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Bank Earnings
Home›Bank Earnings›FFW Corporation Announces Quarterly and Full Year Results

FFW Corporation Announces Quarterly and Full Year Results

By Amber C. Lafever
January 26, 2022
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WABASH, Indiana, Jan. 26, 2022 (GLOBE NEWSWIRE) — FFW Corporation (the “Company”) (OTC PINK: FFWC) (closing on 01/25/2022: $46.95), parent company of Crossroads Bank (the “Bank”), announced its results for the quarter and year to date ended December 31, 2021.

For the quarter ended December 31, 2021, the Company reported net income of $1,358,000 or $1.19 per common share, compared to $1,774,000 or $1.55 per common share for the quarter ended December 31, 2021. December 31, 2020. Net interest income for the three months ended December 31, 2021 was $3,780,000 compared to $3,727,000 for the three months ended December 31, 2020. Provision for loan losses was $80,000 for the quarter ended December 31, 2021 and $165,000 for the quarter ended December 31, 2020. Total non-interest income was $1,032,000. for the three months ended December 31, 2021 compared to $1,814,000 for the three months ended December 31, 2020. Non-interest expense was $3,219,000 for the three months ended December 31, 2021 and $3,260,000 for the quarter ended December 31, 2020.

For the six months ended December 31, 2021, the Company reported net earnings of $2,828,000 or $2.47 per common share compared to $3,521,000 or $3.08 per common share for the six months ended December 31 2020. Net interest income for the six months ended December 31, 2021 was $7,593,000 compared to $7,434,000 for the six months ended December 31, 2020. The Company recorded an allowance for loan losses of $130,000. for the six months ended December 31, 2021 and $330,000 for the six months ended December 31, 2020. Revenue was $2,245,000 for the six months ended December 31, 2021 compared to $3,795,000 for the six months ended December 31, 2020. Non-interest expense was $6,427,000 for the six months ended December 31, 2021 and $6,686,000 for the six months ended December 31, 2020.

The three- and six-month periods ended December 31, 2021 represented an average return on common equity of 9.92% and 10.32%, respectively, compared to 13.66% and 13.69% for the three-month periods. and six months ended December 31, 2020. The three and six months ended December 31, 2021 represented an average return on assets of 1.03% and 1.10%, respectively, compared to 1.46% and 1. .47%, for the three and six-month periods ended December 31, 2020.

The allowance for loan losses as a percentage of gross loans was 1.35% as of December 31, 2021, compared to 1.43% as of June 30, 2021. Non-performing assets were $2,921,000 as of December 31, 2021, compared to $3,242,000 as of June 30, 2021.

As of December 31, 2021, FFWC’s equity to assets ratio was 10.42% compared to 10.89% as of June 30, 2021. as of December 31, 2021, compared to $52,954,000 as of June 30, 2020. 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 about the expected results of future events. Actual results could differ materially from those presented. The Company’s ability to predict future results involves a number of risks and uncertainties. The Company undertakes no obligation to issue revisions to these forward-looking statements or to reflect events or circumstances after the date of this release.

Crossroads Bank is a wholly owned subsidiary of FFW Corporation which provides a wide range of banking services and a broad range of investment and securities products through its main office in Wabash and twelve Indiana banking centers located in Columbia City, North Manchester, Peru, South Whitley, Syracuse and Warsaw. The Bank also offers leasing services in each of its banking centres. Insurance products are offered by an affiliate, Insurance 1 Services, Inc. The Company’s shares are traded on the OTC markets under the symbol “FFWC”. Our website address is www.crossroadsbanking.com. Crossroads Bank, Member FDIC.

FFW Company
Selected financial information

consolidated results

the 31st of December June 30th
2021 2021
Unaudited
Assets
Cash and receivables from financial institutions $ 6,153,813 $ 4,779,188
Interest-bearing deposits with other financial institutions 64 506 271 51,646,720
Cash and cash equivalents 70,660,084 56,425,908
Titles available for sale 114 818 062 116 335 455
Loans receivable, net of allowance for loan losses of $4,252,370 as at
December 31, 2021 and $4,168,689 as of June 30, 2021 310 761 100 285 643 064
Loans held for sale 54,501 2,613,987
Shares of Federal Home Loan Bank, at cost 1,462,500 1,462,500
Accrued interest receivable 2,087,995 2,131,744
Premises and equipment, net 8,717,373 8,949,842
Mortgage servicing rights 1,033,145 1,011,046
Cash value of life insurance 9,613,392 9,459,746
Good will 1,213,898 1,213,898
Assets taken over 58,953 148,621
other assets 1,143,749 1,045,876
Total assets $ 521 624 752 $ 486 441 687
Liabilities and equity
Deposits
Not bearing interest $ 50,431,524 $ 49,510,375
Interest bearing 412 858 678 380 084 790
Total deposits 463,290,202 429 595 165
Accrued expenses and other liabilities 4,002,546 3,892,719
Total responsibilities 467 292 748 433 487 884
Equity
Common stock, $.01 per; 2,000,000 shares authorized;
Issued: 1,836,328; in circulation: 1,143,377 – December 31, 2021 and 1,141,190 – June 30, 2021 18,363 18,363
Premium 9,834,406 9,809,754
Retained earnings 54,085,891 51 852 194
Accumulated other comprehensive income 2,220,454 3,058,832
Treasury shares, at cost: 692,951 shares as of December 31, 2021 and 695,138
shares as of June 30, 2021 (11,827,110 ) (11,785,340 )
Total equity 54,332,004 52,953,803
Total liabilities and equity $ 521 624 752 $ 486 441 687


