FFBW, Inc. (Nasdaq: FFBW) (the “Company”), the parent company of
First Federal Bank of Wisconsin (the “Bank”), a federally chartered
stock savings bank offering full-service commercial banking, retail
banking and residential lending, today announced unaudited
financial results for the three and six months ended June 30,
2019. The June 30, 2019 results showed significant
period-over-period earnings growth, continued strong asset quality,
and continued loan portfolio realignment in accordance with
strategy. For the quarter ended June 30, 2019, net income was
$388,000, or $0.06 per share, compared with net income of $353,000,
or $0.06 per share, for the same respective period last year.
“Core earnings continue to improve nicely as we further develop
our community bank model serving the commercial and consumer
banking needs, as well as the residential lending needs of our
customers,” stated Edward H. Schaefer, President and CEO of First
Federal Bank of Wisconsin.
Second Quarter 2019 Highlights
- Continued earnings growth. Quarterly earnings
improved 10% to $388,000 in the second quarter of 2019 from
$353,000 in the second quarter of 2018. Excluding prior year
one-time adjustments (1), quarterly earnings improved more than 55%
while year-to-date earnings grew 70%.
- Continued strong asset quality. Nonperforming
assets increased slightly to $1.1 million at June 30, 2019 from
$968,000 as of June 30, 2018. Although the nonperforming assets
increased slightly, all but one loan is contractually current on
payments.
- Continued balance sheet realignment. Although
total loans balances remain steady at June 30, 2019 compared to
June 30, 2018, the composition of the portfolio is further
diversifying as the Company is executing its strategy as a
community bank concentrating on commercial and consumer banking in
addition to residential lending. Commercial loans increased $18.2
million, or 23%, while residential real estate and consumer loans
decreased by $17.8 million, or 15%, resulting in a shift from 40%
commercial loans to 49% of the loan portfolio in the last twelve
months.
Income Statement and Balance Sheet Overview
Total interest and dividend income increased $110,000, or 4.1%,
to $2.8 million for the second quarter of 2019 compared to $2.7
million for the same quarter in the prior year. Excluding prior
year one-time adjustments (1), total interest and dividend income
increased $227,000, or 8.4%. Average interest-earning assets
decreased $207,000, or 0.08%, to $245.9 million for the quarter
ended June 30, 2019 compared to $246.1 million for the quarter
ended June 30, 2018, and the weighted average yield on
interest-earning assets increased 18 basis points for the same
period. Excluding the prior year one-time adjustments (1), the
weighted average yield increased 37 basis points quarter to
quarter.
Total interest expense increased $266,000, or 58.1%, to $724,000
for the quarter ended June 30, 2019 compared to $458,000 for the
quarter ended June 30, 2018. Average interest-bearing
liabilities decreased $1.5 million, or 0.8%, to $177.6 million for
the quarter ended June 30, 2019 from $179.1 million for the quarter
ended June 30, 2018. The rate paid on interest-bearing liabilities
increased 61 basis points to 1.63% for the quarter ended June 30,
2019 compared to 1.02% for the quarter ended June 30, 2018. The
increase in average cost of funds was primarily the result of
rising interest rates and competition within our market.
Net interest margin was 3.38% for the three months ended June
30, 2019, compared to the adjusted 3.41% for the three months ended
June 30, 2018, a decrease of three basis points after backing out
the nonaccrual interest in the prior year period(1).
The loan loss provision was $85,000 for the quarter ended June
30, 2019 compared to $189,000 the quarter ended June 30,
2018. At June 30, 2019, our allowance for loan loss was $2.3
million, or 1.15%, of total loans. Management believes the
allowance is adequate for future probable losses.
Noninterest income increased $110,000, or 68.3% to $271,000 for
the three months ended June 30, 2019 compared to $161,000 for the
three months ended June 30, 2018. The increase was due
primarily to increased gains from sales of loans to the secondary
market.
Noninterest expense decreased $19,000 to $1.8 million for the
three months ended June 30, 2019 compared to $1.8 million for the
three months ended June 30, 2018. This was primarily due to a
decrease of $108,000, or 9.5%, in salaries and employee benefits
due to staffing efficiencies and vacancies, partially offset by
increases in technology and professional fees.
