FFW Corporation
Selected Financial Information
Consolidated Balance Sheets
12/31/2007 6/30/2007
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Unaudited
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Assets
Cash and due from financial institutions $ 6,691,047 $ 5,250,292
Interest-earning deposits in other financial
institutions - short term 3,207,451 2,372,525
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Cash and cash equivalents 9,898,498 7,622,817
Securities available for sale 62,849,492 55,673,248
Loans receivable, net of allowance for loan
losses of $2,856,109 at December 31, 2007
and $2,654,064 at June 30, 2007 215,263,661 207,776,065
Loans held for sale 271,875 178,250
Federal Home Loan Bank stock, at cost 3,627,100 3,627,100
Accrued interest receivable 2,178,490 1,730,689
Premises and equipment, net 4,131,542 4,184,657
Mortgage servicing rights 457,037 572,548
Cash surrender value of life insurance 5,696,406 5,579,962
Goodwill 1,213,898 1,213,898
Other assets 2,038,640 2,386,208
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Total Assets $ 307,626,639 $ 290,545,442
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Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing deposits $ 12,549,807 $ 13,706,178
Interest-bearing deposits 208,295,481 196,758,171
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Total Deposits 220,845,288 210,464,349
Federal Home Loan Bank advances 58,721,514 52,194,061
Accrued expenses and other liabilities 2,406,578 2,898,526
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Total Liabilities 281,973,380 265,556,936
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: 1,170,768
- Dec. 31, 2007
issued: 1,836,328, outstanding: 1,201,478
- June 30, 2007 18,363 18,363
Additional paid-in capital 9,509,386 9,481,340
Retained earnings 25,122,722 24,334,484
Accumulated other comprehensive income (loss) 535,030 (164,556)
Treasury stock at cost, shares: 665,560 -
December 31, 2007 and 634,850 - June 30, 2007 (9,532,242) (8,681,125)
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Total Shareholders' Equity 25,653,259 24,988,506
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Total Liabilities and Shareholders' Equity $ 307,626,639 $ 290,545,442
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Consolidated Statements of Income
Three Months Ended Six Months Ended
12/31/2007 12/31/2006 12/31/2007 12/31/2006
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Interest and dividend
income:
Loans, including fees $ 3,970,507 $ 3,593,767 $ 7,891,925 $ 7,051,745
Taxable securities 664,188 644,379 1,278,251 1,337,419
Nontaxable securities 163,581 190,551 305,389 379,926
Other 23,006 40,353 53,398 67,925
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Total interest and
dividend income 4,821,282 4,469,050 9,528,963 8,837,015
Interest expense:
Deposits 1,954,652 1,802,234 3,894,956 3,494,598
Borrowings 714,313 703,651 1,422,009 1,432,733
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Total interest
expense 2,668,965 2,505,885 5,316,965 4,927,331
Net interest income 2,152,317 1,963,165 4,211,998 3,909,684
Provision for loan losses 120,000 120,000 240,000 240,000
Net interest income after
provision for
loan losses 2,032,317 1,843,165 3,971,998 3,669,684
Noninterest income:
Net gains on sales of
securities 48,830 22,209 48,830 382,260
Net gains on sales of loans 24,821 42,342 47,441 62,934
Net gains (losses) on
fixed assets - - - -
Other than temporary
impairment on securities - - - -
Commission income 135,058 127,663 261,652 248,424
Service charges and fees 250,905 322,675 556,584 594,305
Earnings on life
insurance 66,617 63,211 132,965 126,171
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Other 44,027 36,872 87,674 36,546
Total noninterest
income 570,258 614,972 1,135,146 1,450,640
Noninterest expense:
Salaries and benefits 866,737 804,208 1,732,730 1,605,134
Occupancy and equipment 202,856 212,995 405,768 419,313
Professional 70,186 59,327 122,430 111,571
Marketing 90,538 70,013 125,895 105,371
Deposit insurance premium 6,066 5,991 12,190 11,730
Regulatory assessment 21,608 19,958 43,216 39,916
Correspondent bank
charges 20,881 28,525 45,097 57,683
Data processing 135,452 159,484 295,317 311,404
Printing, postage and
supplies 50,518 56,200 94,522 107,943
Expense on life insurance 900 23,270 26,629 48,999
Contribution expense 6,828 33,815 12,001 38,989
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Other 248,445 163,000 450,355 396,840
Total noninterest
expense 1,721,015 1,636,786 3,366,150 3,254,893
Income before income taxes 881,560 821,351 1,740,994 1,865,431
Income tax expense 230,457 126,787 455,499 239,436
Net income $ 651,103 $ 694,564 $ 1,285,495 $ 1,625,995
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Unaudited Unaudited
Three Months Ended Six Months Ended
12/31/2007 12/31/2006 12/31/2007 12/31/2006
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Earnings per common share:
Primary $ 0.56 $ 0.57 $ 1.09 $ 1.33
Fully diluted $ 0.55 $ 0.56 $ 1.08 $ 1.31
Dividend paid per share $ 0.21 $ 0.19 $ 0.21 $ 0.38
Average shares outstanding 1,180,496 1,224,885 1,187,686 1,221,754
Shares outstanding end of
period 1,170,768 1,224,573 1,170,768 1,224,573
Supplemental data:
Net interest margin ** 3.05% 2.92% 3.02% 2.92%
Return on average assets *** 0.87% 0.97% 0.87% 1.14%
Return on average equity *** 10.14% 10.91% 10.07% 13.00%
12/31/2007 6/30/2007
Nonperforming assets * 2,723,359 2,492,634
Repossessed assets 825,000 750,766
* 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: Contact: Emily Boardman Treasurer 260-563-3185 x290