FFW Corporation Announces Earnings for the Three and Nine

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Apr 24, 2013 at 1:30 PM

FFW Corporation Announces Earnings for the Three and Nine Months Ended March 31, 2013

WABASH, IN--(Marketwired - Apr 24, 2013) - FFW Corporation (the "Corporation") ( OTCBB : FFWC ) (4/23/2013 Close: $15.50) , parent corporation of Crossroads Bank, announced earnings for the three and nine months ended March 31, 2013.

For the three months ended March 31, 2013, the Corporation reported net income of $643,000 or $0.47 per common share compared to $737,000 or $0.55 per common share for the three months ended March 31, 2012. The net interest margin for the three months ended March 31, 2013 was $2,294,000 compared to $2,350,000 for the three months ended March 31, 2012. The provision for loan losses decreased from $300,000 for the period ended March 31, 2012 to $210,000 for the period ended March 31, 2013. Total noninterest income was $782,000 for the three months ended March 31, 2013 compared to $805,000 for the three months ended March 31, 2012. Noninterest expense was $2,164,000 for the three months ended March 31, 2013 and $2,118,000 for the three months ended March 31, 2012.

For the nine months ended March 31, 2013, the Corporation reported net income of $2,031,000 or $1.50 per common share compared to $2,129,000 or $1.58 per common share for the nine months ended March 31, 2012. The net interest margin for the nine months ended March 31, 2013 was $6,981,000 compared to $7,188,000 for the nine months ended March 31, 2012. The provision for loan losses decreased from $900,000 for the period ended March 31, 2012 to $630,000 for the period ended March 31, 2013. Total noninterest income was $2,465,000 for the nine months ended March 31, 2013 compared to $2,502,000 for the nine months ended March 31, 2012. Noninterest expense was $6,431,000 for the nine months ended March 31, 2013 and $6,204,000 for the nine months ended March 31, 2012.

The three and nine months ended March 31, 2013 represented a return on average common equity of 8.49% and 9.12%, respectively, compared to 10.09% and 9.87% for the three and nine month periods ended March 31, 2012. The three and nine months ended March 31, 2013 represented a return on average assets of 0.77% and 0.81%, respectively, compared to 0.90% and 0.86% for the three and nine month periods ended March 31, 2012.

The allowance for loan losses as a percentage of gross loans receivable was 1.74% at March 31, 2013 compared to 1.68% at June 30, 2012. Nonperforming assets were $8,498,000 at March 31, 2013 compared to $10,234,000 at June 30, 2012.

As of March 31, 2013, FFWC's equity-to-assets ratio was 9.57% compared to 9.34% at June 30, 2012. Total assets at March 31, 2013 were $338,350,000 compared to $329,042,000 at June 30, 2012. Shareholders' equity was $32,367,000 at March 31, 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


			March 31			June 30
			2013			2012
			Unaudited
Assets
Cash and due from financial institutions			$	3,482,896		$	3,478,709
Interest-earning deposits in other financial institutions				21,256,324			13,360,765
	Cash and cash equivalents			24,739,220			16,839,474

Securities available for sale				82,648,848			83,665,458
Loans receivable, net of allowance for loan losses of $3,739,000 at March 31, 2013 and $3,520,000 at June 30, 2012				209,977,420			205,934,060
Loans held for sale				607,310			337,000
Federal Home Loan Bank stock, at cost				2,717,300			2,717,300
Accrued interest receivable				1,528,397			1,647,845
Premises and equipment, net				3,356,553			3,550,515
Mortgage servicing rights				572,148			486,617
Cash surrender value of life insurance				7,139,664			6,938,977
Goodwill				1,213,898			1,213,898
Deferred tax asset				1,859,147			2,558,162
Other assets				1,990,133			3,152,807
	Total assets		$	338,350,038		$	329,042,113

Liabilities and shareholders' equity
Deposits
	Noninterest-bearing deposits		$	26,100,216		$	20,029,966
	Interest-bearing deposits			273,496,986			262,519,228
		Total deposits		299,597,202			282,549,194

Borrowings				4,758,400			14,258,400
Accrued expenses and other liabilities				1,627,645			1,488,058
	Total liabilities			305,983,247			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 March 31, 2013, $7,334,000 liquidation preference			7,227,962			7,166,924
	Series B, 9% Fixed Rate Cumulative Perpetual Preferred Stock - 364 shares outstanding March 31, 2013, $368,000 liquidation preference			370,438			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				9,523,255			9,495,807
Retained earnings				25,280,175			23,848,467
Accumulated other comprehensive income				910,222			803,648
Treasury stock, at cost: 714,244 shares				(10,963,624	)		(10,963,624	)
	Total shareholders' equity			32,366,791			30,746,461

