FFW Corporation
Selected Financial Information
Consolidated Balance Sheet
September 30 June 30
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2010 2010
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Unaudited
Assets
Cash and due from financial institutions $ 4,149,575 $ 3,229,138
Interest-earning deposits in other financial
institutions 20,118,697 7,386,372
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Cash and cash equivalents 24,268,272 10,615,510
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Securities available for sale 76,269,037 76,716,794
Loans receivable, net of allowance for loan
losses of $3,231,487 at September 30, 2010
and $3,582,476 at June 30, 2010 214,260,525 224,135,086
Loans held for sale 601,169 40,000
Federal Home Loan Bank stock, at cost 3,627,100 3,627,100
Accrued interest receivable 1,695,427 1,645,286
Premises and equipment, net 3,830,695 3,889,487
Mortgage servicing rights 381,488 375,052
Cash surrender value of life insurance 6,445,891 6,374,995
Goodwill 1,213,898 1,213,898
Deferred tax asset 1,708,303 1,893,647
Other assets 3,792,048 3,036,680
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Total assets $ 338,093,853 $ 333,563,535
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Liabilities and shareholders' equity
Deposits
Noninterest-bearing deposits $ 17,639,014 $ 16,278,993
Interest-bearing deposits 264,947,649 262,550,500
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Total deposits 282,586,663 278,829,493
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Borrowings 24,699,557 24,699,557
Accrued expenses and other liabilities 1,651,363 1,230,602
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Total liabilities 308,937,583 304,759,652
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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, 2010,
$7,336,000 liquidation preference 7,024,501 7,004,155
Series B, 9% Fixed Rate Cumulative
Perpetual Preferred Stock - 364 shares
outstanding September 30, 2010, $368,000
liquidation preference 391,899 394,045
Common stock, $.01 par; 2,000,000 shares
authorized;
issued: 1,836,328
outstanding: 1,123,760 shares -
September 30, 2010 and 1,117,260 shares -
June 30, 2010 18,363 18,363
Additional paid-in capital 9,361,805 9,440,356
Retained earnings 23,007,860 22,880,556
Accumulated other comprehensive income 289,739 104,080
Treasury stock, at cost: 708,068 shares -
June 30, 2010 and 719,068 shares - June 30,
2010 (10,937,897) (11,037,672)
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Total shareholders' equity 29,156,270 28,803,883
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Total liabilities and shareholders' equity $ 338,093,853 $ 333,563,535
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Consolidated Statement of Income
Three Months Ended September 30
2010 2009
Unaudited Unaudited
Interest and dividend income:
Loans, including fees $ 3,116,062 $ 3,637,935
Taxable securities 626,560 657,687
Tax exempt securities 156,186 178,924
Other 8,319 4,826
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Total interest and dividend income 3,907,127 4,479,372
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Interest expense:
Deposits 1,274,326 1,467,922
Borrowings 283,087 464,452
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Total interest expense 1,557,413 1,932,374
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Net interest income 2,349,714 2,546,998
Provision for loan losses 475,000 410,000
Net interest income after provision for
loan losses 1,874,714 2,136,998
Noninterest income:
Net gains on sales of securities 99,769 2,371
Net gains on sales of loans 161,157 91,419
Commission income 160,966 152,972
Service charges and fees 318,098 278,115
Earnings on life insurance 70,897 69,198
Other 56,573 34,327
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Total noninterest income 867,460 628,402
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Noninterest expense:
Salaries and benefits 1,032,828 1,008,151
Occupancy and equipment 250,764 235,798
Professional 101,048 71,270
Marketing 40,873 39,993
Deposit insurance premium 118,891 118,177
Regulatory assessment 25,442 24,299
Correspondent bank charges 21,347 19,420
Data processing 126,350 132,873
Printing, postage and supplies 51,442 68,245
Expense on life insurance 16,071 16,694
Contribution expense 18,623 13,417
Other 272,417 302,583
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Total noninterest expense 2,076,096 2,050,920
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Income before income taxes 666,078 714,480
Income tax expense 173,056 161,170
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Net income $ 493,022 $ 553,310
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Preferred stock dividends and discount
accretion, net 117,504 117,503
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Net income attributable to common shareholders $ 375,518 $ 435,807
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Three Months Ended
September 30
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2010 2009
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Unaudited Unaudited
Per common share data:
Earnings $ 0.33 $ 0.39
Diluted earnings $ 0.33 $ 0.39
Dividends paid $ 0.22 $ 0.22
Average shares issued and outstanding 1,124,467 1,112,260
Shares outstanding end of period 1,123,760 1,112,260
Supplemental data:
Net interest margin ** 2.92% 3.19%
Return on average assets *** 0.58% 0.66%
Return on average common equity *** 6.73% 8.31%
September 30 June 30
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2010 2010
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Nonperforming assets * $ 12,698,733 $ 8,694,798
Repossessed assets $ 1,874,700 $ 1,230,635
* Includes non-accruing loans, accruing loans delinquent more than 90
days and repossessed 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