-----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, SKtYT4s7MZ4qQa/jAZq4iqUR0TcdE1pa4p33B0xi0tRkQO/GwXaqAZ3zp8PwNGud dFJMzetijsHphl6dJhYsjA== 0000914317-98-000292.txt : 19980505 0000914317-98-000292.hdr.sgml : 19980505 ACCESSION NUMBER: 0000914317-98-000292 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980204 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980504 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: 98609296 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) February 4, 1998 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 February 4, 1998, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated February 4, 1998. 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: February 4, 1998 By: \s\ Nicholas M. George ---------------- ---------------------- Nicholas M. George President and Chief Executive Officer Date: February 4, 1998 Contact: Nicholas M. George, President (219) 563-3185 PRESS RELEASE FOR IMMEDIATE RELEASE FFW CORPORATION ANNOUNCES A 12% INCREASE IN NET INCOME FOR THE QUARTER ENDED DECEMBER 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 December 31, 1997. Net income for the quarter ended December 31, 1997, was $479,000 or $ .34 per diluted share compared to $427,000 or $ .31 per diluted share for the quarter ended December 31, 1996. This equates to an increase of 12.2% and 9.7%, respectively, in net income and diluted earnings per share. The earnings per share reflect an adjustment for a 2 for 1 stock split on December 31, 1997, and changes related to SFAS No. 128 "Earnings Per Share". 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 $246,000. The increase in non-interest expense of $189,000 over the prior year, was due to increased staffing, and amortization of goodwill related to the purchase of with the branch office in South Whitely, Indiana, formerly owned by NBD Bank, N.A. Net income for the six months ended December 31, 1997 was $948,000 or $ .66 per diluted share, compared to $506,000 or $ .36 per diluted share for the six months ended December 31, 1996. Mr. George, attributed the majority of the increased earnings to the reduced SAIF premium. In 1996 the one time SAIF assessment was $337,800($ .24 per diluted share) net of tax . FFW Corporation's total assets for the six months ended December 31, 1997 increased by $11.2 million to a total of $191.3 million a 6.2% increase. Net loans receivable for the six months ended December 31, 1997 increased by $14.1 million to total of $128.2 million a 12.3% 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 February 4, 1998
SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) Selected Balance Sheet Data: 12/31/97 6/30/97 -------- -------- (In Thousands) Total Assets ............................... $191,298 $180,055 Loans Receivable Net ....................... 128,222 114,159 Loans Held for Sale ........................ 0 0 Securities Available for Sale .............. 50,055 40,450 Deposits ................................... 115,976 116,118 Borrowings ................................. 52,676 44,800 Stockholders' Equity ....................... 18,315 17,141 (Unaudited) (Unaudited) Three Months Ended Six Months Ended Selected Operating Data: 12/31/97 12/31/96 12/31/97 12/31/96 ----------- ----------- ----------- ----------- (In Thousands) Total Interest Income ............................... $ 3,579 $ 3,025 $ 7,084 $ 5,952 Total Interest Expense .............................. 2,109 1,802 4,171 3,561 ----------- ----------- ----------- ----------- Net Interest Income ............................... $ 1,470 $ 1,223 $ 2,913 $ 2,391 Provision for Loan Losses ........................... 65 15 265 35 ----------- ----------- ----------- ----------- Net Interest Income After Provision for Loan Losses $ 1,405 $ 1,208 $ 2,648 $ 2,356 Gain on Sales of Interest Earning Assets ............ 26 19 43 30 Net Unrealized Losses on Loans Held for Sale ........ 0 0 0 0 Other Non-Interest Income ........................... 226 141 443 288 Other Non-Interest Expenses ......................... (930) (741) (1,839) (1,999) ----------- ----------- ----------- ----------- Income Before Income Taxes ........................ $ 727 $ 627 $ 1,295 $ 675 Income Tax Expense .................................. 248 200 346 169 ----------- ----------- ----------- ----------- Net Income ........................................ $ 479 $ 427* $ 949 $ 506* =========== =========== =========== =========== Earnings Per Common & Common Equivalent Shares*** Basic ............................................... $ .34 $ .32 $ .68 $ .38** Diluted ............................................. $ .34 $ .31 $ .66 $ .36** Dividend Paid Per Share ............................. $ .15 $ .12 $ .45 $ .12 Average Dilutive Shares Outstanding ................. 1,421,232 1,407,499 1,438,206 1,407,499 Supplemental Data: Interest Rate Spread ................................ 2.66% 2.67% 2.69% 2.63% Return on Average Assets*** ......................... 1.02% 1.09% 1.03% .65% Return on Average Equity*** ......................... 10.60% 10.76% 10.70% 6.41%
- ------------- * Reduced by SAIF assessment net of tax of $337,800 ** Earnings per Share reduced by SAIF assessment net of tax of $.24 *** Earnings per shares are adjusted for a 2 for 1 stock split on December 31, 1997 **** Annualized -----END PRIVACY-ENHANCED MESSAGE-----