FFW Corporation Announces Earnings For The Quarter Ended September 30, 2024
FFW (FFWC) reported strong financial results for Q3 2024. Net income increased to $1,243,000 ($1.09 per share) from $978,000 ($0.87 per share) in Q3 2023. Net interest income rose to $3,782,000 from $3,645,000 year-over-year. Total noninterest income grew to $1,280,000 from $928,000. The company's return on average assets improved to 0.86% from 0.72%, while return on average equity increased to 9.89% from 8.87%. Total assets reached $577,077,000, with shareholders' equity at $51,258,000. During the quarter, the company repurchased 5,000 shares at an average price of $37.00.
FFW (FFWC) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. Il reddito netto è aumentato a $1.243.000 ($1,09 per azione), rispetto a $978.000 ($0,87 per azione) nel terzo trimestre del 2023. Il reddito netto da interessi è salito a $3.782.000 rispetto a $3.645.000 anno su anno. Il reddito totale non da interessi è cresciuto a $1.280.000 rispetto a $928.000. Il ritorno medio sugli attivi della società è migliorato allo 0,86% rispetto allo 0,72%, mentre il ritorno medio sul patrimonio netto è aumentato al 9,89% rispetto all'8,87%. Il totale degli attivi ha raggiunto $577.077.000, con un patrimonio netto degli azionisti di $51.258.000. Durante il trimestre, la società ha riacquistato 5.000 azioni a un prezzo medio di $37,00.
FFW (FFWC) reportó resultados financieros sólidos para el tercer trimestre de 2024. El ingreso neto aumentó a $1,243,000 ($1.09 por acción), desde $978,000 ($0.87 por acción) en el tercer trimestre de 2023. El ingreso neto por intereses subió a $3,782,000 desde $3,645,000 interanual. El ingreso total no relacionado con intereses creció a $1,280,000 desde $928,000. El retorno sobre activos promedio de la compañía mejoró al 0.86% desde el 0.72%, mientras que el retorno sobre el patrimonio promedio aumentó al 9.89% desde el 8.87%. El total de activos alcanzó $577,077,000, con un patrimonio de los accionistas de $51,258,000. Durante el trimestre, la empresa recompró 5,000 acciones a un precio promedio de $37.00.
FFW (FFWC)는 2024년 3분기에 강력한 재무 실적을 보고했습니다. 순이익은 $1,243,000 ($1.09 주당)으로 증가했으며, 2023년 3분기의 $978,000 ($0.87 주당)에서 상승했습니다. 순이자 수익은 전년 대비 $3,782,000으로 증가했으며, $3,645,000에서 증가했습니다. 비이자 총 수익은 $1,280,000으로, $928,000에서 성장했습니다. 회사의 평균 자산 수익률은 0.86%로 개선되었고, 평균 자기자본 수익률은 9.89%로 증가했습니다. 총 자산은 $577,077,000에 도달했으며, 주주 지분은 $51,258,000입니다. 분기 동안 회사는 평균 가격 $37.00에 5,000주를 재매입했습니다.
FFW (FFWC) a annoncé de solides résultats financiers pour le troisième trimestre 2024. Le revenu net a augmenté à $1,243,000 ($1,09 par action) contre $978,000 ($0,87 par action) au troisième trimestre 2023. Le revenu net d'intérêts a augmenté à $3,782,000 par rapport à $3,645,000 d'une année sur l'autre. Le revenu total hors intérêts a crû à $1,280,000 contre $928,000. Le retour sur actifs moyens de l'entreprise s'est amélioré à 0,86% contre 0,72%, tandis que le retour sur capital propre moyen a augmenté à 9,89% contre 8,87%. Le total des actifs a atteint $577,077,000, avec un capital des actionnaires de $51,258,000. Au cours du trimestre, l'entreprise a racheté 5.000 actions à un prix moyen de $37,00.
