FFW Corporation Announces Earnings For the Quarter and Year to Date Ended December 31, 2024
FFW (FFWC) reported strong financial results for Q4 2024, with net income reaching $1,440,000 ($1.29 per share), up from $1,074,000 ($0.95 per share) in Q4 2023. For the six months ended December 31, 2024, net income was $2,682,000 ($2.38 per share), compared to $2,052,000 ($1.82 per share) in the same period 2023.
Key metrics showed improvement with net interest income increasing to $3,994,000 in Q4 2024 from $3,633,000 in Q4 2023. The company's return on average common equity rose to 11.36% for Q4 2024, up from 8.82% in Q4 2023. Total assets grew to $579,610,000, while maintaining a solid equity-to-assets ratio of 8.49%. The company actively repurchased 34,470 shares during Q4 at an average price of $39.52.
FFW (FFWC) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un utile netto che ha raggiunto $1.440.000 ($1,29 per azione), in aumento rispetto a $1.074.000 ($0,95 per azione) nel quarto trimestre del 2023. Per i sei mesi terminati il 31 dicembre 2024, l'utile netto è stato di $2.682.000 ($2,38 per azione), rispetto a $2.052.000 ($1,82 per azione) nello stesso periodo del 2023.
I principali indicatori hanno mostrato un miglioramento con l'utile netto da interessi aumentato a $3.994.000 nel quarto trimestre del 2024, rispetto a $3.633.000 nel quarto trimestre del 2023. Il ritorno sul capitale medio delle azioni ordinarie della società è salito all'11,36% per il quarto trimestre del 2024, in aumento rispetto all'8,82% nel quarto trimestre del 2023. Il totale delle attività è cresciuto a $579.610.000, mantenendo un solido rapporto di capitale su attività dell'8,49%. La società ha riacquistato attivamente 34.470 azioni durante il quarto trimestre a un prezzo medio di $39,52.
FFW (FFWC) reportó resultados financieros sólidos para el cuarto trimestre de 2024, con un ingreso neto que alcanzó $1,440,000 ($1.29 por acción), un aumento desde $1,074,000 ($0.95 por acción) en el cuarto trimestre de 2023. Para los seis meses que terminaron el 31 de diciembre de 2024, el ingreso neto fue de $2,682,000 ($2.38 por acción), en comparación con $2,052,000 ($1.82 por acción) en el mismo período de 2023.
Métricas clave mostraron mejoras con el ingreso neto por intereses aumentando a $3,994,000 en el cuarto trimestre de 2024 desde $3,633,000 en el cuarto trimestre de 2023. El retorno sobre el capital promedio de las acciones comunes de la compañía subió al 11.36% para el cuarto trimestre de 2024, por encima del 8.82% en el cuarto trimestre de 2023. Los activos totales crecieron a $579,610,000, mientras mantenían un sólido ratio de capital sobre activos del 8.49%. La compañía recompra activamente 34,470 acciones durante el cuarto trimestre a un precio promedio de $39.52.
FFW (FFWC)는 2024년 4분기 강력한 재무 결과를 보고했으며, 순이익은 $1,440,000 ($1.29 주당)에 달해 2023년 4분기의 $1,074,000 ($0.95 주당)에서 증가했습니다. 2024년 12월 31일로 끝나는 6개월 동안 순이익은 $2,682,000 ($2.38 주당)으로, 2023년 같은 기간의 $2,052,000 ($1.82 주당)과 비교됩니다.
주요 지표는 개선을 보여주었으며 순이자 수익은 2024년 4분기 $3,994,000으로 증가하였고, 이는 2023년 4분기의 $3,633,000에서 상승한 수치입니다. 회사의 평균 보통주 자본 수익률은 2024년 4분기 11.36%로 상승했으며, 이는 2023년 4분기의 8.82%에서 증가한 것입니다. 총 자산은 $579,610,000로 증가하였으며, 자본 대비 자산 비율은 8.49%로 유지되고 있습니다. 회사는 4분기 동안 평균 $39.52의 가격으로 34,470주를 적극적으로 재매입했습니다.
