-----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, GQLV3fUJMkEcTJGwJPhmmfx9RPEGnspArqULzIdIqgvHT03RtWnHg/mOWmndk5uO 9WR6USN8CvifrI1sTgx5Xw== 0000914317-96-000304.txt : 19960830 0000914317-96-000304.hdr.sgml : 19960830 ACCESSION NUMBER: 0000914317-96-000304 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960726 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960829 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: 96622975 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) July 26, 1996 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 July 26, 1996, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated July 26, 1996. 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: August 23, 1996 By: \s\ Nicholas M. George --------------- ---------------------- Nicholas M. George President and Chief Executive Officer Date: July 26, 1996 Contact: Nicholas M. George, President (219) 563-3185 PRESS RELEASE FOR IMMEDIATE RELEASE FFW CORPORATION ANNOUNCES A 44% INCREASE IN NET INCOME FOR THE YEAR ENDED JUNE 30, 1996 Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First Federal Savings Bank of Wabash, Indiana, announced today operating results for the year and quarter ended June 30, 1996. Net income for the year ended June 30, 1996, was $1,586,300 or $2.13 per share compared to $1,099,400 or $1.46 per share for the year ended June 30, 1995. This equates to an increase of 44% and 46%, respectively, in net income and primary earnings per share. Nicholas M. George, President of FFW Corporation, credited the strong year-to-date 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 $586,800. The increase of $482,900 in non-interest income over the prior year, was due to an unrealized loss of $319,000 in mortgaged-backed securities for the year and quarter ended June 30, 1995. Net income for the quarter was $430,000 or $.60 per share, compared to $116,500 or $.16 per share for the quarter ended June 30, 1995. Mr. George, attributed the favorable results to increase in net interest income of $199,600 and non-interest income of $355,200. FFW Corporation's total assets increased by $3.2 million from June 30, 1995 to $150.5 million at June 30, 1996. Asset quality improved as demonstrated by a .06% ratio of nonperforming assets to total assets as of June 30, 1996, compared to a ratio of .09% for the prior period. On July 23,1996 The Board of Directors of FFW Corp. announced the completion of the stock repurchase that was authorized on March 26, 1996. The Board of Directors authorized an additional repurchase of up to 35,260 shares of stock or approximately 5% of the outstanding shares as of that date. The repurchase program will be executed through various broker dealers at prevailing market prices. Mr. George, President, indicated that the Board of Directors approved the additional repurchase program in view of the Corporation's current stock price and it's strong capital position. Mr. George stated that "we believe that the repurchase of our shares represents an attractive investment opportunity which will benefit the Corporation and our stockholders. The repurchased shares will become treasury shares and could be used for general corporate purposes." 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 July 26, 1996 SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) Selected Balance Sheet Data: 6/30/96 6/30/95 ------- ------- (In Thousands) Total Assets ................................ $150,467 $147,293 Loans Receivable Net ........................ 100,529 92,475 Loans Held for Sale ......................... 423 214 Mortgage-Backed Securities .................. 18,540 19,489 Securities .................................. 22,026 15,494 Deposits .................................... 92,490 85,930 Borrowings .................................. 41,800 45,300 Stockholders' Equity ........................ 15,458 15,492
(Unaudited) (Unaudited) Three Months Ended Twelve Months Ended Selected Operating Data : 6/30/96 6/30/95 6/30/96 6/30/95 --------- --------- --------- --------- (In Thousands) Total Interest Income .............................. $ 2,893 $ 2,533 $ 11,164 $ 9,409 Total Interest Expense ............................. 1,732 1,571 6,799 5,630 --------- --------- --------- --------- Net Interest Income .............................. $ 1,161 $ 962 $ 4,365 $ 3,779 Provision for Loan Losses .......................... 47 6 95 34 --------- --------- --------- --------- Net Interest Income After Provision for Loan Losses ..................... $ 1,114 $ 956 $ 4,270 $ 3,745 Gain on Sales of Interest Earning Assets ........... 19 0 146 9 Net Unrealized Losses on Loans Held for Sale ....... (1) 0 (1) 18 Net Unrealized Losses on Mortgaged-backed securities 0 (319) 0 (319) Other Non-Interest Income .......................... 134 115 483 437 Other Non-Interest Expenses ........................ (673) (615) (2,586) (2,356) --------- --------- --------- --------- Income Before Income Taxes ....................... $ 591 $ 137 $ 2,312 $ 1,534 Income Tax Expense ................................. 161 21 726 435 --------- --------- --------- --------- Net Income ...................................... $ 430 $ 116 $ 1,586 $ 1,099 ========= ========= ========= ========= Earnings Per Common & Common Equivalent Shares Primary ............................................ $ .60 $ .16 $ 2.13 $ 1.46 Fully Dilluted ..................................... $ .60 $ .16 $ 2.13 $ 1.45 Dividend Paid Per Share ............................. $ .15 $ .12 $ .51 $ .45 Average Shares Outstanding .......................... 726,459 716,009 755,313 714,306 Supplemental Data : Interest Rate Spread ............................... 2.57% 2.25% 2.48% 2.38% Return on Average Assets* .......................... 1.16% .34% 1.09% .84% Return on Average Equity* .......................... 11.07% 3.00% 9.89% 7.29% *Annualized
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