FFW Corporation Announces Earnings for the Quarter and Year to Date Ended March 31, 2025
23-Apr-2025 11:03:59 EDT
FFW Corporation Announces Earnings for the Quarter and Year to Date Ended March 31, 2025
GlobeNewswire April 23, 2025
WABASH, Ind., April 23, 2025 (GLOBE NEWSWIRE) — FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (4/22/2025 Close: $39.70), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter and year to date ended March 31, 2025.
For the three months ended March 31, 2025, the Corporation reported net income of $1,399,000 or $1.28 per common share compared to $920,000 or $0.82 per common share for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025 was $4,119,000 compared to $3,536,000 for the three months ended March 31, 2024. The provision for credit losses was $50,000 for the three months ended March 31, 2025 and $0 for the three months ended March 31, 2024. Total noninterest income was $1,309,000 for the three months ended March 31, 2025 compared to $1,068,000 for the three months ended March 31, 2024. Noninterest expense was $3,827,000 for the three months ended March 31, 2025 and $3,609,000 for the three months ended March 31, 2024.
For the nine months ended March 31, 2025, the Corporation reported net income of $4,081,000 or $3.66 per common share compared to $2,972,000 or $2.64 per common share for the nine months ended March 31, 2024. Net interest income for the nine months ended March 31, 2025 was $11,894,000 compared to $10,813,000 for the nine months ended March 31, 2024. The Company recognized a provision for credit losses of $125,000 for the nine months ended March 31, 2025 and $0 for the nine months ended March 31, 2024. Total noninterest income was $3,849,000 for the nine months ended March 31, 2025 compared to $3,007,000 for the nine months ended March 31, 2024. Noninterest expense was $11,100,000 for the nine months ended March 31, 2025 and $10,584,000 for the nine months ended March 31, 2024.
The three and nine months ended March 31, 2025 represented a return on average common equity of 11.39% and 10.88%, respectively, compared to 7.67% and 8.56% for the three and nine month periods ended March 31, 2024. The three and nine months ended March 31, 2025 represented a return on average assets of 1.00% and 0.95%, respectively, compared to 0.66% and 0.72%, for the three and nine month periods ended March 31, 2024.
The allowance for credit losses as a percentage of gross loans receivable was 1.32% at March 31, 2025 compared to 1.33% at June 30, 2024. Nonperforming assets were $8,682,000 at March 31, 2025 compared to $4,044,000 at June 30, 2024.
As of March 31, 2025, FFWC's equity-to-assets ratio was 8.73% compared to 8.55% at June 30, 2024. Total assets at March 31, 2025 were $571,925,000 compared to $567,363,000 at June 30, 2024. Shareholders' equity was $49,958,000 at March 31, 2025 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 March 31, 2025, the Corporation repurchased 13,708 shares at an average price of $39.98. Year to date the Corporation repurchased 53,178 shares at an average price of $39.40. 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 www.crossroadsbanking.com. Crossroads Bank, Member FDIC.
FFW Corporation Selected Financial Information
Consolidated Balance Sheet
Mach 31
June 30
2025
2024
Unaudited
Assets
Cash and due from financial institutions
$
6,983,720
$
5,202,224
Interest-bearing deposits in other financial institutions
3,719,909
11,717,782
Cash and cash equivalents
10,703,629
16,920,006
Securities available for sale
107,035,030
106,179,450
Loans held for sale
1,183,650
559,830
Loans receivable, net of allowance for credit losses of $5,627,164
at March 31, 2024 and $5,564,436 at June 30, 2024
421,027,946
411,841,368
Federal Home Loan Bank stock, at cost
1,289,700
1,289,700
Accrued interest receivable
2,914,302
3,016,660
Premises and equipment, net
7,503,967
7,614,589
Mortgage servicing rights
1,093,572
1,086,587
Cash surrender value of life insurance
13,054,115
12,725,890
Goodwill
1,213,898
1,213,898
Repossessed Assets
