-----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, LANrRkFHXoiBudLRwJpOt3BfTU62JmOZCiXdeaOFu+8McCAh5fFJkdxq/lTTIJGT MCA54Le15kQIO88FZ0cBuA== 0000914317-01-000104.txt : 20010223 0000914317-01-000104.hdr.sgml : 20010223 ACCESSION NUMBER: 0000914317-01-000104 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010214 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: 10QSB SEC ACT: SEC FILE NUMBER: 000-21170 FILM NUMBER: 1541834 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 10QSB 1 0001.txt 10QSB FOR FFW CORPORATION SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-QSB X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES - --- EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2000 OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 0-21170 FFW CORPORATION (Exact name of small business issuer as specified in its charter) Delaware 35-1875502 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) of incorporation or Number) 1205 North Cass Street, Wabash, IN 46992 (Address of principal executive offices) (219) 563-3185 (Issuer's telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Transitional Small Business Disclosure Format (check one): Yes ___ No X State the number of Shares outstanding of each of the issuer's classes of common equity, as of the latest date: As of February 13, 2001, there were 1,424,627 shares of the Registrant's common stock issued and outstanding. FFW CORPORATION INDEX PART I. FINANCIAL INFORMATION PAGE NO. Item 1. Consolidated Condensed Financial Statements Consolidated Balance Sheets December 31, 2000 3 and June 30, 2000 Consolidated Statements of Income for the three and 4 six months ended December 31, 2000 and 1999. Consolidated Statements of Cash Flows for the six 5 months ended December 31, 2000 and 1999. Notes to Consolidated Condensed Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial 8 Condition and Results of Operations PART II. OTHER INFORMATION Items 1-6 13 Signature Page 14 2 PART I: FINANCIAL INFORMATION FFW CORPORATION CONSOLIDATED BALANCE SHEETS
ASSETS: (Unaudited) - ------- December 31 June 30 2000 2000 ------------- ------------- Cash and due from financial institutions......................................... $ 5,436,084 $ 4,152,652 Interest-earning deposits in financial institutions - short term................. 3,231,795 1,101,766 ------------- ------------- Cash and cash equivalents ............................................. 8,667,879 5,254,418 Securities available for sale ................................................... 51,082,951 52,026,138 Loans receivable, net of allowance for loan losses of $1,878,143 at December 31 and $1,961,318 at June 30 ............................................. 151,317,820 150,810,106 Federal Home Loan Bank stock, at cost ........................................... 3,400,900 3,400,900 Accrued interest receivable ..................................................... 1,537,225 1,666,265 Premises and Equipment-net....................................................... 2,084,732 2,028,386 Investment in limited partnership............................................. 536,254 561,254 Other assets .................................................................... 2,721,366 3,289,565 ------------- ------------- Total Assets................................................. $ 221,349,127 $ 219,037,032 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY: - ------------------------------------- Liabilities: Non-interest-bearing demand deposits............................................. $ 8,956,432 $ 8,875,968 Savings, NOW and MMDA deposits................................................... 46,379,740 48,198,026 Other time deposits.............................................................. 83,855,474 76,030,606 ------------- ------------- Total Deposits......................................................... 139,191,646 133,104,600 Federal Home Loan Bank advances ................................................. 59,667,542 64,167,542 Obligation relative to limited partnership....................................... 0 75,000 Accrued Interest Payable......................................................... 220,448 285,680 Accrued expenses and other liabilities........................................... 1,341,020 1,789,290 ------------- ------------- Total Liabilities ..................................................... 200,420,656 199,422,112 Shareholders' Equity: Preferred stock, $.01 par value, 500,000 shares authorized none issued .......... -- -- Common stock, $.01 par value, 2,000,000 shares authorized, 1,808,013 shares issued and 1,424,627 shares outstanding at December 31, 2000; 1,807,013 shares issued and 1,423,627 shares outstanding at June 30, 2000 ............ 18,080 18,070 Additional paid-in capital....................................................... 9,233,118 9,228,128 Retained earnings - substantially restricted..................................... 15,666,007 15,547,131 Accumulated other comprehensive income........................................ (302,254) (1,479,969) Unearned Management Retention Plan shares........................................ (60,394) (72,354) Treasury Stock at cost, 383,386 shares on December 31, 2000 and June 30, 2000.......................................................... (3,626,086) (3,626,086) ------------- ------------- Total Shareholders' equity....................................... 20,928,471 19,614,920 Total Liabilities and Shareholders' Equity .................. $ 221,349,127 $ 219,037,032 ============= =============
