FFW Corporation (the "Corporation") (OTCBB: FFWC)
(8/15/2013 Close: $16.95), parent corporation of
Crossroads Bank, announced earnings for the three and twelve months
ended June 30, 2013.
For the three months ended June 30, 2013, the Corporation
reported net income of $698,000 or $0.52 per common share compared
to net loss of ($1,536,000) or ($1.47) per common share for the
three months ended June 30, 2012. The net interest margin for the
three months ended June 30, 2013 was $2,432,000 compared to
$2,177,000 for the three months ended June 30, 2012. The provision
for loan losses decreased from $3,900,000 for the period ended June
30, 2012 to $210,000 for the period ended June 30, 2013. Total
noninterest income was $818,000 for the three months ended June 30,
2013 compared to $838,000 for the three months ended June 30, 2012.
Noninterest expense was $2,187,000 for the three months ended June
30, 2013 and $2,048,000 for the three months ended June 30,
2012.
For the twelve months ended June 30, 2013, the Corporation
reported net income of $2,729,000 or $2.01 per common share
compared to $593,000 or $0.11 per common share for the twelve
months ended June 30, 2012. The net interest margin for the twelve
months ended June 30, 2013 was $9,413,000 compared to $9,365,000
for the twelve months ended June 30, 2012. The provision for loan
losses decreased from $4,800,000 for the period ended June 30, 2012
to $840,000 for the period ended June 30, 2013. Total noninterest
income was $3,284,000 for the twelve months ended June 30, 2013
compared to $3,339,000 for the twelve months ended June 30, 2012.
Noninterest expense was $8,617,000 for the twelve months ended June
30, 2013 and $8,252,000 for the twelve months ended June 30,
2012.
The three and twelve months ended June 30, 2013 represented a
return on average common equity of 9.17% and 9.14%, respectively,
compared to -26.25% and 0.51% for the three and twelve month
periods ended June 30, 2012. The three and twelve months ended June
30, 2013 represented a return on average assets of 0.82% and 0.81%,
respectively, compared to -1.82% and 0.18% for the three and twelve
month periods ended June 30, 2012.
The allowance for loan losses as a percentage of gross loans
receivable was 1.43% at June 30, 2013 compared to 1.68% at June 30,
2012. Nonperforming assets were $9,794,000 at June 30, 2013
compared to $10,234,000 at June 30, 2012.
As of June 30, 2013, FFWC's equity-to-assets ratio was 9.27%
compared to 9.34% at June 30, 2012. Total assets at June 30, 2013
were $337,818,000 compared to $329,042,000 at June 30, 2012.
Shareholders' equity was $31,322,000 at June 30, 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
June 30 June 30
------------- -------------
2013 2012
------------- -------------
Unaudited
Assets
Cash and due from financial institutions $ 4,353,619 $ 3,478,709
Interest-earning deposits in other financial
institutions 11,647,346 13,360,765
------------- -------------
Cash and cash equivalents 16,000,965 16,839,474
------------- -------------
Securities available for sale 85,122,447 83,665,458
Loans receivable, net of allowance for loan
losses of $3,132,000 at June 30, 2013 and
$3,520,000 at June 30, 2012 215,347,079 205,934,060
Loans held for sale 113,600 337,000
Federal Home Loan Bank stock, at cost 2,717,300 2,717,300
Accrued interest receivable 1,719,787 1,647,845
Premises and equipment, net 3,348,926 3,550,515
Mortgage servicing rights 629,050 486,617
Cash surrender value of life insurance 7,206,897 6,938,977
Goodwill 1,213,898 1,213,898
Deferred tax asset 2,392,638 2,558,162
Other assets 2,005,096 3,152,807
------------- -------------
Total assets $ 337,817,683 $ 329,042,113
============= =============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 27,397,357 $ 20,029,966
Interest-bearing deposits 272,581,131 262,519,228
------------- -------------
Total deposits 299,978,488 282,549,194
------------- -------------
Borrowings 4,758,400 14,258,400
Accrued expenses and other liabilities 1,758,769 1,488,058
------------- -------------
Total liabilities 306,495,657 298,295,652
------------- -------------
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 June 30, 2013, $7,336,000
liquidation preference 7,248,308 7,166,924
Series B, 9% Fixed Rate Cumulative
Perpetual Preferred Stock - 364 shares
outstanding June 30, 2013, $368,000
liquidation preference 368,292 376,876
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 9,531,646 9,495,807
Retained earnings 25,737,557 23,848,467
Accumulated other comprehensive income (618,516) 803,648
