FFW Corporation Announces Earnings for the Quarter and Year

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Apr 26, 2017 at 11:00 AM 57

FFW Corporation Announces Earnings for the Quarter and Year to Date Ended March 31, 2017

WABASH, Ind., April 26, 2017 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK:FFWC) ( 4/25 /1 7 Close: $ 37.00) , parent corporation of Crossroads Bank (the “Bank”), announced earnings for the three and nine months ended March 31, 2017.

For the three months ended March 31, 2017, the Corporation reported net income of $916,000 or $0.76 per common share compared to $922,000 or $0.76 per common share for the three months ended March 31, 2016. Net interest income for the three months ended March 31, 2017 was $2,920,000 compared to $2,885,000 for the three months ended March 31, 2016. The provision for loan losses was $50,000 for the three months ended March 31, 2017 and $80,000 for the three months ended March 31, 2016. Total noninterest income was $852,000 for the three months ended March 31, 2017 compared to $874,000 for the three months ended March 31, 2016. Noninterest expense was $2,573,000 for the three months ended March 31, 2017 and $2,505,000 for the three months ended March 31, 2016.

For the nine months ended March 31, 2017, the Corporation reported net income of $3,001,000 or $2.51 per common share compared to $2,788,000 or $2.32 per common share for the nine months ended March 31, 2016. Net interest income for the nine months ended March 31, 2017 was $8,688,000 compared to $8,632,000 for the nine months ended March 31, 2016. The provision for loan losses was $293,000 for the nine months ended March 31, 2017 and $200,000 for the nine months ended March 31, 2016. Total noninterest income was $3,463,000 for the nine months ended March 31, 2017 compared to $3,067,000 for the nine months ended March 31, 2016. Noninterest expense was $8,040,000 for the nine months ended March 31, 2017 and $7,944,000 for the nine months ended March 31, 2016.

The three and nine months ended March 31, 2017 represented a return on average common equity of 9.95% and 10.79%, respectively, compared to 10.56% and 10.93% for the three and nine month periods ended March 31, 2016. The three and nine months ended March 31, 2017 represented a return on average assets of 1.04% and 1.14%, respectively, compared to 1.09% and 1.11%, for the three and nine month periods ended March 31, 2016.

The allowance for loan losses as a percentage of gross loans receivable was 1.46% at March 31, 2017 compared to 1.52% at June 30, 2016. Nonperforming assets were $4,923,000 at March 31, 2017 compared to $6,700,000 at June 30, 2016.

As of March 31, 2017, FFWC’s equity-to-assets ratio was 10.21% compared to 10.98% at June 30, 2016. Total assets at March 31, 2017 were $355,186,000 compared to $340,987,000 at June 30, 2016. Shareholders’ equity was $36,272,000 at March 31, 2017 compared to $37,449,000 at June 30, 2016. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized.”

During the quarter ended March 31, 2017, the Corporation fully redeemed the remaining 2,250 shares of Fixed Rate Cumulative Preferred Stock, Series C for $2,250,000, plus accrued dividends.

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 five Indiana banking centers located in Columbia City, North Manchester, Peru, 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 .

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as “expects,” “intends,” “believes,” and “should,” which are statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. The Corporation's ability to predict future results involves a number of risks and uncertainties. The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.


FFW Corporation
Selected Financial Information

Consolidated Balance Sheet
		March 31			June 30
			2017			2016
		Unaudited
Assets
Cash and due from financial institutions		$	5,151,658		$	4,031,546
Interest-bearing deposits in other financial institutions			17,320,033			6,188,392
	Cash and cash equivalents		22,471,691			10,219,938

Securities available for sale			77,187,434			79,011,265
Loans receivable, net of allowance for loan losses of $3,470,186 at
	March 31, 2017 and $3,557,769 at June 30, 2016		234,545,948			229,454,626
Loans held for sale			228,220			854,375
Federal Home Loan Bank stock, at cost			1,462,500			1,462,500
Accrued interest receivable			1,520,673			1,760,537
Premises and equipment, net			5,727,188			5,193,270
Mortgage servicing rights			813,206			660,784
Cash surrender value of life insurance			8,235,327			8,022,990
Goodwill			1,213,898			1,213,898
Repossessed Assets			477,431			2,062,708
Other assets			1,302,501			1,070,211
	Total assets	$	355,186,017		$	340,987,102

Liabilities and shareholders' equity
Deposits
	Noninterest-bearing	$	28,648,144		$	25,032,689
	Interest-bearing		281,186,299			254,123,833
	Total deposits		309,834,443			279,156,522

Borrowings			6,338,400			21,698,400
Accrued expenses and other liabilities			2,741,277			2,682,835
	Total liabilities		318,914,120			303,537,757

