WABASH, Ind., Oct. 23, 2024 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (10/22/2024 Close: $39.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter ended September 30, 2024.
For the three months ended September 30, 2024, the Corporation reported net income of $1,243,000 or $1.09 per common share compared to $978,000 or $0.87 per common share for the three months ended September 30, 2023. Net interest income for the three months ended September 30, 2024 was $3,782,000 compared to $3,645,000 for the three months ended September 30, 2023. The provision for credit losses was $0 for the three months ended September 30, 2024 and September 30, 2023. Total noninterest income was $1,280,000 for the three months ended September 30, 2024 compared to $928,000 for the three months ended September 30, 2023. Noninterest expense was $3,695,000 for the three months ended September 30, 2024 and $3,487,000 for the three months ended September 30, 2023.
The three months ended September 30, 2024 represented a return on average common equity of 9.89% compared to 8.87% for the three months ended September 30, 2023. The three months ended September 30, 2024 represented a return on average assets of 0.86% compared to 0.72% for the three months ended September 30, 2023.
The allowance for credit losses as a percentage of gross loans receivable was 1.30% at September 30, 2024 compared to 1.33% at June 30, 2024. Nonperforming assets were $4,101,000 at September 30, 2024 compared to $4,044,000 at June 30, 2024.
As of September 30, 2024, FFWC’s equity-to-assets ratio was 8.88% compared to 8.55% at June 30, 2024. Total assets at September 30, 2024 were $577,077,000 compared to $567,363,000 at June 30, 2024. Shareholders’ equity was $51,258,000 at September 30, 2024 compared to $48,515,000 at June 30, 2024. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized.”
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 $37.00. For more information regarding the share repurchase program, please contact Roger Cromer, President, at (260) 563-3185. The Corporation may suspend or discontinue repurchases at any time.
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 $5,510,149
at September 30, 2024 and $5,564,436 at June 30, 2024
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
