Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5974
    -0.0002 (-0.03%)
     
  • NZD/EUR

    0.5536
    +0.0003 (+0.06%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • NZD/JPY

    90.3590
    -0.0340 (-0.04%)
     

FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2022

WABASH, Ind., Aug. 12, 2022 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (8/11/2022 Close: $47.00), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the fiscal year ended June 30, 2022.

For the three months ended June 30, 2022, the Corporation reported net income of $1,523,000 or $1.33 per common share compared to $1,379,000 or $1.21 per common share for the three months ended June 30, 2021. Net interest income for the three months ended June 30, 2022 was $4,071,000 compared to $3,608,000 for the three months ended June 30, 2021. The provision for loan losses was $200,000 for the three months ended June 30, 2022 and ($150,000) for the three months ended June 30, 2021. Total noninterest income was $1,075,000 for the three months ended June 30, 2022 compared to $1,221,000 for the three months ended June 30, 2021. Noninterest expense was $3,215,000 for the three months ended June 30, 2022 and $3,391,000 for the three months ended June 30, 2021.

For the twelve months ended June 30, 2022, the Corporation reported net income of $5,721,000 or $5.00 per common share compared to $6,476,000 or $5.67 per common share for the twelve months ended June 30, 2021. Net interest income for the twelve months ended June 30, 2022 was $15,409,000 compared to $14,697,000 for the twelve months ended June 30, 2021. The Company recognized a provision for loan losses of $405,000 for the twelve months ended June 30, 2022 and $345,000 for the twelve months ended June 30, 2021. Total noninterest income was $4,441,000 for the twelve months ended June 30, 2022 compared to $6,590,000 for the twelve months ended June 30, 2021. Noninterest expense was $12,933,000 for the twelve months ended June 30, 2022 and $13,303,000 for the twelve months ended June 30, 2021.

The three and twelve months ended June 30, 2022 represented a return on average common equity of 12.63% and 10.85%, respectively, compared to 10.37% and 12.42% for the three and twelve month periods ended June 30, 2021. The three and twelve months ended June 30, 2022 represented a return on average assets of 1.16% and 1.10%, respectively, compared to 1.12% and 1.36% for the three and twelve month periods ended June 30, 2021.

ADVERTISEMENT

The allowance for loan losses as a percentage of gross loans receivable was 1.28% at June 30, 2022 compared to 1.43% at June 30, 2021. Nonperforming assets were $2,345,000 at June 30, 2022 compared to $3,242,000 at June 30, 2021.

As of June 30, 2022, FFWC’s equity-to-assets ratio was 8.72% compared to 10.89% at June 30, 2021. Total assets at June 30, 2022 were $534,918,000 compared to $486,442,000 at June 30, 2021. Shareholders’ equity was $46,648,000 at June 30, 2022 compared to $52,954,000 at June 30, 2021. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized.”

Forward Looking Statements

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 necessarily 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.

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 six Indiana banking centers located in Columbia City, North Manchester, Peru, South Whitley, Syracuse and Warsaw. The Bank also provides leasing services at each of its banking centers. 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. Crossroads Bank, Member FDIC.

 

 

 

 

 

FFW Corporation
Selected Financial Information

 

Consolidated Balance Sheet

 

 

June 30

June 30

 

 

 

2022

 

 

2021

 

 

 

Unaudited

 

Assets

 

 

Cash and due from financial institutions

$

7,122,187

 

$

4,779,188

 

Interest-bearing deposits in other financial institutions

 

48,456,109

 

 

51,646,720

 

 

Cash and cash equivalents

 

55,578,296

 

 

56,425,908

 

 

 

 

Securities available for sale

 

115,717,308

 

 

116,335,455

 

Loans held for sale

 

248,000

 

 

2,613,987

 

Loans receivable, net of allowance for loan losses of $4,342,121 at

 

 

June 30, 2022 and $4,168,689 at June 30, 2021

 

335,672,317

 

 

285,643,064

 

Federal Home Loan Bank stock, at cost

 

1,289,700

 

 

1,462,500

 

