FFW Corporation Releases Earnings Report
FFW Corporation (OTC PINK: FFWC), the parent company of Crossroads Bank, has published its earnings report for the fiscal year that ended on June 30, 2024.
Overview of Financial Performance
For the quarter ending June 30, 2024, FFW Corporation reported a net income of $1,118,000, which translates to $0.99 per common share. This marks a decline from the net income of $1,343,000, or $1.19 per common share, during the same period in 2023. The net interest income for this quarter was $3,664,000, a decrease from $3,800,000 in the previous year. Interestingly, the credit loss expense for this quarter was reported as $0, a notable change from the $75,000 recorded in the prior year.
Noninterest Income and Expenses
Total noninterest income for the three-month period reached $1,137,000, an increase from $1,030,000 in 2023. Noninterest expenses for the quarter were $3,641,000, compared to $3,349,000 in the same quarter of 2023.
Summary of Annual Earnings
For the twelve months leading up to June 30, 2024, the Corporation reported a net income of $4,089,000, or $3.63 per common share. This is a decrease from the previous year's net income of $5,698,000, which was $5.03 per share. The annual net interest income was $14,477,000, down from $16,399,000 in 2023.
Credit Losses and Noninterest Income
The Corporation recorded a credit loss expense of $0 for the entire fiscal year, a significant improvement compared to the $550,000 reported in 2023. Total noninterest income for the year was $4,144,000, an increase from $4,005,000 in the previous year, while noninterest expenses rose to $14,225,000 from $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. These figures indicate a decrease from 11.30% and 12.26% in the previous year. The return on average assets was reported at 0.80% and 0.74%, down from 0.99% and 1.07% year-over-year.
Highlights of Assets and Equity
As of June 30, 2024, the allowance for credit losses as a percentage of gross loans receivable stood at 1.33%, an increase from 1.23% a year prior. Total assets grew to $567,363,000, compared to $543,245,000 the previous year. Shareholders’ equity also increased to $48,515,000 from $46,385,000, reflecting the strong financial health of Crossroads Bank, which continues to meet all regulatory capital requirements.
Company Overview and Services
Crossroads Bank, a wholly owned subsidiary of FFW Corporation, provides a wide array of banking services and investment products. The bank operates through its main office and several branches, offering leasing services and products across various sectors. The Corporation's stock is 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.