FFW (FFWC) berichtete über starke Finanzzahlen für das 3. Quartal 2024. Der Nettogewinn stieg auf $1.243.000 ($1,09 pro Aktie) im Vergleich zu $978.000 ($0,87 pro Aktie) im 3. Quartal 2023. Die Nettozinseinnahmen stiegen im Jahresvergleich auf $3.782.000 von $3.645.000. Die gesamten nicht-zinsbasierten Einnahmen wuchsen auf $1.280.000 von $928.000. Die durchschnittliche Rendite auf Vermögenswerte des Unternehmens verbesserte sich auf 0,86% von 0,72%, während die Rendite auf das durchschnittliche Eigenkapital von 8,87% auf 9,89% anstieg. Die Gesamtsumme der Aktiva erreichte $577.077.000, bei einem Eigenkapital der Aktionäre von $51.258.000. Im Quartal kaufte das Unternehmen 5.000 Aktien zu einem Durchschnittspreis von $37,00 zurück.
- Net income increased 27% YoY to $1,243,000
- Earnings per share grew 25% to $1.09
- Noninterest income increased 38% to $1,280,000
- Return on equity improved to 9.89% from 8.87%
- Total assets grew to $577,077,000 from $567,363,000
- Equity-to-assets ratio strengthened to 8.88% from 8.55%
- Nonperforming assets increased to $4,101,000 from $4,044,000
- Noninterest expense rose 6% to $3,695,000
WABASH, Ind., Oct. 23, 2024 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (10/22/2024 Close:
For the three months ended September 30, 2024, the Corporation reported net income of
The three months ended September 30, 2024 represented a return on average common equity of
The allowance for credit losses as a percentage of gross loans receivable was
As of September 30, 2024, FFWC’s equity-to-assets ratio was
The Corporation has an active share repurchase program. During the quarter ended September 30, 2024, the Corporation repurchased 5,000 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.
| FFW Corporation Selected Financial Information | ||||||
| Consolidated Balance Sheet | ||||||
| September 30 | June 30 | |||||
| 2024 | 2024 | |||||
| Unaudited | ||||||
| Assets | ||||||
| Cash and due from financial institutions | $ | 8,477,488 | $ | 5,202,224 | ||
| Interest-bearing deposits in other financial institutions | 10,156,245 | 11,717,782 | ||||
| Cash and cash equivalents | 18,633,733 | 16,920,006 | ||||
| Securities available for sale | 108,192,857 | 106,179,450 | ||||
| Loans held for sale | 363,350 | 559,830 | ||||
| Loans receivable, net of allowance for credit losses of | ||||||
| at September 30, 2024 and | 418,463,571 | 411,841,368 | ||||
| Federal Home Loan Bank stock, at cost | 1,289,700 | 1,289,700 | ||||
| Accrued interest receivable | 2,907,918 | 3,016,660 | ||||
| Premises and equipment, net | 7,525,378 | 7,614,589 | ||||
| Mortgage servicing rights | 1,086,587 | 1,086,587 | ||||
| Cash surrender value of life insurance | 12,833,570 | 12,725,890 | ||||
| Goodwill | 1,213,898 | 1,213,898 | ||||
| Repossessed Assets | - | 1,250 | ||||
| Other assets | 4,566,693 | 4,913,693 | ||||
| Total assets | $ | 577,077,255 | $ | 567,362,921 | ||
| Liabilities and shareholders' equity | ||||||
| Deposits | ||||||
| Noninterest-bearing | $ | 52,613,542 | $ | 47,530,618 | ||
| Interest-bearing | 468,595,054 | 466,891,628 | ||||
| Total deposits | 521,208,596 | 514,422,246 | ||||
| Accrued expenses and other liabilities | 4,610,951 | 4,425,736 | ||||
| Total liabilities | 525,819,547 | 518,847,982 | ||||
| Shareholders' equity | ||||||
| Common stock, $.01 par; 2,000,000 shares authorized; | ||||||
| Issued: 1,836,328; outstanding: 1,134,993 at September 30, 2024 and 1,126,243 at June 30, 2024 | 18,363 | 18,363 | ||||
| Additional paid-in capital | 10,075,911 | 10,266,257 | ||||
| Retained earnings | 62,595,607 | 61,694,919 | ||||
