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WABASH, Ind., April 27, 2022 (GLOBE NEWSWIRE) — FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (4/26/2022 Close: $46.50)parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter and year to date ended March 31, 2022.
For the three months ended March 31, 2022, the Corporation reported net income of $1,369,000 or $1.20 per common share compared to $1,575,000 or $1.38 per common share for the three months ended March 31, 2021. Net interest income for the three months ended March 31 , 2022 was $3,745,000 compared to $3,655,000 for the three months ended March 31, 2021. The provision for loan losses was $75,000 for the three months ended March 31, 2022 and $165,000 for the three months ended March 31, 2021. Total noninterest income was $1,120,000 for the three months ended March 31, 2022 compared to $1,917,000 for the three months ended March 31, 2021. Noninterest expense was $3,291,000 for the three months ended March 31, 2022 and $3,570,000 for the three months ended March 31, 2021.
For the nine months ended March 31, 2022, the Corporation reported net income of $4,197,000 or $3.67 per common share compared to $5,096,000 or $4.46 per common share for the nine months ended March 31, 2021. Net interest income for the nine months ended March 31 , 2022 was $11,338,000 compared to $11,089,000 for the nine months ended March 31, 2021. The Company recognized a provision for loan losses of $205,000 for the nine months ended March 31, 2022 and $495,000 for the nine months ended March 31, 2021. Total noninterest Income was $3,366,000 for the nine months ended March 31, 2022 compared to $5,713,000 for the nine months ended March 31, 2021. Noninterest expense was $9,718,000 for the nine months ended March 31, 2022 and $10,255,000 for the nine months ended March 31, 2021.
The three and nine months ended March 31, 2022 represented a return on average common equity of 10.30% and 10.32%, respectively, compared to 12.00% and 13.12% for the three and nine month periods ended March 31, 2021. The three and nine months ended March 31, 2022 represented a return on average assets of 1.04% and 1.08%, respectively, compared to 1.36% and 1.44%, for the three and nine month periods ended March 31, 2021.
The allowance for loan losses as a percentage of gross loans receivable was 1.28% at March 31, 2022 compared to 1.43% at June 30, 2021. Nonperforming assets were $2,518,000 at March 31, 2022 compared to $3,242,000 at June 30, 2021.
As of March 31, 2022, FFWC’s equity-to-assets ratio was 9.41% compared to 10.89% at June 30, 2021. Total assets at March 31, 2022 were $532,318,000 compared to $486,442,000 at June 30, 2021. Shareholders’ equity was $50,103,000 at March 31, 2022 compared to $52,954,000 at June 30, 2021. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized.”
The corporation has an active walk-in share repurchase program. Share repurchases may be facilitated at the corporate office located at 1205 N. Cass St., Wabash IN 46992. For more information regarding the share repurchase program, please contact Kirsten Pendarvis, Treasurer, 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
| March 31 | June 30 | |||||
| 2022 | 2021 | |||||
| Unaudited | ||||||
| Assets | ||||||
| Cash and due from financial institutions | $ | 6,366,006 | $ | 4,779,188 | ||
| Interest-bearing deposits in other financial institutions | 61,807,267 | 51,646,720 | ||||
| Cash and cash equivalents | 68,173,273 | 56,425,908 | ||||
| Securities available for sale | 112,746,728 | 116,335,455 | ||||
| Loans receivable, net of allowance for loan losses of $4,203,633 at March 31, 2022 and $4,168,689 at June 30, 2021 | 325,007,588 | 285,643,064 | ||||
| Loans held for sale | – | 2,613,987 | ||||
| Federal Home Loan Bank stock, at cost | 1,289,700 | 1,462,500 | ||||
| Accrued interest receivable | 1,881,750 | 2,131,744 | ||||
| Premises and equipment, net | 8,601,701 | 8,949,842 | ||||
| Mortgage servicing rights | 1,124,143 | 1,011,046 | ||||
| Cash surrender value of life insurance | 9,690,141 | 9,459,746 | ||||
| Goodwill | 1,213,898 | 1,213,898 | ||||
| Repossessed Assets | 68,758 | 148,621 | ||||
| Other assets | 2,520,184 | 1,045,876 | ||||
| Total assets | $ | 532,317,864 | $ | 486,441,687 | ||
| Liabilities and shareholders’ equity | ||||||
| Deposits | ||||||
| Noninterest-bearing | $ | 56,402,280 | $ | 49,510,375 | ||
| Interest-bearing | 421,539,440 | 380,084,790 | ||||
| Total deposits | 477,941,720 | 429,595,165 | ||||
| Accrued expenses and other liabilities | 4,273,628 | 3,892,719 | ||||
| Total liabilities | 482,215,348 | 433,487,884 | ||||
| Shareholders’ equity | ||||||
| Common stock, $.01 par; 2,000,000 shares authorized; | ||||||
| Issued: 1,836,328; outstanding: 1,143,327 – March 31, 2022 and 1,141,190 – June 30, 2021 | 18,363 | 18,363 | ||||
| Additional paid-in capital | 9,887,878 | 9,809,754 | ||||
| Retained earnings | 55,157,652 | 51,852,194 | ||||
| Accumulated other comprehensive income | (3,131,898 | ) | 3,058,832 | |||
| Treasury stock, at cost: 693,001 shares at March 31, 2022 and 695,138 shares at June 30, 2021 | (11,829,479 | ) | (11,785,340 | ) | ||
| Total shareholders’ equity | 50,102,516 | 52,953,803 | ||||
| Total liabilities and shareholders’ equity | $ | 532,317,864 | $ | 486,441,687 | ||
FFW Corporation
Selected Financial Information
Consolidated Statement of Income
| Three Months Ended March 31 | Nine Months Ended March 31 | |||||||||||
Full story available on Benzinga.com
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