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 18, 1997
FFW CORPORATION
(Exact name of Registrant as specified in its Charter)
Delaware 0 - 21170 35 - 1875502
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification 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
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 18, 1997, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
1. Press release, dated April 18, 1997.
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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: May 6, 1997 By:\s\ Nicholas M. George
----------------------
Nicholas M. George
President and Chief
Executive Officer
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Date: April 18, 1997
Contact: Nicholas M. George,
President
(219) 563-3185
PRESS RELEASE FOR IMMEDIATE RELEASE
FFW CORPORATION ANNOUNCES A 19% INCREASE IN EARNINGS PER SHARE
FOR THE QUARTER ENDED MARCH 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 March 31, 1997. Net income for the quarter ended March 31,
1997, was $447,000 or $ .63 per share compared to $394,000 or $ .53 per share
for the quarter ended March 31, 1996. This equates to an increase of 13.5% and
19%, respectively, in net income and primary earnings per share.
Nicholas M. George, President of FFW Corporation, credited the
quarter's earnings to a continued growth in the bank's mortgage and consumer
loan portfolio's. Net interest income, the difference between interest income
and interest expense paid, increased $161,000. The increase of $84,000 in
non-interest expense over the prior year, was due to increased staffing, and
initial cost related to our the purchase of deposit liabilities and certain
assets associated with the branch of NBD Bank, N.A. in South Whitely, Indiana.
This acquisition is anticipated to close prior to our fiscal year end, which is
June 30, 1997, pending final regulatory approval.
Net income for the nine months ended March 31, 1997 was $953,000 or
$1.36 per share, compared to $1.2 million or $ 1.53 per share for the nine
months ended March 31, 1996. Mr. George, attributed the reduced earnings 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, would have resulted in
net income of $1.3 million or $ 1.84 per share had the assessment not been paid.
FFW Corporation's total assets for the nine months ended March 31, 1997
increased by $8.0 million to a total of $158.4 million a 5.3% increase. Net
loans receivable for the nine months ended March 31, 1997 increased by $9.3
million to total of $109.9 million a 9.3% increase.
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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<TABLE>
<CAPTION>
FFW Corporation April 18, 1997
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
Selected Balance Sheet Data: 3/31/97 6/30/96
-------- --------
(In Thousands)
<S> <C> <C>
Total Assets ............................... $158,441 $150,467
Loans Receivable Net ....................... 109,850 100,529
Loans Held for Sale ........................ 0 423
Securities Available for Sale .............. 42,083 40,566
Deposits ................................... 98,211 92,490
Borrowings ................................. 43,225 41,800
Stockholders' Equity ....................... 15,854 15,458
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Nine months Ended
Selected Operating Data: 3/31/97 3/31/96 3/31/97 3/31/96
-------- -------- -------- --------
(In Thousands)
<S> <C> <C> <C> <C>
Total Interest Income ............................................ $ 3,075 $ 2,826 $ 9,027 $ 8,271
Total Interest Expense ........................................... 1,799 1,711 5,360 5,067
-------- -------- -------- --------
Net Interest Income ............................................ $ 1,276 $ 1,115 $ 3,667 $ 3,204
Provision for Loan Losses ........................................ 35 36 70 48
-------- -------- -------- --------
Net Interest Income After Provision for Loan Losses ............ $ 1,241 $ 1,079 $ 3,597 $ 3,156
Gain on Sales of Interest Earning Assets ......................... 7 28 37 127
Net Unrealized Losses on Loans Held for Sale ..................... 0 0 0 0
Other Non-Interest Income ........................................ 150 114 438 349
Other Non-Interest Expenses ...................................... (730) (637) (2,729) (1,911)
-------- -------- -------- --------
Income Before Income Taxes ..................................... $ 668 $ $ 1,343 $ 1,721
Income Tax Expense ............................................... 221 190 390 565
-------- -------- -------- --------
Net Income ..................................................... $ 447 $ 394 $ 953 $ 1,156
======== ======== ======== ========
Earnings Per Common & Common Equivalent Shares
Primary .......................................................... $ .63 $ .53 $ 1.36** $ 1.53
Fully Diluted .................................................... $ .63 $ .53 $ 1.35** $ 1.53
Dividend Paid Per Share .......................................... $ .15 $ .12 $ .45 $ .36
Average Shares Outstanding ....................................... 696,132 747,250 701,111 765,615
Supplemental Data :
Interest Rate Spread ............................................. 2.74% 2.54% 2.67% 2.46%
Return on Average Assets*** ...................................... 1.13% 1.07% .82% 1.08%
Return on Average Equity*** ...................................... 11.12% 9.68% 8.07% 9.63%
*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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