FFW Corporation
Selected Financial Information
Consolidated Balance Sheets
9/30/2007 6/30/2007
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Unaudited
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ASSETS:
Cash and due from financial institutions $ 5,155,596 $ 5,250,292
Interest-earning deposits in other financial
institutions - short term 1,914,355 2,372,525
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Cash and cash equivalents 7,069,951 7,622,817
Securities available for sale 56,173,242 55,673,248
Loans receivable, net of allowance for loan
losses of $2,873,714 at September 30, 2007
and $2,654,064 at June 30, 2007 209,080,150 207,776,065
Loans held for sale 112,936 178,250
Federal Home Loan Bank stock, at cost 3,627,100 3,627,100
Accrued interest receivable 1,976,179 1,730,689
Premises and equipment, net 4,126,427 4,184,657
Mortgage servicing rights 531,691 572,548
Cash surrender value of life insurance 5,638,146 5,579,962
Goodwill 1,213,898 1,213,898
Other assets 1,798,200 2,386,208
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Total Assets $ 291,347,920 $ 290,545,442
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
Noninterest-bearing deposits 15,175,042 13,706,178
Interest-bearing deposits 199,305,889 196,758,171
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Total Deposits 214,480,931 210,464,349
Federal Home Loan Bank advances 48,794,061 52,194,061
Accrued expenses and other liabilities 2,713,608 2,898,526
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Total Liabilities 265,988,600 265,556,936
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: 1,190,518
- Sept. 30, 2007
issued: 1,836,328, outstanding: 1,201,478
- June 30, 2007 18,363 18,363
Additional paid-in capital 9,499,303 9,481,340
Retained earnings 24,718,528 24,334,484
Accumulated other comprehensive income (loss) 132,131 (164,556)
Treasury stock at cost, shares: 645,810 -
September 30, 2007 and 634,850 - June 30,
2007 (9,009,005) (8,681,125)
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Total Shareholders' Equity 25,359,320 24,988,506
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Total Liabilities and Shareholders' Equity $ 291,347,920 $ 290,545,442
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Consolidated Statements of Income
Three months ended
9/30/2007 9/30/2006
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Interest and dividend income:
Loans, including fees $ 3,921,416 $ 3,457,978
Taxable securities 614,061 693,040
Nontaxable securities 141,808 189,375
Other 30,393 27,572
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Total interest and dividend income 4,707,678 4,367,965
Interest expense:
Deposits 1,940,306 1,692,364
Borrowings 707,696 729,082
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Total interest expense 2,648,002 2,421,446
Net interest income 2,059,676 1,946,519
Provision for loan losses 120,000 120,000
Net interest income after provision for
loan losses 1,939,676 1,826,519
Noninterest income:
Net gains on sales of securities - 360,051
Net gains on sales of loans 22,620 20,592
Net gains (losses) on fixed assets - -
Commission income 126,594 120,761
Service charges and fees 305,681 271,630
Earnings on life insurance 66,348 62,960
Other 43,648 (326)
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Total noninterest income 564,891 835,668
Noninterest expense:
Salaries and benefits 865,993 800,926
Occupancy and equipment 202,912 206,318
Professional 52,244 60,652
Marketing 35,358 56,162
Deposit insurance premium 6,125 5,739
Regulatory assessment 21,608 19,958
Correspondent bank charges 24,216 29,158
Data processing 159,865 151,920
Printing, postage and supplies 44,004 51,743
Expense on life insurance 25,729 24,348
Contribution expense 5,174 8,153
Other 201,907 203,030
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Total noninterest expense 1,645,135 1,618,107
Income before income taxes 859,432 1,044,080
Income tax expense 225,042 112,649
Net income $ 634,390 $ 931,431
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Three months ended
9/30/2007 9/30/2006
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Earnings per common share:
Primary $ 0.53 $ 0.76
Fully diluted $ 0.53 $ 0.75
Dividend paid per share $ 0.21 $ 0.19
Average shares outstanding 1,194,876 1,225,122
Shares outstanding end of period 1,190,518 1,225,381
Supplemental data:
Net interest margin ** 2.99% 2.92%
Return on average assets *** 0.87% 1.31%
Return on average equity *** 10.00% 15.09%
9/30/2007 6/30/2007
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Nonperforming assets * 3,407,273 2,492,634
Repossessed assets 709,607 750,766
* 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