	Total liabilities and shareholders' equity		$	338,350,038		$	329,042,113



FFW Corporation Selected Financial Information
Consolidated Statement of Income


			Three Months Ended March 31						Nine Months Ended March 31
			2013			2012			2013			2012
			Unaudited			Unaudited			Unaudited			Unaudited
Interest and dividend income:
	Loans, including fees		$	2,522,505		$	2,775,302		$	7,908,368		$	8,623,827
	Taxable securities			379,743			512,215			1,279,902			1,553,621
	Tax exempt securities			254,733			133,334			699,478			395,692
	Other			9,437			9,481			18,105			19,230
		Total interest and dividend income		3,166,418			3,430,332			9,905,853			10,592,370

Interest expense:
	Deposits			816,099			950,241			2,634,621			3,005,159
	Borrowings			56,363			130,338			290,618			399,474
		Total interest expense		872,462			1,080,579			2,925,239			3,404,633

Net interest income				2,293,956			2,349,753			6,980,614			7,187,737

Provision for loan losses				210,000			300,000			630,000			900,000

Net interest income after provision for loan losses				2,083,956			2,049,753			6,350,614			6,287,737

Noninterest income:
	Net gains on sales of securities			66,751			148			246,241			308,148
	Net gains on sales of loans			203,473			283,019			711,709			576,930
	Net gains (losses) on fixed assets			-			-			-			-
	Other than temporary impairment on securities			(2,200	)		(2,573	)		(82,841	)		(90,573	)
	Commission income			177,903			219,716			572,366			543,975
	Service charges and fees			227,979			273,109			752,148			805,106
	Earnings on life insurance			66,628			69,797			200,686			212,697
	Other			41,492			(38,424	)		64,925			145,254
	Total noninterest income			782,026			804,792			2,465,234			2,501,537

Noninterest expense:
	Salaries and benefits			1,059,390			1,079,490			3,197,846			3,168,549
	Occupancy and equipment			255,603			249,580			755,508			745,998
	Professional			122,934			85,649			345,543			272,910
	Marketing			36,202			44,654			127,019			137,977
	Deposit insurance premium			115,815			113,905			343,995			316,822
	Regulatory assessment			37,619			34,747			112,060			103,237
	Correspondent bank charges			23,840			19,623			71,649			55,237
	Data processing			140,159			127,863			415,106			371,287
	Printing, postage and supplies			59,473			63,956			184,553			174,794
	Expense on life insurance			17,418			16,108			52,255			48,325
	Contribution expense			9,107			14,325			32,805			50,295
	Other			286,169			267,700			792,302			758,567
		Total noninterest expense		2,163,729			2,117,600			6,430,641			6,203,998

Income before income taxes				702,253			736,945			2,385,207			2,585,276

Income tax expense				58,795			10			354,137			456,676

Net income			$	643,458		$	736,935		$	2,031,070		$	2,128,600
Preferred stock dividends and discount accretion, net				117,504			117,504			352,512			352,512
Net income attributable to common shareholders			$	525,954		$	619,431		$	1,678,558		$	1,776,088



FFW Corporation Selected Financial Information
Key Balances and Ratios


	Three Months Ended March 31						Nine Months Ended March 31
	2013			2012			2013			2012
	Unaudited			Unaudited			Unaudited			Unaudited
Per common share data:
Earnings	$	0.47		$	0.55		$	1.50		$	1.58
Diluted earnings	$	0.47		$	0.55		$	1.50		$	1.58
Dividends paid	$	0.11		$	0.11		$	0.22		$	0.22
Average shares issued and outstanding		1,122,084			1,121,928			1,122,084			1,121,899
Shares outstanding end of period		1,122,084			1,122,084			1,122,084			1,122,084

Supplemental data:
Net interest margin **		2.98	%		3.06	%		2.98	%		3.10	%
Return on average assets ***		0.77	%		0.90	%		0.81	%		0.86	%
Return on average common equity ***		8.49	%		10.09	%		9.12	%		9.87	%

	March 31			June 30
	2013			2012
Nonperforming assets *	$	8,498,053		$	10,233,539
Repossessed assets	$	715,629		$	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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