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     133  0 Kommentare FFW Corporation Announces Earnings for the Quarter and Year to Date Ended March 31, 2024

    WABASH, Ind., April 24, 2024 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (4/23/2024 Close: $34.65), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter and year to date ended March 31, 2024.

    For the three months ended March 31, 2024, the Corporation reported net income of $920,000 or $0.82 per common share compared to $1,216,000 or $1.07 per common share for the three months ended March 31, 2023. Net interest income for the three months ended March 31, 2024 was $3,536,000 compared to $3,975,000 for the three months ended March 31, 2023. The provision for credit losses was $0 for the three months ended March 31, 2024 compared to $75,000 for the three months ended March 31, 2023. Total noninterest income was $1,068,000 for the three months ended March 31, 2024 compared to $880,000 for the three months ended March 31, 2023. Noninterest expense was $3,609,000 for the three months ended March 31, 2024 and $3,478,000 for the three months ended March 31, 2023.

    For the nine months ended March 31, 2024, the Corporation reported net income of $2,972,000 or $2.64 per common share compared to $4,355,000 or $3.84 per common share for the nine months ended March 31, 2023. Net interest income for the nine months ended March 31, 2024 was $10,813,000 compared to $12,599,000 for the nine months ended March 31, 2023. The Company recognized a provision for credit losses of $0 for the nine months ended March 31, 2024 and $475,000 for the nine months ended March 31, 2023. Total noninterest income was $3,007,000 for the nine months ended March 31, 2024 compared to $2,975,000 for the nine months ended March 31, 2023. Noninterest expense was $10,584,000 for the nine months ended March 31, 2024 and $10,084,000 for the nine months ended March 31, 2023.

    The three and nine months ended March 31, 2024 represented a return on average common equity of 7.67% and 8.56%, respectively, compared to 10.47% and 12.59% for the three and nine month periods ended March 31, 2023. The three and nine months ended March 31, 2024 represented a return on average assets of 0.66% and 0.72%, respectively, compared to 0.93% and 1.09%, for the three and nine month periods ended March 31, 2023.

    The allowance for credit losses as a percentage of gross loans receivable was 1.29% at March 31, 2024 compared to 1.23% at June 30, 2023. Nonperforming assets were $4,105,000 at March 31, 2024 compared to $2,065,000 at June 30, 2023.

    As of March 31, 2024, FFWC’s equity-to-assets ratio was 8.62% compared to 8.54% at June 30, 2023. Total assets at March 31, 2024 were $556,704,000 compared to $543,245,000 at June 30, 2023. Shareholders’ equity was $47,963,000 at March 31, 2024 compared to $46,385,000 at June 30, 2023. 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
      March 31   June 30  
      2024   2023  
      Unaudited      
    Assets        
    Cash and due from financial institutions $             2,635,498   $             8,686,057  
    Interest-bearing deposits in other financial institutions 4,410,327   4,668,889  
    Cash and cash equivalents 7,045,825   13,354,946  
             
    Securities available for sale 107,185,861   110,063,452  
    Loans held for sale 158,000   80,000  
    Loans receivable, net of allowance for credit losses of $5,366,311 at        
    March 31, 2024 and $4,852,745 at June 30, 2023 410,645,871   390,544,236  
    Federal Home Loan Bank stock, at cost 1,289,700   1,289,700  
    Accrued interest receivable 2,718,842   2,648,368  
    Premises and equipment, net 7,762,148   8,121,511  
    Mortgage servicing rights 1,095,003   1,128,019  
    Cash surrender value of life insurance 12,619,809   10,086,476  
    Goodwill 1,213,898   1,213,898  
    Repossessed assets 1,250   109,596  
    Other assets 4,967,346   4,604,551  
    Total assets $         556,703,553   $         543,244,753  
             
    Liabilities and shareholders' equity        
    Deposits        
    Noninterest-bearing $           50,711,836   $           53,267,081  
    Interest-bearing 446,835,882   437,700,301  
    Total deposits 497,547,718   490,967,382  
             
    Borrowings 6,500,000   2,100,000  
    Accrued expenses and other liabilities 4,692,595   3,792,808  
    Total liabilities 508,740,313   496,860,190  
             
    Shareholders' equity        
    Common stock, $.01 par; 2,000,000 shares authorized;        
    Issued: 1,836,328; outstanding: 1,126,843 - March 31, 2024 and 1,126,357 - June 30, 2023 18,363   18,363  
    Additional paid-in capital 10,220,664   10,150,145  
    Retained earnings 60,903,966   59,406,634  
    Accumulated other comprehensive income (loss) (10,532,232 ) (10,588,876 )
    Treasury stock, at cost: 709,485 at March 31, 2024 and        
    709,971 shares at June 30, 2023 (12,647,521 ) (12,601,703 )
    Total shareholders' equity 47,963,240   46,384,563  
             