3 PART I: FINANCIAL INFORMATION FFW CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended December 31 December 31 2000 1999 2000 1999 ---- ---- ---- ---- Interest Income : Loans Receivable Mortgage loans .................. $ 1,526,295 $ 1,449,903 $ 3,033,707 $ 2,898,079 Consumer and other loans ........ 1,859,357 1,746,465 3,728,802 3,510,402 Securities Taxable ......................... 830,053 790,671 1,679,364 1,561,763 Nontaxable ...................... 119,485 115,139 232,262 227,773 Other Interest-earning assets ............. 54,375 24,443 83,690 57,250 ----------- ------------ ----------- ------------ Total Interest Income ........... 4,389,565 4,126,621 8,757,825 8,255,267 Interest Expense : Deposits .................................. 1,759,364 1,477,191 3,411,227 2,933,353 Other ..................................... 962,459 906,181 1,946,994 1,816,490 ----------- ------------ ----------- ------------ Total Interest Expense .......... 2,721,823 2,383,372 5,358,221 4,749,843 ----------- ------------ ----------- ------------ Net Interest Income .................................. 1,667,742 1,743,249 3,399,604 3,505,424 Provision for Loan Losses ................. 210,000 215,000 1,245,000 350,000 ----------- ------------ ----------- ------------ Net interest income after provision for loan losses .. 1,457,742 1,528,249 2,154,604 3,155,424 Non-interest income : Net gain (loss) on sale of securities ..... (15,951) 0 (15,951) (34,224) Other ..................................... 311,223 357,509 606,316 663,954 ----------- ------------ ----------- ------------ Total Non-Interest Income ....... 295,272 357,509 590,365 629,730 Non-Interest Expense: Compensation and Benefits ................. 489,370 470,602 1,010,271 1,014,012 Occupancy and equipment ................... 105,099 95,691 201,626 190,478 Data Processing Expense ................... 116,247 113,204 231,475 220,765 Other ..................................... 344,473 326,505 685,339 647,518 ----------- ------------ ----------- ------------ Total Non-Interest Expense ...... 1,055,189 1,006,002 2,128,711 2,072,773 ----------- ------------ ----------- ------------ Income before income taxes ........................... 697,825 879,756 616,258 1,712,381 Income Tax Expense ........................ 171,018 316,891 124,045 615,475 Net Income ........................................... $ 526,807 $ 562,865 $ 492,213 $ 1,096,906 =========== ============ =========== ============ Comprehensive Income (Loss) .......................... $ 1,344,024 $ (137,366) $ 1,669,928 $ (197,644) =========== ============ =========== ============ Earnings per common share : Basic ..................................... $ .37 $ .40 $ .35 $ .77 Diluted ................................... $ .36 $ .39 $ .34 $ .76
4 PART I: FINANCIAL INFORMATION FFW CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended December 31 2000 1999 ---------- ----------- Cash flows from operating activities: Net Income ................................................... $ 492,213 $ 1,096,906 Adjustments to reconcile net income to net cash From operating activities: Depreciation and amortization, net of accretion .......... (26,766) (11,618) Provision for loan losses ................................ 1,245,000 350,000 Net (gains) losses on sale of: Securities available for sale ...................... 15,951 34,224 Loans held for sale ............................. (21,189) (7,015) Foreclosed real estate owned & repossessed assets 0 (37,883) Origination of loans held for sale ....................... (1,998,750) (890,400) Proceeds from sale of loans held for sale ................ 2,019,939 897,415 ESOP expenses ............................................ 0 121,181 Net change in accrued interest receivable and other assets .......................................... (103,244) (143,994) Amortization of goodwill and core deposit intangibles .... 79,065 78,174 Net change in accrued interest payable, accrued expenses and other liabilities ..................... (501,542) 290,618 ---------- ----------- Total adjustments ........................ 708,464 680,702 ---------- ----------- Net cash from operating activities ................. 1,200,677 1,777,608 Cash flows from investing activities : Proceeds from: Sales/calls of securities available for sale ....... 4,283,594 2,980,941 Maturities of securities available for sale ........ 405,000 780,000 Purchase of: Securities available for sale ...................... (1,888,428) (4,096,398) Federal Home Loan Bank stock ....................... 0 0 Principal collected on mortgage- backed securities ....... 204,212 173,427 Net change in loans receivable ........................... (1,980,809) (956,089) Net purchases premises and equipment ..................... (156,863) (44,078) Investment in limited partnership ........................ (75,000) 0 Proceeds from sales of other real estate and Repossessed assets ................................. 202,369 603,795 ---------- ----------- Net cash from investing activities ................. 994,075 (558,402)