FFW (FFWC) a déclaré de solides résultats financiers pour le quatrième trimestre 2024, avec un bénéfice net atteignant 1 440 000 $ (1,29 $ par action), en hausse par rapport à 1 074 000 $ (0,95 $ par action) au quatrième trimestre 2023. Pour les six mois se terminant le 31 décembre 2024, le bénéfice net s'élevait à 2 682 000 $ (2,38 $ par action), contre 2 052 000 $ (1,82 $ par action) pendant la même période en 2023.
Les indicateurs clés ont montré une amélioration avec des revenus d'intérêts nets passant à 3 994 000 $ au quatrième trimestre 2024, contre 3 633 000 $ au quatrième trimestre 2023. Le retour sur les capitaux propres moyens de l'entreprise a augmenté à 11,36 % pour le quatrième trimestre 2024, contre 8,82 % au quatrième trimestre 2023. L'actif total a augmenté à 579 610 000 $, tout en maintenant un solide ratio de capitaux propres sur actifs de 8,49 %. L'entreprise a activement racheté 34 470 actions pendant le quatrième trimestre à un prix moyen de 39,52 $.
FFW (FFWC) berichtete von starken finanziellen Ergebnissen für das vierte Quartal 2024, mit einem Nettogewinn von 1.440.000 $ (1,29 $ pro Aktie), ein Anstieg von 1.074.000 $ (0,95 $ pro Aktie) im vierten Quartal 2023. Für die sechs Monate bis zum 31. Dezember 2024 betrug der Nettogewinn 2.682.000 $ (2,38 $ pro Aktie), verglichen mit 2.052.000 $ (1,82 $ pro Aktie) im selben Zeitraum 2023.
Wichtige Kennzahlen zeigten Verbesserungen, da die Nettozinseinnahmen im vierten Quartal 2024 auf 3.994.000 $ anstiegen, im Vergleich zu 3.633.000 $ im vierten Quartal 2023. Die Rendite auf das durchschnittliche Eigenkapital der Gesellschaft stieg im vierten Quartal 2024 auf 11,36%, gegenüber 8,82% im vierten Quartal 2023. Die Gesamtkapitalien stiegen auf 579.610.000 $, während das solide Verhältnis von Eigenkapital zu Gesamtkapital von 8,49% beibehalten wurde. Das Unternehmen hat im vierten Quartal aktiv 34.470 Aktien zu einem Durchschnittspreis von 39,52 $ zurückgekauft.
- Net income increased 34% YoY to $1.44M in Q4 2024
- EPS grew 35.8% YoY to $1.29 in Q4 2024
- Net interest income rose 9.9% YoY to $3.99M in Q4 2024
- Return on average common equity improved to 11.36% from 8.82% YoY
- Total assets increased to $579.6M from $567.4M in June 2024
- Nonperforming assets increased significantly to $8.76M from $4.04M in June 2024
- New provision for credit losses of $75,000 compared to $0 in previous year
- Slight decrease in equity-to-assets ratio to 8.49% from 8.55% in June 2024
WABASH, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (1/23/2025 Close:
For the three months ended December 31, 2024, the Corporation reported net income of
For the six months ended December 31, 2024, the Corporation reported net income of
The three and six months ended December 31, 2024 represented a return on average common equity of
The allowance for credit losses as a percentage of gross loans receivable was
As of December 31, 2024, FFWC’s equity-to-assets ratio was
The Corporation has an active share repurchase program. During the quarter ended December 31, 2024, the Corporation repurchased 34,470 shares at an average price of
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.