Shareholders' equity
Preferred stock, $.01 par; $1,000 liquidation value per share, 500,000 shares authorized;
	Series C, 5% Fixed Rate Cumulative Perpetual Preferred Stock - zero shares outstanding March 31, 2017 and 2,250 shares outstanding June 30, 2016, $0 liquidation preference at March 31, 2017 and $2,264,000 liquidation preference June 30, 2016		-			2,250,000
Common stock, $.01 par; 2,000,000 shares authorized;
	Issued: 1,836,328; outstanding: 1,160,084 - March 31, 2017 and 1,156,084 - June 30, 2016		18,363			18,363
Additional paid-in capital			9,517,226			9,358,395
Retained earnings			36,376,682			34,053,094
Accumulated other comprehensive income			740,050			2,211,217
Treasury stock, at cost: 676,244 shares at March 31, 2017 and 680,244 shares at June 30, 2016			(10,380,424	)		(10,441,724	)
	Total shareholders' equity		36,271,897			37,449,345

	Total liabilities and shareholders' equity	$	355,186,017		$	340,987,102

FFW Corporation
Selected Financial Information

Consolidated Statement of Income
			Three Months Ended March 31				Nine Months Ended March 31
				2017		2016		2017			2016
			Unaudited		Unaudited		Unaudited			Unaudited
Interest and dividend income:
	Loans, including fees		$	2,695,731	$	2,650,231	$	8,124,376		$	7,934,250
	Taxable securities			310,051		328,266		925,478			963,111
	Tax exempt securities			292,676		257,792		818,422			759,973
	Other			45,705		7,714		62,152			18,103
		Total interest and dividend income		3,344,163		3,244,003		9,930,428			9,675,437

Interest expense:
	Deposits			401,748		318,559		1,157,843			931,942
	Borrowings			22,438		40,738		84,701			111,381
		Total interest expense		424,186		359,297		1,242,544			1,043,323

Net interest income				2,919,977		2,884,706		8,687,884			8,632,114

Provision for loan losses				50,000		80,000		293,000			200,000

Net interest income after provision for
	loan losses			2,869,977		2,804,706		8,394,884			8,432,114

Noninterest income:
	Net gains on sales of securities			-		-		120,409			-
	Net gains on sales of loans			112,645		88,686		393,197			352,503
	Net gains (losses) on fixed assets			-		-		(1,712	)		(1,352	)
	Commission income			266,903		233,176		744,241			720,130
	Service charges and fees			205,127		142,924		722,797			555,774
	Earnings on life insurance			70,459		69,328		212,337			208,414
	Income from REO			-		240,152		647,115			912,603
	Other			197,096		99,453		624,966			319,207
		Total noninterest income		852,230		873,719		3,463,350			3,067,279

Noninterest expense:
	Salaries and benefits			1,390,612		1,171,117		4,030,111			3,691,519
	Occupancy and equipment			316,206		273,415		892,095			830,225
	Professional			148,464		126,021		400,821			508,268
	Marketing			88,503		44,443		276,874			160,635
	Deposit insurance premium			31,521		61,092		98,264			177,712
	Regulatory assessment			7,735		8,100		22,214			88,600
	Correspondent bank charges			22,301		14,499		47,571			44,960
	Data processing			129,748		112,205		381,948			320,795
	Printing, postage and supplies			81,231		60,708		207,744			199,790
	Expense on life insurance			23,424		21,913		70,535			65,739
	Contribution expense			4,620		11,584		26,940			31,032
	Expense on REO			25,686		298,587		703,615			945,025
	Other			303,256		301,353		881,023			879,546
		Total noninterest expense		2,573,307		2,505,037		8,039,755			7,943,846

Income before income taxes				1,148,900		1,173,388		3,818,479			3,555,547

Income tax expense				233,139		251,176		817,267			767,098

Net income			$	915,761	$	922,212	$	3,001,212		$	2,788,449
Preferred stock dividends				29,563		40,625		85,813			121,875
Net income attributable to common shareholders			$	886,198	$	881,587	$	2,915,399		$	2,666,574

FFW Corporation
Selected Financial Information

Key Balances and Ratios
	Three Months Ended March 31					Nine Months Ended March 31
		2017		2016		2017		2016
	Unaudited		Unaudited		Unaudited		Unaudited
Per common share data:
Earnings	$0.76		$0.76		$2.51		$2.32
Diluted earnings	$0.76		$0.76		$2.51		$2.32
Dividends paid	$0.17		$0.15		$0.51		$0.45
Average shares issued and outstanding		1,160,084		1,155,535		1,159,617		1,148,193
Shares outstanding end of period		1,160,084		1,156,084		1,160,084		1,156,084

