FFW Corporation Announces Earnings For The Quarter Ended September 30, 2024

(MENAFN- GlobeNewsWire - Nasdaq) 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 . 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

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