5 PART I: FINANCIAL INFORMATION FFW CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Six Months Ended December 31 2000 1999 ---- ---- Cash flows from financing activities : Net increase in deposits........................... $ 6,087,046 $ 5,324,563 Proceeds from borrowings .......................... 35,560,400 38,747,898 Payment on borrowings.............................. (40,060,400) (39,171,024) Purchase of treasury stock ....................... 0 (442,024) Proceeds from exercising of stock options ........ 5,000 54,885 Cash dividends paid .............................. (373,337) (345,468) ------------ ------------ Net cash from financing activities .......... 1,218,709 4,168,830 Net increase (decrease) in cash and cash equivalents .......... 3,413,461 5,388,036 Cash and cash equivalents at beginning of period .............. 5,254,418 4,839,235 ------------ ------------ Cash and cash equivalents at end of period .................... $ 8,667,879 $ 10,227,271 ============ ============
6 FFW CORPORATION NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) (1) Basis of Presentation The accompanying unaudited Consolidated Condensed Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Regulation S-B. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the Consolidated Condensed Financial Statements contain all adjustments (consisting only of normal recurring adjustments) necessary to represent fairly the financial condition of FFW Corporation as of December 31, 2000 and June 30, 2000 and the results of its operations, for the three and six months ended December 31, 2000 and 1999. Financial Statement reclassifications have been made for the prior period to conform to classifications used as of and for the period ended December 31, 2000. Operating results for the three and six months ended December 31, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ended June 30, 2001. 7 PART II FFW CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The accompanying Consolidated Condensed Financial Statements include the accounts of FFW Corporation (the "Company") and its wholly owned subsidiaries, First Federal Savings Bank of Wabash (the "Bank") and FirstFed Financial of Wabash, Inc. All significant inter-company transactions and balances are eliminated in consolidation. The Company's results of operations are primarily dependent on the Bank's net interest margin, which is the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. The Bank's net income is also affected by the level of its non-interest expenses, such as employee compensation and benefits, occupancy expenses, and other expenses. FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the matters discussed in this document, and other information contained in the Company's SEC filings, may express "forward-looking statements." Those "forward-looking statements" may involve risk and uncertainties, including statements concerning future events, performance and assumptions and other statements that are other than statements of historical facts. The Company wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Readers are advised that various factors--including, but not limited to, changes in laws, regulations or generally accepted accounting principles; the Company's competitive position within the markets served; increasing consolidation within the banking industry; unforeseen changes in interest rates; any unforeseen downturns in the local, regional or national economies--could cause the Company's actual results or circumstances for future periods to differ materially from those anticipated or projected. The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. COMPARISON OF THREE-MONTH AND SIX-MONTH PERIODS ENDED DECEMBER 31, 2000 AND 1999 Net income for the three-month and six-month periods ended December 31, 2000 was $527,000 and $492,000 compared to net income of $563,000 and $1,097,000 for the equivalent periods in 1999. The substantial decrease for the six-month period was primarily the result of a $900,000 increase in the provision for loan loss incurred in the period ended September 30, 2000. Diluted net income per common share was $0.36 for the three-month period ending December 31, 2000 as compared to diluted net income per common share of $0.39 for the equivalent period in 1999. For the comparable six-month periods, diluted net income per common share was $0.34 in 2000 and $0.76 in 1999. Return on average shareholders' equity was 10.56% for the three months and 4.91% for the six months ended December 31, 2000, compared to 11.89% and 11.36% in 1999. The return on total average assets was 0.94% for the three months and 0.44% for the six months ended December 31, 2000, compared to 1.00% and 0.99% in 1999. 