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
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(Exact name of Registrant as specified in its Charter)
Delaware 0 - 21170 35 - 1875502
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(State or other (Commission File No.) (IRS Employer
jurisdiction Identification
of incorporation) Number)
1205 N. Cass Street, Wabash, Indiana 46992 - 1027
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 563 - 3185
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N/A
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(Former name or former address, if changed since last report)
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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.
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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
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Nicholas M. George
President and Chief
Executive Officer
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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.
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<CAPTION>
FFW Corporation October 22, 1996
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
9/30/96 6/30/96
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(In Thousands)
<S> <C> <C>
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
<CAPTION>
(Unaudited)
Three Months Ended
9/30/96 6/30/95
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(In Thousands)
<S> <C> <C>
Selected Operating Data:
Total Interest Income ............................ $ 2,926 $ 2,689
Total Interest Expense ........................... 1,758 1,659
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Net Interest Income ............................ $ 1,168 $ 1,030
Provision for Loan Losses ........................ 20 6
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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)
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Income Before Income Taxes ..................... $ 48 $ 504
Income Tax Expense ............................... (31) 166
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Net Income .................................... $ 79 $ 338
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<CAPTION>
FFW Corporation October 22, 1996
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Continued)
(Unaudited)
Three Months Ended
9/30/96 6/30/95
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(In Thousands)
<S> <C> <C>
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%
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*Annualized
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