Total assets decreased $7.6 million to $258.3 million at June
30, 2019 from $265.9 million at June 30, 2018. This decrease
was primarily due to the decrease in available for sale securities
of $11.7 million, partially offset by increases in cash and cash
equivalents of $3.0 million and in loans held for sale of $2.0
million.
Nonaccrual loans increased to $1.1 million, or 0.57% of total
loans, at June 30, 2019, from $968,000, or 0.50% of total loans, at
June 30, 2018. All but one nonaccrual loan is contractually
current. Non-performing assets increased to $1.2 million, or 0.46%
of total assets, at June 30, 2019 compared to $968,000, or 0.36% of
total assets, at June 30, 2018.
The following table presents the estimated regulatory capital
ratios for the Company, the Bank, and the minimum requirements for
the Bank at June 30, 2019.
|
At June 30, 2019 |
Company |
Bank |
MinimumRequirement ForCapital
AdequacyPurposes |
Minimum Requirement toBe Well CapitalizedUnder Prompt
CorrectiveAction Provisions |
| Tier 1 leverage ratio |
23.2% |
19.0% |
4.0% |
5.0% |
| Common equity Tier 1 capital
ratio |
29.8% |
24.5% |
4.5% |
6.5% |
| Tier 1 capital ratio |
29.8% |
24.5% |
6.0% |
8.0% |
| Total capital ratio |
31.0% |
25.6% |
8.0% |
10.0% |
(1) In the second quarter of 2018, the Company received $136,000
of additional interest from loans that had paid off that were
previously on nonaccrual status, increasing the weighted yield for
the quarter by 29 basis points.
About the Company
FFBW, Inc. is the holding company for First Federal Bank of
Wisconsin, a wholly owned subsidiary. The Company’s stock trades on
the NASDAQ Capital Market under the symbol “FFBW.” First
Federal Bank of Wisconsin is a full-service federally chartered
stock savings bank based in Waukesha, Wisconsin, servicing
customers in Waukesha and Milwaukee Counties in Wisconsin through
four branch locations.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking statements, which can be
identified by the use of words such as “estimate,” “project,”
“believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and
words of similar meaning. These forward-looking statements include
but are not limited to: statements of our goals, intentions and
expectations; statements regarding our business plans, prospects,
growth and operating strategies; statements regarding the quality
of our loan and investment portfolios; and estimates of our risks
and future costs and benefits. These forward-looking statements are
based on current beliefs and expectations of our management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond our control. In addition, these forward-looking statements
are subject to assumptions with respect to future business
strategies and decisions that are subject to change. The following
factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations
expressed in the forward-looking statements: general economic
conditions, either nationally or in our market areas, that are
worse than expected; changes in the level and direction of loan
delinquencies and write-offs and changes in estimates of the
adequacy of the allowance for loan losses; our ability to access
cost-effective funding; fluctuations in real estate values and both
residential and commercial real estate market conditions; demand
for loans and deposits in our market area; our ability to implement
and change our business strategies; competition among depository
and other financial institutions; inflation and changes in the
interest rate environment that reduce our margins and yields, our
mortgage banking revenues, the fair value of financial instruments
or our level of loan originations, or increase the level of
defaults, losses and prepayments on loans we have made and make;
adverse changes in the securities or secondary mortgage markets;
changes in laws or government regulations or policies affecting
financial institutions, including changes in regulatory fees and
capital requirements, including as a result of Basel III; the
impact of the Dodd-Frank Act and the implementing regulations;
changes in the quality or composition of our loan or investment
portfolios; technological changes that may be more difficult or
expensive than expected; the inability of third-party providers to
perform as expected; our ability to manage market risk, credit risk
and operational risk in the current economic environment; our
ability to enter new markets successfully and capitalize on growth
opportunities; our ability to successfully integrate into our
operations any assets, liabilities, customers, systems and
management personnel we may acquire and our ability to realize
related revenue synergies and cost savings within expected time
frames, and any goodwill charges related thereto; changes in
consumer spending, borrowing and savings habits; changes in
accounting policies and practices, as may be adopted by the bank
regulatory agencies, the Financial Accounting Standards Board, the
Securities and Exchange Commission or the Public Company Accounting
Oversight Board; our ability to retain key employees; our
compensation expense associated with equity allocated or awarded to
our employees; and changes in the financial condition, results of
operations or future prospects of issuers of securities that we
own. Because of these and a wide variety of other uncertainties,
our actual future results may be materially different from the
results indicated by these forward-looking statements.
