FFW Corporation (the "Corporation") (OTCBB: FFWC) (1/25/2011 Close:
$15.18), parent corporation of Crossroads Bank, announced earnings
for the quarter and six months ended December 31, 2010.
For the three months ended December 31, 2010, the Corporation
reported net income of $800,000 or $0.61 per common share. This is
compared to net income of $554,000 or $0.40 per common share for
the three months ended December 31, 2009. The net interest margin
for the three months ended December 31, 2010 was $2,419,000
compared to $2,452,000 for the three months ended December 31,
2009. The provision for loan losses decreased from $840,000 for the
period ended December 31, 2009 to $370,000 for the period ended
December 31, 2010. Total noninterest income was $996,000 for the
three months ended December 31, 2010 and $1,094,000 for the three
months ended December 31, 2009. Noninterest expense was $1,950,000
for the three months ended December 31, 2010 and $2,013,000 for the
three months ended December 31, 2009.
For the six months ended December 31, 2010, the Corporation
reported net income of $1,293,000 or $0.94 per common share. This
is compared to net income of $1,107,000 or $0.79 per common share
for the six months ended December 31, 2009. The net interest margin
for the six months ended December 31, 2010 was $4,769,000 compared
to $4,999,000 for the six months ended December 31, 2009. The
provision for loan losses was $845,000 for the six months ended
December 31, 2010 and $1,250,000 for the six months ended December
31, 2009. Total noninterest income was $1,864,000 for the six
months ended December 31, 2010 and $1,723,000 for the six months
ended December 31, 2009. Noninterest expense was $4,026,000 for the
six months ended December 31, 2010 and $4,064,000 for the six
months ended December 31, 2009.
The three and six months ended December 31, 2010 represented a
return on average common equity of 12.23% and 9.48%, respectively,
compared to 8.00% and 8.15% for the three and six month periods
ended December 31, 2009. The three and six months ended December
31, 2010 represented a return on average assets of 0.94% and 0.76%,
respectively, compared to 0.64% and 0.65% for the three and six
month periods ended December 31, 2009.
The allowance for loan losses as a percentage of gross loans
receivable was 1.64% at December 31, 2010 and 1.57% at June 30,
2010. Nonperforming assets were $11,026,000 at December 31, 2010
and $8,695,000 at June 30, 2010.
As of December 31, 2010, FFWC's equity-to-assets ratio was 8.79%
compared to 8.64% at June 30, 2010. Total assets at December 31,
2010 were $325,703,000 compared to $333,564,000 at June 30, 2010.
Shareholders' equity was $28,617,000 at December 31, 2010 compared
to $28,804,000 at June 30, 2010. 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
December 31 June 30
------------- -------------
2010 2010
------------- -------------
Unaudited
Assets
Cash and due from financial institutions $ 3,693,297 $ 3,229,138
Interest-earning deposits in other financial
institutions 10,230,259 7,386,372
------------- -------------
Cash and cash equivalents 13,923,556 10,615,510
------------- -------------
Securities available for sale 77,215,486 76,716,794
Loans receivable, net of allowance for loan
losses of $3,543,248 at December 31, 2010
and $3,582,476 at June 30, 2010 211,910,404 224,135,086
Loans held for sale 220,000 40,000
Federal Home Loan Bank stock, at cost 3,195,900 3,627,100
Accrued interest receivable 1,602,755 1,645,286
Premises and equipment, net 3,782,196 3,889,487
Mortgage servicing rights 474,616 375,052
Cash surrender value of life insurance 6,516,090 6,374,995
Goodwill 1,213,898 1,213,898
Deferred tax asset 2,546,416 1,893,647
Other assets 3,101,215 3,036,680
------------- -------------
Total assets $ 325,702,532 $ 333,563,535
------------- -------------
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 19,078,194 $ 16,278,993
Interest-bearing deposits 260,405,345 262,550,500
------------- -------------
Total deposits 279,483,539 278,829,493
------------- -------------
Borrowings 14,562,945 24,699,557
Accrued expenses and other liabilities 3,039,339 1,230,602
------------- -------------
Total liabilities 297,085,823 304,759,652
------------- -------------
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, 2010,
$7,336,000 liquidation preference 7,044,847 7,004,155
Series B, 9% Fixed Rate Cumulative
Perpetual Preferred Stock - 364 shares
outstanding September 30, 2010, $368,000
liquidation preference 389,753 394,045
Common stock, $.01 par; 2,000,000 shares
authorized;
issued: 1,836,328
outstanding: 1,121,884 shares - December
