-----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, QD+Kz/kboCp4Qorobot9lJGUmIXGiIaE2g+gpOGwaecDNYTGFq1jhDNW5Tw9oQmW 0uR6tGlLY6+pm4MV0+Py5Q== 0000908834-04-000042.txt : 20040130 0000908834-04-000042.hdr.sgml : 20040130 20040130085332 ACCESSION NUMBER: 0000908834-04-000042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040128 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040130 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: 04554123 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 ffw8k_0129.txt FFW FORM 8-K 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): January 28, 2004 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 January 28, 2004. Item 12. Results of Operations and Financial Condition. FFW Corporation, a Delaware corporation ("Registrant"), issued a press release which was publicly disseminated on January 28, 2004 announcing its results of operations for the second fiscal quarter of 2004 and six months ended December 31, 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/ Timothy A. Sheppard ------------------------------------------- Timothy A. Sheppard Treasurer and Chief Accounting Officer Dated: January 28, 2004 EX-99.1 3 ex991_0129.txt EARNINGS RELEASE Exhibit 99.1 FFW CORP PRESS RELEASE FOR MORE INFORMATION FOR IMMEDIATE RELEASE Contact: Tim Sheppard, Treasurer Date: January 28, 2004 at 260-563-3185 x228 FFW CORPORATION ANNOUNCES NET INCOME FOR THE QUARTER ENDED DECEMBER 31, 2003 WABASH, INDIANA - - FFW Corporation (NASDAQ: FFWC), parent corporation of First Federal Savings Bank of Wabash, Indiana, announced operating results for the second fiscal quarter of 2004 and six months ended December 31, 2003. Net income for the quarter ended December 31, 2003, was $634,000, a 2.9% increase from the $616,000 reported for the quarter ended December 31, 2002. Diluted net income per share for the second fiscal quarter of 2004 amounted to $0.48, up 6.7% from the $0.45 reported in the second fiscal quarter of 2003. Net income and diluted net income per share for the six months ended December 31, 2003 were $1,236,000 and $0.93 compared to $1,192,000 and $0.87 at the end of 2002. The fiscal 2004's second quarter and year to date earnings represent a return on average shareholders' equity of 10.96% and 10.61% compared to 10.52% and 10.28% for the periods ended December 31, 2002. Return on average total assets for the three and six-month periods ended December 31, 2003 were 1.04% and 1.02% compared to 1.04% and 1.00% for the periods ended December 31, 2002. "Despite the historically low interest rate environment, we continue to achieve income growth through the addition of new products and services", stated Roger Cromer, President and CEO of FFW Corp. "We are pleased with our quarterly earnings and excited about the December groundbreaking on our new location in Columbia City, IN, and the completion of our Syracuse office expansion. These additions will allow First Federal to expand the community banking format that our customers have grown to appreciate." The allowance for loan losses as a percentage of net loans receivable was 2.00% at December 31, 2003 compared to 1.90% at September 30, 2003 and 1.99% at December 31, 2002. Nonperforming assets at December 31, 2003 were $3.2 million compared to $2.5 million at September 30, 2003 and $3.2 million at December 31, 2002. As of December 31, 2003, FFWC's equity-to-assets ratio was 9.57% compared to 9.74% at June 30, 2003. Shareholders' equity was $23.2 million compared to $23.6 million at June 30, 2003. Total assets at December 31, 2003 were $243.0 million compared to $242.8 million at 2003 fiscal year end. Total deposits at December 31, 2003 decreased by $5.2 million from June 30, 2003 while total FHLB borrowings increased by $7.9 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 January 28, 2004 Unaudited Selected balance sheet data: 12/31/2003 6/30/2003 ---------- --------- (In Thousands) Total assets $242,967 $242,771 Loans receivable 135,119 131,319 Allowance for loan loss 2,647 2,592 Securities available for sale 85,473 89,637 Deposits 158,251 163,446 Borrowings 59,908 52,038 Stockholders' equity 23,246 23,640 Nonperforming assets * 3,235 2,742 Repossessed assets 763 126
Unaudited Unaudited Three Months Ended Six Months Ended Selected Operating Data: 12/31/2003 12/31/2002 12/31/2003 12/31/2002 ---------- ---------- ---------- ---------- (In Thousands) (In Thousands) Total interest income $3,104 $3,587 $6,263 $7,323 Total interest expense 1,546 1,895 3,117 3,917 ------ ------ ------ ------ Net interest income 1,558 1,692 3,146 3,406 Provision for loan losses 210 405 420 630 ---- ---- ---- ---- Net interest income after provision for loan losses 1,348 1,287 2,726 2,776 Net gain (loss) on sales of loans 85 358 356 538 Net gain (loss) on sales of securities 0 0 4 1 Other non-interest income 528 289 811 592 Other non-interest expenses 1,279 1,167 2,519 2,364 ------ ------ ------ ----- Income before income taxes 682 767 1,378 1,543 Income tax expense 48 151 142 351 --- ---- ---- ----- Net income $634 $616 $1,236 $1,192 ===== ===== ======= ====== Earnings per common & common equivalent shares Primary $0.49 $0.46 $0.95 $0.88 Fully diluted $0.48 $0.45 $0.93 $0.87 Dividend paid per share $0.16 $0.15 $0.32 $0.30 Average shares outstanding 1,295,609 1,351,665 1,300,088 1,358,086 Shares outstanding end of period 1,300,229 1,346,775 1,300,229 1,346,775 Supplemental data: Net interest margin ** 2.73% 3.04% 2.78% 3.03% Return on average assets *** 1.04% 1.04% 1.02% 1.00% Return on average equity *** 10.96% 10.52% 10.61% 10.28%
* 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-----