FOR MORE INFORMATION Contact: Stacy Wiley, Treasurer, at (260) 563-3185
FFW Corporation
Selected Financial Information
Consolidated Balance Sheet
| December 31 | June 30 | ||||||
| 2024 | 2024 | ||||||
| Unaudited | |||||||
| Assets | |||||||
| Cash and due from financial institutions | $ | 9,531,033 | $ | 5,202,224 | |||
| Interest-bearing deposits in other financial institutions | 9,864,318 | 11,717,782 | |||||
| Cash and cash equivalents | 19,395,351 | 16,920,006 | |||||
| Securities available for sale | 105,470,188 | 106,179,450 | |||||
| Loans held for sale | 647,441 | 559,830 | |||||
| Loans receivable, net of allowance for credit losses of | |||||||
| at December 31, 2024 and | 421,864,177 | 411,841,368 | |||||
| Federal Home Loan Bank stock, at cost | 1,289,700 | 1,289,700 | |||||
| Accrued interest receivable | 3,046,702 | 3,016,660 | |||||
| Premises and equipment, net | 7,546,937 | 7,614,589 | |||||
| Mortgage servicing rights | 1,093,572 | 1,086,587 | |||||
| Cash surrender value of life insurance | 12,944,163 | 12,725,890 | |||||
| Goodwill | 1,213,898 | 1,213,898 | |||||
| Repossessed Assets | - | 1,250 | |||||
| Other assets | 5,098,352 | 4,913,693 | |||||
| Total assets | $ | 579,610,481 | $ | 567,362,921 | |||
| Liabilities and shareholders' equity | |||||||
| Deposits | |||||||
| Noninterest-bearing | $ | 50,176,332 | $ | 47,530,618 | |||
| Interest-bearing | 476,342,992 | 466,891,628 | |||||
| Total deposits | 526,519,324 | 514,422,246 | |||||
| Accrued expenses and other liabilities | 3,874,259 | 4,425,736 | |||||
| Total liabilities | 530,393,583 | 518,847,982 | |||||
| Shareholders' equity | |||||||
| Common stock, $.01 par; 2,000,000 shares authorized; | |||||||
| Issued: 1,836,328; outstanding: 1,100,198 at December 31, 2024 and 1,126,243 at June 30, 2024 | 18,363 | 18,363 | |||||
| Additional paid-in capital | 10,133,144 | 10,266,257 | |||||
| Retained earnings | 63,696,411 | 61,694,919 | |||||
| Accumulated other comprehensive income (loss) | (10,654,524 | ) | (10,795,929 | ) | |||
| Treasury stock, at cost: 736,130 at December 31, 2024 and | |||||||
| 710,085 at June 30, 2024 | (13,976,496 | ) | (12,668,671 | ) | |||
| Total shareholders' equity | 49,216,898 | 48,514,939 | |||||
| Total liabilities and shareholders' equity | $ | 579,610,481 | $ | 567,362,921 | |||
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
| Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||
| Interest and dividend income: | |||||||||||||
| Loans, including fees | $ | 5,759,713 | $ | 5,283,343 | $ | 11,490,780 | $ | 10,315,094 | |||||
| Taxable securities | 537,113 | 495,056 | 1,074,663 | 984,176 | |||||||||
| Tax exempt securities | 411,872 | 419,116 | 817,709 | 842,735 | |||||||||
| Other | 187,210 | 74,910 | 381,632 | 132,284 | |||||||||
| Total interest and dividend income | 6,895,908 | 6,272,425 | 13,764,784 | 12,274,289 | |||||||||
| Interest expense: | |||||||||||||
| Deposits | 2,901,835 | 2,601,732 | 5,989,166 | 4,933,582 | |||||||||
| Borrowings | 14 | 38,140 | 14 | 63,469 | |||||||||
| Total interest expense | 2,901,849 | 2,639,872 | 5,989,180 | 4,997,051 | |||||||||
| Net interest income | 3,994,059 | 3,632,553 | 7,775,604 | 7,277,238 | |||||||||
| Provision for credit losses | 75,000 | - | 75,000 | - | |||||||||
| Net interest income after provision for | |||||||||||||
| credit losses | 3,919,059 | 3,632,553 | 7,700,604 | 7,277,238 | |||||||||