31, 2010 and 1,117,260 shares - June 30,
2010 18,363 18,363
Additional paid-in capital 9,404,725 9,440,356
Retained earnings 23,443,827 22,880,556
Accumulated other comprehensive income (718,112) 104,080
Treasury stock, at cost: 708,068 shares -
June 30, 2010 and 719,068 shares - June 30,
2010 (10,966,694) (11,037,672)
------------- -------------
Total shareholders' equity 28,616,709 28,803,883
------------- -------------
------------- -------------
Total liabilities and shareholders' equity $ 325,702,532 $ 333,563,535
------------- -------------
Consolidated Statement of Income
Three Months Ended Six Months Ended
December 31 December 31
------------------------ -------------------------
2010 2009 2010 2009
----------- ----------- ------------ -----------
Unaudited Unaudited Unaudited Unaudited
Interest and dividend
income:
Loans, including fees $ 3,064,258 $ 3,481,420 $ 6,180,322 $ 7,119,354
Taxable securities 620,845 633,570 877,677 1,291,257
Tax exempt securities 156,186 172,879 682,099 351,803
Other 13,778 9,062 22,096 13,888
----------- ----------- ------------ -----------
Total interest and
dividend income 3,855,067 4,296,931 7,762,194 8,776,302
----------- ----------- ------------ -----------
Interest expense:
Deposits 1,202,595 1,397,140 2,476,922 2,865,063
Borrowings 233,610 448,278 516,697 912,730
----------- ----------- ------------ -----------
Total interest
expense 1,436,205 1,845,418 2,993,619 3,777,793
----------- ----------- ------------ -----------
Net interest income 2,418,862 2,451,513 4,768,575 4,998,509
Provision for loan
losses 370,000 840,000 845,000 1,250,000
Net interest income
after provision for
loan losses 2,048,862 1,611,513 3,923,575 3,748,509
Noninterest income:
Net gains on sales of
securities 157,970 472,337 257,739 474,708
Net gains on sales of
loans 158,078 72,762 319,235 164,180
Net gains (losses) on
fixed assets - - - -
Other than temporary
impairment on
securities - (150,000) - (150,000)
Commission income 168,717 145,566 329,683 298,538
Service charges and
fees 462,322 366,051 780,420 644,166
Earnings on life
insurance 70,199 70,273 141,096 139,471
Other (20,969) 117,269 35,604 151,596
----------- ----------- ------------ -----------
Total noninterest
income 996,317 1,094,258 1,863,777 1,722,659
----------- ----------- ------------ -----------
Noninterest expense:
Salaries and benefits 982,765 1,009,152 2,015,592 2,017,304
Occupancy and
equipment 242,077 242,636 492,841 478,434
Professional 96,524 89,352 197,571 160,621
Marketing 42,048 33,664 82,920 73,657
Deposit insurance
premium 119,896 117,360 238,787 235,537
Regulatory assessment 25,441 24,299 50,883 48,597
Correspondent bank
charges 19,088 18,277 40,435 37,696
Data processing 94,048 139,548 220,398 272,422
Printing, postage and
supplies 55,762 59,258 107,204 127,504
Expense on life
insurance (4,857) 16,694 11,213 33,388
Contribution expense 18,757 11,784 37,380 25,201
Other 258,106 250,936 530,519 553,518
----------- ----------- ------------ -----------
Total noninterest
expense 1,949,655 2,012,960 4,025,743 4,063,879
----------- ----------- ------------ -----------
Income before income
taxes 1,095,524 692,811 1,761,609 1,407,289
Income tax expense 295,245 138,978 468,301 300,148
----------- ----------- ------------ -----------
Net income $ 800,279 $ 553,833 $ 1,293,308 $ 1,107,141
----------- ----------- ------------ -----------
Preferred stock
dividends and discount
accretion, net 117,504 117,503 235,008 235,005
----------- ----------- ------------ -----------
Net income attributable
to common shareholders $ 682,775 $ 436,330 $ 1,058,300 $ 872,136
----------- ----------- ------------ -----------
Three Months Ended Six Months Ended
December 31 December 31
-------------------------- --------------------------
2010 2009 2010 2009
------------ ------------ ------------ ------------
Unaudited Unaudited Unaudited Unaudited
Per common share
data:
Earnings $ 0.61 $ 0.40 $ 0.94 $ 0.79
Diluted earnings $ 0.61 $ 0.40 $ 0.94 $ 0.79
Dividends paid $ 0.22 $ 0.22 $ 0.44 $ 0.44
Average shares
issued and
outstanding 1,122,516 1,112,260 1,123,491 1,112,260
Shares outstanding
end of period 1,121,884 1,112,260 1,121,884 1,112,260
Supplemental data:
Net interest margin
** 3.00% 3.01% 2.96% 3.10%
Return on average
assets *** 0.94% 0.64% 0.76% 0.65%
Return on average
common equity *** 12.23% 8.00% 9.48% 8.15%
December 31 June 30
------------ ------------
2010 2010
------------ ------------
Nonperforming
assets * $ 11,026,078 $ 8,694,798
Repossessed assets $ 1,384,915 $ 1,230,635
* 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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