FFW Corporation
Selected Financial Information
Consolidated Balance Sheet
September 30 June 30
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2009 2009
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Unaudited
Assets
Cash and due from financial institutions $ 9,980,835 $ 3,830,526
Interest-earning deposits in other financial
institutions - short term 1,416,330 7,284,371
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Cash and cash equivalents 11,397,165 11,114,897
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Securities available for sale 68,819,028 66,273,786
Loans receivable, net of allowance for loan
losses of $3,723,422 at September 30, 2009
and $3,605,204 at June 30, 2009 233,429,064 232,378,508
Loans held for sale 278,376 1,049,519
Federal Home Loan Bank stock, at cost 3,627,100 3,627,100
Accrued interest receivable 1,632,256 1,425,374
Premises and equipment, net 4,059,590 4,096,623
Mortgage servicing rights 378,020 392,839
Cash surrender value of life insurance 6,163,519 6,094,321
Goodwill 1,213,898 1,213,898
Deferred tax asset 2,357,544 2,357,544
Other assets 2,222,884 2,607,243
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Total assets $ 335,578,444 $ 332,631,652
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Liabilities
Noninterest-bearing deposits $ 14,219,016 $ 12,924,010
Interest-bearing deposits 251,810,814 248,643,498
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Total deposits 266,029,830 261,567,508
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Federal Home Loan Bank advances 38,098,030 38,098,030
2,066,806 2,066,806
Accrued expenses and other liabilities 1,180,555 3,411,068
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Total liabilities 307,375,221 305,143,412
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Shareholders' equity
Preferred stock, $.01 par; $1,000 liquidation
value per share; 500,000 shares authorized;
Series A, 5% Fixed Rate Cumulative
Perpetual Preferred Stock - 7,289 shares
outstanding September 30, 2009,
$7,289,000 liquidation preference 6,943,117 6,922,771
Series B, 9% Fixed Rate Cumulative
Perpetual Preferred Stock - 364 shares
outstanding September 30, 2009, $364,000
liquidation preference 400,483 402,629
Common stock, $.01 par; 2,000,000 shares
authorized; 18,363 18,363
issued: 1,836,328
outstanding: 1,112,260
Additional paid-in capital 9,464,810 9,448,627
Retained earnings 22,542,765 22,351,652
Accumulated other comprehensive (loss) (51,893) (541,380)
Treasury stock, at cost; 724,068 shares (11,114,422) (11,114,422)
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Total shareholders' equity 28,203,223 27,488,240
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Total liabilities and shareholders' equity $ 335,578,444 $ 332,631,652
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Consolidated Statement of Income
Three Months Ended
September 30
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2009 2008
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Unaudited Unaudited
Interest and dividend income:
Loans, including fees $ 3,637,935 $ 4,125,833
Taxable securities 657,687 708,103
Nontaxable securities 178,924 176,715
Other 4,826 22,546
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Total interest and dividend income 4,479,372 5,033,197
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Interest expense:
Deposits 1,467,922 1,836,626
Borrowings 464,452 506,713
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Total interest expense 1,932,374 2,343,339
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Net interest income 2,546,998 2,689,858
Provision for loan losses 410,000 429,000
Net interest income after provision for
loan losses 2,136,998 2,260,858
Noninterest income:
Net gains (losses) on sales of securities 2,371 -
Net gains on sales of loans 91,419 19,808
Net gains (losses) on fixed assets - -
Other than temporary impairment on securities
Total impairment losses - (6,692,000)
Losses recognized in other comprehensive
income - -
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Net impairment loss recognized in earnings - (6,692,000)
Commission income 152,972 146,322
Service charges and fees 278,115 306,128
Earnings on life insurance 69,198 69,773
Other 34,327 (1,106)
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Total noninterest income (loss) 628,402 (6,151,075)
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Noninterest expense:
Salaries and benefits 1,008,151 916,443
Occupancy and equipment 235,798 203,978
Professional 71,270 53,997
Marketing 39,993 50,430
Deposit insurance premium 118,177 39,079
Regulatory assessment 24,299 23,081
Correspondent bank charges 19,420 21,512
Data processing 132,873 130,320
Printing, postage and supplies 68,245 57,644
Expense on life insurance 16,694 24,874
Contribution expense 13,417 12,541
Other 302,583 233,711
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Total noninterest expense 2,050,920 1,767,610
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Income (loss) before income taxes 714,480 (5,657,827)
Income tax expense (benefit) 161,170 (2,502,564)
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Net income (loss) $ 553,310 $ (3,155,263)
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Preferred stock dividends and discount
accretion, net 117,503 -
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Net income (loss) attributable to common
shareholders $ 435,807 $ (3,155,263)
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Three Months Ended
September 30
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2009 2008
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Unaudited Unaudited
Per common share data:
Earnings $ 0.39 $ (2.88)
Diluted earnings $ 0.39 $ (2.88)
Dividends paid $ 0.22 $ 0.22
Average shares issued and outstanding 1,112,260 1,108,977
Shares outstanding end of period 1,112,260 1,112,260
Supplemental data:
Net interest margin ** 3.19% 3.53%
Return on average assets *** 0.66% -3.94%
Return on average common equity *** 8.31% -56.49%
September 30 June 30
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2009 2009
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Nonperforming assets * $ 5,113,193 $ 4,829,152
Repossessed assets $ 1,384,985 $ 1,334,259
* Includes non-accruing loans, accruing loans delinquent more than
90 days and foreclosed assets
** Yields reflected have not been computed on a tax equivalent basis
*** Annualized
Contact Information: FOR MORE INFORMATION Contact: Emily Boardman Treasurer 260-563-3185