FFW Company

Selected financial information

Consolidated income statement

Quarter ended December 31 Semester ended December 31
2021 2020 2021 2020
Unaudited Unaudited Unaudited Unaudited
Interest and dividend income:
Loans including fees $ 3,362,773 $ 3,559,989 $ 6,755,289 $ 7,164,305
Taxable securities 331 914 321 319 686 485 654 512
Tax-exempt securities 407 372 417,657 821 630 789 928
Other 25,096 9,728 43,849 17,509
Total interest and dividend income 4,127,155 4,308,693 8,307,253 8,626,254
Interest charges:
Deposits 347,651 581 261 714 322 1,192,646
Loans 1 – 1 –
Total interest expense 347,652 581 261 714 323 1,192,646
Net interest income 3,779,503 3,727,432 7,592,930 7,433,608
Allowance for loan losses 80,000 165,000 130,000 330,000
Net interest income after provision for loan losses 3,699,503 3,562,432 7,462,930 7,103,608
Non-interest income:
Net gains on sale of securities – – – 98,467
Net gains on loan assignments 72 163 1,013,356 354,826 2,208,842
Net capital gains (losses) 10,250 9,204 10,250 9,204
Net gains (losses) on REO sales 13,770 – 6,754 (6,535 )
commission income 313,632 281,325 636 236 571 403
Service charges and fees 246 442 199 419 509 672 294,838
Earnings on life insurance 77,282 75,379 153,647 149,820
Other 298,788 235 103 574,096 469 446
Total non-interest income 1,032,327 1,813,786 2,245,481 3,795,485
Non-interest expenses:
Salaries and benefits 1,778,904 1,714,403 3,491,114 3,475,467
Occupancy and equipment 320 454 321 365 646,470 664 459
Professional 106,231 92,608 225 150 153 194
Marketing 105,686 108,652 218,054 222,593
Deposit insurance premium 33,000 33,000 66,000 66,000
Regulatory assessment 9,360 9,301 18,720 18,602
Correspondent bank fees 19,186 17,146 38,710 34,663
Data processing 413 164 400 688 832 436 821 270
Printing, postage and supplies 75,994 72,084 148 278 167,496
Life insurance costs 21,332 15,849 42,764 31,698
Contributions 10,513 11,887 31,527 27,275
Spend on REO 4,961 3,258 1,025 8,039
Other 319,979 459 435 667,017 994 748
Total non-interest expense 3,218,764 3,259,676 6,427,265 6,685,504
income before taxes 1,513,066 2,116,542 3,281,146 4,213,589
income tax expense 155,358 342,970 452,894 692 487
Net revenue $ 1,357,708 $ 1,773,572 $ 2,828,252 $ 3,521,102

FFW Company
Selected financial information

Main balances and ratios

Quarter ended December 31 Semester ended December 31
2021 2020 2021 2020
Unaudited Unaudited Unaudited Unaudited
Data per joint action:
Earnings $1.19 $1.55 $2.47 $3.08
Diluted profit $1.19 $1.55 $2.47 $3.08
Dividends paid $0.26 $0.25 $0.52 $0.50
Average number of shares issued and outstanding 1,143,377 1,142,690 1,144,291 1,142,690
Shares outstanding at the end of the period 1,143,377 1,142,690 1,143,377 1,142,690
Additional data:
Net interest margin ** 3.07% 3.30% 3.15% 3.34%
Return on average assets*** 1.03% 1.46% 1.10% 1.47%
Return on average equity*** 9.92% 13.66% 10.32% 13.69%
the 31st of December June 30th
2021 2021
Non-performing assets* $2,920,997 $3,241,581
Goods repossessed $58,953 $148,621
* Includes non-accumulated loans, accumulated loans more than 90 days past due and repossessed assets
** Returns reflected have not been calculated on a tax equivalent basis
*** annualized


FOR MORE INFORMATION
Contact: Kirsten Pendarvis, Treasurer, at (260) 563-3185

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