Contact: Nikola B. Schaumberg, CFO(262) 542-4448
FFBW, Inc.Balance
Sheets June 30, 2019 (Unaudited) and December 31,
2018(In thousands, except share data)
|
|
June 30, |
December 31, |
|
Assets |
2019 |
2018 |
| |
|
|
|
Cash and due from banks |
$ |
4,351 |
|
$ |
1,746 |
|
| Fed funds sold |
|
1,046 |
|
|
2,742 |
|
| Cash and cash equivalents |
|
5,397 |
|
|
4,488 |
|
| Available for sale securities,
stated at fair value |
|
43,478 |
|
|
43,751 |
|
| Loans held for sale |
|
1,951 |
|
|
679 |
|
| Loans, net of allowance for
loan and lease losses of $2,252 and $2,118, respectively |
|
193,001 |
|
|
198,694 |
|
| Premises and equipment,
net |
|
4,888 |
|
|
5,057 |
|
| Foreclosed assets |
|
84 |
|
|
69 |
|
| FHLB stock, at cost |
|
609 |
|
|
739 |
|
| Accrued interest
receivable |
|
777 |
|
|
768 |
|
| Cash value of life
insurance |
|
7,105 |
|
|
7,007 |
|
| Other assets |
|
1,034 |
|
|
1,474 |
|
|
|
|
|
| TOTAL
ASSETS |
$ |
258,324 |
|
$ |
262,726 |
|
| |
|
|
| |
|
|
|
Liabilities and Equity |
|
|
| |
|
|
| Deposits |
$ |
177,553 |
|
$ |
183,205 |
|
| Advance payments by borrowers
for taxes and insurance |
|
771 |
|
|
55 |
|
| FHLB advances |
|
15,750 |
|
|
17,750 |
|
| Accrued interest payable |
|
620 |
|
|
70 |
|
| Other
liabilities |
|
2,446 |
|
|
1,284 |
|
| Total
liabilities |
$ |
197,140 |
|
$ |
202,364 |
|
| |
|
|
| Preferred stock ($0.01 par
value, 1,000,000 authorized, no shares issued or outstanding as of
June 30, 2019 and December 31, 2018, respectively) |
$ |
- |
|
$ |
- |
|
| Common stock ($0.01 par value,
19,000,000 authorized, 6,706,742 issued and outstanding as of June
30, 2019 and December 31, 2018, respectively) |
|
67 |
|
|
67 |
|
| Additional paid in
capital |
|
28,489 |
|
|
28,326 |
|
| Unallocated common stock of
Employee Stock Ownership Plan ("ESOP") (236,823 and 243,303 shares
at June 30, 2019 and December 31, 2018, respectively) |
|
(2,368 |
) |
|
(2,433 |
) |
| Retained earnings |
|
35,632 |
|
|
34,995 |
|
| Accumulated other
comprehensive income (loss), net of income taxes |
|
235 |
|
|
(593 |
) |
| Less
common stock repurchased, 82,055 and 0 shares at cost, at June 30,
2019 and December 31, 2018, respectively |
|
(871 |
) |
|
- |
|
| Total equity |
$ |
61,184 |
|
$ |
60,362 |
|
|
|
|
|
| TOTAL
LIABILITIES AND EQUITY |
$ |
258,324 |
|
$ |
262,726 |
|
| |
|
|
| |
|
|
FFBW, Inc.Statements of
Income Three and Six Months Ended June 30, 2019
and 2018 (Unaudited) (In thousands, except share
data)
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
|
2019 |
2018 |
|
2019 |
2018 |
| |
|
|
|
|
|
|
|
| Interest and
dividend income: |
|
|
|
|
|
| |
Loans, including
fees |
$ |
2,497 |
$ |
2,326 |
|
|
$ |
4,945 |
|
$ |
4,294 |
| |
Securities |
|
|
|
|
|
|
|
|
Taxable |
|
282 |
|
339 |
|
|
|
557 |
|
|
679 |
| |
|