| Noninterest income: | |||||||||||||
| Net gains on sales of loans | 141,322 | 22,292 | 239,334 | 43,406 | |||||||||
| Net gains (losses) on fixed assets | 35,238 | - | 35,238 | - | |||||||||
| Net gains (losses) on sales of REO | - | - | (684 | ) | (37,006 | ) | |||||||
| Commission income | 452,309 | 334,542 | 936,389 | 669,991 | |||||||||
| Service charges and fees | 208,986 | 256,951 | 465,519 | 502,485 | |||||||||
| Earnings on life insurance | 110,593 | 94,612 | 218,272 | 175,481 | |||||||||
| Other | 310,600 | 301,568 | 645,474 | 583,877 | |||||||||
| Total noninterest income | 1,259,048 | 1,009,965 | 2,539,542 | 1,938,234 | |||||||||
| Noninterest expense: | |||||||||||||
| Salaries and benefits | 2,004,047 | 1,869,210 | 4,045,660 | 3,783,406 | |||||||||
| Occupancy and equipment | 311,383 | 309,349 | 633,457 | 626,590 | |||||||||
| Professional | 193,931 | 121,300 | 336,682 | 242,954 | |||||||||
| Marketing | 103,762 | 101,328 | 194,203 | 182,904 | |||||||||
| Deposit insurance premium | 75,000 | 71,666 | 162,261 | 138,666 | |||||||||
| Regulatory assessment | 11,569 | 10,345 | 19,282 | 20,690 | |||||||||
| Correspondent bank charges | 24,055 | 20,269 | 46,554 | 44,210 | |||||||||
| Data processing | 494,887 | 458,873 | 963,476 | 909,840 | |||||||||
| Printing, postage and supplies | 84,644 | 87,518 | 156,852 | 155,218 | |||||||||
| Expense on life insurance | (82,096 | ) | 24,740 | (47,553 | ) | 47,536 | |||||||
| Contribution expense | 9,601 | 10,226 | 19,102 | 19,935 | |||||||||
| Expense on REO | - | - | - | 5,822 | |||||||||
| Other | 347,235 | 402,221 | 743,467 | 796,694 | |||||||||
| Total noninterest expense | 3,578,018 | 3,487,045 | 7,273,443 | 6,974,465 | |||||||||
| Income before income taxes | 1,600,089 | 1,155,473 | 2,966,703 | 2,241,007 | |||||||||
| Income tax expense | 160,565 | 81,027 | 284,493 | 188,901 | |||||||||
| Net income | $ | 1,439,524 | $ | 1,074,446 | $ | 2,682,210 | $ | 2,052,106 | |||||
FFW Corporation
Selected Financial Information
Key Balances and Ratios
| Three Months Ended December 31 | Six Months Ended December 31 | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | ||||||||||
| Per common share data: | |||||||||||||
| Earnings | $ | 1.29 | $ | 0.95 | $ | 2.38 | $ | 1.82 | |||||
| Diluted earnings | $ | 1.29 | $ | 0.95 | $ | 2.38 | $ | 1.82 | |||||
| Dividends paid | $ | 0.30 | $ | 0.29 | $ | 0.60 | $ | 0.58 | |||||
| Average shares issued and outstanding | 1,112,282 | 1,125,986 | 1,127,300 | 1,126,307 | |||||||||
| Shares outstanding end of period | 1,100,198 | 1,125,453 | 1,100,198 | 1,125,453 | |||||||||
| Supplemental data: | |||||||||||||
| Net interest margin ** | 2.82 | % | 2.69 | % | 2.76 | % | 2.72 | % | |||||
| Return on average assets *** | 0.99 | % | 0.78 | % | 0.93 | % | 0.75 | % | |||||
| Return on average common equity *** | 11.36 | % | 8.82 | % | 10.67 | % | 9.03 | % | |||||
| December 31 | June 30 | ||||||||||||
| 2024 | 2024 | ||||||||||||
| Nonperforming assets * | $ | 8,762,032 | $ | 4,044,082 | |||||||||
| Repossessed assets | $ | 0 | $ | 1,250 | |||||||||
| * | 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 | ||||||||||||
FAQ
What was FFW 's (FFWC) earnings per share for Q4 2024?
How many shares did FFWC repurchase in Q4 2024?
What was FFWC's return on average common equity in Q4 2024?
How much did FFWC's nonperforming assets increase in December 2024?
What was FFWC's net interest income for Q4 2024?
