-----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, Qy07T7Qjb/OipvehpulkkjleABdWNt8eBYX/8mivMb5tpHQqU7jgixaDBwAOqBCu IWGwid2aOJk9lLw+lLYhhg== 0000908834-04-000303.txt : 20040430 0000908834-04-000303.hdr.sgml : 20040430 20040430120112 ACCESSION NUMBER: 0000908834-04-000303 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040428 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040430 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: 04768362 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_8k0428.txt 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): April 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 April 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 April 28, 2004 announcing its results of operations for the third fiscal quarter of 2004 and nine months ended March 31, 2004. 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: April 28, 2004 EX-99 2 ffw_8k0428ex.txt EX. 99.1 - PRESS RELEASE Exhibit 99.1 FFW CORP PRESS RELEASE FOR MORE INFORMATION FOR IMMEDIATE RELEASE Contact: Tim Sheppard, Treasurer Date: April 28, 2004 at 260-563-3185 x228 FFW CORPORATION ANNOUNCES NET INCOME FOR THE QUARTER ENDED MARCH 31, 2004 WABASH, IN - FFW Corporation (NASDAQ:FFWC), parent corporation of First Federal Savings Bank of Wabash, Indiana, announced operating results for the third fiscal quarter of 2004 and nine months ended March 31, 2004. Net income for the quarter ended March 31, 2004, was $645,000, a 10.4% increase from the $584,000 reported for the quarter ended March 31, 2003. Diluted net income per share for the third fiscal quarter of 2004 amounted to $0.49, up 14.0% from the $0.44 reported in the third fiscal quarter of 2003. Net income and diluted net income per share for the nine months ended March 31, 2004 were $1,881,000 and $1.42 compared to $1,777,000 and $1.31 at March 31, 2003. The fiscal 2004 third quarter and year to date earnings represent a return on average shareholders' equity of 10.97% and 10.73% compared to 10.04% and 10.20% for the periods ended March 31, 2003. Return on average total assets for the three and nine-month periods ended March 31, 2004 were 1.08% and 1.04% compared to 1.00% and 1.00% for the periods ended March 31, 2003. The allowance for loan losses as a percentage of net loans receivable was 1.90% at March 31, 2004 compared to 2.00% at December 31, 2003 and 2.06% at June 30, 2003. Nonperforming assets at March 31, 2004 were $2.0 million compared to $3.2 million at December 31, 2003 and $2.7 million at June 30, 2003. As of March 31, 2004, FFWC's equity-to-assets ratio was 10.14% compared to 9.74% at June 30, 2003. Shareholders' equity was $24.3 million compared to $23.6 million at June 30, 2003. Total assets at March 31, 2004 were $239.1 million compared to $242.8 million at 2003 fiscal year end. Total deposits at March 31, 2004 were down $3.1 million over June 30, 2003 while total FHLB borrowings increased by $300 thousand. 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 28, 2004 Unaudited Selected balance sheet data: 3/31/2004 6/30/2003 --------- --------- (In Thousands) Total assets $239,122 $242,771 Loans receivable 131,518 131,319 Allowance for loan loss 2,446 2,592 Securities available for sale 83,347 89,637 Deposits 160,347 163,446 Borrowings 52,407 52,038 Stockholders' equity 24,251 23,640 Nonperforming assets* 2,012 2,742 Repossessed assets 1,551 126 Unaudited Unaudited Three Months Ended Nine Months Ended Selected Operating Data: 3/31/2004 3/31/2003 3/31/2004 3/31/2003 --------- --------- --------- --------- (In Thousands) (In Thousands) Total interest income $3,114 $3,405 $9,378 $10,730 Total interest expense 1,482 1,753 4,600 5,671 ------ ------ ------ ------- Net interest income 1,632 1,652 4,778 5,059 Provision for loan losses 180 460 600 1,090 ------ ------ ------ ------- Net interest income after provision for loan losses 1,452 1,192 4,178 3,969 Net gain (loss) on sales of loans 54 247 410 784 Net gain (loss) on sales of securities 55 25 59 26 Other non-interest income 449 415 1,260 1,008 Other non-interest expenses 1,303 1,203 3,822 3,568 ------ ------ ------ ------- Income before income taxes 707 676 2,085 2,219 Income tax expense 62 92 204 442 ------ ------ ------ ------- Net income $ 645 $ 584 $1,881 $ 1,777 ====== ====== ====== ======= Earnings per common & common equivalent shares Primary $0.50 $0.44 $1.45 $1.32 Fully diluted $0.49 $0.44 $1.42 $1.31 Dividend paid per share $0.16 $0.15 $0.48 $0.45 Average shares outstanding 1,294,067 1,324,993 1,294,747 1,344,580 Shares outstanding end of period 1,301,229 1,373,947 1,301,229 1,373,947 Supplemental data: Net interest margin** 2.93% 3.06% 2.83% 3.03% Return on average assets*** 1.08% 1.00% 1.04% 1.00% Return on average equity*** 10.97% 10.04% 10.73% 10.20% * 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
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