Tax-exempt |
|
4 |
|
14 |
|
|
|
6 |
|
|
37 |
|
|
Other |
|
21 |
|
15 |
|
|
|
46 |
|
|
31 |
| |
|
|
|
|
|
|
|
|
|
|
Total
interest and dividend income |
|
2,804 |
|
2,694 |
|
|
|
5,554 |
|
|
5,041 |
| |
|
|
|
|
|
|
|
| Interest
expense: |
|
|
|
|
|
| |
Interest-bearing
deposits |
|
633 |
|
342 |
|
|
|
1,232 |
|
|
688 |
|
|
Borrowed funds |
|
91 |
|
116 |
|
|
|
179 |
|
|
169 |
| |
|
|
|
|
|
|
|
|
|
|
Total
interest expense |
|
724 |
|
458 |
|
|
|
1,411 |
|
|
857 |
| |
|
|
|
|
|
|
|
| Net interest
income |
|
2,080 |
|
2,236 |
|
|
|
4,143 |
|
|
4,184 |
| Provision for loan
losses |
|
85 |
|
189 |
|
|
|
155 |
|
|
304 |
|
|
|
|
|
|
|
|
|
| Net
interest income after provision for loan losses |
|
1,995 |
|
2,047 |
|
|
|
3,988 |
|
|
3,880 |
| |
|
|
|
|
|
|
|
| Noninterest
income: |
|
|
|
|
|
| |
Service charges
and other fees |
|
64 |
|
51 |
|
|
|
99 |
|
|
111 |
| |
Net gain on sale
of loans |
|
127 |
|
36 |
|
|
|
168 |
|
|
75 |
| |
Net gain (loss) on
sale of securities |
|
5 |
|
1 |
|
|
|
(3 |
) |
|
9 |
| |
Increase in cash
surrender value of insurance |
|
51 |
|
49 |
|
|
|
98 |
|
|
95 |
| |
Other noninterest
income |
|
24 |
|
24 |
|
|
|
49 |
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest income |
|
271 |
|
161 |
|
|
|
411 |
|
|
337 |
| |
|
|
|
|
|
|
|
| Noninterest
expense: |
|
|
|
|
|
| |
Salaries and
employee benefits |
|
1,031 |
|
1,139 |
|
|
|
2,128 |
|
|
2,196 |
| |
Occupancy and
equipment |
|
242 |
|
226 |
|
|
|
484 |
|
|
459 |
| |
Data
processing |
|
169 |
|
158 |
|
|
|
344 |
|
|
310 |
| |
Technology |
|
79 |
|
49 |
|
|
|
157 |
|
|
104 |
| |
Foreclosed assets,
net |
|
1 |
|
(9 |
) |
|
|
2 |
|
|
37 |
| |
Professional
fees |
|
104 |
|
57 |
|
|
|
216 |
|
|
175 |
| |
Other noninterest
expense |
|
126 |
|
151 |
|
|
|
229 |
|
|
323 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
noninterest expense |
|
1,752 |
|
1,771 |
|
|
|
3,560 |
|
|
3,604 |
| |
|
|
|
|
|
|
|
| Income before
income taxes |
|
514 |
|
437 |
|
|
|
839 |
|
|
613 |
|
Provision for income taxes |
|
126 |
|
84 |
|
|
|
202 |
|
|
137 |
| |
|
|
|
|
|
|
|
| Net
income |
$ |
388 |
$ |
353 |
|
|
$ |
637 |
|
$ |
476 |
| |
|
|
|
|
|
|
|
| Earnings per
share |
|
|
|
|
|
| |
Basic |
$ |
0.06 |
$ |
0.06 |
|
|
$ |
0.10 |
|
$ |
0.07 |
| |
Diluted |
$ |
0.06 |
$ |
0.06 |
|
|
$ |
0.10 |
|
$ |
0.07 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
FFBW, Inc.Statements of
Income (In thousands, except share
data)
| |
For the Quarter Ended |
| |
June 30, 2019 |
March 31, 2019 |
December 31,2018 |
September 30,2018 |
June 30, 2018 |
|
Total interest and dividend income |
$ |
2,804 |
$ |
2,750 |
$ |
2,817 |
$ |
2,738 |
$ |
2,700 |
| Total interest expense |
|
724 |
|
687 |
|
645 |
|
607 |
|
458 |
|
Net interest income |
|
2,080 |
|
2,063 |
|
2,172 |
|
2,131 |
|
2,242 |
