FFW Corporation (the "Corporation") (OTCBB: FFWC)
(10/22/2012 Close: $15.00), parent corporation of
Crossroads Bank, announced earnings for the quarter ended September
30, 2012.
For the three months ended September 30, 2012, the Corporation
reported net income of $530,000 or $0.37 per common share compared
to $684,000 or $0.50 per common share for the three months ended
September 30, 2011. The net interest margin for the three months
ended September 30, 2012 was $2,365,000 compared to $2,384,000 for
the three months ended September 30, 2011. The provision for loan
losses decreased from $300,000 for the period ended September 30,
2011 to $210,000 for the period ended September 30, 2012. Total
noninterest income was $648,000 for the three months ended
September 30, 2012 compared to $872,000 for the three months ended
September 30, 2011. Noninterest expense was $2,122,000 for the
three months ended September 30, 2012 and $2,061,000 for the three
months ended September 30, 2011.
The three months ended September 30, 2012 represented a return
on average common equity of 6.85% compared to 9.77% for the three
month period ended September 30, 2011. The three months ended
September 30, 2012 represented a return on average assets of 0.64%
compared to 0.83% for the three month period ended September 30,
2011.
The allowance for loan losses as a percentage of gross loans
receivable was 1.64% at September 30, 2012 compared to 1.68% at
June 30, 2012. Nonperforming assets were $9,907,000 at September
30, 2012 compared to $10,234,000 at June 30, 2012.
As of September 30, 2012, FFWC's equity-to-assets ratio was
9.47% compared to 9.34% at June 30, 2012. Total assets at September
30, 2012 were $330,286,000 compared to $329,042,000 at June 30,
2012. Shareholders' equity was $31,284,000 at September 30, 2012
compared to $30,746,000 at June 30, 2012. 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
------------ ------------
2012 2012
------------ ------------
Unaudited
Assets
Cash and due from financial institutions $ 4,760,910 $ 3,478,709
Interest-earning deposits in other financial
institutions 3,521,941 13,360,765
------------ ------------
Cash and cash equivalents 8,282,851 16,839,474
------------ ------------
Securities available for sale 83,966,869 83,665,458
Loans receivable, net of allowance for loan
losses of $3,615,683 at
September 30, 2012 and $3,520,110 at June 30,
2012 215,351,293 205,934,060
Loans held for sale 920,750 337,000
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,899,671 1,647,845
Premises and equipment, net 3,486,916 3,550,515
Mortgage servicing rights 412,452 486,617
Cash surrender value of life insurance 7,005,340 6,938,977
Goodwill 1,213,898 1,213,898
Deferred tax asset 2,356,765 2,558,162
Other assets 2,671,660 3,152,807
------------ ------------
Total assets $330,285,765 $329,042,113
============ ============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 23,796,008 $ 20,029,966
Interest-bearing deposits 258,905,281 262,519,228
------------ ------------
Total deposits 282,701,289 282,549,194
------------ ------------
Borrowings 14,758,400 14,258,400
Accrued expenses and other liabilities 1,542,064 1,488,058
------------ ------------
Total liabilities 299,001,753 298,295,652
------------ ------------
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, 2012, $7,336,000 liquidation
preference 7,187,270 7,166,924
Series B, 9% Fixed Rate Cumulative Perpetual
Preferred Stock - 364 shares outstanding
September 30, 2012, $368,000 liquidation
preference 374,730 376,876
Common stock, $.01 par; 2,000,000 shares
authorized;
issued shares: 1,836,328
outstanding shares: 1,122,084 18,363 18,363
Additional paid-in capital 9,506,474 9,495,807
Retained earnings 24,261,004 23,848,467
Accumulated other comprehensive income 899,795 803,648
Treasury stock, at cost: 714,244 shares (10,963,624) (10,963,624)
------------ ------------
Total shareholders' equity 31,284,012 30,746,461
------------ ------------
------------ ------------
Total liabilities and shareholders' equity $330,285,765 $329,042,113
============ ============
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
Three Months Ended September 30
--------------------------------
2012 2011
--------------- ---------------
Unaudited Unaudited
Interest and dividend income:
Loans, including fees $ 2,712,413 $ 2,912,686
Taxable securities 558,432 528,581
Tax exempt securities 132,327 132,809
Other 4,127 2,446
--------------- ---------------
Total interest and dividend income 3,407,299 3,576,522
--------------- ---------------
Interest expense:
Deposits 914,777 1,056,666
Borrowings 127,033 135,926
--------------- ---------------
Total interest expense 1,041,810 1,192,592
--------------- ---------------
Net interest income 2,365,489 2,383,930
Provision for loan losses 210,000 300,000
Net interest income after provision for
loan losses 2,155,489 2,083,930
Noninterest income:
Net gains on sales of securities (7,277) 163,588
Net gains on sales of loans 177,002 94,423
Other than temporary impairment on
securities (658) -
Commission income 197,675 155,449
Service charges and fees 189,663 254,671
Earnings on life insurance 66,362 72,048
Other 25,604 132,082
--------------- ---------------
Total noninterest income 648,371 872,261
--------------- ---------------
Noninterest expense:
Salaries and benefits 1,068,203 1,050,869
Occupancy and equipment 256,300 248,135
Professional 86,333 86,118
Marketing 32,003 43,361
Deposit insurance premium 115,805 111,255
Regulatory assessment 36,486 35,211
Correspondent bank charges 24,129 15,241
Data processing 138,096 123,312
Printing, postage and supplies 58,641 57,248
Expense on life insurance 17,418 16,108
Contribution expense 13,017 16,465
Other 275,791 257,492
--------------- ---------------
Total noninterest expense 2,122,222 2,060,815
--------------- ---------------
Income before income taxes 681,638 895,376
Income tax expense 151,600 211,795
--------------- ---------------
Net income $ 530,038 $ 683,581
=============== ===============
Preferred stock dividends and discount
accretion, net 117,504 117,504
--------------- ---------------
Net income attributable to common
shareholders $ 412,534 $ 566,077
=============== ===============
FFW Corporation
Selected Financial Information
Key Balances and Ratios
Three Months Ended September 30
--------------------------------
2012 2011
--------------- ---------------
Unaudited Unaudited
Per common share data:
Earnings $ 0.37 $ 0.50
Diluted earnings $ 0.37 $ 0.50
Dividends paid $ 0.00 $ 0.00
Average shares issued and outstanding 1,122,084 1,121,884
Shares outstanding end of period 1,122,084 1,121,884
Supplemental data:
Net interest margin ** 3.04% 3.09%
Return on average assets *** 0.64% 0.83%
Return on average common equity *** 6.85% 9.77%
September 30 June 30
--------------- ---------------
2012 2012
--------------- ---------------
Nonperforming assets * $ 9,907,494 $ 10,233,539
Repossessed assets $ 1,171,756 $ 1,402,764
* 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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