8 NET INTEREST INCOME The net interest income for the three-month period ended December 31, 2000, was $1,668,000 compared to $1,743,000, a decrease of 4.3% over the same period in 1999, resulting in a net yield of 3.10% compared to 3.30% in 1999. The net interest income for the six-month period ended December 31, 2000, was $3,400,000 compared to $3,505,000, a decrease of 3.0% over the same period in 1999, resulting in a net yield of 3.18% compared to 3.31% in 1999. Total average earning assets increased $3,114,000 and $1,604,000, respectively, for the three-month and six-month periods ended December 31, 2000, over the comparative periods in 1999. Total average investment securities increased $900,000 and $1,094,000, respectively, for the three-month and six-month periods over one-year ago. Total average loans increased $464,000 and $127,000, respectively, for the three-month and six-month periods over one-year ago. The yields on total average earning assets were 8.15% and 7.80% for the three-month periods ended December 31, 2000, and 1999 and 8.20% and 7.80% for the six-month periods. The following tables set forth consolidated information regarding average balances and rates. FFW Corp Three Months Ending (In Thousands)
December 31, 2000 December 31, 1999 --------------------------------- --------------------------------- Average Average Average Average Interest-earning assets: Balance Interest Rate Balance Interest Rate - ------------------------ ------- -------- ---- ------- -------- ---- Loans $154,703 $3,385 8.68% $154,239 $3,197 8.25% Securities 54,623 950 6.90% 53,723 906 6.71% Other interest-earning assets 4,214 54 5.08% 2,464 24 3.87% -------- ------ -------- ------ Total interest-earning assets 213,540 4,389 8.15% 210,426 4,127 7.80% Non interest-earning assets Cash and due from 3,874 6,537 Allowance for loan losses (2,529) (1,547) Other non interest-earning assets 7,640 6,859 -------- -------- Total assets $222,525 $222,275 ======== ======== Interest-bearing liabilities: Interest-bearing deposits $128,398 1,759 5.44% $126,326 1,477 4.65% FHLB advances 61,681 962 6.19% 64,829 907 5.57% -------- ------ -------- ------ Total interest-bearing liabilities 190,079 2,721 5.68% 191,155 2,384 4.96% -------- ------ -------- ------ Non interest-bearing deposit accounts 8,675 8,782 Other non interest-bearing liabilities 3,971 3,556 -------- -------- Total liabilities 202,725 203,493 Shareholders' equity 19,800 18,782 -------- -------- Total liabilities and shareholders equity $222,525 $222,275 -------- -------- Net interest income $1,668 $1,743 ====== ====== Net interest margin 3.10% 3.30% ===== =====
9 FFW Corp Six Months Ending (In Thousands)
December 31, 2000 December 31, 1999 ---------------------------------- --------------------------------- Average Average Average Average Interest-earning assets: Balance Interest Rate Balance Interest Rate - ------------------------ ------- -------- ---- ------- -------- ---- Loans $154,381 $6,762 8.69% $154,254 $6,408 8.26% Securities 54,982 1,912 6.90% 53,888 1,790 6.61% Other interest-earning assets 2,623 84 6.35% 2,240 57 5.06% -------- ------ -------- ------ Total interest-earning assets 211,986 8,758 8.20% 210,382 8,255 7.80% Non interest-earning assets Cash and due from 4,443 5,850 Allowance for loan losses (2,287) (1,590) Other non interest-earning assets 6,746 6,759 -------- -------- Total assets $221,401 $220,888 ======== ======== Interest-bearing liabilities: Interest-bearing deposits $126,718 3,411 5.34% $125,532 2,933 4.65% FHLB advances 62,849 1,947 6.15% 65,389 1,817 5.53% -------- ------ -------- ------ Total interest-bearing liabilities 189,567 5,358 5.61% 190,921 4,750 4.95% -------- ------ -------- ------ Non interest-bearing deposit accounts 8,935 8,810 Other non interest-bearing liabilities 2,515 2,571 -------- -------- Total liabilities 201,017 202,302 Shareholders' equity 19,871 19,099 -------- -------- Total liabilities and shareholders equity $220,888 $221,401 ======== ======== Net interest income $3,400 $3,505 ====== ====== Net interest margin 3.18% 3.31% ===== =====
PROVISION FOR LOAN LOSSES The provision for loan losses was $210,000 and $1,245,000, respectively, for the three-month and six-month periods ended December 31, 2000 and $215,000 and $350,000 for the same periods in 1999. The substantial difference between the six-month amounts is due to an additional $900,000 provision taken in the period ending September 30, 2000 on loans to a single borrower. Changes in the provision for loan losses are attributed to management's analysis of the adequacy of the allowance for loan losses to address recognizable and currently anticipated losses. Net charge-offs of $1,229,000 have been recorded for the three-month period ended December 31, 2000, compared to $295,000 of net charge-offs for the same period in 1999. Net charge-offs of $1,328,000 have been recorded for the six-month period ended December 31, 2000, compared to $401,000 of net charge-offs for the same period in 1999. The allowance for loan losses was $1,878,000 or 1.24% of net loans as of December 31, 2000, compared to $1,962,000 or 1.30% of net loans at June 30, 2000. 