FFW Corporation Reports Quarterly Results

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WABASH, Ind., October 27, 2021 (GLOBE NEWSWIRE) – FFW Corporation (the “Company”) (OTC ROSE: FFWC) (10/26/2021 Closing: $ 47.50), parent company of Crossroads Bank (the “Bank”), announced its results for the quarter ended September 30, 2021.

For the quarter ended September 30, 2021, the Company reported net earnings of $ 1,471,000 or $ 1.28 per common share compared to $ 1,748,000 or $ 1.53 per common share for the quarter ended September 30 2020. Net interest income for the quarter ended September 30, 2021 was $ 3,813,000, compared to $ 3,706,000 for the quarter ended September 30, 2020. The allowance for loan losses was $ 50,000 for the quarter ended September 30, 2021 and $ 165,000 for the quarter ended September 30, 2020. Total non-interest income was $ 1,213,000 for the quarter ended September 30, 2021, compared to $ 1,982,000 for the quarter ended September 30, 2020. Non-interest expenses amounted to $ 3,209,000 for the quarter ended September 30, 2021 and $ 3,426,000 for the quarter ended September 30, 2020.

The quarter ended September 30, 2021 represented an average return on equity of 10.72%, compared to 13.71% for the quarter ended September 30, 2020. The quarter ended September 30, 2021 represented a return on equity. average assets of 1.17% compared to 1.48% for the quarter ended September 30, 2020.

The allowance for loan losses as a percentage of gross loans receivable was 1.37% as at September 30, 2021 compared to 1.43% as at June 30, 2021. Non-performing assets amounted to $ 3,229,000 as at September 30, 2021 compared to $ 3,242,000 as of June 30, 2021.

As of September 30, 2021, FFWC’s equity / assets ratio was 10.75% compared to 10.89% as of June 30, 2021. Total assets as of September 30, 2021 were $ 500,042,000 compared to $ 486,442,000 as of June 30, 2021. Shareholders’ equity was $ 53,760,000 as of September 30, 2021 compared to $ 52,954,000 as of June 30, 2021. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized”.

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 conviction as to the expected results of future events. Actual results could differ materially from those presented. The Company’s ability to predict future results involves a number of risks and uncertainties. The Company assumes no obligation to publish revisions to these forward-looking statements or to reflect events or circumstances after the date of such publication.

Crossroads Bank is a wholly owned subsidiary of FFW Corporation providing a wide range of banking services and a wide range of investment and securities products through its main office in Wabash and twelve Indiana banking centers located in Columbia City, North Manchester, Peru, South Whitley, Syracuse and Warsaw. The Bank also offers leasing services in each of its banking centers. Insurance products are offered by an affiliated company, Insurance 1 Services, Inc. The Company’s shares are traded over-the-counter under the symbol “FFWC”. Our website address is www.crossroadsbanking.com. Banque Carrefour, FDIC member.

FFW Company
Selected financial information

consolidated results

September 30 June 30th
2021 2021
Unaudited
Assets
Cash and receivables from financial institutions $ 6,567,703 $ 4 779 188
Interest-bearing deposits in other financial institutions 48 015 361 51 646 720
Cash and cash equivalents 54,583,064 56 425 908
Titles available for sale 116,500 686 116 335 455
Loans receivable, net of allowance for loan losses of $ 4,204,048 to
September 30, 2021 and $ 4,168,689 as of June 30, 2021 302,895,512 285 643 064
Loans held for sale 562,044 2,613,987
Federal Home Loan Bank shares, at cost 1,462,500 1,462,500
Accrued interest receivable 2,082,763 2,131,744
Premises and equipment, net 8,793,695 8 949 842
Mortgage management rights 1,035,531 1,011,046
Cash surrender value of life insurance 9,536,111 9,459,746
Good will 1,213,898 1,213,898
Assets taken over 178,839 148 621
other assets 1,197,152 1,045,876
Total assets $ 500 041 795 $ 486 441 687
Liabilities and equity
Deposits
Not bearing interest $ 58,004,539 $ 49 510 375
Bearing interest 384 368 074 380 084 790
Total deposits 442 372 613 429 595 165
Accruals and other liabilities 3,908,786 3,892,719
Total responsibilities 446 281 399 433 487 884
Equity
Common shares, $ 0.01 at par; 2,000,000 authorized shares;
Issued: 1,836,328; outstandings: 1,143,377 – September 30, 2021 and 1,141,190 – June 30, 2021 18 363 18 363
Premium 9,780,934 9,809,754
Retained earnings 53,025,460 51 852 194
Cumulative other comprehensive income 2,762,749 3,058,832
Own shares, at cost: 692,951 shares as of September 30, 2021 and 695,138 shares as of June 30, 2021 (11 827 110 ) (11 785 340 )
Total equity 53,760,396 52 953 803
Total liabilities and equity $ 500 041 795 $ 486 441 687

FFW Company
Selected financial information

Consolidated income statement

Three months ended September 30
2021 2020
Unaudited Unaudited
Interest and dividends:
Loans, including fees $ 3,392,516 $ 3,604,316
Taxable securities 354,571 333,193
Tax-exempt securities 414 258 372 271
Other 18,753 7,781
Total interest and dividend income 4 180 098 4 317 561
Interest charges:
Deposits 366,671 611 385
Total interest charges 366,671 611 385
Net interest income 3,813,427 3,706,176
Allowance for loan losses 50,000 165,000
Net interest income after provision
loan losses 3,763,427 3,541,176
Non-interest income:
Net gains on sales of securities 98,467
Net gains on loan transfers 282 663 1,195,486
Net gains (losses) on REO sales (7,016 ) (6,535 )
commission income 322,604 290,078
Service charges and fees 263 230 95,419
Earnings on life insurance 76,365 74,441
Other 275,308 234 343
Total non-interest income 1,213,154 1,981,699
Non-interest charges:
Salaries and Benefits 1,712,210 1,761,064
Occupancy and equipment 326,016 343,094
Professional 118,919 60,586
Marketing 112,368 113,941
Deposit insurance premium 33,000 33,000
Regulatory Assessment 9,360 9,301
Correspondent bank charges 19 524 17,517
Data processing 419,272 420,582
Printing, postage and supplies 72,284 95 412
Life insurance costs 21,432 15,849
Contribution charge 21,014 15,388
Spending on REO (3 936 ) 4,781
Other 347,038 535,313
Total non-interest charges 3,208,501 3,425,828
Income before taxes 1,768,080 2,097,047
Income tax expense 297,536 349,517
Net revenue $ 1,470,544 $ 1,747,530

FFW Company
Selected financial information

Main balances and ratios

Three months ended September 30
2021 2020
Unaudited Unaudited
Data per common share:
Earnings $ 1.28 $ 1.53
Diluted profit $ 1.28 $ 1.53
Dividends paid $ 0.26 $ 0.25
Average shares issued and outstanding 1 145 204 1 142 690
Shares in circulation at the end of the period 1,143,377 1 142 690
Additional data:
Net interest margin ** 3.23 % 3.38 %
Return on average assets *** 1.17 % 1.48 %
Return on average equity *** 10.72 % 13.71 %
September 30 June 30th
2021 2021
Non-performing assets * $ 3,229,370 $ 3,241,581
Assets taken over $ 178,839 $ 148 621
* Includes unaccounted-for loans, accrued loans over 90 days past due, and assumed assets
** The reflected returns have not been calculated on a tax equivalent basis.
*** annualized

FOR MORE INFORMATION Contact: Kirsten Pendarvis, Treasurer, at (260) 563-3185


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