Market Overview

FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2017

Share:

WABASH, Ind., Aug. 15, 2017 (GLOBE NEWSWIRE) -- FFW Corporation (the "Corporation") (OTC:FFWC) (8/14/17 Close: $37.50), parent corporation of Crossroads Bank (the "Bank"), announced earnings for the three and twelve months ended June 30, 2017.

For the three months ended June 30, 2017, the Corporation reported net income of $1,018,000 or $0.88 per common share compared to $1,002,000 or $0.83 per common share for the three months ended June 30, 2016.  Net interest income for the three months ended June 30, 2017 was $3,011,000 compared to $2,890,000 for the three months ended June 30, 2016.  The provision for loan losses was $50,000 for the three months ended June 30, 2017 and $80,000 for the three months ended June 30, 2016.  Total noninterest income was $707,000 for the three months ended June 30, 2017 compared to $1,098,000 for the three months ended June 30, 2016.  Noninterest expense was $2,412,000 for the three months ended June 30, 2017 and $2,604,000 for the three months ended June 30, 2016.   

For the twelve months ended June 30, 2017, the Corporation reported net income of $4,019,000 or $3.39 per common share compared to $3,790,000 or $3.15 per common share for the twelve months ended June 30, 2016.  Net interest income for the twelve months ended June 30, 2017 was $11,699,000 compared to $11,523,000 for the twelve months ended June 30, 2016.  The provision for loan losses was $343,000 for the twelve months ended June 30, 2017 and $280,000 for the twelve months ended June 30, 2016.  Total noninterest income was $4,170,000 for the twelve months ended June 30, 2017 compared to $4,165,000 for the twelve months ended June 30, 2016.  Noninterest expense was $10,452,000 for the twelve months ended June 30, 2017 and $10,548,000 for the twelve months ended June 30, 2016.

The three and twelve months ended June 30, 2017 represented a return on average common equity of 10.92% and 10.82%, respectively, compared to 11.19% and 11.00% for the three and twelve month periods ended June 30, 2016.  The three and twelve months ended June 30, 2017 represented a return on average assets of 1.11% and 1.13%, respectively, compared to 1.18% and 1.13%, for the three and twelve month periods ended June 30, 2016.

The allowance for loan losses as a percentage of gross loans receivable was 1.33% at June 30, 2017 compared to 1.52% at June 30, 2016.  Nonperforming assets were $4,594,000 at June 30, 2017 compared to $6,700,000 at June 30, 2016.

As of June 30, 2017, FFWC's equity-to-assets ratio was 10.29% compared to 10.98% at June 30, 2016.  Total assets at June 30, 2017 were $366,902,000 compared to $340,987,000 at June 30, 2016.  Shareholders' equity was $37,750,000 at June 30, 2017 compared to $37,449,000 at June 30, 2016.  Crossroads Bank exceeds all applicable regulatory requirements to be considered "well capitalized."

During the year ended June 30, 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
    June 30 June 30
      2017     2016  
    Unaudited  
Assets    
Cash and due from financial institutions $ 5,101,230   $ 4,031,546  
Interest-bearing deposits in other financial institutions   15,448,903     6,188,392  
  Cash and cash equivalents   20,550,133     10,219,938  
     
Securities available for sale   79,432,914     79,011,265  
Loans receivable, net of allowance for loan losses of $3,311,767 at    
  June 30, 2017 and $3,557,769 at June 30, 2016   244,921,657     229,454,626  
Loans held for sale   847,000     854,375  
Federal Home Loan Bank stock, at cost   1,462,500     1,462,500  
Accrued interest receivable   1,785,609     1,760,537  
Premises and equipment, net   5,635,850     5,193,270  
Mortgage servicing rights   814,426     660,784  
Cash surrender value of life insurance   8,306,618     8,022,990  
Goodwill   1,213,898     1,213,898  
Repossessed Assets   852,810     2,062,708  
Other assets   1,078,552     1,070,211  
  Total assets $ 366,901,967   $ 340,987,102  
       
Liabilities and shareholders' equity    
Deposits    
  Noninterest-bearing $ 29,173,951   $ 25,032,689  
  Interest-bearing   293,300,914     254,123,833  
  Total deposits   322,474,865     279,156,522  
       
Borrowings   4,338,400     21,698,400  
Accrued expenses and other liabilities   2,338,360     2,682,835  
  Total liabilities   329,151,625     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 -  no shares outstanding June 30, 2017 and 2,250 shares outstanding June 30, 2016, $0 liquidation preference at June 30, 2017 and $2,264,000 liquidation preference June 30, 2016   0     2,250,000  
Common stock, $.01 par; 2,000,000 shares authorized;    
  Issued: 1,836,328; outstanding: 1,160,084 - June 30, 2017 and 1,156,084 - June 30, 2016   18,363     18,363  
Additional paid-in capital   9,552,881     9,358,395  
Retained earnings   37,174,079     34,053,094  
Accumulated other comprehensive income   1,385,443     2,211,217  
Treasury stock, at cost: 676,244 shares at June 30, 2017 and 680,244 shares at June 30, 2016   (10,380,424 )   (10,441,724 )
  Total shareholders' equity   37,750,342     37,449,345  
       
  Total liabilities and shareholders' equity $ 366,901,967
View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com