FFW Corporation
Selected Financial Information
Consolidated Balance Sheets
ASSETS : 3/31/2007 6/30/2006
Unaudited
Cash and due from financial institutions 5,825,518 5,328,257
Interest-earning deposits in other financial
institutions - short term 3,474,703 1,192,238
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Cash and cash equivalents 9,300,221 6,520,495
Securities available for sale 60,739,513 68,920,497
Loans receivable, net of allowance for loan
losses of $2,947,236 at March 31, 2007 and
$2,959,513 at June 30, 2006 201,460,915 186,044,335
Loans held for sale 113,000 80,000
Federal Home Loan Bank stock, at cost 3,627,100 3,774,100
Accrued interest receivable 1,693,491 1,745,460
Premises and equipment, net 4,229,107 4,364,694
Mortgage servicing rights 555,334 601,690
Cash surrender value of life insurance 5,522,362 5,355,756
Goodwill 1,213,898 1,213,898
Other assets 2,372,167 2,277,195
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Total Assets 290,827,108 280,898,120
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
Noninterest-bearing deposits 14,688,522 15,151,594
Interest-bearing deposits 197,415,727 180,398,726
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Total Deposits 212,104,249 195,550,320
Federal Home Loan Bank advances 50,149,623 58,910,506
Accrued expenses and other liabilities 3,217,710 2,561,655
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Total Liabilities 265,471,582 257,022,481
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:
1,216,089 - March 31, 2007; issued: 1,836,328,
outstanding: 1,232,081 - June 30, 2006; 18,363 18,363
Additional paid-in capital 9,549,584 9,575,923
Retained earnings 23,937,370 22,339,708
Accumulated other comprehensive income (loss) 209,012 (222,006)
Unearned management retention plan shares (94,624) (85,971)
Treasury stock at cost, shares: 620,239 - March
31, 2007 and 604,247 - June 30, 2006 (8,264,179) (7,750,378)
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Total Shareholders' Equity 25,355,526 23,875,639
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Total Liabilities and Shareholders' Equity 290,827,108 280,898,120
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Consolidated Statements of Income
Unaudited Unaudited
3 months ended March 9 months ended March
2007 2006 2007 2006
Interest and dividend
income :
Loans, including fees $ 3,642,910 $ 3,055,940 $ 10,694,655 $ 8,593,750
Taxable securities 650,527 614,152 1,987,946 1,774,181
Nontaxable securities 170,413 186,037 550,339 572,228
Other interest-earning
assets 30,968 52,539 98,893 127,502
Total interest income 4,494,818 3,908,668 13,331,833 11,067,661
Interest expense :
Deposits 1,875,260 1,198,312 5,369,858 3,448,616
Other 655,490 716,845 2,088,223 2,054,815
Total interest expenses 2,530,750 1,915,157 7,458,081 5,503,431
Net interest income 1,964,068 1,993,511 5,873,752 5,564,230
Provision for loan
losses 120,000 131,000 360,000 371,000
Net interest income
after provision for
loan losses 1,844,068 1,862,511 5,513,752 5,193,230
Non-interest income
(loss) :
Net gain on sale of
securities (15,554) 0 366,706 60,599
Net gain on sale of
loans 36,335 24,598 99,269 96,964
Commission income 147,243 178,546 395,667 379,007
Service charges and
fees 329,143 358,959 923,448 1,098,120
Earnings on life
insurance 64,009 60,641 190,180 181,222
Other 33,514 77,069 70,060 103,477
Total non-interest
income 594,690 699,813 2,045,330 1,919,389
Non-interest expense :
Compensation and
benefits 823,303 878,445 2,428,437 2,354,003
Occupancy and equipment 215,399 208,340 634,712 592,538
Deposit insurance
premium 6,084 6,083 17,814 17,773
Regulatory assessment 21,165 19,724 61,081 57,737
Correspondent bank
charges 27,199 30,499 84,882 115,499
Data processing expense 160,754 150,205 472,158 417,938
Printing, postage and
supplies 47,191 57,142 155,134 161,460
Other 360,726 364,783 1,062,496 1,048,698
Total non-interest
expense 1,661,821 1,715,221 4,916,714 4,765,646
Income before income
taxes 776,937 847,103 2,642,368 2,346,973
Income tax expense 158,915 142,060 398,351 393,686
Net income $ 618,022 $ 705,043 $ 2,244,017 $ 1,953,287
Unaudited Unaudited
Three Months Ended Nine Months Ended
3/31/2007 3/31/2006 3/31/2007 3/31/2006
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Earnings per common
share
Primary $ 0.51 $ 0.57 $ 1.84 $ 1.56
Fully diluted $ 0.50 $ 0.55 $ 1.81 $ 1.53
Dividend paid per share $ 0.19 $ 0.18 $ 0.57 $ 0.54
Average shares
outstanding 1,210,681 1,255,707 1,218,117 1,255,593
Shares outstanding end
of period 1,216,089 1,254,381 - -
Supplemental data:
Net interest margin ** 2.95% 3.22% 2.93% 3.02%
Return on average
assets *** 0.87% 1.07% 1.05% 0.99%
Return on average
equity *** 9.86% 11.81% 11.97% 10.91%
3/31/2007 6/30/2006
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Nonperforming assets * 3,565,928 2,500,154
Repossessed assets 1,030,027 584,947
* 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: FOR MORE INFORMATION Contact: Tim Sheppard CFO 260-563-3185 x228