    Total liabilities and shareholders' equity  $         556,703,553   $         543,244,753  


    FFW Corporation
    Selected Financial Information
    Consolidated Statement of Income
        Three Months Ended March 31   Nine Months Ended March 31  
        2024 2023   2024   2023  
        Unaudited Unaudited   Unaudited   Unaudited  
    Interest and dividend income:              
      Loans, including fees $                   5,373,052 $                   4,494,524   $                15,688,146   $                12,606,871  
      Taxable securities 508,864 477,067   1,493,040   1,381,213  
      Tax exempt securities 407,951 457,460   1,250,686   1,377,899  
      Other 57,616 76,502   189,900   360,583  
      Total interest and dividend income 6,347,483 5,505,553   18,621,772   15,726,566  
                     
    Interest expense:              
      Deposits 2,746,943 1,526,134   7,680,525   3,121,684  
      Borrowings 64,888 4,665   128,357   6,037  
      Total interest expense 2,811,831 1,530,799   7,808,882   3,127,721  
                     
    Net interest income                      3,535,652                      3,974,754                      10,812,890                      12,598,845  
                     
    Provision for credit losses - 75,000   -   475,000  
                     
    Net interest income after provision for               
      credit losses                      3,535,652                      3,899,754                      10,812,890                      12,123,845  
                     
    Noninterest income:              
      Net gains (losses) on sales of securities - (3,633 ) -   (3,633 )
      Net gains on sales of loans 28,349 12,710   71,755   151,602  
      Net gains (losses) on fixed assets - (20,533 ) -   (20,533 )
      Net gains (losses) on sales of REO - (8,775 ) (37,006 ) 3,066  
      Commission income 364,240 299,231   1,034,231   923,239  
      Service charges and fees 276,777 242,269   779,262   804,352  
      Earnings on life insurance 107,851 79,662   283,332   238,088  
      Other 291,081 278,705   874,958   879,123  
      Total noninterest income 1,068,298 879,636   3,006,532   2,975,304  
                     
    Noninterest expense:              
      Salaries and benefits 1,942,761 1,913,505   5,726,167   5,551,802  
      Occupancy and equipment 323,582 320,444   950,172   932,825  
      Professional 116,840 109,579   359,794   326,487  
      Marketing 98,890 102,263   281,794   281,215  
      Deposit insurance premium 69,000 39,025   207,666   119,968  
      Regulatory assessment 10,345 8,511   31,035   24,690  
      Correspondent bank charges 25,675 21,650   69,885   66,073  
      Data processing 474,275 435,771   1,384,115   1,236,359  
      Printing, postage and supplies 64,214 65,940   219,432   221,267  
      Expense on life insurance 41,249 21,889   88,785   65,982  
      Contribution expense 20,946 20,248   40,881   40,124  
      Expense on REO - 636   5,822   6,540  
      Other 421,267 418,077   1,217,961   1,210,389  
      Total noninterest expense 3,609,044 3,477,538   10,583,509   10,083,721  
                     
    Income before income taxes                         994,906                      1,301,852                        3,235,913                        5,015,428  
                     
    Income tax expense 75,100 85,468   264,001   660,505  
                     
    Net income  $                       919,806 $                    1,216,384   $                    2,971,912   $                    4,354,923  
                     


    FFW Corporation
    Selected Financial Information
    Key Balances and Ratios
      Three Months Ended March 31 Nine Months Ended March 31
      2024 2023 2024 2023
      Unaudited Unaudited Unaudited Unaudited
    Per common share data:        
    Earnings $0.82 $1.07 $2.64 $3.84
    Diluted earnings $0.82 $1.07 $2.64 $3.84
    Dividends paid $0.29 $0.28 $0.87 $0.84
    Average shares issued and outstanding 1,128,394 1,128,995 1,126,998 1,133,501
    Shares outstanding end of period 1,126,843 1,127,357 1,126,843 1,127,357
             
    Supplemental data:        
    Net interest margin ** 2.66% 3.13% 2.70% 3.25%
    Return on average assets *** 0.66% 0.93% 0.72% 1.09%
    Return on average common equity *** 7.67% 10.47% 8.56% 12.59%
             
      March 31 June 30    
      2024 2023    
    Nonperforming assets * $4,105,121 $2,065,381    
    Repossessed assets $1,250 $109,596    
             
    *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





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    FFW Corporation Announces Earnings for the Quarter and Year to Date Ended March 31, 2024 WABASH, Ind., April 24, 2024 (GLOBE NEWSWIRE) - FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (4/23/2024 Close: $34.65), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter and year to date ended March 31, …

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