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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 December 31, 2012, the Corporation reported net income of $858,000 or $0.66 per common share compared to $708,000 or $0.53 per common share for the three months ended December 31, 2011. The net interest margin for the three months ended December 31, 2012 was $2,321,000 compared to $2,454,000 for the three months ended December 31, 2011. The provision for loan losses decreased from $300,000 for the period ended December 31, 2011 to $210,000 for the period ended December 31, 2012. Total noninterest income was $1,035,000 for the three months ended December 31, 2012 compared to $824,000 for the three months ended December 31, 2011. Noninterest expense was $2,145,000 for the three months ended December 31, 2012 and $2,026,000 for the three months ended December 31, 2011.
For the six months ended December 31, 2012, the Corporation reported net income of $1,388,000 or $1.03 per common share compared to $1,392,000 or $1.03 per common share for the six months ended December 31, 2011. The net interest margin for the six months ended December 31, 2012 was $4,687,000 compared to $4,838,000 for the six months ended December 31, 2011. The provision for loan losses decreased from $600,000 for the period ended December 31, 2011 to $420,000 for the period ended December 31, 2012. Total noninterest income was $1,683,000 for the six months ended December 31, 2012 compared to $1,697,000 for the six months ended December 31, 2011. Noninterest expense was $4,267,000 for the six months ended December 31, 2012 and $4,086,000 for the six months ended December 31, 2011.
The three and six months ended December 31, 2012 represented a return on average common equity of 11.95% and 9.43%, respectively, compared to 9.75% and 9.76% for the three and six month periods ended December 31, 2011. The three and six months ended December 31, 2012 represented a return on average assets of 1.01% and 0.83%, respectively, compared to 0.85% and 0.84% for the three and six month periods ended December 31, 2011.
The allowance for loan losses as a percentage of gross loans receivable was 1.73% at December 31, 2012 compared to 1.68% at June 30, 2012. Nonperforming assets were $8,828,000 at December 31, 2012 compared to $10,234,000 at June 30, 2012.
As of December 31, 2012, FFWC's equity-to-assets ratio was 9.73% compared to 9.34% at June 30, 2012. Total assets at December 31, 2012 were $330,711,000 compared to $329,042,000 at June 30, 2012. Shareholders' equity was $32,163,000 at December 31, 2012 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 December 31 June 30 ------------- ------------- 2012 2012 ------------- ------------- Unaudited Assets Cash and due from financial institutions $ 5,356,619 $ 3,478,709 Interest-earning deposits in other financial institutions 16,046,990 13,360,765 ------------- ------------- Cash and cash equivalents 21,403,609 16,839,474 ------------- ------------- Securities available for sale 75,082,060 83,665,458 Loans receivable, net of allowance for loan losses of $3,763,643 at December 31, 2012 and $3,520,110 at June 30, 2012 212,052,397 205,934,060 Loans held for sale 1,617,584 337,000 Federal Home Loan Bank stock, at cost 2,717,300 2,717,300 Accrued interest receivable 1,671,173 1,647,845 Premises and equipment, net 3,419,219 3,550,515 Mortgage servicing rights 535,881 486,617 Cash surrender value of life insurance 7,073,036 6,938,977 Goodwill 1,213,898 1,213,898 Deferred tax asset 1,597,654 2,558,162 Other assets 2,326,844 3,152,807 ------------- ------------- Total assets $ 330,710,655 $ 329,042,113 ------------- ------------- Liabilities and shareholders' equity Deposits Noninterest-bearing deposits $ 26,680,542 $ 20,029,966 Interest-bearing deposits 260,622,151 262,519,228 ------------- ------------- Total deposits 287,302,693 282,549,194 ------------- ------------- Borrowings 9,758,400 14,258,400 Accrued expenses and other liabilities 1,486,819 1,488,058 ------------- ------------- Total liabilities 298,547,912 298,295,652 ------------- ------------- 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 December 31, 2012, $7,336,000 liquidation preference 7,207,616 7,166,924 Series B, 9% Fixed Rate Cumulative Perpetual Preferred Stock - 364 shares outstanding December 31, 2012, $368,000 liquidation preference 372,584 376,876 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 9,514,864 9,495,807 Retained earnings 