FFW Corporation (the "Corporation") (OTCBB: FFWC)
(1/24/2012 Close: $11.75), parent corporation of
Crossroads Bank, announced earnings for the quarter and year to
date ended December 31, 2011.
For the three months ended December 31, 2011, the Corporation
reported net income of $708,000 or $0.53 per common share compared
to $800,000 or $0.61 per common share for the three months ended
December 31, 2010. The net interest margin for the three months
ended December 31, 2011 was $2,454,000 compared to $2,419,000 for
the three months ended December 31, 2010. The provision for loan
losses decreased from $370,000 for the period ended December 31,
2010 to $300,000 for the period ended December 31, 2011. Total
noninterest income was $824,000 for the three months ended December
31, 2011 and $996,000 for the three months ended December 31, 2010.
Noninterest expense was $2,026,000 for the three months ended
December 31, 2011 and $1,950,000 for the three months ended
December 31, 2010.
For the six months ended December 31, 2011, the Corporation
reported net income of $1,392,000 or $1.03 per common share
compared to $1,293,000 or $0.94 per common share for the six months
ended December 31, 2010. The net interest margin for the six months
ended December 31, 2011 was $4,838,000 compared to $4,769,000 for
the six months ended December 31, 2010. The provision for loan
losses decreased from $845,000 for the period ended December 31,
2010 to $600,000 for the period ended December 31, 2011. Total
noninterest income was $1,697,000 for the six months ended December
31, 2011 and $1,864,000 for the six months ended December 31, 2010.
Noninterest expense was $4,086,000 for the six months ended
December 31, 2011 and $4,026,000 for the six months ended December
31, 2010.
The three and six months ended December 31, 2011 represented a
return on average common equity of 9.75% and 9.76%, respectively,
compared to 12.23% and 9.48% for the three and six month periods
ended December 31, 2010. The three and six months ended December
31, 2011 represented a return on average assets of 0.85% and 0.84%,
respectively, compared to 0.94% and 0.76% for the three and six
month periods ended December 31, 2010.
The allowance for loan losses as a percentage of gross loans
receivable was 1.49% at December 31, 2011 and 1.39% at June 30,
2011. Nonperforming assets were $13,735,000 at December 31, 2011
and $13,141,000 at June 30, 2011.
As of December 31, 2011, FFWC's equity-to-assets ratio was 9.71%
compared to 9.23% at June 30, 2011. Total assets at December 31,
2011 were $326,150,000 compared to $323,018,000 at June 30, 2011.
Shareholders' equity was $31,667,000 at December 31, 2011 compared
to $29,830,000 at June 30, 2011. 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 Bulletin Board under the symbol
"FFWC.OB." Our website address is www.crossroadsbanking.com.
FFW Corporation
Selected Financial Information
Consolidated Balance Sheet
December 31 June 30
------------- -------------
2011 2011
------------- -------------
Unaudited
Assets
Cash and due from financial institutions $ 6,421,624 $ 3,711,671
Interest-earning deposits in other financial
institutions 11,326,991 2,840,994
------------- -------------
Cash and cash equivalents 17,748,615 6,552,665
------------- -------------
Securities available for sale 72,550,459 71,219,096
Loans receivable, net of allowance for loan
losses of $3,237,115 at
December 31, 2011 and $3,147,896 at June 30,
2011 213,904,058 222,348,968
Loans held for sale 570,565 241,400
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,584,525 1,635,370
Premises and equipment, net 3,708,167 3,695,172
Mortgage servicing rights 411,789 444,950
Cash surrender value of life insurance 6,798,765 6,655,864
Goodwill 1,213,898 1,213,898
Deferred tax asset 1,206,787 1,653,133
Other assets 3,734,906 4,640,682
------------- -------------
Total assets $ 326,149,834 $ 323,018,498
============= =============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 21,284,276 $ 17,954,304
Interest-bearing deposits 257,495,060 257,585,276
------------- -------------
Total deposits 278,779,336 275,539,580
------------- -------------
Borrowings 14,334,650 15,986,695
Accrued expenses and other liabilities 1,368,961 1,662,503
------------- -------------
Total liabilities 294,482,947 293,188,778
------------- -------------
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, 2011, $7,336,000 liquidation
preference 7,126,231 7,085,539
Series B, 9% Fixed Rate Cumulative Perpetual
Preferred Stock - 364 shares outstanding
September 30, 2011, $368,000 liquidation
preference 381,169 385,461
Common stock, $.01 par; 2,000,000 shares
authorized; issued: 1,836,328 outstanding:
1,121,884 shares - December 31, 2011 and June
30, 2011 18,363 18,363
Additional paid-in capital 9,465,600 9,435,162
Retained earnings 25,128,982 24,095,722
Accumulated other comprehensive income 513,236 (223,833)
Treasury stock, at cost: 714,444 shares -
December 31, 2011 and June 30, 2011 (10,966,694) (10,966,694)
------------- -------------
Total shareholders' equity 31,666,887 29,829,720
------------- -------------
------------- -------------
Total liabilities and shareholders' equity $ 326,149,834 $ 323,018,498
============= =============
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
Three Months Ended Six Months Ended December
December 31 31
------------------------- --------------------------
2011 2010 2011 2010
------------ ------------ ------------ -------------
Unaudited Unaudited Unaudited Unaudited
Interest and dividend
income:
Loans, including fees $ 2,935,840 $ 3,064,258 $ 5,848,527 $ 6,180,322
Taxable securities 509,567 620,845 702,679 877,677
Tax exempt securities 132,809 156,186 601,087 682,099
Other 7,304 13,778 9,749 22,096
------------ ------------ ------------ -------------
Total interest and
dividend income 3,585,520 3,855,067 7,162,042 7,762,194
------------ ------------ ------------ -------------
Interest expense:
Deposits 998,253 1,202,595 2,054,917 2,476,922
Borrowings 133,210 233,610 269,136 516,697
------------ ------------ ------------ -------------
Total interest expense 1,131,463 1,436,205 2,324,053 2,993,619
------------ ------------ ------------ -------------
Net interest income 2,454,057 2,418,862 4,837,989 4,768,575
Provision for loan
losses 300,000 370,000 600,000 845,000
Net interest income
after provision for
loan losses 2,154,057 2,048,862 4,237,989 3,923,575
Noninterest income:
Net gains on sales of
securities 144,412 157,970 308,000 257,739
Net gains on sales of
loans 199,488 158,078 293,911 319,235
Net gains (losses) on
fixed assets - - - -
Other than temporary
impairment on
securities (88,000) - (88,000) -
Commission income 168,810 168,717 324,259 329,683
Service charges and
fees 277,325 462,322 531,996 780,420
Earnings on life
insurance 70,853 70,199 142,900 141,096
Other 51,597 (20,969) 183,679 35,604
------------ ------------ ------------ -------------
Total noninterest
income 824,485 996,317 1,696,745 1,863,777
------------ ------------ ------------ -------------
Noninterest expense:
Salaries and benefits 1,038,190 982,765 2,089,059 2,015,592
Occupancy and equipment 248,284 242,077 496,418 492,841
Professional 101,143 96,524 187,261 197,571
Marketing 49,962 42,048 93,323 82,920
Deposit insurance
premium 91,662 119,896 202,916 238,787
Regulatory assessment 33,279 25,441 68,490 50,883
Correspondent bank
charges 20,373 19,088 35,614 40,435
Data processing 120,112 94,048 243,424 220,398
Printing, postage and
supplies 53,590 55,762 110,837 107,204
Expense on life
insurance 16,108 (4,857) 32,216 11,213
Contribution expense 19,505 18,757 35,969 37,380
Other 233,373 258,106 490,870 530,519
------------ ------------ ------------ -------------
Total noninterest
expense 2,025,581 1,949,655 4,086,397 4,025,743
------------ ------------ ------------ -------------
Income before income
taxes 952,961 1,095,524 1,848,337 1,761,609
Income tax expense 244,871 295,245 456,666 468,301
------------ ------------ ------------ -------------
Net income $ 708,090 $ 800,279 $ 1,391,671 $ 1,293,308
============ ========================= =============
Preferred stock
dividends and discount
accretion, net 117,504 117,504 235,008 235,008
------------ ------------ ------------ -------------
Net income attributable
to common shareholders $ 590,586 $ 682,775 $ 1,156,663 $ 1,058,300
============ ========================= =============
FFW Corporation
Selected Financial Information
Key Balances and Ratios
Three Months Ended Six Months Ended December
December 31 31
-------------------------- --------------------------
2011 2010 2011 2010
------------ ------------ ------------ ------------
Unaudited Unaudited Unaudited Unaudited
Per common share
data:
Earnings $ 0.53 $ 0.61 $ 1.03 $ 0.94
Diluted earnings $ 0.53 $ 0.61 $ 1.03 $ 0.94
Dividends paid $ 0.11 $ 0.22 $ 0.11 $ 0.44
Average shares
issued and
outstanding 1,121,884 1,122,516 1,121,884 1,123,491
Shares outstanding
end of period 1,121,884 1,121,884 1,121,884 1,121,884
Supplemental data:
Net interest margin
** 3.15% 3.00% 3.12% 2.96%
Return on average
assets *** 0.85% 0.94% 0.84% 0.76%
Return on average
common equity *** 9.75% 12.23% 9.76% 9.48%
December 31 June 30
------------ ------------
2011 2011
------------ ------------
Nonperforming assets
* $ 13,734,952 $ 13,140,830
Repossessed assets $ 1,789,674 $ 2,502,944
* 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
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