FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2023
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WABASH, Ind., Aug. 08, 2023 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (8/7/23 Close:
For the three months ended June 30, 2023, the Corporation reported net income of
For the twelve months ended June 30, 2023, the Corporation reported net income of
The three and twelve months ended June 30, 2023 represented a return on average common equity of
The allowance for loan losses as a percentage of gross loans receivable was
As of June 30, 2023, FFWC’s equity-to-assets ratio was
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 | |||||
2023 | 2022 | |||||
Unaudited | ||||||
Assets | ||||||
Cash and due from financial institutions | $ | 8,686,057 | $ | 7,122,187 | ||
Interest-bearing deposits in other financial institutions | 4,668,889 | 48,456,109 | ||||
Cash and cash equivalents | 13,354,946 | 55,578,296 | ||||
Securities available for sale | 110,063,452 | 115,717,308 | ||||
Loans held for sale | 80,000 | 248,000 | ||||
Loans receivable, net of allowance for loan losses of | 390,544,236 | 335,672,317 | ||||
Federal Home Loan Bank stock, at cost | 1,289,700 | 1,289,700 | ||||
Accrued interest receivable | 2,648,368 | 2,105,470 | ||||
Premises and equipment, net | 8,121,511 | 8,481,385 | ||||
Mortgage servicing rights | 1,128,019 | 1,138,165 | ||||
Cash surrender value of life insurance | 10,086,476 | 9,767,792 | ||||
Goodwill | 1,213,898 | 1,213,898 | ||||
Repossessed Assets | 109,596 | 75,025 | ||||
Other assets | 4,604,551 | 3,630,737 | ||||
Total assets | $ | 543,244,753 | $ | 534,918,093 | ||
Liabilities and shareholders' equity | ||||||
Deposits | ||||||
Noninterest-bearing | $ | 53,267,081 | $ | 55,960,708 | ||
Interest-bearing | 437,700,301 | 428,550,708 | ||||
Total deposits | 490,967,382 | 484,511,416 | ||||
Borrowings | 2,100,000 | - | ||||
Accrued expenses and other liabilities | 3,792,808 | 3,758,195 | ||||
Total liabilities | 496,860,190 | 488,269,611 | ||||
Shareholders' equity | ||||||
Common stock, $.01 par; 2,000,000 shares authorized; | ||||||
Issued: 1,836,328; outstanding: 1,126,357 - June 30, 2023 and 1,140,305 - June 30, 2022 | 18,363 | 18,363 | ||||
Additional paid-in capital | 10,150,145 | 9,940,774 | ||||
Retained earnings | 59,406,634 | 56,384,625 | ||||
Accumulated other comprehensive income (loss) | (10,588,876 | ) | (7,726,089 | ) | ||
Treasury stock, at cost: 709,971 shares at June 30, 2023 and 696,023 shares at June 30, 2022 | (12,601,703 | ) | (11,969,191 | ) | ||
Total shareholders' equity | 46,384,563 | 46,648,482 | ||||
Total liabilities and shareholders' equity | $ | 543,244,753 | $ | 534,918,093 |
FFW Corporation | ||||||||||||
Selected Financial Information | ||||||||||||
Consolidated Statement of Income | ||||||||||||
Three Months Ended June 30 | Twelve Months Ended June 30 | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||||||
Interest and dividend income: | ||||||||||||
Loans, including fees | $ | 4,797,377 | $ | 3,562,772 | $ | 17,404,248 | $ | 13,660,543 | ||||
Taxable securities | 483,668 | 341,548 | 1,864,881 | 1,317,675 | ||||||||
Tax exempt securities | 426,926 | 423,846 | 1,804,825 | 1,652,828 | ||||||||
Other | 188,303 | 128,452 | 548,886 | 197,815 | ||||||||
Total interest and dividend income | 5,896,274 | 4,456,618 | 21,622,840 | 16,828,861 | ||||||||
Interest expense: | ||||||||||||
Deposits | 2,095,131 | 385,508 | 5,216,815 | 1,419,669 | ||||||||
Borrowings | 1,059 | 200 | 7,096 | 201 | ||||||||
Total interest expense | 2,096,190 | 385,708 | 5,223,911 | 1,419,870 | ||||||||