Supplemental data:
Net interest margin **		3.56%		3.70%		3.56%		3.70%
Return on average assets ***		1.04%		1.09%		1.14%		1.11%
Return on average common equity ***		9.95%		10.56%		10.79%		10.93%

	March 31		June 30
		2017		2016
Nonperforming assets *	$4,923,361		$6,699,913
Repossessed assets	$477,431		$2,062,708

*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

Contact: Emily Boardman, Treasurer, at (260) 563-3185

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Motphys Unleashes MotrixSim 1.0, Aiming at Simulation Dominance

Motphys Breaks into the Global Simulation Scene The tech world just got slammed with what might be a seismic shift: Motphys, a bold outfit hailing from China, has dropped its brand-new, homegrown simulation engine, MotrixSim 1.0. It's causing quite the stir, unveiling at the Conference on Robot Learning 2026 (CoRL) and throwing down the gauntlet to Western titans like...

HiTHIUM Joins Cambridge to Boost Global Energy Storage

HiTHIUM and Cambridge's New Energy Venture There's a big splash coming out of Xiamen, folks. HiTHIUM, a heavyweight in the energy storage sector, has decided to team up with the University of Cambridge. They inked a deal aiming to bridge the academic ivory tower with industrial grit, focusing on long-duration energy storage. It was all sealed during the Global Energy...

PenFed Fuels Aggie Spirit with Blackout Game Activation

A Different Kind of Game Day Experience Ah, there's nothing quite like the vibrancy of a Texas A&M game day, especially when it's a blackout event. On November 14, fans aren't just getting the good old college football thrills; they're diving headfirst into an extravaganza, courtesy of PenFed Credit Union. You might know them as the go-to credit union for military folks,...

Interactive Donor Recognition: Beyond GivingTuesday

Crafting Stories That Endure You ever notice how some things just fade away after the holidays? Schools don't want their donor stories to go out like last year's tinsel. Rocket Alumni Solutions strikes right at the core of this concern. They recommend crafting donor recognition that lasts beyond GivingTuesday, by anchoring the story in the school's community. This isn't...

Navigating Roof Damage Insurance Claims: Key Insights

No one wants to deal with roof damage, but knowing the rules of the game is half the battle. The landscape of insurance claims can be tricky—especially when Mother Nature starts playing hard ball. Here, we break down what homeowners need to know to stay one step ahead in these situations. Unpacking Roof Damage Coverage Most homeowners think they've got things covered...

Chime Joins S&P MidCap 400 Amid Merger Jostle

By Lucas Young Updated Nov 13, 2026 Category News Views 194

Index Shake-Up: Who's In, Who's Out? Hold onto your hats, folks—big changes are coming to the S&P MidCap 400! Chime Financial Inc. is crashing the party, taking a seat at the table, as NorthWestern Energy Group gets the boot. Now, if that doesn’t grab your attention, I don’t know what will. You've got to appreciate the chaos and opportunities that come with a roster...

Novo's CagriSema Trial Shows Promising Obesity Results

Novo's Latest Weight Loss Gamble Well, look what we have here. Novo Nordisk is shaking up the obesity treatment scene with some bold numbers from their REDEFINE 9 trial. The investigational CagriSema combo of amylin analog and GLP-1 receptor agonist has churned out an eyeball-popping near 21% weight loss. For context, we're staring down the barrel of numbers far meatier...

Thanksgiving in Outer Banks: Unique Traditions Await

Thanksgiving Plans Off the Beaten Path Thanksgiving in the Outer Banks isn't just another holiday; it's a whole different ball game. Imagine trading in the usual family couch-potato marathon for a beachside gathering, where the sand replaces the snow, and coastal seafood joins the turkey on your dinner table. If you've been teetering on the edge of making plans, this...

IM Cannabis's Third Quarter Financial Jolt

By Caleb Price Updated Nov 13, 2026 Category News Views 143

IM Cannabis Takes a Hit, But Seeks New Angles Diving into IM Cannabis's (NASDAQ: IMCC) latest financial splash is like reading a weathered old map of the stock market. The third quarter of 2026 wasn't kind to this little cannabis outfit. Revenues have nosedived to C$1.65 million from last year's C$5.08 million. It's not just the typical bad quarter blues; it's a solid...

Gemmy's Holiday Lights: Bright Ideas for 2026

By Hannah Lewis Updated Nov 13, 2026 Category News Views 174

Deep in the heart of Dallas, Gemmy Industries is out to sprinkle a bit of magic over the holiday season for 2026. This ain't your grandma's string lights we're talkin' about here. We're diving headfirst into a new world of seasonal decor with tech-driven lights that look like they came straight outta a winter wonderland. And hey, if Walmart's set to host this lineup, you...