FFW Corporation (the "Corporation") (OTCBB: FFWC)
(10/25/2011 Close: $11.15), parent corporation of
Crossroads Bank, announced earnings for the quarter ended September
30, 2011.
For the three months ended September 30, 2011, the Corporation
reported net income of $684,000 or $0.50 per common share. This
represents an increase of 38.7% over the three month period ended
September 30, 2010, which reported net income of $493,000 or $0.33
per common share. The net interest margin for the three months
ended September 30, 2011 was $2,384,000 compared to $2,350,000 for
the three months ended September 30, 2010. The provision for loan
losses decreased from $475,000 for the period ended September 30,
2010 to $300,000 for the period ended September 30, 2011. Total
noninterest income was $872,000 for the three months ended
September 30, 2011 and $867,000 for the three months ended
September 30, 2010. Noninterest expense was $2,061,000 for the
three months ended September 30, 2011 and $2,076,000 for the three
months ended September 30, 2010.
The three months ended September 30, 2011 represented a return
on average common equity of 9.77% compared to 6.73% for the three
month period ended September 30, 2010. The three months ended
September 30, 2011 represented a return on average assets of 0.83%
compared to 0.58% for the three month period ended September 30,
2010.
The allowance for loan losses as a percentage of gross loans
receivable was 1.46% at September 30, 2011 and 1.39% at June 30,
2011. Nonperforming assets were $13,719,000 at September 30, 2011
and $13,141,000 at June 30, 2011.
As of September 30, 2011, FFWC's equity-to-assets ratio was
9.57% compared to 9.23% at June 30, 2011. Total assets at September
30, 2011 were $327,219,000 compared to $323,018,000 at June 30,
2011. Shareholders' equity was $31,303,000 at September 30, 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
September 30 June 30
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2011 2011
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Unaudited
Assets
Cash and due from financial institutions $ 4,122,410 $ 3,711,671
Interest-earning deposits in other
financial institutions 6,124,444 2,840,994
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Cash and cash equivalents 10,246,854 6,552,665
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Securities available for sale 72,828,354 71,219,096
Loans receivable, net of allowance for
loan losses of $3,294,242 at September
30, 2011 and $3,147,896 at June 30, 2011 221,959,937 222,348,968
Loans held for sale 570,565 241,400
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,735,099 1,635,370
Premises and equipment, net 3,720,349 3,695,172
Mortgage servicing rights 383,080 444,950
Cash surrender value of life insurance 6,727,912 6,655,864
Goodwill 1,213,898 1,213,898
Deferred tax asset 975,365 1,653,133
Other assets 4,140,345 4,640,682
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Total assets $ 327,219,058 $ 323,018,498
============== ==============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 18,938,108 $ 17,954,304
Interest-bearing deposits 260,788,734 257,585,276
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Total deposits 279,726,842 275,539,580
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Borrowings 14,562,945 15,986,695
Accrued expenses and other liabilities 1,626,420 1,662,503
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Total liabilities 295,916,207 293,188,778
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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 7,105,885 7,085,539
Series B, 9% Fixed Rate Cumulative
Perpetual Preferred Stock - 364 shares
outstanding September 30, 2011,
$368,000 liquidation preference 383,315 385,461
Common stock, $.01 par; 2,000,000 shares
authorized; issued: 1,836,328
outstanding: 1,121,884 shares - September
30, 2011 and June 30, 2011 18,363 18,363
Additional paid-in capital 9,450,381 9,435,162
Retained earnings 24,661,803 24,095,722
Accumulated other comprehensive income 649,798 (223,833)
Treasury stock, at cost: 714,444 shares -
September 30, 2011 and June 30, 2011 (10,966,694) (10,966,694)
-------------- --------------
Total shareholders' equity 31,302,851 29,829,720
-------------- --------------
-------------- --------------
Total liabilities and shareholders'
equity $ 327,219,058 $ 323,018,498
============== ==============
FFW Corporation Selected Financial
Information
Consolidated Statement of Income
Three Months Ended September 30
--------------------------------
2011 2010
--------------- ---------------
Unaudited Unaudited
Interest and dividend income:
Loans, including fees $ 2,912,686 $ 3,116,062
Taxable securities 528,581 626,560
Tax exempt securities 132,809 156,186
Other 2,446 8,319
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Total interest and dividend income 3,576,522 3,907,127
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Interest expense:
Deposits 1,056,666 1,274,326
Borrowings 135,926 283,087
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Total interest expense 1,192,592 1,557,413
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Net interest income 2,383,930 2,349,714
Provision for loan losses 300,000 475,000
Net interest income after provision for
loan losses 2,083,930 1,874,714
Noninterest income:
Net gains on sales of securities 163,588 99,769
Net gains on sales of loans 94,423 161,157
Net gains (losses) on fixed assets - -
Other than temporary impairment on
securities - -
Commission income 155,449 160,966
Service charges and fees 254,671 318,098
Earnings on life insurance 72,048 70,897
Other 132,082 56,573
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Total noninterest income 872,261 867,460
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Noninterest expense:
Salaries and benefits 1,050,869 1,032,828
Occupancy and equipment 248,135 250,764
Professional 86,118 101,048
Marketing 43,361 40,873
Deposit insurance premium 111,255 118,891
Regulatory assessment 35,211 25,442
Correspondent bank charges 15,241 21,347
Data processing 123,312 126,350
Printing, postage and supplies 57,248 51,442
Expense on life insurance 16,108 16,071
Contribution expense 16,465 18,623
Other 257,492 272,417
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Total noninterest expense 2,060,815 2,076,096
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Income before income taxes 895,376 666,078
Income tax expense 211,795 173,056
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Net income $ 683,581 $ 493,022
=============== ===============
Preferred stock dividends and discount
accretion, net 117,504 117,504
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Net income attributable to common
shareholders $ 566,077 $ 375,518
=============== ===============
FFW Corporation Selected Financial
Information
Key Balances and Ratios
Three Months Ended September 30
-------------------------------
2011 2010
-------------- --------------
Unaudited Unaudited
Per common share data:
Earnings $ 0.50 $ 0.33
Diluted earnings $ 0.50 $ 0.33
Dividends paid $ 0.00 $ 0.22
Average shares issued and outstanding 1,121,884 1,124,467
Shares outstanding end of period 1,121,884 1,123,760
Supplemental data:
Net interest margin ** 3.09% 2.92%
Return on average assets *** 0.83% 0.58%
Return on average common equity *** 9.77% 6.73%
September 30 June 30
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2011 2011
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Nonperforming assets * $ 13,718,712 $ 13,140,830
Repossessed assets $ 2,254,399 $ 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
Contact: Emily Boardman Treasurer 260-563-3185
FFW (PK) (USOTC:FFWC)
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FFW (PK) (USOTC:FFWC)
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