Treasury stock, at cost: 714,244 shares (10,963,624) (10,963,624)
------------- -------------
Total shareholders' equity 31,322,026 30,746,461
------------- -------------
------------- -------------
Total liabilities and shareholders' equity $ 337,817,683 $ 329,042,113
============= =============
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
Three Months Ended June 30 Twelve Months Ended June 30
-------------------------- ---------------------------
2013 2012 2013 2012
------------ ------------ ------------ -------------
Unaudited Unaudited Unaudited
Interest and
dividend income:
Loans, including
fees $ 2,604,953 $ 2,567,679 $ 10,513,322 $ 11,191,505
Taxable
securities 359,961 513,721 1,639,864 2,067,341
Tax exempt
securities 279,881 159,656 979,359 555,348
Other 16,826 13,556 34,931 32,786
------------ ------------ ------------ -------------
Total interest
and dividend
income 3,261,621 3,254,612 13,167,476 13,846,980
------------ ------------ ------------ -------------
Interest expense:
Deposits 779,344 946,701 3,413,966 3,951,857
Borrowings 50,090 130,421 340,708 529,894
------------ ------------ ------------ -------------
Total interest
expense 829,434 1,077,122 3,754,674 4,481,751
------------ ------------ ------------ -------------
Net interest income 2,432,187 2,177,490 9,412,802 9,365,229
Provision for loan
losses 210,000 3,900,000 840,000 4,800,000
Net interest income
after provision
for loan losses 2,222,187 (1,722,510) 8,572,802 4,565,229
Noninterest income:
Net gains on
sales of
securities 70,102 155,078 316,343 463,225
Net gains on
sales of loans 169,403 159,576 881,112 736,506
Net gains
(losses) on
fixed assets - - - -
Other than
temporary
impairment on
securities (21,685) (3,253) (104,526) (93,826)
Commission income 212,637 199,141 785,003 743,116
Service charges
and fees 271,314 237,798 1,023,462 1,042,903
Earnings on life
insurance 67,233 70,416 267,920 283,113
Other 49,356 18,785 114,281 164,041
------------ ------------ ------------ -------------
Total
noninterest
income 818,360 837,541 3,283,595 3,339,078
------------ ------------ ------------ -------------
Noninterest
expense:
Salaries and
benefits 1,062,417 993,848 4,260,263 4,162,397
Occupancy and
equipment 251,497 322,254 1,007,006 1,068,252
Professional 156,999 91,930 502,541 364,840
Marketing 41,694 45,790 168,713 183,767
Deposit insurance
premium 71,138 112,446 415,133 429,268
Regulatory
assessment 38,415 35,752 150,475 138,989
Correspondent
bank charges 24,325 25,318 95,974 80,555
Data processing 152,632 131,706 567,738 502,993
Printing, postage
and supplies 49,487 43,890 234,039 218,684
Expense on life
insurance 17,418 16,108 69,673 64,433
Contribution
expense 7,745 14,879 40,550 65,173
Other 312,902 214,212 1,105,205 972,780
------------ ------------ ------------ -------------
Total
noninterest
expense 2,186,669 2,048,133 8,617,310 8,252,131
------------ ------------ ------------ -------------
Income before
income taxes 853,878 (2,933,102) 3,239,087 (347,824)
Income tax expense 155,565 (1,397,499) 509,702 (940,823)
------------ ------------ ------------ -------------
Net income $ 698,313 $ (1,535,603) $ 2,729,385 $ 592,999
------------ ------------ ------------ -------------
Preferred stock
dividends and
discount
accretion, net 117,504 117,504 470,016 470,016
------------ ------------ ------------ -------------
Net income
attributable to
common
shareholders $ 580,809 $ (1,653,107) $ 2,259,369 $ 122,983
------------ ------------ ------------ -------------
FFW Corporation
Selected Financial Information
Key Balances and Ratios
Three Months Ended June 30 Twelve Months Ended June 30
-------------------------- ---------------------------
2013 2012 2013 2012
------------ ------------ ------------ -------------
Unaudited Unaudited Unaudited
Per common share
data:
Earnings $ 0.52 $ (1.47) $ 2.01 $ 0.11
Diluted earnings $ 0.52 $ (1.47) $ 2.01 $ 0.11
Dividends paid $ 0.11 $ 0.11 $ 0.33 $ 0.33
Average shares
issued and
outstanding 1,122,084 1,122,084 1,122,084 1,121,945
Shares outstanding
end of period 1,122,084 1,122,084 1,122,084 1,122,084
Supplemental data:
Net interest margin
** 3.00% 2.92% 2.99% 3.01%
Return on average
assets *** 0.82% -1.82% 0.81% 0.18%
Return on average
common equity *** 9.17% -26.25% 9.14% 0.51%
June 30 June 30
------------ ------------
2013 2012
------------ ------------
Nonperforming
assets * $ 9,794,035 $ 10,233,539
Repossessed assets $ 813,386 $ 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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