FFW Corporation (the "Corporation") (OTCBB: FFWC)
(4/23/2013 Close: $15.50), parent corporation of
Crossroads Bank, announced earnings for the three and nine months
ended March 31, 2013.
For the three months ended March 31, 2013, the Corporation
reported net income of $643,000 or $0.47 per common share compared
to $737,000 or $0.55 per common share for the three months ended
March 31, 2012. The net interest margin for the three months ended
March 31, 2013 was $2,294,000 compared to $2,350,000 for the three
months ended March 31, 2012. The provision for loan losses
decreased from $300,000 for the period ended March 31, 2012 to
$210,000 for the period ended March 31, 2013. Total noninterest
income was $782,000 for the three months ended March 31, 2013
compared to $805,000 for the three months ended March 31, 2012.
Noninterest expense was $2,164,000 for the three months ended March
31, 2013 and $2,118,000 for the three months ended March 31,
2012.
For the nine months ended March 31, 2013, the Corporation
reported net income of $2,031,000 or $1.50 per common share
compared to $2,129,000 or $1.58 per common share for the nine
months ended March 31, 2012. The net interest margin for the nine
months ended March 31, 2013 was $6,981,000 compared to $7,188,000
for the nine months ended March 31, 2012. The provision for loan
losses decreased from $900,000 for the period ended March 31, 2012
to $630,000 for the period ended March 31, 2013. Total noninterest
income was $2,465,000 for the nine months ended March 31, 2013
compared to $2,502,000 for the nine months ended March 31, 2012.
Noninterest expense was $6,431,000 for the nine months ended March
31, 2013 and $6,204,000 for the nine months ended March 31,
2012.
The three and nine months ended March 31, 2013 represented a
return on average common equity of 8.49% and 9.12%, respectively,
compared to 10.09% and 9.87% for the three and nine month periods
ended March 31, 2012. The three and nine months ended March 31,
2013 represented a return on average assets of 0.77% and 0.81%,
respectively, compared to 0.90% and 0.86% for the three and nine
month periods ended March 31, 2012.
The allowance for loan losses as a percentage of gross loans
receivable was 1.74% at March 31, 2013 compared to 1.68% at June
30, 2012. Nonperforming assets were $8,498,000 at March 31, 2013
compared to $10,234,000 at June 30, 2012.
As of March 31, 2013, FFWC's equity-to-assets ratio was 9.57%
compared to 9.34% at June 30, 2012. Total assets at March 31, 2013
were $338,350,000 compared to $329,042,000 at June 30, 2012.
Shareholders' equity was $32,367,000 at March 31, 2013 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
March 31 June 30
------------- -------------
2013 2012
------------- -------------
Unaudited
Assets
Cash and due from financial institutions $ 3,482,896 $ 3,478,709
Interest-earning deposits in other financial
institutions 21,256,324 13,360,765
------------- -------------
Cash and cash equivalents 24,739,220 16,839,474
------------- -------------
Securities available for sale 82,648,848 83,665,458
Loans receivable, net of allowance for loan
losses of $3,739,000 at March 31, 2013 and
$3,520,000 at June 30, 2012 209,977,420 205,934,060
Loans held for sale 607,310 337,000
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,528,397 1,647,845
Premises and equipment, net 3,356,553 3,550,515
Mortgage servicing rights 572,148 486,617
Cash surrender value of life insurance 7,139,664 6,938,977
Goodwill 1,213,898 1,213,898
Deferred tax asset 1,859,147 2,558,162
Other assets 1,990,133 3,152,807
------------- -------------
Total assets $ 338,350,038 $ 329,042,113
============= =============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 26,100,216 $ 20,029,966
Interest-bearing deposits 273,496,986 262,519,228
------------- -------------
Total deposits 299,597,202 282,549,194
------------- -------------
Borrowings 4,758,400 14,258,400
Accrued expenses and other liabilities 1,627,645 1,488,058
------------- -------------
Total liabilities 305,983,247 298,295,652
------------- -------------
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
March 31, 2013, $7,334,000 liquidation
preference 7,227,962 7,166,924
Series B, 9% Fixed Rate Cumulative Perpetual
Preferred Stock - 364 shares outstanding
March 31, 2013, $368,000 liquidation
preference 370,438 376,876
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 9,523,255 9,495,807
Retained earnings 25,280,175 23,848,467