| Accumulated other comprehensive income (loss) | (8,823,802 | ) | (10,795,929 | ) | ||
| Treasury stock, at cost: 701,335 at September 30, 2024 and | ||||||
| 710,085 at June 30, 2024 | (12,608,371 | ) | (12,668,671 | ) | ||
| Total shareholders' equity | 51,257,708 | 48,514,939 | ||||
| Total liabilities and shareholders' equity | $ | 577,077,255 | $ | 567,362,921 | ||
| FFW Corporation Selected Financial Information | ||||||
| Consolidated Statement of Income | ||||||
| Three Months Ended September 30 | ||||||
| 2024 | 2023 | |||||
| Unaudited | Unaudited | |||||
| Interest and dividend income: | ||||||
| Loans, including fees | $ | 5,731,067 | $ | 5,031,751 | ||
| Taxable securities | 537,550 | 489,120 | ||||
| Tax exempt securities | 405,837 | 423,619 | ||||
| Other | 194,422 | 57,374 | ||||
| Total interest and dividend income | 6,868,876 | 6,001,864 | ||||
| Interest expense: | ||||||
| Deposits | 3,087,331 | 2,331,850 | ||||
| Borrowings | - | 25,329 | ||||
| Total interest expense | 3,087,331 | 2,357,179 | ||||
| Net interest income | 3,781,545 | 3,644,685 | ||||
| Credit loss expense | - | - | ||||
| Net interest income after credit loss expense | 3,781,545 | 3,644,685 | ||||
| Noninterest income: | ||||||
| Net gains on sales of loans | 98,012 | 21,114 | ||||
| Net gains (losses) on sales of REO | (684 | ) | (37,006 | ) | ||
| Commission income | 484,080 | 335,449 | ||||
| Service charges and fees | 256,532 | 245,534 | ||||
| Earnings on life insurance | 107,679 | 80,869 | ||||
| Other | 334,874 | 282,309 | ||||
| Total noninterest income | 1,280,493 | 928,269 | ||||
| Noninterest expense: | ||||||
| Salaries and benefits | 2,041,613 | 1,914,196 | ||||
| Occupancy and equipment | 322,074 | 317,241 | ||||
| Professional | 142,751 | 121,654 | ||||
| Marketing | 90,441 | 81,576 | ||||
| Deposit insurance premium | 87,261 | 67,000 | ||||
| Regulatory assessment | 7,713 | 10,345 | ||||
| Correspondent bank charges | 22,499 | 23,941 | ||||
| Data processing | 468,590 | 450,967 | ||||
| Printing, postage and supplies | 72,208 | 67,700 | ||||
| Expense on life insurance | 34,542 | 22,796 | ||||
| Contribution expense | 9,501 | 9,709 | ||||
| Expense on REO | - | 5,822 | ||||
| Other | 396,231 | 394,473 | ||||
| Total noninterest expense | 3,695,424 | 3,487,420 | ||||
| Income before income taxes | 1,366,614 | 1,085,534 | ||||
| Income tax expense | 123,928 | 107,874 | ||||
| Net income | $ | 1,242,686 | $ | 977,660 | ||
| FFW Corporation Selected Financial Information | |||||||
| Key Balances and Ratios | |||||||
| Three Months Ended September 30 | |||||||
| 2024 | 2023 | ||||||
| Unaudited | Unaudited | ||||||
| Per common share data: | |||||||
| Earnings | $ | 1.09 | $ | 0.87 | |||
| Diluted earnings | $ | 1.09 | $ | 0.87 | |||
| Dividends paid | $ | 0.30 | $ | 0.29 | |||
| Average shares issued and outstanding | 1,139,782 | 1,126,628 | |||||
| Shares outstanding end of period | 1,134,993 | 1,126,607 | |||||
| Supplemental data: | |||||||
| Net interest margin ** | 2.70 | % | 2.75 | % | |||
| Return on average assets *** | 0.86 | % | 0.72 | % | |||
| Return on average common equity *** | 9.89 | % | 8.87 | % | |||
| September 30 | June 30 | ||||||
| 2024 | 2024 | ||||||
| Nonperforming assets * | $ | 4,100,677 | $ | 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 | ||||||
FOR MORE INFORMATION Contact: Roger Cromer, President, at (260) 563-3185
FAQ
What was FFW 's (FFWC) earnings per share in Q3 2024?
How much did FFWC's net income increase in Q3 2024 compared to Q3 2023?
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