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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 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 Nine Months Ended March 31 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 Nine Months Ended March 31 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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