Accrued interest receivable

 

2,105,470

 

 

2,131,744

 

Premises and equipment, net

 

8,481,385

 

 

8,949,842

 

Mortgage servicing rights

 

1,138,165

 

 

1,011,046

 

Cash surrender value of life insurance

 

9,767,792

 

 

9,459,746

 

Goodwill

 

1,213,898

 

 

1,213,898

 

Repossessed Assets

 

75,025

 

 

148,621

 

Other assets

 

3,630,737

 

 

1,045,876

 

 

Total assets

$

534,918,093

 

$

486,441,687

 

 

 

 

 

Liabilities and shareholders' equity

 

 

Deposits

 

 

 

Noninterest-bearing

$

55,960,708

 

$

49,510,375

 

 

Interest-bearing

 

428,550,708

 

 

380,084,790

 

 

Total deposits

 

484,511,416

 

 

429,595,165

 

 

 

 

 

Accrued expenses and other liabilities

 

3,758,195

 

 

3,892,719

 

 

Total liabilities

 

488,269,611

 

 

433,487,884

 

 

 

 

 

Shareholders' equity

 

 

Common stock, $.01 par; 2,000,000 shares authorized;

 

 

 

Issued: 1,836,328; outstanding: 1,140,305 - June 30, 2022 and
1,141,190 - June 30, 2021

 

18,363

 

 

18,363

 

Additional paid-in capital

 

9,940,774

 

 

9,809,754

 

Retained earnings

 

56,384,625

 

 

51,852,194

 

Accumulated other comprehensive income (loss)

 

(7,726,089

)

 

3,058,832

 

Treasury stock, at cost: 696,023 shares at June 30, 2022 and 695,138

 

 

shares at June 30, 2021

 

(11,969,191

)

 

(11,785,340

)

 

Total shareholders' equity

 

46,648,482

 

 

52,953,803

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

534,918,093

 

$

486,441,687

 


FFW Corporation
Selected Financial Information

Consolidated Statement of Income

 

 

 

Three Months Ended June 30

Twelve Months Ended June 30

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

Unaudited

 

Unaudited

 

Interest and dividend income:

 

 

 

 

 

Loans, including fees

$

3,562,772

 

$

3,257,093

 

$

13,660,543

 

$

13,769,397

 

 

Taxable securities

 

341,548

 

 

313,689

 

 

1,317,675

 

 

1,308,266

 

 

Tax exempt securities

 

423,846

 

 

418,267

 

 

1,652,828

 

 

1,627,426

 

 

Other

 

128,452

 

 

14,860

 

 

197,815

 

 

38,650

 

 

 

Total interest and dividend income

 

4,456,618

 

 

4,003,909

 

 

16,828,861

 

 

16,743,739

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

Deposits

 

385,508

 

 

395,295

 

 

1,419,669

 

 

2,046,577

 

 

Borrowings

 

200

 

 

200

 

 

201

 

 

200

 

 

 

Total interest expense

 

385,708

 

 

395,495

 

 

1,419,870

 

 

2,046,777

 

 

 

 

 

 

 

 

Net interest income

 

4,070,910

 

 

3,608,414

 

 

15,408,991

 

 

14,696,962

 

 

 

 

 

 

 

 

Provision for loan losses

 

200,000

 

 

(150,000

)

 

405,000

 

 

345,000

 

 

 

 

 

 

 

 

Net interest income after provision for

 

 

 

 

 

loan losses

 

3,870,910

 

 

3,758,414

 

 

15,003,991

 

 

14,351,962

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

Net gains on sales of securities

 

-

 

 

-

 

 

-

 

 

98,467

 

 

Net gains on sales of loans

 

75,450

 

 

390,165

 

 

523,219

 

 

3,261,880

 

 

Net gains (losses) on fixed assets

 

-

 

 

-

 

 

34,283

 

 

9,204

 

 

Net gains (losses) on sales of REO

 

(17,909

)

 

-

 

 

(6,623

)

 

(23,498

)

 

Commission income

 

337,665

 

 

309,389

 

