FFW Corporation Announces 35% Increase in Net Income for the Year Ended June 30, 2011
(firmenpresse) - WABASH, IN -- (Marketwire) -- 08/12/11 -- FFW Corporation (the "Corporation") (OTCBB: FFWC) , parent corporation of Crossroads Bank, announced earnings for the quarter and fiscal year ended June 30, 2011.
For the twelve months ended June 30, 2011, the Corporation reported net income of $2,674,000, which is an increase of 35% over prior year net income of $1,980,000. Earnings per common share was $1.96 for the year ended June 30, 2011, which is 45% higher than the prior twelve month period earnings per common share of $1.35. The net interest margin for the twelve months ended June 30, 2011 was $9,868,000 compared to $9,909,000 for the twelve months ended June 30, 2010. The provision for loan losses was $1,445,000 for the twelve months ended June 30, 2011 and $1,830,000 for the twelve months ended June 30, 2010. Total noninterest income was $3,201,000 for the twelve months ended June 30, 2011 and $2,744,000 for the twelve months ended June 30, 2010. Noninterest expense was $7,990,000 for the twelve months ended June 30, 2011 and $8,371,000 for the twelve months ended June 30, 2010.
Roger K. Cromer, President and Chief Executive Officer, commented, "We are pleased with our performance for the year. We had solid loan demand during the last six months of the year. We will continue to focus our efforts on improving asset quality, controlling expenses and seeking new sources of revenue. We continue to have a solid deposit base, a very liquid balance sheet and adequate capital, so when the economy strengthens, we will be well positioned to participate in the growth."
For the three months ended June 30, 2011, the Corporation reported net income of $737,000 or $0.55 per common share. This is compared to net income of $411,000 or $0.25 per common share for the three months ended June 30, 2010. The net interest margin for the three months ended June 30, 2011 was $2,592,000 compared to $2,435,000 for the three months ended June 30, 2010. The provision for loan losses increased from $210,000 for the period ended June 30, 2010 to $300,000 for the period ended June 30, 2011. Total noninterest income was $693,000 for the three months ended June 30, 2011 and $474,000 for the three months ended June 30, 2010. Noninterest expense was $1,992,000 for the three months ended June 30, 2011 and $2,214,000 for the three months ended June 30, 2010.
The three and twelve months ended June 30, 2011 represented a return on average common equity of 11.22% and 10.03%, respectively, compared to 5.51% and 7.14% for the three and twelve month periods ended June 30, 2010. The three and twelve months ended June 30, 2011 represented a return on average assets of 0.90% and 0.80%, respectively, compared to 0.48% and 0.59% for the three and twelve month periods ended June 30, 2010.
The allowance for loan losses as a percentage of gross loans receivable was 1.39% at June 30, 2011 and 1.57% at June 30, 2010. Nonperforming assets were $13,141,000 at June 30, 2011 and $8,695,000 at June 30, 2010.
As of June 30, 2011, FFWC's equity-to-assets ratio was 9.23% compared to 8.64% at June 30, 2010. Total assets at June 30, 2011 were $323,018,000 compared to $333,564,000 at June 30, 2010. Shareholders' equity was $29,830,000 at June 30, 2011 compared to $28,804,000 at June 30, 2010. Crossroads Bank exceeds all applicable regulatory requirements to be considered "well capitalized."
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 four Indiana banking centers located in Columbia City, North Manchester, South Whitley, and Syracuse. The Bank provides leasing services at its banking centers and its Carmel, IN leasing and commercial loan office. Insurance products are offered through an affiliated company, Insurance 1 Services, Inc. The corporation's stock is traded on the OTC Bulletin Board under the symbol "FFWC.OB." Our website address is .
Contact:
Emily Boardman
Treasurer
260-563-3185
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Datum: 12.08.2011 - 12:07 Uhr
Sprache: Deutsch
News-ID 1030209
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Retail Banking
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