FFWC Ffw Corp

FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2025

FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2025

WABASH, Ind., Aug. 25, 2025 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (8/22/25 Close: $41.00), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the fiscal year ended June 30, 2025.

For the three months ended June 30, 2025, the Corporation reported net income of $1,461,000 or $1.35 per common share compared to $1,118,000 or $0.99 per common share for the three months ended June 30, 2024. Net interest income for the three months ended June 30, 2025 was $4,385,000 compared to $3,664,000 for the three months ended June 30, 2024. Credit loss expense was $75,000 for the three months ended June 30, 2025 and $0 for the three months ended June 30, 2024. Total noninterest income was $1,221,000 for the three months ended June 30, 2025 compared to $1,137,000 for the three months ended June 30, 2024. Noninterest expense was $3,906,000 for the three months ended June 30, 2025 and $3,641,000 for the three months ended June 30, 2024.

For the twelve months ended June 30, 2025, the Corporation reported net income of $5,542,000 or $5.01 per common share compared to $4,089,000 or $3.63 per common share for the twelve months ended June 30, 2024. Net interest income for the twelve months ended June 30, 2025 was $16,279,000 compared to $14,477,000 for the twelve months ended June 30, 2024. The Company recognized credit loss expense of $200,000 for the twelve months ended June 30, 2025 and $0 for the twelve months ended June 30, 2024. Total noninterest income was $5,070,000 for the twelve months ended June 30, 2025 compared to $4,144,000 for the twelve months ended June 30, 2024. Noninterest expense was $15,006,000 for the twelve months ended June 30, 2025 and $14,225,000 for the twelve months ended June 30, 2024.

The three and twelve months ended June 30, 2025 represented a return on average common equity of 11.77% and 11.10%, respectively, compared to 9.41% and 8.78% for the three and twelve month periods ended June 30, 2024. The three and twelve months ended June 30, 2025 represented a return on average assets of 1.03% and 0.97%, respectively, compared to 0.80% and 0.74% for the three and twelve month periods ended June 30, 2024.

The allowance for credit losses as a percentage of gross loans receivable was 1.35% at June 30, 2025 compared to 1.33% at June 30, 2024. Nonperforming assets were $8,147,000 at June 30, 2025 compared to $4,044,000 at June 30, 2024.

As of June 30, 2025, FFWC’s equity-to-assets ratio was 8.76% compared to 8.55% at June 30, 2024. Total assets at June 30, 2025 were $570,108,000 compared to $567,363,000 at June 30, 2024. Shareholders’ equity was $49,944,000 at June 30, 2025 compared to $48,515,000 at June 30, 2024. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized.”

The Corporation has an active share repurchase program. During the quarter ended June 30, 2025, the Corporation repurchased 3,303 shares at an average price of $39.70. Year to date the Corporation repurchased 56,481 shares at an average price of $39.42. For more information regarding the share repurchase program, please contact Roger Cromer, President, at (260) 563-3185. The Corporation may suspend or discontinue repurchases at any time.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as “expects,” “intends,” “believes,” and “should,” which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. The Corporation's ability to predict future results involves a number of risks and uncertainties. The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

Crossroads Bank is a wholly owned subsidiary of FFW Corporation providing an extensive array of banking services and a wide range of investments and securities products through its main office in Wabash and six Indiana banking centers located in Columbia City, North Manchester, Peru, South Whitley, Syracuse and Warsaw. The Bank also provides leasing services at each of its banking centers. Insurance products are offered through an affiliated company, Insurance 1 Services, Inc. The Corporation’s stock is traded on the OTC Markets under the symbol “FFWC.” Our website address is . Crossroads Bank, Member FDIC.

FFW Corporation
Selected Financial Information

 
Consolidated Balance Sheet
 
  June 30June 30
  20252024
  Unaudited 
Assets  
Cash and due from financial institutions$7,166,023 $5,202,224 
Interest-bearing deposits in other financial institutions 3,649,597  11,717,782 
 Cash and cash equivalents 10,815,620  16,920,006 
   
Securities available for sale 103,067,093  106,179,450 
Loans held for sale 314,800  559,830 
Loans receivable, net of allowance for credit losses of $5,703,128  
 at June 30, 2024 and $5,564,436 at June 30, 2024 422,829,649  411,841,368 
Federal Home Loan Bank stock, at cost 1,739,500  1,289,700 
Accrued interest receivable 3,055,402  3,016,660 
Premises and equipment, net 7,602,679  7,614,589 
Mortgage servicing rights 1,072,056  1,086,587 
Cash surrender value of life insurance 13,165,670  12,725,890 
Goodwill 1,213,898  1,213,898 
Repossessed Assets 38,560  1,250 
Other assets 5,192,615  4,913,693 
 Total assets$570,107,542 $567,362,921 
    
Liabilities and shareholders' equity  
Deposits  
 Noninterest-bearing$52,521,124 $47,530,618 
 Interest-bearing 453,607,241  466,891,628 
 Total deposits 506,128,365  514,422,246 
    
