-----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, F+W0DDefo6Ix/dYtkRq6uOSVdhxoSmDh+lmUrzKqeLpaV7OJuDn4dqJqxYngVCQL 9Q5BE5m2VTbl7hnkPxMR7w== 0000914317-98-000294.txt : 19980505 0000914317-98-000294.hdr.sgml : 19980505 ACCESSION NUMBER: 0000914317-98-000294 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980428 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: 98609299 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) April 28, 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 April 28, 1998, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits (a) Exhibits 1. Press release, dated April 28, 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: April 29, 1998 By: \s\ Nicholas M. George -------------- ---------------------- Nicholas M. George President and Chief Executive Officer Date: April 28, 1998 Contact: Nicholas M. George, President (219) 563-3185 PRESS RELEASE FOR IMMEDIATE RELEASE FFW CORPORATION ANNOUNCES A 11% INCREASE IN NET INCOME FOR THE QUARTER ENDED MARCH 31, 1998 Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First Federal Savings Bank of Wabash, Indiana, announced operating results for the quarter ended March 31, 1998. Net income for the quarter ended March 31, 1998, was $498,000 or $ 0.35 per diluted share compared to $447,000 or $ 0.33 per diluted share for the quarter ended March 31, 1997. This equates to an increase of 11.4% and 6.1%, 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 $250,000. The increase of $206,000 in non-interest expense over the prior year, was due to increased staffing, and amortization of goodwill related to the purchase of the branch office in South Whitley, Indiana. Net income for the nine months ended March 31, 1998 was $1.4 million or $1.04 per diluted share, compared to $953,000 or $ 0.68 per share for the nine months ended March 31, 1997. Mr. George, attributed the majority of the increased earnings to the reduced SAIF premium. In 1996 the one time SAIF assessment was $337,800($0.24 per diluted share) net of tax. FFW Corporation's total assets for the nine months ended March 31, 1998 increased by $18.7 million to a total of $198.7 million a 10.4% increase. Net loans receivable for the nine months ended March 31, 1998 increased by $18.0 million to total of $132.2 million a 15.8% 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 April 28, 1998
SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) Selected Balance Sheet Data: 3/31/98 6/30/97 -------- -------- (In Thousands) Total Assets ............................... $198,712 $180,055 Loans Receivable Net ....................... 132,193 114,159 Loans Held for Sale ........................ 0 0 Securities Available for Sale .............. 50,799 40,450 Deposits ................................... 124,025 116,118 Borrowings ................................. 52,000 44,800 Stockholders' Equity ....................... 19,044 17,141 (Unaudited) (Unaudited) Three Months Ended Nine months Ended Selected Operating Data: 3/31/98 3/31/97 3/31/98 3/31/97 ---------- ---------- ---------- ---------- (In Thousands) Total Interest Income ............................... $ 3,705 $ 3,075 $ 10,790 $ 9,027 Total Interest Expense .............................. 2,179 1,799 6,350 5,360 ---------- ---------- ---------- ---------- Net Interest Income ............................... $ 1,526 $ 1,276 $ 4,440 $ 3,667 Provision for Loan Losses ........................... 100 35 365 70 ---------- ---------- ---------- ---------- Net Interest Income After Provision for Loan Losses $ 1,426 $ 1,241 $ 4,075 $ 3,597 Gain on Sales of Interest Earning Assets ............ 29 7 71 37 Net Unrealized Losses on Loans Held for Sale ........ 0 0 0 0 Other Non-Interest Income ........................... 237 150 680 438 Other Non-Interest Expenses ......................... -936 -730 -2,776 -2,729 ---------- ---------- ---------- ---------- Income Before Income Taxes ........................ $ 756 $ $ 2,050 $ 1,343 668 Income Tax Expense .................................. 258 221 604 390 ---------- ---------- ---------- ---------- Net Income ........................................ $ 498 $ 447 $ 1,446 $ 953* ========== ========== ========== ========== Earnings Per Common & Common Equivalent Shares *** Basic ............................................... $ .35 $ .34 $ 1.04 $ .71** Diluted ............................................. $ .35 $ .33 $ 1.04 $ .68** Dividend Paid Per Share ............................. $ .09 $ .075 $ .27 $ .225 Average Shares Outstanding .......................... 1,405,931 1,332,333 1,394,111 1,341,927 Supplemental Data: Interest Rate Spread ................................ 2.63% 2.74% 2.68% 2.67% Return on Average Assets**** ........................ 1.01% 1.13% 1.02% .82% Return on Average Equity**** ........................ 10.67% 11.12% 10.66% 8.07%
* Reduced by SAIF assessment net of tax of $337,800 ** Earnings per Share reduced by SAIF assessment net of tax of $.24 *** All per share data reflect a 100% stock dividend on December 31, 1997 **** Annualized -----END PRIVACY-ENHANCED MESSAGE-----