24,877,649 23,848,467 Accumulated other comprehensive income 1,135,291 803,648 Treasury stock, at cost: 714,244 shares (10,963,624) (10,963,624) ------------- ------------- Total shareholders' equity 32,162,743 30,746,461 ------------- ------------- ------------- ------------- Total liabilities and shareholders' equity $ 330,710,655 $ 329,042,113 ------------- ------------- FFW Corporation Selected Financial Information Consolidated Statement of Income Three Months Ended Six Months Ended December 31 December 31 ----------------------- ----------------------- 2012 2011 2012 2011 ---------- ---------- ---------- ---------- Unaudited Unaudited Unaudited Unaudited Interest and dividend income: Loans, including fees $2,673,449 $2,935,840 $5,385,865 $5,848,527 Taxable securities 341,728 509,567 900,158 702,679 Tax exempt securities 312,418 132,809 444,745 601,087 Other 4,541 7,304 8,668 9,749 ---------- ---------- ---------- ---------- Total interest and dividend income 3,332,136 3,585,520 6,739,436 7,162,042 ---------- ---------- ---------- ---------- Interest expense: Deposits 903,745 998,253 1,818,524 2,054,917 Borrowings 107,222 133,210 234,255 269,136 ---------- ---------- ---------- ---------- Total interest expense 1,010,967 1,131,463 2,052,779 2,324,053 ---------- ---------- ---------- ---------- Net interest income 2,321,169 2,454,057 4,686,657 4,837,989 Provision for loan losses 210,000 300,000 420,000 600,000 Net interest income after provision for loan losses 2,111,169 2,154,057 4,266,657 4,237,989 Noninterest income: Net gains on sales of securities 186,767 144,412 179,490 308,000 Net gains on sales of loans 331,233 199,488 508,235 293,911 Net gains (losses) on fixed assets - - - - Other than temporary impairment on securities (79,983) (88,000) (80,641) (88,000) Commission income 196,788 168,810 394,463 324,259 Service charges and fees 334,506 277,325 524,170 531,996 Earnings on life insurance 67,696 70,853 134,059 142,900 Other (2,172) 51,597 23,433 183,679 ---------- ---------- ---------- ---------- Total noninterest income 1,034,835 824,485 1,683,209 1,696,745 ---------- ---------- ---------- ---------- Noninterest expense: Salaries and benefits 1,070,252 1,038,190 2,138,455 2,089,059 Occupancy and equipment 243,604 248,284 499,905 496,418 Professional 136,276 101,143 222,610 187,261 Marketing 58,815 49,962 90,817 93,323 Deposit insurance premium 112,375 91,662 228,180 202,916 Regulatory assessment 37,955 33,279 74,441 68,490 Correspondent bank charges 23,680 20,373 47,809 35,614 Data processing 136,851 120,112 274,947 243,424 Printing, postage and supplies 66,437 53,590 125,079 110,837 Expense on life insurance 17,418 16,108 34,837 32,216 Contribution expense 10,681 19,505 23,698 35,969 Other 230,340 233,373 506,132 490,870 ---------- ---------- ---------- ---------- Total noninterest expense 2,144,684 2,025,581 4,266,910 4,086,397 ---------- ---------- ---------- ---------- Income before income taxes 1,001,320 952,961 1,682,956 1,848,337 Income tax expense 143,742 244,871 295,342 456,666 ---------- ---------- ---------- ---------- Net income $ 857,578 $ 708,090 $1,387,614 $1,391,671 ---------- ---------- ---------- ---------- Preferred stock dividends and discount accretion, net 117,504 117,504 235,008 235,008 ---------- ---------- ---------- ---------- Net income attributable to common shareholders $ 740,074 $ 590,586 $1,152,606 $1,156,663 ---------- ---------- ---------- ---------- FFW Corporation Selected Financial Information Key Balances and Ratios Three Months Ended Six Months Ended December 31 December 31 -------------------------- -------------------------- 2012 2011 2012 2011 ------------ ------------ ------------ ------------ Unaudited Unaudited Unaudited Unaudited Per common share data: Earnings $ 0.66 $ 0.53 $ 1.03 $ 1.03 Diluted earnings $ 0.66 $ 0.53 $ 1.03 $ 1.03 Dividends paid $ 0.11 $ 0.11 $ 0.11 $ 0.11 Average shares issued and outstanding 1,122,084 1,121,884 1,122,084 1,121,884 Shares outstanding end of period 1,122,084 1,121,884 1,122,084 1,121,884 Supplemental data: Net interest margin ** 2.92% 3.15% 2.98% 3.12% Return on average assets *** 1.01% 0.85% 0.83% 0.84% Return on average common equity *** 11.95% 9.75% 9.43% 9.76% December 31 June 30 ------------ ------------ 2012 2012 ------------ ------------ Nonperforming assets * $ 8,828,222 $ 10,233,539 Repossessed assets $ 847,868 $ 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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