SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
AMENDMENT NO. 1
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number 0-21170
FFW CORPORATION
(Exact name of small business issuer as specified in its charter)
Delaware 35-1875502
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification or Number)
1205 North Cass Street, Wabash, IN 46992 (Address of
principal executive offices)
(219) 563-3185
(Issuer's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [ ] No [ X ]
Transitional Small Business Disclosure Format (check one):
Yes [ ] No [ X ]
State the number of Shares outstanding of each of the issuer's classes of common
equity, as of the latest date:
As of February 13, 1998 there were 1,449,532 shares of the
Registrant's common stock issued and outstanding.
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<TABLE>
<CAPTION>
FFW CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Six Months Ended
December 31 December 31
------------------------------ ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net Income .............................................. $ 478,626 $ 426,617 $ 948,604 $ 506,022
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation and amortization, net of accretion ..... (22,552) 14,360 (38,719) 58,809
Provision for loan losses ........................... 65,000 15,000 265,000 35,000
Net (gains) losses on sale of :
Securities available for sale .................. -- 514 -- 514
Loans held for sale ............................ (35,463) (20,461) (57,372) (34,140)
Foreclosed estate owned and repossessed assets . 5,586 10,661 4,187 2,388
Origination of loans held for sale .................. (1,770,558) (1,238,451) (3,710,838) (2,140,689)
Proceeds from sale of loans held for sale ........... 1,806,021 1,536,412 3,768,210 2,445,768
ESOP expenses ....................................... 36,000 66,573 49,000 90,573
Amortization of MRP contribution .................... -- 6,540 -- 13,079
Net change in accrued interest receivable ........... (196,288) 22,895 (386,607) (29,421)
Amortization of goodwill and core deposit intangibles 41,119 -- 82,237 --
Net change in other assets .......................... (179,330) (451,802) (392,699) (676,983)
Net change in accrued interest payable, accrued
expenses and other liabilities ................. 1,607,480 (714,741) 2,419,052 178,613
------------ ------------ ------------ ------------
Total adjustments ..................... $ 1,357,015 $ (752,500) $ 2,001,451 $ (56,489)
------------ ------------ ------------ ------------
Net cash from operating activities ............. $ 1,835,641 $ (325,883) $ 2,950,055 $ 449,533
</TABLE>
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<TABLE>
<CAPTION>
FFW CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(continued)
Three Months Ended Six Months Ended
December 31 December 31
------------------------------ ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cash flows from investing activities:
Net change in interest-bearing deposits in other
financial institutions ......................... -- 24,729 -- 362,664
Proceeds from :
sales/calls of securities available for sale ... 3,000,000 75,000 8,000,000 75,000
sales/calls of securities held-to-maturity ..... -- -- -- --
maturities of securities available for sale .... 255,000 50,000 300,000 380,000
maturities of securities held-to-maturity ...... -- -- -- --
Purchase of :
securities available for sale .................. (50,347) (50,104) (15,106,469) (596,589)
Federal Home Loan Bank Stock ................... (309,600) -- (309,600) --
Principal collected on mortgage- backed securities .. 173,547 168,094 327,627 327,136
Net change in loans receivable ...................... (8,523,480) (4,249,764) (14,328,678) (6,766,074)
Net purchases premises and equipment ................ (151,187) (10,310) (159,583) (61,165)
Investment in limited partnership ................... -- (187,500) --
Proceeds from sales of other real estate and
repossessed assets ............................. 36,190 78,606 155,140 196,340
------------ ------------ ------------ ------------
Net cash from investing activities ... $ (5,569,877) $ (3,913,749) $(21,309,063) $ (6,082,688)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FFW CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
Three Months Ended Six Months Ended
December 31 December 31
------------------------------ ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cash flows from financing activities :
Net (decrease) increase in deposits ............ 1,165,629 (1,779,066) (12,786) 5,395,816
Proceeds from short-term borrowings ............ 32,975,956 9,500,000 43,475,956 9,500,000
Payment on short-term borrowings ............... (27,100,000) (4,000,000) (35,600,000) (8,000,000)
Purchase of Treasury Stock ..................... -- -- -- (176,625)
Proceeds from exercising of stock options ...... 66,940 -- 103,070 --
Cash dividends paid ............................ (129,877) (105,309) (258,549) (210,618)
------------ ------------ ------------ ------------
Net cash from financing activities ....... $ 6,978,648 $ 3,615,625 $ 7,707,691 $ 6,508,573
Net increase (decrease) in cash and cash equivalents ....... $ 3,244,412 $ (624,007) $(10,651,317) $ 875,418
Cash and cash equivalents at beginning of period ........... $ 3,224,885 $ 4,287,632 $ 17,120,614 $ 2,788,207
Cash and cash equivalents at end of period ................. $ 6,469,297 $ 3,663,625 $ 6,469,297 $ 3,663,625
============ ============ ============ ============
Supplemental disclosure of cash flow information :
Cash paid during quarter for:
Interest ................................. $ 2,579,747 $ 2,194,134 $ 4,165,071 $ 3,542,163
Income Taxes ............................. $ 340,000 $ 315,000 $ 390,000 $ 376,000
Non-cash investing activities transfers from:
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<PAGE>
SIGNATURES
Pursuant to the requirement 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
Registrant
Date: February 19, 1998 By: /S/Nicholas M. George
----------------------
Nicholas M. George
President and Chief
Executive Officer
Date: February 19, 1998 By: /S/Charles E. Redman
--------------------
Charles E. Redman
Treasurer and Chief Financial
Accounting Officer
