EX-99 3 ffw_8-kex.txt EXHIBIT 99.1 Exhibit 99.1 ------------ FFW CORP PRESS RELEASE FOR MORE INFORMATION FOR IMMEDIATE RELEASE Contact: Tim Sheppard, Treasurer Date: April 23, 2003 at 260-563-3185 x228 FFW CORPORATION ANNOUNCES NET INCOME FOR THE QUARTER ENDED MARCH 31, 2003 WABASH, INDIANA - - FFW Corporation (NASDAQ: FFWC), parent corporation of First Federal Savings Bank of Wabash, Indiana, announced operating results for the third fiscal quarter of 2003 and nine months ended March 31, 2003. Net income for the quarter ended March 31, 2003, was $584,000, a 12.7% increase from the $518,000 reported for the quarter ended March 31, 2002. Diluted net income per share for the third fiscal quarter of 2003 amounted to $0.43, up 16.2% from the $0.37 reported in the third fiscal quarter of 2002. Net income and diluted net income per share for the nine months ended March 31, 2003 were $1,777,000 and $1.30 compared to $1,484,000 and $1.06 at March 31, 2002. The fiscal 2003's third quarter and year to date earnings represent a return on average shareholders' equity of 10.04% and 10.20% compared to 9.45% and 8.89% for the periods ended March 31, 2002. Return on average total assets for the three and nine-month periods ended March 31, 2003 were 1.00% and 1.00% compared to 0.90% and 0.86% for the periods ended March 31, 2002. The allowance for loan losses as a percentage of net loans receivable was 2.09% at March 31, 2003 compared to 1.99% at December 31, 2002 and 1.66% at June 30, 2002. Nonperforming assets at March 31, 2003 were $3.0 million compared to $3.2 million at December 31, 2002 and $2.1 million at June 30, 2002. As of March 31, 2003, FFWC's equity-to-assets ratio was 9.87% compared to 9.42% at June 30, 2002. Shareholders' equity was $23.3 million compared to $22.4 million at June 30, 2002. Total assets at March 31, 2003 were $236.6 million compared to $237.8 million at 2002 fiscal year end. Total deposits at March 31, 2003 were up $6.9 million over June 30, 2002 while total FHLB borrowings decreased by $9.6 million. First Federal Savings Bank is a wholly owned subsidiary of FFW Corporation providing retail and small business financial services through its main office in Wabash and three banking centers located in North Manchester, South Whitley, and Syracuse, Indiana. Investment services such as the purchase of stock, mutual funds and insurance products are offered through an affiliated company, FirstFed Financial Inc. The corporation's stock is traded on the NASDAQ system under the symbol "FFWC" and our website address is www.ffsbwabash.com.
FFW Corporation April 23, 2003 Unaudited Selected balance sheet data: 3/31/2003 6/30/2002 --------- --------- (In Thousands) Total assets $236,648 $237,828 Loans receivable 127,132 144,219 Allowance for loan loss 2,606 2,361 Securities available for sale 87,925 76,345 Deposits 165,573 158,661 Borrowings 44,741 54,363 Stockholders' equity 23,347 22,409 Nonperforming assets * 2,977 2,131 Repossessed assets 263 188 Unaudited Unaudited Three Months Ended Nine Months Ended Selected Operating Data: 3/31/2003 3/31/2002 3/31/2003 3/31/2002 --------- --------- --------- --------- (In Thousands) (In Thousands) Total interest income $ 3,405 $ 3,897 $ 10,730 $ 12,183 Total interest expense 1,753 2,300 5,671 7,230 --------- --------- --------- --------- Net interest income 1,652 1,597 5,059 4,953 Provision for loan losses 460 305 1,090 980 --------- --------- --------- --------- Net interest income after provision for loan losses 1,192 1,292 3,969 3,973 Net gain (loss) on sales of loans 172 194 514 345 Net gain (loss) on sales of securities 25 92 26 97 Other non-interest income 490 339 1,278 1,021 Other non-interest expenses 1,203 1,239 3,568 3,425 --------- --------- --------- --------- Income before income taxes 676 678 2,219 2,011 Income tax expense 92 160 442 527 --------- --------- --------- --------- Net income $ 584 $ 518 $ 1,777 $ 1,484 ========= ========= ========= ========= Earnings per common & common equivalent shares Primary $ 0.44 $ 0.38 $ 1.32 $ 1.07 Fully diluted $ 0.43 $ 0.37 $ 1.30 $ 1.06 Dividend paid per share $ 0.15 $ 0.14 $ 0.45 $ 0.42 Average shares outstanding 1,335,825 1,375,715 1,350,774 1,388,727 Shares outstanding end of period 1,373,947 1,377,325 1,373,947 1,377,325 Supplemental data: Net interest margin ** 3.06% 2.91% 3.03% 3.00% Return on average assets *** 1.00% 0.90% 1.00% 0.86% Return on average equity *** 10.04% 9.45% 10.20% 8.89% * Includes non-accruing loans, accruing loans delinquent more than 90 days and foreclosed assets ** Yields reflected have not been computed on a tax equivalent basis *** Annualized