| Provision for loan losses |
|
85 |
|
70 |
|
98 |
|
111 |
|
189 |
|
Net interest income after provision for loan losses |
|
1,995 |
|
1,993 |
|
2,074 |
|
2,020 |
|
2,053 |
| Total noninterest income |
|
271 |
|
140 |
|
39 |
|
250 |
|
200 |
| Total noninterest expense |
|
1,752 |
|
1,808 |
|
1,810 |
|
1,810 |
|
1,816 |
| Income before income
taxes |
|
514 |
|
325 |
|
303 |
|
460 |
|
437 |
| Provision for income
taxes |
|
126 |
|
76 |
|
70 |
|
111 |
|
84 |
| Net income |
$ |
388 |
$ |
249 |
$ |
233 |
$ |
349 |
$ |
353 |
| |
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
Basis |
$ |
0.06 |
$ |
0.04 |
$ |
0.04 |
$ |
0.05 |
$ |
0.06 |
|
Diluted |
$ |
0.06 |
$ |
0.04 |
$ |
0.04 |
$ |
0.05 |
$ |
0.06 |
| |
|
|
|
|
|
| |
|
|
|
|
|
FFBW, Inc.Non-performing
Assets (In thousands)
| |
June 30,
2019and SixMonths ThenEnded |
December
31,2018 andTwelveMonths ThenEnded |
December
31,2017 andTwelveMonths ThenEnded |
| |
|
|
|
| Nonperforming assets: |
|
|
|
|
Nonaccrual loans |
$ |
1,117 |
|
$ |
720 |
|
$ |
1,243 |
|
|
Accruing loans past due 90 days or more |
|
- |
|
|
- |
|
|
- |
|
| Total nonperforming loans
("NPLs") |
|
1,117 |
|
|
720 |
|
|
1,243 |
|
|
Foreclosed assets |
|
84 |
|
|
69 |
|
|
619 |
|
| Total nonperforming assets
("NPAs") |
$ |
1,201 |
|
$ |
789 |
|
$ |
1,862 |
|
| Troubled Debt Restructurings
("TDRs") |
$ |
1,400 |
|
$ |
1,201 |
|
$ |
1,630 |
|
| Nonaccrual TDRs |
$ |
1,100 |
|
$ |
700 |
|
$ |
969 |
|
| Average outstanding loan
balance |
$ |
200,246 |
|
$ |
189,233 |
|
$ |
170,577 |
|
| Loans, end of period |
$ |
195,405 |
|
$ |
200,898 |
|
$ |
173,229 |
|
| ALLL, at beginning of
period |
$ |
2,118 |
|
$ |
1,800 |
|
$ |
1,478 |
|
| Loans charged off: |
|
|
|
|
Commercial |
|
- |
|
|
(24 |
) |
|
- |
|
|
Residential real estate and consumer |
|
(21 |
) |
|
(172 |
) |
|
(133 |
) |
| Total loans charged off |
|
(21 |
) |
|
(196 |
) |
|
(133 |
) |
| Recoveries of loans previously
charged off: |
|
|
|
|
Commercial |
|
- |
|
|
- |
|
|
- |
|
|
Residential real estate and consumer |
|
- |
|
|
1 |
|
|
36 |
|
| Total recoveries of loans
previously charged off |
|
- |
|
|
1 |
|
|
36 |
|
| Net loans charged off
("NCOs'") |
|
(21 |
) |
|
(195 |
) |
|
(97 |
) |
| Additions to ALLL via
provision for loan losses charged to operations |
|
155 |
|
|
513 |
|
|
419 |
|
| ALLL, at end of period |
$ |
2,252 |
|
$ |
2,118 |
|
$ |
1,800 |
|
| Ratios: |
|
|
|
|
ALLL to NCOs (annualized) |
|
5440.34 |
% |
|
1086.15 |
% |
|
1855.67 |
% |
|
NCOs (annualized) to average loans |
|
0.02 |
% |
|
0.10 |
% |
|
0.06 |
% |
|
ALLL to total loans |
|
1.15 |
% |
|
1.05 |
% |
|
1.04 |
% |
|
NPL to total loans |
|
0.57 |
% |
|
0.36 |
% |
|
0.72 |
% |
|
NPAs to total assets |
|
0.46 |
% |
|
0.30 |
% |
|
0.73 |
% |
| Total Assets |
$ |
258,324 |
|
$ |
262,726 |
