We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
FFW Corp (PK) | USOTC:FFWC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.29% | 34.90 | 32.10 | 35.00 | 34.90 | 34.90 | 34.90 | 503 | 21:07:59 |
For the three months ended September 30, 2011, the Corporation reported net income of $684,000 or $0.50 per common share. This represents an increase of 38.7% over the three month period ended September 30, 2010, which reported net income of $493,000 or $0.33 per common share. The net interest margin for the three months ended September 30, 2011 was $2,384,000 compared to $2,350,000 for the three months ended September 30, 2010. The provision for loan losses decreased from $475,000 for the period ended September 30, 2010 to $300,000 for the period ended September 30, 2011. Total noninterest income was $872,000 for the three months ended September 30, 2011 and $867,000 for the three months ended September 30, 2010. Noninterest expense was $2,061,000 for the three months ended September 30, 2011 and $2,076,000 for the three months ended September 30, 2010.
The three months ended September 30, 2011 represented a return on average common equity of 9.77% compared to 6.73% for the three month period ended September 30, 2010. The three months ended September 30, 2011 represented a return on average assets of 0.83% compared to 0.58% for the three month period ended September 30, 2010.
The allowance for loan losses as a percentage of gross loans receivable was 1.46% at September 30, 2011 and 1.39% at June 30, 2011. Nonperforming assets were $13,719,000 at September 30, 2011 and $13,141,000 at June 30, 2011.
As of September 30, 2011, FFWC's equity-to-assets ratio was 9.57% compared to 9.23% at June 30, 2011. Total assets at September 30, 2011 were $327,219,000 compared to $323,018,000 at June 30, 2011. Shareholders' equity was $31,303,000 at September 30, 2011 compared to $29,830,000 at June 30, 2011. 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 Bulletin Board under the symbol "FFWC.OB." Our website address is www.crossroadsbanking.com.
FFW Corporation Selected Financial Information
Consolidated Balance Sheet
September 30 June 30 -------------- -------------- 2011 2011 -------------- -------------- Unaudited Assets Cash and due from financial institutions $ 4,122,410 $ 3,711,671 Interest-earning deposits in other financial institutions 6,124,444 2,840,994 -------------- -------------- Cash and cash equivalents 10,246,854 6,552,665 -------------- -------------- Securities available for sale 72,828,354 71,219,096 Loans receivable, net of allowance for loan losses of $3,294,242 at September 30, 2011 and $3,147,896 at June 30, 2011 221,959,937 222,348,968 Loans held for sale 570,565 241,400 Federal Home Loan Bank stock, at cost 2,717,300 2,717,300 Accrued interest receivable 1,735,099 1,635,370 Premises and equipment, net 3,720,349 3,695,172 Mortgage servicing rights 383,080 444,950 Cash surrender value of life insurance 6,727,912 6,655,864 Goodwill 1,213,898 1,213,898 Deferred tax asset 975,365 1,653,133 Other assets 4,140,345 4,640,682 -------------- -------------- Total assets $ 327,219,058 $ 323,018,498 ============== ============== Liabilities and shareholders' equity Deposits Noninterest-bearing deposits $ 18,938,108 $ 17,954,304 Interest-bearing deposits 260,788,734 257,585,276 -------------- -------------- Total deposits 279,726,842 275,539,580 -------------- -------------- Borrowings 14,562,945 15,986,695 Accrued expenses and other liabilities 1,626,420 1,662,503 -------------- -------------- Total liabilities 295,916,207 293,188,778 -------------- -------------- 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 September 30, 2011, $7,336,000 liquidation preference 7,105,885 7,085,539 Series B, 9% Fixed Rate Cumulative Perpetual Preferred Stock - 364 shares outstanding September 30, 2011, $368,000 liquidation preference 383,315 385,461 Common stock, $.01 par; 2,000,000 shares authorized; issued: 1,836,328 outstanding: 1,121,884 shares - September 30, 2011 and June 30, 2011 18,363 18,363 Additional paid-in capital 9,450,381 9,435,162 Retained earnings 24,661,803 24,095,722 Accumulated other comprehensive income 649,798 (223,833) Treasury stock, at cost: 714,444 shares - September 30, 2011 and June 30, 2011 (10,966,694) (10,966,694) -------------- -------------- Total shareholders' equity 31,302,851 29,829,720 -------------- -------------- -------------- -------------- Total liabilities and shareholders' equity $ 327,219,058 $ 323,018,498 ============== ==============
FFW Corporation Selected Financial Information
Consolidated Statement of Income
Three Months Ended September 30 -------------------------------- 2011 2010 --------------- --------------- Unaudited Unaudited Interest and dividend income: Loans, including fees $ 2,912,686 $ 3,116,062 Taxable securities 528,581 626,560 Tax exempt securities 132,809 156,186 Other 2,446 8,319 --------------- --------------- Total interest and dividend income 3,576,522 3,907,127 --------------- --------------- Interest expense: Deposits 1,056,666 1,274,326 Borrowings 135,926 283,087 --------------- --------------- Total interest expense 1,192,592 1,557,413 --------------- --------------- Net interest income 2,383,930 2,349,714 Provision for loan losses 300,000 475,000 Net interest income after provision for loan losses 2,083,930 1,874,714 Noninterest income: Net gains on sales of securities 163,588 99,769 Net gains on sales of loans 94,423 161,157 Net gains (losses) on fixed assets - - Other than temporary impairment on securities - - Commission income 155,449 160,966 Service charges and fees 254,671 318,098 Earnings on life insurance 72,048 70,897 Other 132,082 56,573 --------------- --------------- Total noninterest income 872,261 867,460 --------------- --------------- Noninterest expense: Salaries and benefits 1,050,869 1,032,828 Occupancy and equipment 248,135 250,764 Professional 86,118 101,048 Marketing 43,361 40,873 Deposit insurance premium 111,255 118,891 Regulatory assessment 35,211 25,442 Correspondent bank charges 15,241 21,347 Data processing 123,312 126,350 Printing, postage and supplies 57,248 51,442 Expense on life insurance 16,108 16,071 Contribution expense 16,465 18,623 Other 257,492 272,417 --------------- --------------- Total noninterest expense 2,060,815 2,076,096 --------------- --------------- Income before income taxes 895,376 666,078 Income tax expense 211,795 173,056 --------------- --------------- Net income $ 683,581 $ 493,022 =============== =============== Preferred stock dividends and discount accretion, net 117,504 117,504 --------------- --------------- Net income attributable to common shareholders $ 566,077 $ 375,518 =============== ===============
FFW Corporation Selected Financial Information
Key Balances and Ratios
Three Months Ended September 30 ------------------------------- 2011 2010 -------------- -------------- Unaudited Unaudited Per common share data: Earnings $ 0.50 $ 0.33 Diluted earnings $ 0.50 $ 0.33 Dividends paid $ 0.00 $ 0.22 Average shares issued and outstanding 1,121,884 1,124,467 Shares outstanding end of period 1,121,884 1,123,760 Supplemental data: Net interest margin ** 3.09% 2.92% Return on average assets *** 0.83% 0.58% Return on average common equity *** 9.77% 6.73% September 30 June 30 -------------- -------------- 2011 2011 -------------- -------------- Nonperforming assets * $ 13,718,712 $ 13,140,830 Repossessed assets $ 2,254,399 $ 2,502,944
* 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 260-563-3185
1 Year FFW (PK) Chart |
1 Month FFW (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions