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FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2023

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FFW Corporation, parent corporation of Crossroads Bank, reported net income of $1,343,000 or $1.19 per common share for the three months ended June 30, 2023, compared to $1,523,000 or $1.33 per common share for the same period in 2022. Net interest income was $3,800,000, and the provision for loan losses was $75,000. For the twelve months ended June 30, 2023, the Corporation reported net income of $5,698,000 or $5.03 per common share. Total assets at June 30, 2023, were $543,245,000.
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WABASH, Ind., Aug. 08, 2023 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (8/7/23 Close: $39.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the fiscal year ended June 30, 2023.

For the three months ended June 30, 2023, the Corporation reported net income of $1,343,000 or $1.19 per common share compared to $1,523,000 or $1.33 per common share for the three months ended June 30, 2022. Net interest income for the three months ended June 30, 2023 was $3,800,000 compared to $4,071,000 for the three months ended June 30, 2022. The provision for loan losses was $75,000 for the three months ended June 30, 2023 and $200,000 for the three months ended June 30, 2022. Total noninterest income was $1,030,000 for the three months ended June 30, 2023 compared to $1,075,000 for the three months ended June 30, 2022. Noninterest expense was $3,349,000 for the three months ended June 30, 2023 and $3,215,000 for the three months ended June 30, 2022.

For the twelve months ended June 30, 2023, the Corporation reported net income of $5,698,000 or $5.03 per common share compared to $5,721,000 or $5.00 per common share for the twelve months ended June 30, 2022. Net interest income for the twelve months ended June 30, 2023 was $15,849,000 compared to $15,409,000 for the twelve months ended June 30, 2022. The Company recognized a provision for loan losses of $550,000 for the twelve months ended June 30, 2023 and $405,000 for the twelve months ended June 30, 2022. Total noninterest income was $4,005,000 for the twelve months ended June 30, 2023 compared to $4,441,000 for the twelve months ended June 30, 2022. Noninterest expense was $13,433,000 for the twelve months ended June 30, 2023 and $12,933,000 for the twelve months ended June 30, 2022.

The three and twelve months ended June 30, 2023 represented a return on average common equity of 11.30% and 12.26%, respectively, compared to 12.63% and 10.85% for the three and twelve month periods ended June 30, 2022. The three and twelve months ended June 30, 2023 represented a return on average assets of 0.99% and 1.07%, respectively, compared to 1.16% and 1.10% for the three and twelve month periods ended June 30, 2022.

The allowance for loan losses as a percentage of gross loans receivable was 1.23% at June 30, 2023 compared to 1.28% at June 30, 2022. Nonperforming assets were $2,065,000 at June 30, 2023 compared to $2,345,000 at June 30, 2022.

As of June 30, 2023, FFWC’s equity-to-assets ratio was 8.54% compared to 8.72% at June 30, 2022. Total assets at June 30, 2023 were $543,245,000 compared to $534,918,000 at June 30, 2022. Shareholders’ equity was $46,385,000 at June 30, 2023 compared to $46,648,000 at June 30, 2022. 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 30June 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 $4,852,745 at June 30, 2023 and $4,342,121 at June 30, 2022 390,544,236  335,672,317 
Federal Home Loan Bank stock, at cost 1,289,700  1,289,700 
Accrued interest receivable 2,648,368  2,105,470 
Premises and equipment, net 8,121,511  8,481,385 
Mortgage servicing rights 1,128,019  1,138,165 
Cash surrender value of life insurance 10,086,476  9,767,792 
Goodwill 1,213,898  1,213,898 
Repossessed Assets 109,596  75,025 
Other assets 4,604,551  3,630,737 
Total assets$ 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 30Twelve Months Ended June 30
  2023  2022  2023  2022 
 UnauditedUnauditedUnauditedUnaudited
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 30Twelve Months Ended June 30
  2023 2022 2023 2022
 UnauditedUnauditedUnauditedUnaudited
Per common share data:    
Earnings $1.19  $1.33  $5.03  $5.00 
Diluted earnings $1.19  $1.33  $5.03  $5.00 
Dividends paid $1.53  $0.26  $2.37  $1.04 
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 30June 30  
  2023 2022  
Nonperforming assets * $2,065,381  $2,344,693   
Repossessed assets $109,596  $75,025   
     
* 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?

FFW Corporation reported net income of $1,343,000 or $1.19 per common share for the three months ended June 30, 2023.

What is the net interest income for the three months ended June 30, 2023?

The net interest income for the three months ended June 30, 2023, was $3,800,000.

What is the provision for loan losses for the three months ended June 30, 2023?

The provision for loan losses for the three months ended June 30, 2023, was $75,000.

What is the net income of FFW Corporation for the twelve months ended June 30, 2023?

FFW Corporation reported net income of $5,698,000 or $5.03 per common share for the twelve months ended June 30, 2023.

What are the total assets of FFW Corporation at June 30, 2023?

The total assets of FFW Corporation at June 30, 2023, were $543,245,000.

FFW CORPORATION

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United States of America
Wabash