FFW Corporation (the "Corporation") (OTCBB: FFWC)
(1/22/2013 Close: $14.00), parent corporation of
Crossroads Bank, announced earnings for the three and six months
ended December 31, 2012.
For the three months ended December 31, 2012, the Corporation
reported net income of $858,000 or $0.66 per common share compared
to $708,000 or $0.53 per common share for the three months ended
December 31, 2011. The net interest margin for the three months
ended December 31, 2012 was $2,321,000 compared to $2,454,000 for
the three months ended December 31, 2011. The provision for loan
losses decreased from $300,000 for the period ended December 31,
2011 to $210,000 for the period ended December 31, 2012. Total
noninterest income was $1,035,000 for the three months ended
December 31, 2012 compared to $824,000 for the three months ended
December 31, 2011. Noninterest expense was $2,145,000 for the three
months ended December 31, 2012 and $2,026,000 for the three months
ended December 31, 2011.
For the six months ended December 31, 2012, the Corporation
reported net income of $1,388,000 or $1.03 per common share
compared to $1,392,000 or $1.03 per common share for the six months
ended December 31, 2011. The net interest margin for the six months
ended December 31, 2012 was $4,687,000 compared to $4,838,000 for
the six months ended December 31, 2011. The provision for loan
losses decreased from $600,000 for the period ended December 31,
2011 to $420,000 for the period ended December 31, 2012. Total
noninterest income was $1,683,000 for the six months ended December
31, 2012 compared to $1,697,000 for the six months ended December
31, 2011. Noninterest expense was $4,267,000 for the six months
ended December 31, 2012 and $4,086,000 for the six months ended
December 31, 2011.
The three and six months ended December 31, 2012 represented a
return on average common equity of 11.95% and 9.43%, respectively,
compared to 9.75% and 9.76% for the three and six month periods
ended December 31, 2011. The three and six months ended December
31, 2012 represented a return on average assets of 1.01% and 0.83%,
respectively, compared to 0.85% and 0.84% for the three and six
month periods ended December 31, 2011.
The allowance for loan losses as a percentage of gross loans
receivable was 1.73% at December 31, 2012 compared to 1.68% at June
30, 2012. Nonperforming assets were $8,828,000 at December 31, 2012
compared to $10,234,000 at June 30, 2012.
As of December 31, 2012, FFWC's equity-to-assets ratio was 9.73%
compared to 9.34% at June 30, 2012. Total assets at December 31,
2012 were $330,711,000 compared to $329,042,000 at June 30, 2012.
Shareholders' equity was $32,163,000 at December 31, 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
December 31 June 30
------------- -------------
2012 2012
------------- -------------
Unaudited
Assets
Cash and due from financial institutions $ 5,356,619 $ 3,478,709
Interest-earning deposits in other financial
institutions 16,046,990 13,360,765
------------- -------------
Cash and cash equivalents 21,403,609 16,839,474
------------- -------------
Securities available for sale 75,082,060 83,665,458
Loans receivable, net of allowance for loan
losses of $3,763,643 at
December 31, 2012 and $3,520,110 at June
30, 2012 212,052,397 205,934,060
Loans held for sale 1,617,584 337,000
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,671,173 1,647,845
Premises and equipment, net 3,419,219 3,550,515
Mortgage servicing rights 535,881 486,617
Cash surrender value of life insurance 7,073,036 6,938,977
Goodwill 1,213,898 1,213,898
Deferred tax asset 1,597,654 2,558,162
Other assets 2,326,844 3,152,807
------------- -------------
Total assets $ 330,710,655 $ 329,042,113
------------- -------------
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 26,680,542 $ 20,029,966
Interest-bearing deposits 260,622,151 262,519,228
------------- -------------
Total deposits 287,302,693 282,549,194
------------- -------------
Borrowings 9,758,400 14,258,400
Accrued expenses and other liabilities 1,486,819 1,488,058
------------- -------------
Total liabilities 298,547,912 298,295,652
------------- -------------
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 December 31, 2012,
$7,336,000 liquidation preference 7,207,616 7,166,924
Series B, 9% Fixed Rate Cumulative
Perpetual Preferred Stock - 364 shares
outstanding December 31, 2012, $368,000
liquidation preference 372,584 376,876
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 9,514,864 9,495,807
