FFW Corporation Announces Earnings for the Three and Nine Months Ended March 31, 2013
(firmenpresse) - WABASH, IN -- (Marketwired) -- 04/24/13 -- FFW Corporation (the "Corporation") (OTCBB: FFWC) , parent corporation of Crossroads Bank, announced earnings for the three and nine months ended March 31, 2013.
For the three months ended March 31, 2013, the Corporation reported net income of $643,000 or $0.47 per common share compared to $737,000 or $0.55 per common share for the three months ended March 31, 2012. The net interest margin for the three months ended March 31, 2013 was $2,294,000 compared to $2,350,000 for the three months ended March 31, 2012. The provision for loan losses decreased from $300,000 for the period ended March 31, 2012 to $210,000 for the period ended March 31, 2013. Total noninterest income was $782,000 for the three months ended March 31, 2013 compared to $805,000 for the three months ended March 31, 2012. Noninterest expense was $2,164,000 for the three months ended March 31, 2013 and $2,118,000 for the three months ended March 31, 2012.
For the nine months ended March 31, 2013, the Corporation reported net income of $2,031,000 or $1.50 per common share compared to $2,129,000 or $1.58 per common share for the nine months ended March 31, 2012. The net interest margin for the nine months ended March 31, 2013 was $6,981,000 compared to $7,188,000 for the nine months ended March 31, 2012. The provision for loan losses decreased from $900,000 for the period ended March 31, 2012 to $630,000 for the period ended March 31, 2013. Total noninterest income was $2,465,000 for the nine months ended March 31, 2013 compared to $2,502,000 for the nine months ended March 31, 2012. Noninterest expense was $6,431,000 for the nine months ended March 31, 2013 and $6,204,000 for the nine months ended March 31, 2012.
The three and nine months ended March 31, 2013 represented a return on average common equity of 8.49% and 9.12%, respectively, compared to 10.09% and 9.87% for the three and nine month periods ended March 31, 2012. The three and nine months ended March 31, 2013 represented a return on average assets of 0.77% and 0.81%, respectively, compared to 0.90% and 0.86% for the three and nine month periods ended March 31, 2012.
The allowance for loan losses as a percentage of gross loans receivable was 1.74% at March 31, 2013 compared to 1.68% at June 30, 2012. Nonperforming assets were $8,498,000 at March 31, 2013 compared to $10,234,000 at June 30, 2012.
As of March 31, 2013, FFWC's equity-to-assets ratio was 9.57% compared to 9.34% at June 30, 2012. Total assets at March 31, 2013 were $338,350,000 compared to $329,042,000 at June 30, 2012. Shareholders' equity was $32,367,000 at March 31, 2013 compared to $30,746,000 at June 30, 2012. 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 Markets under the symbol "FFWC." Our website address is .
FOR MORE INFORMATION
Contact:
Emily Boardman
Treasurer
260-563-3185
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Datum: 24.04.2013 - 11:18 Uhr
Sprache: Deutsch
News-ID 1219923
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Retail Banking
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