–
1,250
Other assets
4,904,722
4,913,693
Total assets
$
571,924,531
$
567,362,921
Liabilities and shareholders' equity
Deposits
Noninterest-bearing
$
51,886,534
$
47,530,618
Interest-bearing
448,895,881
466,891,628
Total deposits
500,782,415
514,422,246
Borrowings
17,000,000
–
Accrued expenses and other liabilities
4,184,509
4,425,736
Total liabilities
521,966,924
518,847,982
Shareholders' equity
Common stock, $.01 par; 2,000,000 shares authorized;
Issued: 1,836,328; outstanding: 1,086,281 at March 31, 2025 and 1,126,243 at June 30, 2024
18,363
18,363
Additional paid-in capital
10,182,832
10,266,257
Retained earnings
64,774,708
61,694,919
Accumulated other comprehensive income (loss)
(10,489,806
)
(10,795,929
)
Treasury stock, at cost: 746,9325 at March 31, 2025 and
710,085 at June 30, 2024
(14,528,490
)
(12,668,671
)
Total shareholders' equity
49,957,607
48,514,939
Total liabilities and shareholders' equity
$
571,924,531
$
567,362,921
FFW Corporation Selected Financial Information
Consolidated Statement of Income
Three Months Ended March 31
Nine Months Ended March 31
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Interest and dividend income:
Loans, including fees
$
5,707,273
$
5,373,052
$
17,198,053
$
15,688,147
Taxable securities
549,122
508,864
1,623,785
1,493,040
Tax exempt securities
405,406
407,951
1,223,115
1,250,686
Other
103,991
57,617
485,623
189,900
Total interest and dividend income
6,765,792
6,347,484
20,530,576
18,621,773
Interest expense:
Deposits
2,619,446
2,746,943
8,608,612
7,680,525
Borrowings
27,799
64,888
27,813
128,357
Total interest expense
2,647,245
2,811,831
8,636,425
7,808,882
Net interest income
4,118,547
3,535,653
11,894,151
10,812,891
Provision for credit losses
50,000
–
125,000
–
Net interest income after provision for
4,068,547
3,535,653
11,769,151
10,812,891
credit losses
Noninterest income:
Net gains on sales of loans
59,267
28,349
298,601
71,755
Net gains (losses) on fixed assets
–
–
35,238
–
Net gains (losses) on sales of REO
–
–
(684
)
(37,006
)
Commission income
593,775
364,240
1,530,164
1,034,231
Service charges and fees
245,619
276,777
711,137
779,262
Earnings on life insurance
109,953
107,851
328,225
283,332
Other
300,569
291,081
946,043
874,959
Total noninterest income
1,309,183
1,068,298
3,848,724
3,006,533
Noninterest expense:
Salaries and benefits
2,017,995
1,942,761
6,063,655
5,726,167
Occupancy and equipment
333,088
323,582
966,545
950,172
Professional
127,059
116,840
463,741
359,794
Marketing
84,205
98,890
278,408
281,794
Deposit insurance premium
84,423
69,000
246,684
207,666
Regulatory assessment
11,921
10,345
31,203
31,035
Correspondent bank charges
34,720
25,675
81,274
69,885
Data processing
592,792
474,275
1,556,269
1,384,115
Printing, postage and supplies
69,259
64,214
226,111
219,432
Expense on life insurance
27,665
41,249
(19,889
)
88,785
Contribution expense
18,286
20,946
37,388
40,881
Expense on REO
–
–
–
5,822
Other
425,132
421,267
1,168,598
1,217,962
Total noninterest expense
3,826,545
3,609,044
11,099,987
10,583,510
Income before income taxes
1,551,185
994,907
4,517,888
3,235,914
Income tax expense
152,317
75,100
436,810
264,001
Net income
$
1,398,868
$
919,807
$
4,081,078
$
2,971,913
FFW Corporation Selected Financial Information
Key Balances and Ratios
Three Months Ended March 31
Nine Months Ended March 31
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Per common share data:
Earnings
$
1.28
$
0.82
$
3.66
$
2.64
Diluted earnings
$
1.28
$
0.82
$
3.66
$
2.64
Dividends paid
$
0.30
$
0.29
$
0.90
$
0.87
Average shares issued and outstanding
1,091,358
1,128,394
1,116,016
1,126,998
Shares outstanding end of period
1,086,281
1,126,843
1,086,281
1,126,843
Supplemental data:
Net interest margin **
3.00
%
2.66
%
2.84
%
2.70
%
Return on average assets ***
1.00
%
0.66
%
0.95
%
0.72
%
Return on average common equity ***
11.39
%
7.67
%
10.88
%
8.56
%
March 31
June 30
2025
2024
Nonperforming assets *
$
8,682,341
$
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
Contact: Stacy Wiley, Treasurer, at (260) 563-3185