Borrowings 10,000,000  - 
Accrued expenses and other liabilities 4,035,448  4,425,736 
 Total liabilities 520,163,813  518,847,982 
    
Shareholders' equity  
Common stock, $.01 par; 2,000,000 shares authorized;  
 Issued: 1,836,328; outstanding: 1,082,978 at June 30, 2025 and 1,126,243 at June 30, 2024 18,363  18,363 
Additional paid-in capital 10,233,608  10,266,257 
Retained earnings 65,911,649  61,694,919 
Accumulated other comprehensive income (loss) (11,560,272) (10,795,929)
Treasury stock, at cost: 753,350 at June 30, 2025 and  
 710,085 at June 30, 2024 (14,659,619) (12,668,671)
 Total shareholders' equity 49,943,729  48,514,939 
    
 Total liabilities and shareholders' equity$570,107,542 $567,362,921 
        



FFW Corporation
Selected Financial Information

 
Consolidated Statement of Income
 
   Three Months Ended June 30Twelve Months Ended June 30
   2025202420252024
   UnauditedUnauditedUnauditedUnaudited
Interest and dividend income:    
 Loans, including fees$5,985,759 $5,561,214 $23,183,812 $21,249,360 
 Taxable securities 563,907  538,577  2,187,692  2,031,617 
 Tax exempt securities 402,708  406,253  1,625,823  1,656,939 
 Other 78,596  119,404  564,219  309,304 
  Total interest and dividend income 7,030,970  6,625,448  27,561,546  25,247,220 
       
Interest expense:    
 Deposits 2,469,399  2,933,414  11,078,011  10,613,939 
 Borrowings 176,469  27,627  204,282  155,984 
  Total interest expense 2,645,869  2,961,041  11,282,293  10,769,923 
       
Net interest income 4,385,101  3,664,407  16,279,253  14,477,297 
       
Provision for credit losses 75,000  -  200,000  - 
       
Net interest income after provision for 4,310,101  3,664,407  16,079,253  14,477,297 
 credit losses    
       
Noninterest income:    
 Net gains on sales of loans 181,575  113,780  480,176  185,535 
 Net gains (losses) on fixed assets (4,080) -  31,157  - 
 Net gains (losses) on sales of REO -  -  (684) (37,006)
 Commission income 463,212  395,409  1,993,376  1,429,640 
 Service charges and fees 157,836  219,733  868,973  998,995 
 Earnings on life insurance 111,555  106,082  439,780  389,414 
 Other 311,304  302,374  1,257,347  1,177,332 
  Total noninterest income 1,221,401  1,137,378  5,070,125  4,143,910 
       
Noninterest expense:    
 Salaries and benefits 2,035,089  1,990,109  8,098,744  7,716,276 
 Occupancy and equipment 333,493  320,824  1,300,038  1,270,996 
 Professional 164,980  122,245  628,721  482,039 
 Marketing 102,924  96,753  381,332  378,547 
 Deposit insurance premium 102,000  73,000  348,684  280,666 
 Regulatory assessment 11,569  10,344  42,772  41,379 
 Correspondent bank charges 26,413  23,388  107,687  93,273 
 Data processing 584,862  482,683  2,141,131  1,866,798 
 Printing, postage and supplies 74,354  65,701  300,465  285,133 
 Expense on life insurance 27,665  41,149  7,776  129,934 
 Contribution expense 7,500  9,501  44,888  50,382 
 Expense on REO -  (139) -  5,683 
 Other 434,848  405,714  1,603,446  1,623,675 
  Total noninterest expense 3,905,699  3,641,272  15,005,684  14,224,781 
       
Income before income taxes 1,625,803  1,160,513  6,143,694  4,396,426 
       
Income tax expense 165,144  42,948  601,954  306,949 
       
Net income$1,460,659 $1,117,565 $5,541,740 $4,089,477 
             



FFW Corporation
Selected Financial Information
 
Key Balances and Ratios
 
 Three Months Ended June 30Twelve Months Ended June 30
 2025

2024

2025

2024

 UnauditedUnauditedUnauditedUnaudited
Per common share data:    
Earnings$1.35 $0.99 $5.01 $3.63 
Diluted earnings$1.35 $0.99 $5.01 $3.63 
Dividends paid$0.30 $0.29 $1.20 $1.16 
Average shares issued and outstanding1,083,793 1,126,520 1,106,967 1,126,879 
Shares outstanding end of period1,082,978 1,126,243 1,082,978 1,126,243 
     
Supplemental data:    
Net interest margin **3.16%2.66%2.92%2.69%
Return on average assets ***1.03%0.80%0.97%0.74%
Return on average common equity ***11.77%9.41%11.10%8.78%
     
 June 30June 30  
 2025

2024

  
Nonperforming assets *$8,147,342 $4,044,082   
Repossessed assets$38,560 $1,250   
     
* Includes non-accruing loans, accruing loans delinquent more than 90 days and repossessed assets

** Yields reflected have not been computed on a tax equivalent basis

*** Annualized

    

FOR MORE INFORMATION Contact: Stacy Wiley, Treasurer, at (260) 563-3185



EN
25/08/2025

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