10 Subsequent to September 30, 2000, the Company became aware of circumstances that had occurred involving loans the Bank had originated to a single borrower backed by collateral of automobiles and lease receivables. After review, management concluded that these loans were impaired and necessitated an increase of $900,000 in the Bank's provision for loan loss compared to the three-month period ended September 30, 1999. As of December 31, 2000, management believes that the additional provision was adequate for these loans and that any subsequent losses associated with these loans will be covered within the Company's ordinary loan loss provision. The Company establishes an allowance for loan losses based on an evaluation of risk factors in the loan portfolio and changes in the nature and volume of its loan activity. This evaluation includes, among other factors, the level of the Company's classified and non-performing assets and their estimated value, the national outlook which may tend to inhibit economic activity and depress real estate and other values in the Company's primary market area, regulatory issues and historical loan loss experience. Accordingly, the calculation of the adequacy of loan losses is not based directly on the level of non-performing loans. Although management believes it uses the best information available to determine the allowances, unforeseen market conditions or other unforeseen events could result in adjustments and net earnings could be significantly affected if circumstances differ substantially from the assumptions used in making the determination. In addition, a determination by the Company's main operating subsidiary, First Federal, as to the classification of its assets and the amount of its valuation allowances is subject to review by the Office of Thrift Supervision, which may order the establishment of additional general or specific reserve allowances. It is management's opinion that the allowance for loan losses is adequate to absorb existing losses in the loan portfolio as of December 31, 2000. NON-INTEREST INCOME Non-interest income for the three-month periods ended December 31, 2000 and 1999 was $295,000 and $358,000, respectively, and for the six-month periods was $590,000 and $630,000. The decreases from the prior periods are primarily the result of reduced commission income and the effect of recording losses from the Company's investment in a low income housing limited partnership. NON-INTEREST EXPENSE Non-interest expense for the three-month period ended December 31, 2000, was $1,055,000, an increase of $49,000, 4.9%, compared to the same period in 1999 and was $2,129,000 for the six-month period ended December 31, 2000, an increase of 2.7% from 1999. For the six-month period ended December 31, 2000, compensation and employee benefits decreased 0.4%, occupancy and equipment expense increased 5.9%, data processing expense increased 4.9% and other non-interest expense increased 5.8% over the same period in 1999. INCOME TAXES The provision for income taxes for the three-month and six-month periods ended December 31, 2000, was $171,000 and $124,000, respectively, compared to $317,000 and $615,000. Part of the reduction in the provision for income taxes reflects benefits from tax credits on the Company's investment in a low income housing limited partnership, the reapportionment of interest affecting state taxes and the recognition of some deferred tax assets. The reduction in the provision for income taxes is also greatly affected by the impact of federal tax-free municipal interest and a dividend received deduction on FNMA preferred stock. The impact of these items is magnified compared to the periods in 1999 due to substantially lower income before taxes. 11 REGULATORY CAPITAL REQUIREMENTS Pursuant to the Financial Institution Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), savings institutions must meet three separate minimum capital-to-asset requirements. As of December 31, 2000, the Bank maintains risk-based, core capital and tangible capital ratios of 13.61%, 7.98% and 7.98% compared to capital requirements of 8.00%, 4.00% and 1.50%, respectively. LIQUIDITY The standard measure of liquidity for savings associations is the ratio of cash and eligible investments to a certain percentage of net withdrawable savings accounts and borrowings due within one year. The minimum required ratio is currently set by the Office of Thrift Supervision Regulation at 5.0%. At December 31, 2000, the Bank's liquidity ratio was 8.47%. 12 Part II - Other Information As of December 31, 2000, management is not aware of any current recommendations by regulatory authorities which, if they were to be implemented, would have or are reasonably likely to have a material adverse effect on the Company's liquidity, capital resources or operations. Item 1 - Legal Proceedings Not Applicable. Item 2 - Changes in Securities Not Applicable. Item 3 - Defaults upon Senior Securities Not Applicable. Item 4 - Submission of Matters to a vote of Security Holders Not Applicable Item 5 - Other Information Not Applicable Item 6 - Exhibits and Reports on Form 8-K Not Applicable 13 SIGNATURES Pursuant to the requirement 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 Registrant Date: February 13, 2001 /S/ Roger K. Cromer -------------------------------- -------------------------- Roger K. Cromer President and Chief Executive Officer Date: February 13, 2001 /S/ Timothy A. Sheppard -------------------------------- -------------------------- Timothy A. Sheppard Treasurer and Chief Financial Accounting Officer 14 -----END PRIVACY-ENHANCED MESSAGE-----