-----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, A4pV7pYZUBo1O34UXicjgDJGMAz64z9RXKDXTe68Wg02ebsx178IoHYh9w3597WF W4tsrl09qSbN//ZKTN6h9w== 0000914317-96-000373.txt : 19961101 0000914317-96-000373.hdr.sgml : 19961101 ACCESSION NUMBER: 0000914317-96-000373 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961022 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961031 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: 96650923 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 CORPORATION 8-K -- 10/22/96 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) October 22, 1996 FFW CORPORATION - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) Delaware 0 - 21170 35 - 1875502 - -------------------------------------------------------------------------------- (State or other (Commission File No.) (IRS Employer jurisdiction Identification of incorporation) 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 October 22, 1996, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated October 22, 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: October 25, 1996 By: /s/ Nicholas M. George ---------------- ---------------------- Nicholas M. George President and Chief Executive Officer FFW CORPORATION 1205 N Cass St. Wabash, IN 46992 ANNOUNCES FIRST QUARTER EARNINGS For Immediate Release Wednesday, October 30, 1996 Contact: Charles E. Redman FFW CORPORATION (219) 563-3185 Wabash, IN-- FFW Corporation (NASDAQ: FFWC) holding company for First Federal Savings Bank of Wabash, Indiana, announced operating results for the quarter ended September 30, 1996. Net income for the quarter ended September 30, 1996, was $79,400 or $ .11 per share compared to $338,400 or $ .46 per share for the quarter ended September 30, 1995. Nicholas M. George, President of FFW Corporation, indicated that the lower quarterly earnings where due 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, brought the insurance fund to a fully funded status. Mr. George stated, "that if the one time assessment had not occurred, our earnings for the quarter would have been $417,200 or $ .62 per share as compared to $338,400 or $ .46 per share for the quarter ended September 30, 1995. This would have resulted in a 23% and 35% increases in net income and earnings per share respectively." Mr. George said, "Now that this much anticipated assessment has occurred we will see our FDIC premiums reduced from .23% to .064% per $100 in deposits starting January 1, 1997. This reduction in premiums will save the bank as much as $87,500 net of tax per year going forward." Net interest income, the difference between interest income and interest expense paid, increased $100,000. The increase of $19,000 in non-interest income over the same period last year, was due to an increase in fee income and other non-interest income. FFW Corporation's total assets increased by $4.1 million from June 30, 1996 to $154.6 million at September 30, 1996. Asset growth has increased due to an increase of $2.2 million in loans and $1.5 million in cash and cash equivalents. 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 October 22, 1996 SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) 9/30/96 6/30/96 --------- --------- (In Thousands) Selected Balance Sheet Data: Total Assets ..................................... $ 154,551 $ 150,467 Loans Receivable Net ............................. 103,024 100,529 Loans Held for Sale .............................. 431 423 Mortgage-Backed Securities ....................... 18,564 18,540 Securities ....................................... 24,750 22,026 Deposits ......................................... 99,665 92,490 Borrowings ....................................... 37,800 41,800 Stockholders' Equity ............................. 15,474 15,458 (Unaudited) Three Months Ended 9/30/96 6/30/95 --------- --------- (In Thousands) Selected Operating Data: Total Interest Income ............................ $ 2,926 $ 2,689 Total Interest Expense ........................... 1,758 1,659 --------- --------- Net Interest Income ............................ $ 1,168 $ 1,030 Provision for Loan Losses ........................ 20 6 --------- --------- Net Interest Income After Provision for Loan Losses ................... $ 1,148 $ 1,024 Gain on Sales of Interest Earning Assets ......... 11 18 Net Unrealized Losses on Loans Held for Sale ..... 0 0 Other Non-Interest Income ........................ 147 121 Other Non-Interest Expenses ...................... (1,258) (659) --------- --------- Income Before Income Taxes ..................... $ 48 $ 504 Income Tax Expense ............................... (31) 166 --------- --------- Net Income .................................... $ 79 $ 338 ========= ========= FFW Corporation October 22, 1996 SELECTED CONSOLIDATED FINANCIAL INFORMATION (Continued) (Unaudited) Three Months Ended 9/30/96 6/30/95 --------- --------- (In Thousands) Earnings Per Common & Common Equivalent Shares: Primary ......................................... $ .11 $ .44 Fully Diluted ................................... $ .11 $ .44 Dividend Paid Per Share .......................... $ .15 $ .12 Average Shares Outstanding ....................... 674,975 777,858 Supplemental Data : Interest Rate Spread ............................ 2.60% 2.97% Return on Average Assets* ....................... .21% .97% Return on Average Equity* ....................... 2.07% 8.56% - ------------ *Annualized
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