 

1,279,202

 

 

1,224,845

 

 

Service charges and fees

 

275,763

 

 

188,237

 

 

1,135,426

 

 

721,677

 

 

Earnings on life insurance

 

77,651

 

 

75,757

 

 

308,047

 

 

300,452

 

 

Other

 

326,669

 

 

257,103

 

 

1,167,426

 

 

996,765

 

 

 

Total noninterest income

 

1,075,289

 

 

1,220,651

 

 

4,440,980

 

 

6,589,792

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

Salaries and benefits

 

1,815,040

 

 

1,875,637

 

 

7,100,728

 

 

6,885,238

 

 

Occupancy and equipment

 

313,309

 

 

325,235

 

 

1,298,461

 

 

1,339,852

 

 

Professional

 

111,887

 

 

143,066

 

 

448,694

 

 

850,073

 

 

Marketing

 

90,882

 

 

104,293

 

 

394,013

 

 

431,982

 

 

Deposit insurance premium

 

38,304

 

 

33,000

 

 

140,752

 

 

132,000

 

 

Regulatory assessment

 

9,074

 

 

9,588

 

 

37,379

 

 

37,705

 

 

Correspondent bank charges

 

22,200

 

 

18,881

 

 

80,724

 

 

71,511

 

 

Data processing

 

337,292

 

 

391,172

 

 

1,584,725

 

 

1,613,051

 

 

Printing, postage and supplies

 

73,382

 

 

62,193

 

 

293,419

 

 

292,047

 

 

Expense on life insurance

 

21,132

 

 

20,518

 

 

85,128

 

 

72,827

 

 

Contribution expense

 

11,676

 

 

11,138

 

 

65,583

 

 

70,753

 

 

Expense on REO

 

5,412

 

 

5,626

 

 

7,505

 

 

18,683

 

 

Other

 

365,584

 

 

391,069

 

 

1,396,052

 

 

1,487,411

 

 

 

Total noninterest expense

 

3,215,174

 

 

3,391,416

 

 

12,933,163

 

 

13,303,133

 

 

 

 

 

 

 

 

Income before income taxes

 

1,731,025

 

 

1,587,649

 

 

6,511,808

 

 

7,638,621

 

 

 

 

 

 

 

 

Income tax expense

 

207,572

 

 

208,465

 

 

791,077

 

 

1,163,097

 

 

 

 

 

 

 

 

Net income

$

1,523,453

 

$

1,379,184

 

$

5,720,731

 

$

6,475,524

 


FFW Corporation
Selected Financial Information

Key Balances and Ratios

 

 

Three Months Ended June 30

Twelve Months Ended June 30

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Unaudited

 

Unaudited

 

Per common share data:

 

 

 

 

Earnings

$

1.33

 

$

1.21

 

$

5.00

 

$

5.67

 

Diluted earnings

$

1.33

 

$

1.21

 

$

5.00

 

$

5.67

 

Dividends paid

$

0.26

 

$

1.25

 

$

1.04

 

$

2.00

 

Average shares issued and outstanding

 

1,141,763

 

 

1,141,717

 

 

1,143,428

 

 

1,142,448

 

Shares outstanding end of period

 

1,140,305

 

 

1,141,190

 

 

1,140,305

 

 

1,141,190

 

 

 

 

 

 

 

Supplemental data:

 

 

 

 

Net interest margin **

 

3.15

%

 

3.11

%

 

3.12

%

 

3.29

%

Return on average assets ***

 

1.16

%

 

1.12

%

 

1.10

%

 

1.36

%

Return on average common equity ***

 

12.63

%

 

10.37

%

 

10.85

%

 

12.42

%

 

 

 

 

 

 

 

 

June 30

June 30

 

 

 

 

 

2022

 

 

2021

 

 

 

Nonperforming assets *

$

2,344,693

 

$

3,241,581

 

 

 

Repossessed assets

$

75,025

 

$

148,621

 

 

 

 

 

 

 

 

 

*

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: Kirsten Pendarvis, Treasurer, at (260) 563-3185