FFW Corporation
Selected Financial Information
Consolidated Balance Sheets
12/31/2006 6/30/2006
Unaudited
ASSETS :
Cash and due from financial institutions 5,861,022 5,328,257
Interest-earning deposits in other financial
institutions – short term 1,733,683 1,192,238
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Cash and cash equivalents 7,594,705 6,520,495
Securities available for sale 63,107,120 68,920,497
Loans receivable, net of allowance for loan
losses of $3,048,132 at December 31, 2006 and
$2,959,513 at June 30, 2006 196,718,153 186,044,335
Loans held for sale 231,900 80,000
Federal Home Loan Bank stock, at cost 3,627,100 3,774,100
Accrued interest receivable 2,138,497 1,745,460
Premises and equipment, net 4,288,950 4,364,694
Mortgage servicing rights 560,012 601,690
Cash surrender value of life insurance 5,466,348 5,355,756
Goodwill 1,213,898 1,213,898
Other assets 1,865,071 2,277,195
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Total Assets 286,811,754 280,898,120
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LIABILITIES AND SHAREHOLDERS' EQUITY :
Liabilities:
Noninterest-bearing deposits 12,735,120 15,151,594
Interest-bearing deposits 197,441,247 180,398,726
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Total Deposits 210,176,367 195,550,320
Federal Home Loan Bank advances 49,249,623 58,910,506
Accrued expenses and other liabilities 2,246,176 2,561,655
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Total Liabilities 261,672,166 257,022,481
Shareholders' Equity:
Preferred stock, $.01 par; 500,000 shares
authorized, none issued - -
Common stock, $.01 par; 2,000,000 shares
authorized;
issued: 1,836,328, outstanding: 1,224,573 -
December 31, 2006;
issued: 1,836,328, outstanding: 1,232,081 -
June 30, 2006; 18,363 18,363
Additional paid-in capital 9,552,890 9,575,923
Retained earnings 23,550,405 22,339,708
Accumulated other comprehensive income (loss) 137,240 (222,006)
Unearned management retention plan shares (108,208) (85,971)
Treasury stock at cost, shares: 611,755 -
December 31, 2006 and 604,247 - June 30, 2006 (8,011,102) (7,750,378)
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Total Shareholders' Equity 25,139,588 23,875,639
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Total Liabilities and Shareholders' Equity 286,811,754 280,898,120
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Consolidated Statements of Income
3 months ended December 6 months ended December
2006 2005 2006 2005
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Interest and dividend
income :
Loans, including fees $ 3,593,767 $ 2,823,305 $ 7,051,745 $ 5,537,810
Taxable securities 644,379 600,654 1,337,419 1,160,029
Nontaxable securities 190,551 191,172 379,926 386,191
Other interest-earning
assets 40,353 35,722 67,925 74,963
------------ ----------- ------------ ------------
Total interest income 4,469,050 3,650,853 8,837,015 7,158,993
Interest expense :
Deposits 1,802,234 1,161,722 3,494,598 2,250,304
Other 703,651 681,739 1,432,733 1,337,970
------------ ----------- ------------ ------------
Total interest expenses 2,505,885 1,843,461 4,927,331 3,588,274
------------ ----------- ------------ ------------
Net interest income 1,963,165 1,807,392 3,909,684 3,570,719
Provision for loan
losses 120,000 120,000 240,000 240,000
------------ ----------- ------------ ------------
Net interest income
after provision for
loan losses 1,843,165 1,687,392 3,669,684 3,330,719
Non-interest income
(loss) :
Net gain on sale of
securities 22,209 61,900 382,260 60,599
Net gain on sale of
loans 42,342 31,817 62,934 72,366
Commission income 127,663 113,860 248,424 200,461
Service charges and
fees 322,675 410,655 594,305 739,161
Earnings on life
insurance 63,211 60,409 126,171 120,581
Other than temporary
impairment on
securities 0 0 0 0
Other 36,872 (32,983) 36,546 26,408
------------ ----------- ------------ ------------
Total non-interest
income 614,972 645,658 1,450,640 1,219,576
Non-interest expense :
Compensation and
benefits 804,208 743,900 1,605,134 1,475,558
Occupancy and equipment 212,995 193,554 419,313 384,198
Deposit insurance
premium 5,991 5,879 11,730 11,690
Regulatory assessment 19,958 19,006 39,916 38,013
Correspondent bank
charges 28,525 42,698 57,683 85,000
Data processing expense 159,484 131,776 311,404 267,733
Printing, postage and
supplies 56,200 62,643 107,943 104,318
Other 349,425 345,189 701,770 683,915
------------ ----------- ------------ ------------
Total non-interest
expense 1,636,786 1,544,645 3,254,893 3,050,425
------------ ----------- ------------ ------------
Income before income
taxes 821,351 788,405 1,865,431 1,499,870
Income tax expense 126,787 122,600 239,436 251,626
------------ ----------- ------------ ------------
Net income $ 694,564 $ 665,805 $ 1,625,995 $ 1,248,244
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Unaudited Unaudited
Three Months Ended Twelve Months Ended
12/31/2006 12/31/2005 12/31/2006 12/31/2005
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Earnings per common share
Primary $ 0.57 $ 0.53 $ 1.33 $ 0.99
Fully diluted $ 0.56 $ 0.53 $ 1.31 $ 0.98
Dividend paid per share $ 0.19 $ 0.18 $ 0.38 $ 0.36
Average shares outstanding 1,218,386 1,251,045 1,221,754 1,255,537
Shares outstanding end of
period 1,224,573 1,259,081 - -
Supplemental data:
Net interest margin ** 2.92% 2.94% 2.92% 2.92%
Return on average assets *** 0.97% 1.01% 1.14% 0.95%
Return on average equity *** 10.91% 11.16% 13.00% 10.47%
12/31/2006 6/30/2006
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Nonperforming assets * 3,540,468 2,500,154
Repossessed assets 462,947 584,947
* 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: Contact: Tim Sheppard Treasurer 260-563-3185 x228