Retained earnings 24,877,649 23,848,467
Accumulated other comprehensive income 1,135,291 803,648
Treasury stock, at cost: 714,244 shares (10,963,624) (10,963,624)
------------- -------------
Total shareholders' equity 32,162,743 30,746,461
------------- -------------
------------- -------------
Total liabilities and shareholders'
equity $ 330,710,655 $ 329,042,113
------------- -------------
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
Three Months Ended Six Months Ended
December 31 December 31
----------------------- -----------------------
2012 2011 2012 2011
---------- ---------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Interest and dividend
income:
Loans, including fees $2,673,449 $2,935,840 $5,385,865 $5,848,527
Taxable securities 341,728 509,567 900,158 702,679
Tax exempt securities 312,418 132,809 444,745 601,087
Other 4,541 7,304 8,668 9,749
---------- ---------- ---------- ----------
Total interest and
dividend income 3,332,136 3,585,520 6,739,436 7,162,042
---------- ---------- ---------- ----------
Interest expense:
Deposits 903,745 998,253 1,818,524 2,054,917
Borrowings 107,222 133,210 234,255 269,136
---------- ---------- ---------- ----------
Total interest
expense 1,010,967 1,131,463 2,052,779 2,324,053
---------- ---------- ---------- ----------
Net interest income 2,321,169 2,454,057 4,686,657 4,837,989
Provision for loan
losses 210,000 300,000 420,000 600,000
Net interest income
after provision for
loan losses 2,111,169 2,154,057 4,266,657 4,237,989
Noninterest income:
Net gains on sales of
securities 186,767 144,412 179,490 308,000
Net gains on sales of
loans 331,233 199,488 508,235 293,911
Net gains (losses) on
fixed assets - - - -
Other than temporary
impairment on
securities (79,983) (88,000) (80,641) (88,000)
Commission income 196,788 168,810 394,463 324,259
Service charges and
fees 334,506 277,325 524,170 531,996
Earnings on life
insurance 67,696 70,853 134,059 142,900
Other (2,172) 51,597 23,433 183,679
---------- ---------- ---------- ----------
Total noninterest
income 1,034,835 824,485 1,683,209 1,696,745
---------- ---------- ---------- ----------
Noninterest expense:
Salaries and benefits 1,070,252 1,038,190 2,138,455 2,089,059
Occupancy and
equipment 243,604 248,284 499,905 496,418
Professional 136,276 101,143 222,610 187,261
Marketing 58,815 49,962 90,817 93,323
Deposit insurance
premium 112,375 91,662 228,180 202,916
Regulatory assessment 37,955 33,279 74,441 68,490
Correspondent bank
charges 23,680 20,373 47,809 35,614
Data processing 136,851 120,112 274,947 243,424
Printing, postage and
supplies 66,437 53,590 125,079 110,837
Expense on life
insurance 17,418 16,108 34,837 32,216
Contribution expense 10,681 19,505 23,698 35,969
Other 230,340 233,373 506,132 490,870
---------- ---------- ---------- ----------
Total noninterest
expense 2,144,684 2,025,581 4,266,910 4,086,397
---------- ---------- ---------- ----------
Income before income
taxes 1,001,320 952,961 1,682,956 1,848,337
Income tax expense 143,742 244,871 295,342 456,666
---------- ---------- ---------- ----------
Net income $ 857,578 $ 708,090 $1,387,614 $1,391,671
---------- ---------- ---------- ----------
Preferred stock
dividends and discount
accretion, net 117,504 117,504 235,008 235,008
---------- ---------- ---------- ----------
Net income attributable
to common shareholders $ 740,074 $ 590,586 $1,152,606 $1,156,663
---------- ---------- ---------- ----------
FFW Corporation
Selected Financial Information
Key Balances and Ratios
Three Months Ended Six Months Ended
December 31 December 31
-------------------------- --------------------------
2012 2011 2012 2011
------------ ------------ ------------ ------------
Unaudited Unaudited Unaudited Unaudited
Per common share
data:
Earnings $ 0.66 $ 0.53 $ 1.03 $ 1.03
Diluted earnings $ 0.66 $ 0.53 $ 1.03 $ 1.03
Dividends paid $ 0.11 $ 0.11 $ 0.11 $ 0.11
Average shares
issued and
outstanding 1,122,084 1,121,884 1,122,084 1,121,884
Shares outstanding
end of period 1,122,084 1,121,884 1,122,084 1,121,884
Supplemental data:
Net interest margin
** 2.92% 3.15% 2.98% 3.12%
Return on average
assets *** 1.01% 0.85% 0.83% 0.84%
Return on average
common equity *** 11.95% 9.75% 9.43% 9.76%
December 31 June 30
------------ ------------
2012 2012
------------ ------------
Nonperforming assets
* $ 8,828,222 $ 10,233,539
Repossessed assets $ 847,868 $ 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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