-----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, FQ9zx/3HNmEBAHTZ2ZJ+WYqP76YT0g6l2PRK5Q9YSrXZZmwyjlOq7LFQndaRudXN 1zOP+a49iCGLfekkxVsqUg== 0000914317-97-000209.txt : 19970508 0000914317-97-000209.hdr.sgml : 19970508 ACCESSION NUMBER: 0000914317-97-000209 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970418 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970507 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: 97596972 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 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 18, 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 April 18, 1997, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated April 18, 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: May 6, 1997 By:\s\ Nicholas M. George ---------------------- Nicholas M. George President and Chief Executive Officer Date: April 18, 1997 Contact: Nicholas M. George, President (219) 563-3185 PRESS RELEASE FOR IMMEDIATE RELEASE FFW CORPORATION ANNOUNCES A 19% INCREASE IN EARNINGS PER SHARE FOR THE QUARTER ENDED MARCH 31, 1997 Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First Federal Savings Bank of Wabash, Indiana, announced today operating results for the quarter ended March 31, 1997. Net income for the quarter ended March 31, 1997, was $447,000 or $ .63 per share compared to $394,000 or $ .53 per share for the quarter ended March 31, 1996. This equates to an increase of 13.5% and 19%, 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 $161,000. The increase of $84,000 in non-interest expense over the prior year, was due to increased staffing, and initial cost related to our the purchase of deposit liabilities and certain assets associated with the branch of NBD Bank, N.A. in South Whitely, Indiana. This acquisition is anticipated to close prior to our fiscal year end, which is June 30, 1997, pending final regulatory approval. Net income for the nine months ended March 31, 1997 was $953,000 or $1.36 per share, compared to $1.2 million or $ 1.53 per share for the nine months ended March 31, 1996. 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 $1.3 million or $ 1.84 per share had the assessment not been paid. FFW Corporation's total assets for the nine months ended March 31, 1997 increased by $8.0 million to a total of $158.4 million a 5.3% increase. Net loans receivable for the nine months ended March 31, 1997 increased by $9.3 million to total of $109.9 million a 9.3% increase. 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 April 18, 1997 SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) Selected Balance Sheet Data: 3/31/97 6/30/96 -------- -------- (In Thousands) Total Assets ............................... $158,441 $150,467 Loans Receivable Net ....................... 109,850 100,529 Loans Held for Sale ........................ 0 423 Securities Available for Sale .............. 42,083 40,566 Deposits ................................... 98,211 92,490 Borrowings ................................. 43,225 41,800 Stockholders' Equity ....................... 15,854 15,458 (Unaudited) (Unaudited) Three Months Ended Nine months Ended Selected Operating Data: 3/31/97 3/31/96 3/31/97 3/31/96 -------- -------- -------- -------- (In Thousands) Total Interest Income ............................................ $ 3,075 $ 2,826 $ 9,027 $ 8,271 Total Interest Expense ........................................... 1,799 1,711 5,360 5,067 -------- -------- -------- -------- Net Interest Income ............................................ $ 1,276 $ 1,115 $ 3,667 $ 3,204 Provision for Loan Losses ........................................ 35 36 70 48 -------- -------- -------- -------- Net Interest Income After Provision for Loan Losses ............ $ 1,241 $ 1,079 $ 3,597 $ 3,156 Gain on Sales of Interest Earning Assets ......................... 7 28 37 127 Net Unrealized Losses on Loans Held for Sale ..................... 0 0 0 0 Other Non-Interest Income ........................................ 150 114 438 349 Other Non-Interest Expenses ...................................... (730) (637) (2,729) (1,911) -------- -------- -------- -------- Income Before Income Taxes ..................................... $ 668 $ $ 1,343 $ 1,721 Income Tax Expense ............................................... 221 190 390 565 -------- -------- -------- -------- Net Income ..................................................... $ 447 $ 394 $ 953 $ 1,156 ======== ======== ======== ======== Earnings Per Common & Common Equivalent Shares Primary .......................................................... $ .63 $ .53 $ 1.36** $ 1.53 Fully Diluted .................................................... $ .63 $ .53 $ 1.35** $ 1.53 Dividend Paid Per Share .......................................... $ .15 $ .12 $ .45 $ .36 Average Shares Outstanding ....................................... 696,132 747,250 701,111 765,615 Supplemental Data : Interest Rate Spread ............................................. 2.74% 2.54% 2.67% 2.46% Return on Average Assets*** ...................................... 1.13% 1.07% .82% 1.08% Return on Average Equity*** ...................................... 11.12% 9.68% 8.07% 9.63% *Reduced by SAIF assessment net of tax of $337,800 **Earnings per Share reduced by SAIF assessment net of tax of $.48 ***Annualized
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