FFW Corporation Announces Earnings for the Three and Six Months Ended December 31, 2014
(firmenpresse) - WABASH, IN -- (Marketwired) -- 01/23/15 -- FFW Corporation (the "Corporation") (OTCBB: FFWC) , parent corporation of Crossroads Bank, announced earnings for the three and six months ended December 31, 2014.
For the three months ended December 31, 2014, the Corporation reported net income of $781,000 or $0.62 per common share compared to $770,000 or $0.58 per common share for the three months ended December 31, 2013. Net interest income for the three months ended December 31, 2014 was $2,838,000 compared to $2,584,000 for the three months ended December 31, 2013. The provision for loan losses was $180,000 for the periods ended December 31, 2014 and 2013. Total noninterest income was $983,000 for the three months ended December 31, 2014 compared to $817,000 for the three months ended December 31, 2013. Noninterest expense was $2,622,000 for the three months ended December 31, 2014 and $2,217,000 for the three months ended December 31, 2013.
For the six months ended December 31, 2014, the Corporation reported net income of $1,649,000 or $1.29 per common share compared to $1,408,000 or $1.04 per common share for the six months ended December 31, 2013. Net interest income for the six months ended December 31, 2014 was $5,649,000 compared to $5,144,000 for the six months ended December 31, 2013. The provision for loan losses was $360,000 for the periods ended December 31, 2014 and 2013. Total noninterest income was $1,939,000 for the six months ended December 31, 2014 compared to $1,423,000 for the six months ended December 31, 2013. Noninterest expense was $5,107,000 for the six months ended December 31, 2014 and $4,414,000 for the six months ended December 31, 2013.
The three and six months ended December 31, 2014 represented a return on average common equity of 9.43% and 10.01%, respectively, compared to 10.73% and 9.74% for the three and six month periods ended December 31, 2013. The three and six months ended December 31, 2014 represented a return on average assets of 0.91% and 0.96%, respectively, compared to 0.85% and 0.80%, for the three and six month periods ended December 31, 2013.
The allowance for loan losses as a percentage of gross loans receivable was 1.46% at December 31, 2014 compared to 1.29% at June 30, 2014. Nonperforming assets were $6,214,000 at December 31, 2014 compared to $7,084,000 at June 30, 2014.
As of December 31, 2014, FFWC''s equity-to-assets ratio was 10.11% compared to 10.08% at June 30, 2014. Total assets at December 31, 2014 were $341,177,000 compared to $335,496,000 at June 30, 2014. Shareholders'' equity was $34,504,000 at December 31, 2014 compared to $33,830,000 at June 30, 2014. Crossroads Bank exceeds all applicable regulatory requirements to be considered "well capitalized."
On October 27, 2014 the Corporation redeemed 1,500 shares of Fixed Rate Cumulative Preferred Stock, Series A ("Series A Preferred Stock"), for $1,500,000, plus accrued dividends. The Series A Preferred Stock was paying dividends at 9% per year. Following the redemption, the Corporation has outstanding 1,039 shares of its Series A Preferred Stock, 364 shares of its Fixed Rate Cumulative Preferred Stock, Series B, which pays dividends at 9% per year, and 3,250 shares of its Fixed Rate Cumulative Preferred Stock, Series C, which currently pays annual dividends of 5%.
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 .
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.
Contact:
Emily Boardman
Treasurer
260-563-3185
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Datum: 23.01.2015 - 10:14 Uhr
Sprache: Deutsch
News-ID 1332305
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