1,836,328; outstanding: 1,161,084 - September 30, 2016 and 1,156,084 - June 30, 2016   18,363     18,363    
Additional paid-in capital   9,435,192     9,358,395    
Retained earnings   34,865,281     34,053,094    
Accumulated other comprehensive income   1,813,818     2,211,217    
Treasury stock, at cost: 675,244 shares at September 30, 2016 and 680,244 shares at June 30, 2016   (10,365,074 )   (10,441,724 )  
  Total shareholders' equity   38,017,580     37,449,345    
         
  Total liabilities and shareholders' equity  $  342,529,668   $  340,987,102    

 

 
FFW Corporation
Selected Financial Information
 
Consolidated Statement of Income
 
      Three Months Ended September 30
        2016     2015  
      Unaudited Unaudited
Interest and dividend income:    
  Loans, including fees $ 2,732,027   $ 2,658,734  
  Taxable securities   309,390     320,227  
  Tax exempt securities   256,333     247,824  
  Other   7,440     4,111  
    Total interest and dividend income   3,305,190     3,230,896  
         
Interest expense:    
  Deposits   360,932     297,113  
  Borrowings   37,829     42,089  
    Total interest expense   398,761     339,202  
         
Net interest income     2,906,429       2,891,694  
         
Provision for loan losses   193,000     80,000  
         
Net interest income after provision for     
  loan losses     2,713,429       2,811,694  
         
Noninterest income:    
  Net gains on sales of securities   120,409     -  
  Net gains on sales of loans   197,307     142,595  
  Net gains (losses) on fixed assets   (1,712 )   -  
  Commission income   241,975     247,368  
  Service charges and fees   214,735     177,008  
  Earnings on life insurance   70,704     68,980  
  Income from REO   427,315     405,109  
  Other   140,652     125,209  
    Total noninterest income   1,411,385     1,166,269  
         
Noninterest expense:    
  Salaries and benefits   1,310,118     1,253,297  
  Occupancy and equipment   277,605     282,513  
  Professional   147,646     213,292  
  Marketing   77,264     61,412  
  Deposit insurance premium   60,750     58,583  
  Regulatory assessment   7,312     39,000  
  Correspondent bank charges   15,646     14,317  
  Data processing   125,644     100,398  
  Printing, postage and supplies   68,210     72,817  
  Expense on life insurance   23,622     21,913  
  Contribution expense   15,715     9,388  
  Expense on REO   380,960     338,712  
  Other   283,951     295,439  
    Total noninterest expense   2,794,443     2,761,081  
         
Income before income taxes     1,330,371       1,216,882  
         
Income tax expense   292,675     266,633  
         
Net income  $    1,037,696   $    950,249  
Preferred stock dividends      28,125       40,625  
Net income attributable to common shareholders $    1,009,571   $    909,624  

 

 
FFW Corporation
Selected Financial Information
 
Key Balances and Ratios
 
    Three Months Ended September 30
      2016     2015  
    Unaudited Unaudited
Per common share data:    
Earnings $ 0.87   $ 0.80  
Diluted earnings $ 0.87   $ 0.80  
Dividends paid $ 0.17   $ 0.15  
Average shares issued and outstanding   1,158,475     1,142,084  
Shares outstanding end of period   1,161,084     1,142,084  
       
Supplemental data:    
Net interest margin **   3.63 %   3.73 %
Return on average assets ***   1.20 %   1.14 %
Return on average common equity ***   11.15 %   11.53 %
       
    September 30 June 30
      2016     2016  
Nonperforming assets * $ 6,562,918   $ 6,699,913  
Repossessed assets $ 2,418,913   $ 2,062,708  
       
* 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, at 260-563-3185