-----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, VlgUW/u7JnEU7WLs+3qqxNiwMrORZZXIRO8ydaXQYzrYxS/xOoEnwk0ANU/ZICop FLFSTsR3NZ5RgX1Kjg0lwA== 0000914317-97-000589.txt : 19971124 0000914317-97-000589.hdr.sgml : 19971124 ACCESSION NUMBER: 0000914317-97-000589 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971028 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971121 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: SEC FILE NUMBER: 000-21170 FILM NUMBER: 97725713 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) October 28, 1997 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 28, 1997, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated October 28, 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: November 19, 1997 By: \s\ Nicholas M. George ---------------------- Nicholas M. George President and Chief Executive Officer Date: October 28, 1997 Contact: Nicholas M. George, President (219) 563-3185 PRESS RELEASE FOR IMMEDIATE RELEASE FFW CORPORATION ANNOUNCES INCREASE IN EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 1997 Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First Federal Savings Bank of Wabash, Indiana, today announced net income of $470,000($0.66 per share) for the quarter ended September 30, 1997 compared to $79,000($0.11 per share) for the quarter ended September 30, 1996. This equates to an increase of 494.9% and 500%, respectively, in net income and primary earnings per share. The September 30, 1996 includes the one time SAIF assessment which, reduced net income by $337,800($0.48 per share) net of tax. Comparing quarter ended September 30, 1997 net income to 1996 net income excluding the one time assessment would reflect a 12.8% increase in net income. Results for the quarter ended and year-to-date showed an ROE of 10.79%, ROA of 1.04% and net spread of 2.74%, compared to 1996 ROE of 2.07%, ROA of .21% and net spread of 2.60%. Nicholas M. George, President of FFW Corporation, credited the quarter's earnings to a continued growth in the bank's mortgage, consumer and commercial loan portfolio's. Net interest income, the difference between interest income and interest expense paid, increased $276,000. The provission for loan loss was increased to meet the growing size of the loan portfolio, and the changing composition from mortgage to consumer and commercial lending. The increase of $348,000 in non-interest expense over the prior year, was due to increased staffing, and amortization of goodwill related to our the purchase of deposit liabilities and certain assets associated with the branch of NBD Bank, N.A. in South Whitely, Indiana. FFW Corporation's total assets for the three months ended September 30, 1997 increased by $1.4 million to a total of $181.5 million a 0.8% increase. Net loans receivable for the three months ended September 30, 1997 increased by $5.6 million to $119.8 million a 4.9% increase. First Federal Savings Bank operates full-service offices in Wabash, North Manchester, South Whitley, 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 28, 1997 SELECTED CONSOLIDATED FINANCIAL INFORMATION Selected Balance Sheet Data: (Unaudited) 9/30/97 6/30/97 -------- -------- (In Thousands) Total Assets ............................... $181,468 $180,055 Loans Receivable Net ....................... 119,764 114,159 Loans Held for Sale ........................ 0 0 Securities Available for Sale .............. 49,703 40,450 Deposits ................................... 114,940 116,118 Borrowings ................................. 46,800 44,800 Stockholders' Equity ....................... 17,610 17,141 (Unaudited) Three months Ended Selected Operating Data: 9/30/97 9/30/96 -------- -------- (In Thousands) Total Interest Income ............................... $ 3,506 $ 2,926 Total Interest Expense .............................. 2,062 1,758 -------- -------- Net Interest Income ............................... $ 1,444 $ 1,168 Provision for Loan Losses ........................... 200 20 -------- -------- Net Interest Income After Provision for Loan Losses $ 1,244 $ 1,148 Gain on Sales of Interest Earning Assets ............ 16 11 Net Unrealized Losses on Loans Held for Sale ........ 0 0 Other Non-Interest Income ........................... 218 147 Other Non-Interest Expenses ......................... -910 -1,258 -------- -------- Income Before Income Taxes ........................ $ 568 $ 48 Income Tax Expense .................................. 98 -31 -------- -------- Net Income ........................................ $ 470 $ 79* ======== ======== Earnings Per Common & Common Equivalent Shares Primary ............................................. $ .66 $ .11** Fully Diluted ....................................... $ .65 $ .11** Dividend Paid Per Share ............................. $ .18 $ .15 Average Shares Outstanding .......................... 690,936 674,975 Supplemental Data : Interest Rate Spread ................................ 2.74% 2.60% Return on Average Assets*** ......................... 1.04% .21% Return on Average Equity*** ......................... 10.79% 2.07% * 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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