FFW Corporation Selected Financial Information Consolidated Balance Sheet September 30 June 30 ------------- ------------- 2009 2009 ------------- ------------- 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 ------------- ------------- Cash and cash equivalents 11,397,165 11,114,897 ------------- ------------- 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 ------------- ------------- Total assets $ 335,578,444 $ 332,631,652 ============= ============= Liabilities Noninterest-bearing deposits $ 14,219,016 $ 12,924,010 Interest-bearing deposits 251,810,814 248,643,498 ------------- ------------- Total deposits 266,029,830 261,567,508 ------------- ------------- 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 ------------- ------------- Total liabilities 307,375,221 305,143,412 ------------- ------------- 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) ------------- ------------- Total shareholders' equity 28,203,223 27,488,240 ------------- ------------- ------------- ------------- Total liabilities and shareholders' equity $ 335,578,444 $ 332,631,652 ============= ============= Consolidated Statement of Income Three Months Ended September 30 --------------------------- 2009 2008 ------------- ------------ 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 ------------- ------------ Total interest and dividend income 4,479,372 5,033,197 ------------- ------------ Interest expense: Deposits 1,467,922 1,836,626 Borrowings 464,452 506,713 ------------- ------------ Total interest expense 1,932,374 2,343,339 ------------- ------------ 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 - - ------------- ------------ 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) ------------- ------------ Total noninterest income (loss) 628,402 (6,151,075) ------------- ------------ 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 ------------- ------------ Total noninterest expense 2,050,920 1,767,610 ------------- ------------ Income (loss) before income taxes 714,480 (5,657,827) Income tax expense (benefit) 161,170 (2,502,564) ------------- ------------ Net income (loss) $ 553,310 $ (3,155,263) ============= ============ Preferred stock dividends and discount accretion, net 117,503 - ------------- ------------ Net income (loss) attributable to common shareholders $ 435,807 $ (3,155,263) ============= ============ Three Months Ended September 30 ------------------------ 2009 2008 ----------- ----------- 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 ----------- ----------- 2009 2009 ----------- ----------- 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
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