Net interest income | 3,800,084 | 4,070,910 | 16,398,929 | 15,408,991 | ||||||||
Provision for loan losses | 75,000 | 200,000 | 550,000 | 405,000 | ||||||||
Net interest income after provision for loan losses | 3,725,084 | 3,870,910 | 15,848,929 | 15,003,991 | ||||||||
Noninterest income: | ||||||||||||
Net gains (losses) on sales of securities | - | - | (3,633 | ) | - | |||||||
Net gains on sales of loans | 15,397 | 75,450 | 166,999 | 523,219 | ||||||||
Net gains (losses) on fixed assets | - | - | (20,533 | ) | 34,283 | |||||||
Net gains (losses) on sales of REO | 18,039 | (17,909 | ) | 21,105 | (6,623 | ) | ||||||
Commission income | 374,866 | 337,665 | 1,298,105 | 1,279,202 | ||||||||
Service charges and fees | 248,318 | 275,763 | 1,052,670 | 1,135,426 | ||||||||
Earnings on life insurance | 80,596 | 77,651 | 318,684 | 308,047 | ||||||||
Other | 292,868 | 326,669 | 1,171,991 | 1,167,426 | ||||||||
Total noninterest income | 1,030,084 | 1,075,289 | 4,005,388 | 4,440,980 | ||||||||
Noninterest expense: | ||||||||||||
Salaries and benefits | 1,789,700 | 1,815,040 | 7,341,502 | 7,100,728 | ||||||||
Occupancy and equipment | 314,274 | 313,309 | 1,247,099 | 1,298,461 | ||||||||
Professional | 146,533 | 111,887 | 473,020 | 448,694 | ||||||||
Marketing | 83,207 | 90,882 | 364,422 | 394,013 | ||||||||
Deposit insurance premium | 82,000 | 38,304 | 201,968 | 140,752 | ||||||||
Regulatory assessment | 8,090 | 9,074 | 32,780 | 37,379 | ||||||||
Correspondent bank charges | 21,641 | 22,200 | 87,714 | 80,724 | ||||||||
Data processing | 419,607 | 337,292 | 1,655,966 | 1,584,725 | ||||||||
Printing, postage and supplies | 57,018 | 73,382 | 278,285 | 293,419 | ||||||||
Expense on life insurance | 21,785 | 21,132 | 87,767 | 85,128 | ||||||||
Contribution expense | 8,876 | 11,676 | 49,000 | 65,583 | ||||||||
Expense on REO | 2,837 | 5,412 | 9,377 | 7,505 | ||||||||
Other | 393,378 | 365,584 | 1,603,767 | 1,396,052 | ||||||||
Total noninterest expense | 3,348,946 | 3,215,174 | 13,432,667 | 12,933,163 | ||||||||
Income before income taxes | 1,406,222 | 1,731,025 | 6,421,650 | 6,511,808 | ||||||||
Income tax expense | 63,249 | 207,572 | 723,754 | 791,077 | ||||||||
Net income | $ | 1,342,973 | $ | 1,523,453 | $ | 5,697,896 | $ | 5,720,731 |
FFW Corporation | |||||||||||||
Selected Financial Information | |||||||||||||
Key Balances and Ratios | |||||||||||||
Three Months Ended June 30 | Twelve Months Ended June 30 | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||
Per common share data: | |||||||||||||
Earnings | |||||||||||||
Diluted earnings | |||||||||||||
Dividends paid | |||||||||||||
Average shares issued and outstanding | 1,126,522 | 1,141,763 | 1,131,761 | 1,143,428 | |||||||||
Shares outstanding end of period | 1,126,357 | 1,140,305 | 1,126,357 | 1,140,305 | |||||||||
Supplemental data: | |||||||||||||
Net interest margin ** | 2.85 | % | 3.15 | % | 3.15 | % | 3.12 | % | |||||
Return on average assets *** | 0.99 | % | 1.16 | % | 1.07 | % | 1.10 | % | |||||
Return on average common equity *** | 11.30 | % | 12.63 | % | 12.26 | % | 10.85 | % | |||||
June 30 | June 30 | ||||||||||||
2023 | 2022 | ||||||||||||
Nonperforming assets * | |||||||||||||
Repossessed assets | |||||||||||||
* 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
FAQ
What is the net income of FFW Corporation for the three months ended June 30, 2023?
What is the net interest income for the three months ended June 30, 2023?
What is the provision for loan losses for the three months ended June 30, 2023?
What is the net income of FFW Corporation for the twelve months ended June 30, 2023?