-----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, VRTsS8tKNpsSLsW6TceX//a6BOZqWpFwTayR+gDMqB4PmMbWjuK6llTvOzjp3IkN MckqNjqa6mzCT6zj/67EtQ== 0000908834-04-000691.txt : 20041028 0000908834-04-000691.hdr.sgml : 20041028 20041028165302 ACCESSION NUMBER: 0000908834-04-000691 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041028 DATE AS OF CHANGE: 20041028 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: 041103202 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_8k1028.txt FFW FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 27, 2004 FFW Corporation (Exact Name of Registrant as Specified in Its Charter)
Indiana 0-21170 35-1875502 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
1205 North Cass Street, Wabash, Indiana 46992 (Address of Principal Executive Offices) (Zip Code) (260) 563-3185 (Registrant's Telephone Number, Including Area Code) N/A (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. On October 27, 2004, the Registrant issued a press release reporting its results of operations for the fiscal quarter ended September 30, 2004. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (c) Exhibits Exhibit No. Description 99.1 Press Release issued October 27, 2004. 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 hereto duly authorized. Date: October 28, 2004 FFW CORPORATION By: /s/ Roger K. Cromer ----------------------------------------- Roger K. Cromer President and Chief Executive Officer EX-99.1 2 ex991_1028.txt PRESS RELEASE EXHIBIT 99.1 FFW CORP PRESS RELEASE FOR MORE INFORMATION FOR IMMEDIATE RELEASE Contact: Tim Sheppard, CFO Date: October 27, 2004 at 260-563-3185 x228 FFW CORPORATION ANNOUNCES NET INCOME FOR THE QUARTER ENDED SEPTEMBER 30, 2004 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 2005 ended September 30, 2004. FFW Corporation recorded net income of $609,000, up 1.2%, from the $602,000 reported for the quarter ended September 30, 2003. Diluted net income per share for the first fiscal quarter of 2005 was $0.47, up 4.4%, compared to $0.45 at September 30, 2003. Roger K. Cromer, President and Chief Executive Officer, stated, "We are pleased with the response from the Whitley County community that our new full service branch in Columbia City has received since its opening in June 2004 and also with the improvements we have seen in net interest income and net interest margin." Results for the quarter ended September 30, 2004 were affected by the sale of a former branch and a writedown of the bank's mortgage servicing rights asset. A pre-tax gain of $105,000 from the sale of the old North Manchester branch was partially offset by an $85,000 pre-tax charge related to the value of the bank's mortgage servicing rights asset. Further comparison of the quarters ended September 30, 2004 and 2003 shows increases in net interest income, reduced provision for loan losses and a slightly lower effective tax rate for the quarter ended September 30, 2004 that were partially offset by increased noninterest expense and a slight decrease in noninterest income. The fiscal 2005 first quarter earnings represent a return on average shareholders' equity of 10.47% compared to 10.26% for the period ended September 30, 2003. Return on average total assets for the three-month period ended September 30, 2004 was 0.99% compared to 1.00% for the period ended September 30, 2003. The allowance for loan losses as a percentage of net loans receivable was 1.89% at September 30, 2004 and June 30, 2004 compared to 1.90% at March 31, 2004 and September 30, 2003. Nonperforming assets at September 30, 2004 were $2.1 million compared to $2.2 million at June 30, 2004. As of September 30, 2004, FFWC's equity-to-assets ratio was 9.66% compared to 9.50% at September 30, 2003. Shareholders' equity was $23.8 million compared to $22.7 million at September 30, 2003. Total assets at September 30, 2004 were $245.9 million compared to $239.9 million at 2004 fiscal year end. Total deposits at September 30, 2004 were up $4.2 million over June 30, 2004 while total FHLB borrowings increased by $1.0 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 four banking centers located in North Manchester, South Whitley, Syracuse and Columbia City, 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 October 27, 2004 Unaudited Selected balance sheet data: 9/30/2004 6/30/2004 (In Thousands) Total assets $245,915 $239,910 Loans receivable 144,675 138,753 Allowance for loan loss 2,688 2,570 Securities available for sale 77,419 79,071 Deposits 163,428 159,252 Borrowings 56,733 55,733 Stockholders' equity 23,765 22,624 Nonperforming assets * 2,077 2,247 Repossessed assets 965 1,222 Unaudited Twelve Months Ended Selected Operating Data: 9/30/2004 9/30/2003 (In Thousands) Total interest income $3,117 $3,159 Total interest expense 1,443 1,571 Net interest income 1,674 1,588 Provision for loan losses 120 210 Net interest income after provision for loan losses 1,554 1,378 Net gain (loss) on sales of loans 33 271 Net gain (loss) on sales of securities 0 4 Other non-interest income 505 282 Other non-interest expenses 1,391 1,239 Income before income taxes 701 696 Income tax expense 92 94 Net income $609 $602 Earnings per common & common equivalent shares Primary $0.48 $0.46 Fully diluted $0.47 $0.45 Dividend paid per share $0.17 $0.16 Average shares outstanding 1,284,944 1,304,567 Shares outstanding end of period 1,285,248 1,292,229 Supplemental data: Net interest margin ** 2.92% 2.82% Return on average assets *** 0.99% 1.00% Return on average equity *** 10.47% 10.26%
* 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-----