Accumulated other comprehensive income 910,222 803,648
Treasury stock, at cost: 714,244 shares (10,963,624) (10,963,624)
------------- -------------
Total shareholders' equity 32,366,791 30,746,461
------------- -------------
------------- -------------
Total liabilities and shareholders' equity $ 338,350,038 $ 329,042,113
============= =============
FFW Corporation Selected Financial Information
Consolidated Statement of Income
Three Months Ended Nine Months Ended
March 31 March 31
----------------------- -----------------------
2013 2012 2013 2012
----------- ----------- ----------- -----------
Unaudited Unaudited Unaudited Unaudited
Interest and dividend
income:
Loans, including fees $ 2,522,505 $ 2,775,302 $ 7,908,368 $ 8,623,827
Taxable securities 379,743 512,215 1,279,902 1,553,621
Tax exempt securities 254,733 133,334 699,478 395,692
Other 9,437 9,481 18,105 19,230
----------- ----------- ----------- -----------
Total interest and
dividend income 3,166,418 3,430,332 9,905,853 10,592,370
----------- ----------- ----------- -----------
Interest expense:
Deposits 816,099 950,241 2,634,621 3,005,159
Borrowings 56,363 130,338 290,618 399,474
----------- ----------- ----------- -----------
Total interest expense 872,462 1,080,579 2,925,239 3,404,633
----------- ----------- ----------- -----------
Net interest income 2,293,956 2,349,753 6,980,614 7,187,737
Provision for loan losses 210,000 300,000 630,000 900,000
Net interest income after
provision for loan losses 2,083,956 2,049,753 6,350,614 6,287,737
Noninterest income:
Net gains on sales of
securities 66,751 148 246,241 308,148
Net gains on sales of
loans 203,473 283,019 711,709 576,930
Net gains (losses) on
fixed assets - - - -
Other than temporary
impairment on securities (2,200) (2,573) (82,841) (90,573)
Commission income 177,903 219,716 572,366 543,975
Service charges and fees 227,979 273,109 752,148 805,106
Earnings on life
insurance 66,628 69,797 200,686 212,697
Other 41,492 (38,424) 64,925 145,254
----------- ----------- ----------- -----------
Total noninterest income 782,026 804,792 2,465,234 2,501,537
----------- ----------- ----------- -----------
Noninterest expense:
Salaries and benefits 1,059,390 1,079,490 3,197,846 3,168,549
Occupancy and equipment 255,603 249,580 755,508 745,998
Professional 122,934 85,649 345,543 272,910
Marketing 36,202 44,654 127,019 137,977
Deposit insurance premium 115,815 113,905 343,995 316,822
Regulatory assessment 37,619 34,747 112,060 103,237
Correspondent bank
charges 23,840 19,623 71,649 55,237
Data processing 140,159 127,863 415,106 371,287
Printing, postage and
supplies 59,473 63,956 184,553 174,794
Expense on life insurance 17,418 16,108 52,255 48,325
Contribution expense 9,107 14,325 32,805 50,295
Other 286,169 267,700 792,302 758,567
----------- ----------- ----------- -----------
Total noninterest
expense 2,163,729 2,117,600 6,430,641 6,203,998
----------- ----------- ----------- -----------
Income before income taxes 702,253 736,945 2,385,207 2,585,276
Income tax expense 58,795 10 354,137 456,676
----------- ----------- ----------- -----------
Net income $ 643,458 $ 736,935 $ 2,031,070 $ 2,128,600
=========== =========== =========== ===========
Preferred stock dividends
and discount accretion,
net 117,504 117,504 352,512 352,512
----------- ----------- ----------- -----------
Net income attributable to
common shareholders $ 525,954 $ 619,431 $ 1,678,558 $ 1,776,088
=========== =========== =========== ===========
FFW Corporation Selected Financial Information
Key Balances and Ratios
Three Months Ended Nine Months Ended
March 31 March 31
----------------------- -----------------------
2013 2012 2013 2012
----------- ----------- ----------- -----------
Unaudited Unaudited Unaudited Unaudited
Per common share data:
Earnings $ 0.47 $ 0.55 $ 1.50 $ 1.58
Diluted earnings $ 0.47 $ 0.55 $ 1.50 $ 1.58
Dividends paid $ 0.11 $ 0.11 $ 0.22 $ 0.22
Average shares issued and
outstanding 1,122,084 1,121,928 1,122,084 1,121,899
Shares outstanding end of
period 1,122,084 1,122,084 1,122,084 1,122,084
Supplemental data:
Net interest margin ** 2.98% 3.06% 2.98% 3.10%
Return on average assets *** 0.77% 0.90% 0.81% 0.86%
Return on average common
equity *** 8.49% 10.09% 9.12% 9.87%
March 31 June 30
----------- -----------
2013 2012
----------- -----------
Nonperforming assets * $ 8,498,053 $10,233,539
Repossessed assets $ 715,629 $ 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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