FFW Corporation Reports Annual Earnings and Financial Highlights
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FFW Corporation Announces Earnings Report
FFW Corporation (OTC PINK: FFWC), parent corporation of Crossroads Bank, has announced its earnings for the fiscal year ended June 30, 2024.
Financial Performance Overview
For the three months ended June 30, 2024, FFW Corporation reported a net income of $1,118,000 or $0.99 per common share, declining from $1,343,000 or $1.19 per common share for the same period in 2023. The net interest income for the quarter was $3,664,000 compared to $3,800,000 from the previous year. Notably, credit loss expense was reported at $0 for this quarter, in contrast to $75,000 in the prior year.
Noninterest Income and Expenses
Total noninterest income for the three months was $1,137,000, a rise from $1,030,000 in 2023. Noninterest expense amounted to $3,641,000 compared to $3,349,000 in the same quarter of 2023.
Annual Earnings Summary
In the twelve months leading to June 30, 2024, the Corporation documented a net income of $4,089,000, equivalent to $3.63 per common share, decreasing from $5,698,000 or $5.03 per share for the previous year. The annual net interest income was $14,477,000, down from $16,399,000 in 2023.
Credit Losses and Noninterest Income
The Corporation recognized a credit loss expense of $0 for the fiscal year, compared to $550,000 in 2023. Total noninterest income for the year was $4,144,000, an increase from $4,005,000 in the previous year. Noninterest expenses were reported at $14,225,000, compared to $13,433,000 in 2023.
Financial Ratios and Indicators
The return on average common equity for the three and twelve months ending June 30, 2024, was 9.41% and 8.78%, respectively, reflecting a decrease from 11.30% and 12.26% from the previous year. The return on average assets was 0.80% and 0.74%, down from 0.99% and 1.07% year-over-year.
Asset and Equity Highlights
As of June 30, 2024, the allowance for credit losses as a percentage of gross loans receivable was 1.33%, up from 1.23% a year earlier. The total assets increased to $567,363,000 compared to $543,245,000 in the prior year. Shareholders’ equity rose to $48,515,000 from $46,385,000, indicating solid financial health for Crossroads Bank, which continues to meet all regulatory capital requirements.
Company Overview and Services
Crossroads Bank is a wholly owned subsidiary of FFW Corporation, offering a broad range of banking services and investment products. The bank operates through its main office and several branches, providing leasing services and products across various sectors. The Corporation's stock remains actively traded on the OTC Markets under the symbol 'FFWC.'
Frequently Asked Questions
1. What were the total assets of FFW Corporation as of June 30, 2024?
The total assets of FFW Corporation stood at $567,363,000 as of June 30, 2024.
2. How much net income did FFW Corporation report for the fiscal year ended June 30, 2024?
The Corporation reported a net income of $4,089,000 for the fiscal year ended June 30, 2024.
3. What was the return on average equity for FFW Corporation for the twelve months ended June 30, 2024?
For the twelve months ended June 30, 2024, the return on average equity was 8.78%.
4. Did FFW Corporation incur any credit loss expenses in 2024?
No, FFW Corporation reported a credit loss expense of $0 for the twelve months ended June 30, 2024.
5. How can I contact FFW Corporation for more details?
For more information, please contact Kirsten Pendarvis, Treasurer, at (260) 563-3185.
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