|
$ |
256,481 |
|
| |
|
|
|
| |
|
|
|
FFBW, Inc.Yield and
Cost
| |
For the
Three Months Ended June 30, |
| |
2019 |
2018 |
| |
AverageOutstandingBalance |
Interest |
Yield/
Rate |
AverageOutstandingBalance |
Interest |
Yield/
Rate |
| |
(in thousands) |
|
(in thousands) |
|
| Interest-earning assets: |
|
|
|
|
|
|
| Loans |
$ |
199,235 |
|
$ |
2,497 |
5.01 |
% |
$ |
185,665 |
|
$ |
2,326 |
5.01 |
% |
| Available for sale securities |
|
43,501 |
|
|
286 |
2.63 |
% |
|
57,490 |
|
|
353 |
2.46 |
% |
| Interest-bearing deposits |
|
2,486 |
|
|
13 |
2.09 |
% |
|
2,071 |
|
|
3 |
0.58 |
% |
| FHLB stock |
|
638 |
|
|
8 |
5.02 |
% |
|
841 |
|
|
12 |
5.71 |
% |
|
Total interest-earning assets |
|
245,860 |
|
|
2,804 |
4.56 |
% |
|
246,067 |
|
|
2,694 |
4.38 |
% |
| Noninterest-earning assets |
|
15,891 |
|
|
|
|
15,901 |
|
|
|
| Allowance for loan losses |
|
(2,219 |
) |
|
|
|
(1,855 |
) |
|
|
|
Total assets |
$ |
259,532 |
|
|
|
$ |
260,113 |
|
|
|
| |
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
| Demand accounts |
$ |
8,662 |
|
|
26 |
1.20 |
% |
$ |
4,817 |
|
|
4 |
0.33 |
% |
| Money market accounts |
|
40,373 |
|
|
132 |
1.31 |
% |
|
52,327 |
|
|
103 |
0.79 |
% |
| Savings accounts |
|
13,755 |
|
|
4 |
0.12 |
% |
|
15,196 |
|
|
7 |
0.18 |
% |
| Health savings accounts |
|
11,199 |
|
|
8 |
0.29 |
% |
|
11,642 |
|
|
6 |
0.21 |
% |
| Certificates of deposit |
|
87,112 |
|
|
463 |
2.13 |
% |
|
69,890 |
|
|
222 |
1.27 |
% |
|
Total interest-bearing deposits |
|
161,101 |
|
|
633 |
1.57 |
% |
|
153,872 |
|
|
342 |
0.89 |
% |
|
Borrowings |
|
16,492 |
|
|
91 |
2.21 |
% |
|
25,197 |
|
|
116 |
1.84 |
% |
|
Total interest-bearing liabilities |
|
177,593 |
|
|
724 |
1.63 |
% |
|
179,069 |
|
|
458 |
1.02 |
% |
| Noninterest-bearing deposits |
|
18,790 |
|
|
|
|
20,783 |
|
|
|
| Other non-interest bearing liabilities |
|
2,188 |
|
|
|
|
1,123 |
|
|
|
|
Total liabilities |
|
198,571 |
|
|
|
|
200,975 |
|
|
|
| Equity |
|
60,961 |
|
|
|
|
59,138 |
|
|
|
|
Total liabilities and equity |
$ |
259,532 |
|
|
|
$ |
260,113 |
|
|
|
| |
|
|
|
|
|
|
| Net interest income |
|
|
2,080 |
|
|
|
2,236 |
|
| Net interest rate spread(1) |
|
|
2.93 |
% |
|
|
3.36 |
% |
| Net interest-earning assets(2) |
|
68,267 |
|
|
|
|
66,998 |
|
|
|
| Net interest margin(3) |
|
|
3.38 |
% |
|
|
3.63 |
% |
|
Average of interest-earning assets to interest-bearing
liabilities |
|
138 |
% |
|
|
|
137 |
% |
|
|
(1) Interest rate spread represents the difference between the
yield on average interest-earning assets and the cost of average
interest-bearing liabilities.(2) Net interest-earning assets
represents total interest-earning assets less total
interest-bearing liabilities.(3) Net interest margin represents net
interest income divided by total interest-earning assets.
