FFW Corporation (the "Corporation") (OTCBB: FFWC)
(4/24/2012 Close: $15.25), parent corporation of
Crossroads Bank, announced earnings for the quarter and year to
date ended March 31, 2012.
For the three months ended March 31, 2012, the Corporation
reported net income of $737,000 or $0.55 per common share compared
to $644,000 or $0.47 per common share for the three months ended
March 31, 2011. The net interest margin for the three months ended
March 31, 2012 was $2,350,000 compared to $2,507,000 for the three
months ended March 31, 2011. The provision for loan losses was
$300,000 in each of the quarters ended March 31. Total noninterest
income was $805,000 for the three months ended March 31, 2012 and
$645,000 for the three months ended March 31, 2011. Noninterest
expense was $2,118,000 for the three months ended March 31, 2012
and $1,972,000 for the three months ended March 31, 2011. The
decline in income tax expense from the quarter ended March 31, 2011
to the quarter ended March 31, 2012 is primarily attributable to
the Corporation's investment in a low income housing
partnership.
For the nine months ended March 31, 2012, the Corporation
reported net income of $2,129,000 or $1.58 per common share
compared to $1,937,000 or $1.41 per common share for the nine
months ended March 31, 2011. The net interest margin for the nine
months ended March 31, 2012 was $7,188,000 compared to $7,275,000
for the nine months ended March 31, 2011. The provision for loan
losses decreased from $1,145,000 for the period ended March 31,
2011 to $900,000 for the period ended March 31, 2012. Total
noninterest income was $2,502,000 for the nine months ended March
31, 2012 and $2,509,000 for the nine months ended March 31, 2011.
Noninterest expense was $6,204,000 for the nine months ended March
31, 2012 and $5,998,000 for the nine months ended March 31,
2011.
The three and nine months ended March 31, 2012 represented a
return on average common equity of 10.09% and 9.87%, respectively,
compared to 9.93% and 9.63% for the three and nine month periods
ended March 31, 2011. The three and nine months ended March 31,
2012 represented a return on average assets of 0.90% and 0.86%,
respectively, compared to 0.80% and 0.77% for the three and nine
month periods ended March 31, 2011.
The allowance for loan losses as a percentage of gross loans
receivable was 1.53% at March 31, 2012 and 1.39% at June 30, 2011.
Nonperforming assets were $12,927,000 at March 31, 2012 and
$13,141,000 at June 30, 2011.
As of March 31, 2012, FFWC's equity-to-assets ratio was 9.64%
compared to 9.23% at June 30, 2011. Total assets at March 31, 2012
were $331,524,000 compared to $323,018,000 at June 30, 2011.
Shareholders' equity was $31,963,000 at March 31, 2012 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
March 31 June 30
------------ ------------
2012 2011
------------ ------------
Unaudited
Assets
Cash and due from financial institutions $ 5,172,282 $ 3,711,671
Interest-earning deposits in other financial
institutions 18,422,545 2,840,994
------------ ------------
Cash and cash equivalents 23,594,827 6,552,665
------------ ------------
Securities available for sale 76,936,173 71,219,096
Loans receivable, net of allowance for loan
losses of $3,270,478 at March 31, 2012 and
$3,147,896 at June 30, 2011 208,952,717 222,348,968
Loans held for sale 1,148,210 241,400
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,509,917 1,635,370
Premises and equipment, net 3,631,589 3,695,172
Mortgage servicing rights 498,232 444,950
Cash surrender value of life insurance 6,868,561 6,655,864
Goodwill 1,213,898 1,213,898
Deferred tax asset 1,344,522 1,653,133
Other assets 3,108,503 4,640,682
------------ ------------
Total assets $331,524,449 $323,018,498
------------ ------------
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 25,051,302 $ 17,954,304
Interest-bearing deposits 258,636,046 257,585,276
------------ ------------
Total deposits 283,687,348 275,539,580
------------ ------------
Borrowings 14,258,400 15,986,695
Accrued expenses and other liabilities 1,616,105 1,662,503
------------ ------------
Total liabilities 299,561,853 293,188,778
------------ ------------
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, 2012, $7,335,000 liquidation
preference 7,146,578 7,085,539
Series B, 9% Fixed Rate Cumulative Perpetual
Preferred Stock - 364 shares outstanding
March 31, 2012, $368,000 liquidation
preference 379,022 385,461
Common stock, $.01 par; 2,000,000 shares
authorized; issued shares: 1,836,328
outstanding shares: 1,122,084 and 1,121,884,
respectively 18,363 18,363
Additional paid-in capital 9,480,588 9,435,162
