-----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, Qjpe+/szEaOOofv62xW8bW0FJlD1u7FhbmHX5oePrhALe07nb38YMrAT1quh0iUy 8PeDSioeXcEGluOjm7IaPQ== 0000914317-97-000022.txt : 19970131 0000914317-97-000022.hdr.sgml : 19970131 ACCESSION NUMBER: 0000914317-97-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970127 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970130 SROS: NASD 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: 97514205 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 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 27, 1997 FFW CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 0 - 21170 35 - 1875502 (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification Number) 1205 N. Cass Street, Wabash, Indiana 46992 - 1027 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (219) 563 - 3185 N/A (Former name or former address, if changed since last report) Item 5. Other Events On January 27, 1997, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated January 27, 1997. 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 thereunto duly authorized. FFW CORPORATION Date: January 30, 1997 By: \s\ Nicholas M. George ---------------------- Nicholas M. George President and Chief Executive Officer Date: January 27, 1997 Contact: Nicholas M. George, President (219) 563-3185 PRESS RELEASE FOR IMMEDIATE RELEASE FFW CORPORATION ANNOUNCES A 9% INCREASE IN EARNINGS PER SHARE FOR THE QUARTER ENDED DECEMBER 31, 1996 Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First Federal Savings Bank of Wabash, Indiana, announced today operating results for the quarter ended December 31, 1996. Net income for the quarter ended December 31, 1996, was $427,000 or $ .61 per share compared to $424,000 or $ .56 per share for the quarter ended December 31, 1995. This equates to an increase of .5% and 9%, respectively, in net income and primary earnings per share. Nicholas M. George, President of FFW Corporation, credited the quarter's earnings to a continued growth in the bank's mortgage and consumer loan portfolio's. Net interest income, the difference between interest income and interest expense paid, increased $269,000. The increase of $127,000 in non-interest expense over the prior year, was due to increased staffing, an increase in cost for the new office in Syracuse, Indiana, and promotional expenses related to being named Business of the year for 1996 by the Wabash Area Chamber of Commerce. Net income for the six months ended December 31, 1996 was $506,000 or $.72 per share, compared to $763,000 or $ 1.00 per share for the six months ended December 31, 1995. Mr. George, attributed the reduced earnings to the one time assessment of $337,800 net of tax for the SAIF insurance fund. This assessment, which was paid by all thrifts and many banks, would have resulted in net income of $843,800 or $ 1.23 per share had the assessment not been paid. FFW Corporation's total assets for the six months ended December 31, 1996 increased by $7.7 million to a total of $158.2 million. Asset quality improved as demonstrated by a .10% ratio of nonperforming assets to total assets as of December 31, 1996, compared to a ratio of .16% for the prior period. First Federal Savings Bank operates full-service offices in Wabash, North Manchester, and Syracuse that offer a variety of loan and deposit products. Investment services such as purchases of stocks, mutual funds and insurance products are offered through an affiliated company, FirstFed Financial Incorporated.
FFW Corporation January 27, 1997 SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) Selected Balance Sheet Data: 12/31/96 6/30/96 -------- -------- (In Thousands) Total Assets ............................... $158,200 $150,467 Loans Receivable Net ....................... 107,259 100,529 Loans Held for Sale ........................ 154 423 Securities Available for Sale .............. 41,103 40,566 Deposits ................................... 97,886 92,490 Borrowings ................................. 43,300 41,800 Stockholders' Equity ....................... 16,117 15,458 (Unaudited) (Unaudited) Three Months Ended Six Months Ended Selected Operating Data: 12/31/96 12/31/95 12/31/96 12/31/95 --------- --------- --------- --------- (In Thousands) Total Interest Income ......................... $ 3,025 $ 2,756 $ 5,952 $ 5,445 Total Interest Expense ........................ 1,802 1,697 3,561 3,336 --------- --------- --------- --------- Net Interest Income ....................... $ 1,223 $ 1,059 $ 2,391 $ 2,089 Provision for Loan Losses ..................... 15 6 35 12 --------- --------- --------- --------- Net Interest Income After Provision for Loan Losses .............. $ 1,208 $ 1,052 $ 2,356 $ 2,077 Gain on Sales of Interest Earning Assets ...... 19 81 30 99 Net Unrealized Losses on Loans Held for Sale .. 0 0 0 0 Other Non-Interest Income .................. 141 114 288 235 Other Non-Interest Expenses ................... (741) (614) (1,999) (1,273) --------- --------- --------- --------- Income Before Income Taxes ................ $ 627 $ 633 $ 675 $ 1,138 Income Tax Expense .......................... 200 209 169 375 --------- --------- --------- --------- Net Income ............................... $ 427 $ 424 $ 506* $ 763 ========= ========= ========= ========= Earnings Per Common & Common Equivalent Shares Primary ....................................... $ .61 $ .56 $ .72** $ 1.00 Fully Dilluted ................................ $ .61 $ .56 $ .72** $ 1.00 Dividend Paid Per Share ....................... $ .15 $ .12 $ .30 $ .24 Average Shares Outstanding .................... 672,207 734,587 673,591 736,285 Supplemental Data: Interest Rate Spread .......................... 2.67% 2.41% 2.63% 2.41% Return on Average Assets*** ................... 1.09% 1.18% .65% 1.08% Return on Average Equity*** ................... 10.76% 10.48% 6.41% 9.56% *Reduced by SAIF assessment net of tax of $337,800 **Earnings per Share reduced by SAIF assessment net of tax of $.51 ***Annualized
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