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 28, 1998
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 28, 1998, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
1. Press release, dated April 28, 1998.
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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: April 29, 1998 By: \s\ Nicholas M. George
-------------- ----------------------
Nicholas M. George
President and Chief
Executive Officer
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Date: April 28, 1998
Contact: Nicholas M. George,
President
(219) 563-3185
PRESS RELEASE FOR IMMEDIATE RELEASE
FFW CORPORATION ANNOUNCES A 11% INCREASE IN NET INCOME
FOR THE QUARTER ENDED MARCH 31, 1998
Wabash, IN--FFW Corporation (NASDAQ: FFWC) holding company for First
Federal Savings Bank of Wabash, Indiana, announced operating results for the
quarter ended March 31, 1998. Net income for the quarter ended March 31, 1998,
was $498,000 or $ 0.35 per diluted share compared to $447,000 or $ 0.33 per
diluted share for the quarter ended March 31, 1997. This equates to an increase
of 11.4% and 6.1%, respectively, in net income and diluted earnings per share.
The earnings per share reflect an adjustment for a 2 for 1 stock split on
December 31, 1997, and changes related to SFAS No. 128 "Earnings Per Share".
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 $250,000. The increase of
$206,000 in non-interest expense over the prior year, was due to increased
staffing, and amortization of goodwill related to the purchase of the branch
office in South Whitley, Indiana.
Net income for the nine months ended March 31, 1998 was $1.4 million or
$1.04 per diluted share, compared to $953,000 or $ 0.68 per share for the nine
months ended March 31, 1997. Mr. George, attributed the majority of the
increased earnings to the reduced SAIF premium. In 1996 the one time SAIF
assessment was $337,800($0.24 per diluted share) net of tax.
FFW Corporation's total assets for the nine months ended March 31, 1998
increased by $18.7 million to a total of $198.7 million a 10.4% increase. Net
loans receivable for the nine months ended March 31, 1998 increased by $18.0
million to total of $132.2 million a 15.8% 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.
FFW Corporation April 28, 1998
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<TABLE>
<CAPTION>
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
Selected Balance Sheet Data: 3/31/98 6/30/97
-------- --------
(In Thousands)
<S> <C> <C>
Total Assets ............................... $198,712 $180,055
Loans Receivable Net ....................... 132,193 114,159
Loans Held for Sale ........................ 0 0
Securities Available for Sale .............. 50,799 40,450
Deposits ................................... 124,025 116,118
Borrowings ................................. 52,000 44,800
Stockholders' Equity ....................... 19,044 17,141
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Nine months Ended
Selected Operating Data: 3/31/98 3/31/97 3/31/98 3/31/97
---------- ---------- ---------- ----------
(In Thousands)
<S> <C> <C> <C> <C>
Total Interest Income ............................... $ 3,705 $ 3,075 $ 10,790 $ 9,027
Total Interest Expense .............................. 2,179 1,799 6,350 5,360
---------- ---------- ---------- ----------
Net Interest Income ............................... $ 1,526 $ 1,276 $ 4,440 $ 3,667
Provision for Loan Losses ........................... 100 35 365 70
---------- ---------- ---------- ----------
Net Interest Income After Provision for Loan Losses $ 1,426 $ 1,241 $ 4,075 $ 3,597
Gain on Sales of Interest Earning Assets ............ 29 7 71 37
Net Unrealized Losses on Loans Held for Sale ........ 0 0 0 0
Other Non-Interest Income ........................... 237 150 680 438
Other Non-Interest Expenses ......................... -936 -730 -2,776 -2,729
---------- ---------- ---------- ----------
Income Before Income Taxes ........................ $ 756 $ $ 2,050 $ 1,343
668
Income Tax Expense .................................. 258 221 604 390
---------- ---------- ---------- ----------
Net Income ........................................ $ 498 $ 447 $ 1,446 $ 953*
========== ========== ========== ==========
Earnings Per Common & Common Equivalent Shares ***
Basic ............................................... $ .35 $ .34 $ 1.04 $ .71**
Diluted ............................................. $ .35 $ .33 $ 1.04 $ .68**
Dividend Paid Per Share ............................. $ .09 $ .075 $ .27 $ .225
Average Shares Outstanding .......................... 1,405,931 1,332,333 1,394,111 1,341,927
Supplemental Data:
Interest Rate Spread ................................ 2.63% 2.74% 2.68% 2.67%
Return on Average Assets**** ........................ 1.01% 1.13% 1.02% .82%
Return on Average Equity**** ........................ 10.67% 11.12% 10.66% 8.07%
</TABLE>
* Reduced by SAIF assessment net of tax of $337,800
** Earnings per Share reduced by SAIF assessment net of tax of $.24
*** All per share data reflect a 100% stock dividend on December 31, 1997
**** Annualized
