-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ONpmh2GRVjAlVkvNwFoSBo3wAxEflh9E/fCRBOKXD8Vp8r0T/pfIq8Ka410iv1LK 0nnDAzF5VlicHNzKPjIxgg== 0000908834-03-000440.txt : 20031031 0000908834-03-000440.hdr.sgml : 20031031 20031031143410 ACCESSION NUMBER: 0000908834-03-000440 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031030 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FFW CORP CENTRAL INDEX KEY: 0000895401 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351875502 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21170 FILM NUMBER: 03969485 BUSINESS ADDRESS: STREET 1: 1205 N CASS STREET STREET 2: PO BOX 419 CITY: WABASH STATE: IN ZIP: 46992-1027 BUSINESS PHONE: 2195633185 MAIL ADDRESS: STREET 1: 1205 N CASS ST STREET 2: PO BOX 419 CITY: WABASH STATE: IN ZIP: 46992 8-K 1 ffw_8k1031.txt FFW FORM 8-K 10/31/03 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------ FORM 8-K ----------------------- CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 30, 2003 FFW CORPORATION (Exact name of registrant as specified in its charter) INDIANA (State or other jurisdiction of incorporation) 0-21170 35-1875502 (Commission File Number) (IRS Employer Identification No.) 1205 North Cass Street Wabash, Indiana 46992 (Address of principal executive offices)(Zip Code) Registrant's telephone number, including area code: (260) 563-3185 Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release dated October 30, 2003. Item 12. Results of Operations and Financial Condition. FFW Corporation, a Delaware corporation ("Registrant"), issued a press release which was publicly disseminated on October 30, 2003 announcing its results of operations for the fiscal quarter ended September 30, 2003. A copy of the press release is furnished herewith as Exhibit 99.1. Pursuant to General Instruction B.6 of Form 8-K, this exhibit is not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, but is instead furnished as required by that instruction. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. /s/ Roger K. Cromer --------------------------------------- Roger K. Cromer President and Chief Executive Officer Dated: October 30, 2003 EX-99.1 3 ex99_1031.txt FFW PRESS RELEASE Exhibit 99.1 FFW CORP PRESS RELEASE FOR MORE INFORMATION FOR IMMEDIATE RELEASE Contact: Tim Sheppard, Treasurer Date: October 30, 2003 at 260-563-3185 x228 FFW CORPORATION ANNOUNCES NET INCOME FOR THE QUARTER ENDED SEPTEMBER 30, 2003 WABASH, INDIANA - - FFW Corporation (NASDAQ: FFWC), parent corporation of First Federal Savings Bank of Wabash, Indiana, announced operating results for the first fiscal quarter of 2004 ended September 30, 2003. Net income for the quarter ended September 30, 2003, was $602,000, a 4.5% increase from the $576,000 reported for the quarter ended September 30, 2002. Diluted net income per share for the first fiscal quarter of 2004 amounted to $0.45, up 7.1% from the $0.42 reported in the first fiscal quarter of 2003. The fiscal 2004's first quarter earnings represent a return on average shareholders' equity of 10.26% compared to 10.01% for the period ended September 30, 2002. Return on average total assets for the three-month period ended September 30, 2003 was 1.00% compared to 0.96% for the period ended September 30, 2002. The allowance for loan losses as a percentage of net loans receivable was 1.90% at September 30, 2003 compared to 2.01% at June 30, 2003 and 1.66% at September 30, 2002. Nonperforming assets at September 30, 2003 were $2.5 million compared to $2.7 million at June 30, 2003 and $3.0 million at March 31, 2003. As of September 30, 2003, FFWC's equity-to-assets ratio was 9.50% compared to 9.87% at June 30, 2003. Shareholders' equity was $22.7 million compared to $23.6 million at June 30, 2003. Total assets at September 30, 2003 were $239.4 million compared to $242.8 million at 2003 fiscal year end. Total deposits at September 30, 2003 were down $4.3 million over June 30, 2003 while total FHLB borrowings increased by $3.3 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 including 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 NASDAQ under the symbol "FFWC" and our website address is www.ffsbwabash.com.
FFW Corporation October 30, 2003 Unaudited Selected balance sheet data: 9/30/2003 6/30/2003 --------- --------- (In Thousands) Total assets $239,370 $242,771 Loans receivable 131,009 131,319 Allowance for loan loss 2,446 2,592 Securities available for sale 89,272 89,637 Deposits 159,185 163,446 Borrowings 55,288 52,038 Stockholders' equity 22,731 23,640 Nonperforming assets * 2,511 2,742 Repossessed assets 769 126 Unaudited Three Months Ended Selected Operating Data: 9/30/2003 9/30/2002 --------- --------- (In Thousands) Total interest income $3,159 $3,736 Total interest expense 1,571 2,022 ------ ----- Net interest income 1,588 1,714 Provision for loan losses 210 225 ---- --- Net interest income after provision for loan losses 1,378 1,489 Net gain (loss) on sales of loans 271 180 Net gain (loss) on sales of securities 4 1 Other non-interest income 283 303 Other non-interest expenses 1,240 1,197 ------ ----- Income before income taxes 696 776 Income tax expense 94 200 --- --- Net income $602 $576 ===== ==== Earnings per common & common equivalent shares Primary $0.46 $0.42 Fully diluted $0.45 $0.42 Dividend paid per share $0.16 $0.15 Average shares outstanding 1,304,567 1,364,507 Shares outstanding end of period 1,292,229 1,356,775 Supplemental data: Net interest margin ** 2.82% 3.01% Return on average assets *** 1.00% 0.96% Return on average equity *** 10.26% 10.01% * 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
-----END PRIVACY-ENHANCED MESSAGE-----