| |
For the Six
Months Ended June 30, |
| |
2019 |
2018 |
| |
Average
Outstanding Balance |
Interest |
Yield/
Rate |
Average
Outstanding Balance |
Interest |
Yield/
Rate |
| |
(in thousands) |
|
(in thousands) |
|
| Interest-earning assets: |
|
|
|
|
|
|
| Loans |
$ |
200,246 |
|
$ |
4,945 |
4.94 |
% |
$ |
180,390 |
|
$ |
4,294 |
4.76 |
% |
| Available for sale securities |
|
43,579 |
|
|
563 |
2.58 |
% |
|
58,451 |
|
|
716 |
2.45 |
% |
| Interest-bearing deposits |
|
2,540 |
|
|
29 |
2.28 |
% |
|
3,293 |
|
|
15 |
0.91 |
% |
| FHLB stock |
|
642 |
|
|
17 |
5.30 |
% |
|
700 |
|
|
16 |
4.57 |
% |
|
Total interest-earning assets |
|
247,007 |
|
|
5,554 |
4.50 |
% |
|
242,834 |
|
|
5,041 |
4.15 |
% |
| Noninterest-earning assets |
|
16,683 |
|
|
|
|
16,414 |
|
|
|
| Allowance for loan losses |
|
(2,182 |
) |
|
|
|
(1,835 |
) |
|
|
|
Total assets |
$ |
260,885 |
|
|
|
$ |
257,413 |
|
|
|
| |
|
|
|
|
|
|
| Interest-bearing liabilities: |
|
|
|
|
|
|
| Demand accounts |
$ |
9,168 |
|
|
57 |
1.24 |
% |
$ |
4,502 |
|
|
7 |
0.31 |
% |
| Money market accounts |
|
40,785 |
|
|
243 |
1.19 |
% |
|
52,764 |
|
|
185 |
0.70 |
% |
| Savings accounts |
|
14,245 |
|
|
9 |
0.13 |
% |
|
15,329 |
|
|
15 |
0.20 |
% |
| Health savings accounts |
|
11,284 |
|
|
17 |
0.30 |
% |
|
11,596 |
|
|
13 |
0.22 |
% |
| Certificates of deposit |
|
87,689 |
|
|
906 |
2.07 |
% |
|
72,493 |
|
|
468 |
1.29 |
% |
|
Total interest-bearing deposits |
|
163,171 |
|
|
1,232 |
1.51 |
% |
|
156,684 |
|
|
688 |
0.88 |
% |
|
Borrowings |
|
16,544 |
|
|
179 |
2.16 |
% |
|
19,862 |
|
|
169 |
1.70 |
% |
|
Total interest-bearing liabilities |
|
179,715 |
|
|
1,411 |
1.57 |
% |
|
176,546 |
|
|
857 |
0.97 |
% |
| Noninterest-bearing deposits |
|
18,256 |
|
|
|
|
20,538 |
|
|
|
| Other non-interest bearing liabilities |
|
1,406 |
|
|
|
|
1,199 |
|
|
|
|
Total liabilities |
|
200,050 |
|
|
|
|
198,283 |
|
|
|
| Equity |
|
60,835 |
|
|
|
|
59,130 |
|
|
|
|
Total liabilities and equity |
$ |
260,885 |
|
|
|
$ |
257,413 |
|
|
|
| |
|
|
|
|
|
|
| Net interest income |
|
|
4,143 |
|
|
|
4,184 |
|
| Net interest rate spread(1) |
|
|
2.93 |
% |
|
|
3.18 |
% |
| Net interest-earning assets(2) |
|
67,292 |
|
|
|
|
66,288 |
|
|
|
| Net interest margin(3) |
|
|
3.35 |
% |
|
|
3.45 |
% |
|
Average of interest-earning assets to interest-bearing
liabilities |
|
137 |
% |
|
|
|
138 |
% |
|
|
(1) Interest rate spread represents the difference between the
yield on average interest-earning assets and the cost of average
interest-bearing liabilities.(2) Net interest-earning assets
represents total interest-earning assets less total
interest-bearing liabilities.(3) Net interest margin represents net
interest income divided by total interest-earning assets.
FFBW (NASDAQ:FFBW)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
FFBW (NASDAQ:FFBW)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
