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