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 28, 1997
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 28, 1997, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
1. Press release, dated October 28, 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: November 19, 1997 By: \s\ Nicholas M. George
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Nicholas M. George
President and Chief
Executive Officer
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Date: October 28, 1997
Contact: Nicholas M. George, President
(219) 563-3185
PRESS RELEASE FOR IMMEDIATE RELEASE
FFW CORPORATION ANNOUNCES INCREASE IN EARNINGS
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First
Federal Savings Bank of Wabash, Indiana, today announced net income of
$470,000($0.66 per share) for the quarter ended September 30, 1997 compared to
$79,000($0.11 per share) for the quarter ended September 30, 1996. This equates
to an increase of 494.9% and 500%, respectively, in net income and primary
earnings per share.
The September 30, 1996 includes the one time SAIF assessment which,
reduced net income by $337,800($0.48 per share) net of tax. Comparing quarter
ended September 30, 1997 net income to 1996 net income excluding the one time
assessment would reflect a 12.8% increase in net income.
Results for the quarter ended and year-to-date showed an ROE of 10.79%,
ROA of 1.04% and net spread of 2.74%, compared to 1996 ROE of 2.07%, ROA of .21%
and net spread of 2.60%. 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 $276,000. The provission for loan loss was
increased to meet the growing size of the loan portfolio, and the changing
composition from mortgage to consumer and commercial lending. The increase of
$348,000 in non-interest expense over the prior year, was due to increased
staffing, and amortization of goodwill related to our the purchase of deposit
liabilities and certain assets associated with the branch of NBD Bank, N.A. in
South Whitely, Indiana.
FFW Corporation's total assets for the three months ended September 30,
1997 increased by $1.4 million to a total of $181.5 million a 0.8% increase. Net
loans receivable for the three months ended September 30, 1997 increased by $5.6
million to $119.8 million a 4.9% 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.
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<CAPTION>
FFW Corporation October 28, 1997
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Selected Balance Sheet Data: (Unaudited)
9/30/97 6/30/97
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(In Thousands)
Total Assets ............................... $181,468 $180,055
Loans Receivable Net ....................... 119,764 114,159
Loans Held for Sale ........................ 0 0
Securities Available for Sale .............. 49,703 40,450
Deposits ................................... 114,940 116,118
Borrowings ................................. 46,800 44,800
Stockholders' Equity ....................... 17,610 17,141
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(Unaudited)
Three months Ended
Selected Operating Data: 9/30/97 9/30/96
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(In Thousands)
<S> <C> <C>
Total Interest Income ............................... $ 3,506 $ 2,926
Total Interest Expense .............................. 2,062 1,758
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Net Interest Income ............................... $ 1,444 $ 1,168
Provision for Loan Losses ........................... 200 20
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Net Interest Income After Provision for Loan Losses $ 1,244 $ 1,148
Gain on Sales of Interest Earning Assets ............ 16 11
Net Unrealized Losses on Loans Held for Sale ........ 0 0
Other Non-Interest Income ........................... 218 147
Other Non-Interest Expenses ......................... -910 -1,258
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Income Before Income Taxes ........................ $ 568 $ 48
Income Tax Expense .................................. 98 -31
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Net Income ........................................ $ 470 $ 79*
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Earnings Per Common & Common Equivalent Shares
Primary ............................................. $ .66 $ .11**
Fully Diluted ....................................... $ .65 $ .11**
Dividend Paid Per Share ............................. $ .18 $
.15
Average Shares Outstanding .......................... 690,936 674,975
Supplemental Data :
Interest Rate Spread ................................ 2.74% 2.60%
Return on Average Assets*** ......................... 1.04% .21%
Return on Average Equity*** ......................... 10.79% 2.07%
* 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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