Retained earnings 25,625,004 24,095,722
Accumulated other comprehensive income 276,665 (223,833)
Treasury stock, at cost: 714,244 shares and
714,444 shares, respectively (10,963,624) (10,966,694)
------------ ------------
Total shareholders' equity 31,962,596 29,829,720
------------ ------------
------------ ------------
Total liabilities and shareholders' equity $331,524,449 $323,018,498
------------ ------------
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
Three Months Ended March Nine Months Ended March
31 31
------------------------- -------------------------
2012 2011 2012 2011
----------- ------------ ----------- ------------
Unaudited Unaudited Unaudited Unaudited
Interest and dividend
income:
Loans, including fees $ 2,775,302 $ 2,980,148 $ 8,623,827 $ 9,160,471
Taxable securities 512,215 599,583 1,553,621 1,848,872
Tax exempt securities 133,334 147,116 395,692 457,602
Other 9,481 4,906 19,230 27,003
----------- ------------ ----------- ------------
Total interest and
dividend income 3,430,332 3,731,753 10,592,370 11,493,948
----------- ------------ ----------- ------------
Interest expense:
Deposits 950,241 1,092,088 3,005,159 3,569,009
Borrowings 130,338 132,830 399,474 649,527
----------- ------------ ----------- ------------
Total interest
expense 1,080,579 1,224,918 3,404,633 4,218,536
----------- ------------ ----------- ------------
Net interest income 2,349,753 2,506,835 7,187,737 7,275,412
Provision for loan
losses 300,000 300,000 900,000 1,145,000
Net interest income
after provision for
loan losses 2,049,753 2,206,835 6,287,737 6,130,412
Noninterest income:
Net gains on sales of
securities 148 - 308,148 257,739
Net gains on sales of
loans 283,019 134,942 576,930 454,177
Net gains (losses) on
fixed assets - 5,001 - 5,001
Other than temporary
impairment on
securities (2,573) - (90,573) -
Commission income 219,716 151,743 543,975 481,426
Service charges and
fees 273,109 261,941 805,106 1,042,362
Earnings on life
insurance 69,797 69,531 212,697 210,626
Other (38,424) 21,830 145,254 57,435
----------- ------------ ----------- ------------
Total noninterest
income 804,792 644,988 2,501,537 2,508,766
----------- ------------ ----------- ------------
Noninterest expense:
Salaries and benefits 1,079,490 965,227 3,168,549 2,980,819
Occupancy and
equipment 249,580 249,805 745,998 742,646
Professional 85,649 94,091 272,910 291,662
Marketing 44,654 33,037 137,977 115,957
Deposit insurance
premium 113,905 140,036 316,822 378,823
Regulatory assessment 34,747 25,899 103,237 76,782
Correspondent bank
charges 19,623 20,370 55,237 60,805
Data processing 127,863 103,529 371,287 323,927
Printing, postage and
supplies 63,956 61,531 174,794 168,736
Expense on life
insurance 16,108 14,902 48,325 26,116
Contribution expense 14,325 17,636 50,295 55,017
Other 267,700 246,208 758,567 776,724
----------- ------------ ----------- ------------
Total noninterest
expense 2,117,600 1,972,271 6,203,998 5,998,014
----------- ------------ ----------- ------------
Income before income
taxes 736,945 879,552 2,585,276 2,641,164
Income tax expense 10 235,814 456,676 704,115
----------- ------------ ----------- ------------
Net income $ 736,935 $ 643,738 $ 2,128,600 $ 1,937,049
=========== ============ =========== ============
Preferred stock
dividends and discount
accretion, net 117,504 117,504 352,512 352,512
----------- ------------ ----------- ------------
Net income attributable
to common shareholders $ 619,431 $ 526,234 $ 1,776,088 $ 1,584,537
=========== ============ =========== ============
FFW Corporation
Selected Financial Information
Key Balances and Ratios
Three Months Ended March Nine Months Ended
31 March 31
------------------------ ----------------------
2012 2011 2012 2011
----------- ----------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Per common share data:
Earnings $ 0.55 $ 0.47 $ 1.58 $ 1.41
Diluted earnings $ 0.55 $ 0.47 $ 1.58 $ 1.41
Dividends paid $ 0.11 $ 0.22 $ 0.22 $ 0.66
Average shares issued and
outstanding 1,121,928 1,121,884 1,121,899 1,122,963
Shares outstanding end of
period 1,122,084 1,121,884 1,122,084 1,121,884
Supplemental data:
Net interest margin ** 3.06% 3.33% 3.10% 3.08%
Return on average assets
*** 0.90% 0.80% 0.86% 0.77%
Return on average common
equity *** 10.09% 9.93% 9.87% 9.63%
March 31 June 30
----------- -----------
2012 2011
----------- -----------
Nonperforming assets * $12,927,496 $13,140,830
Repossessed assets $ 1,471,133 $ 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
FOR MORE INFORMATION Contact: Emily Boardman Treasurer
260-563-3185
FFW (PK) (USOTC:FFWC)
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