Business
FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2023
FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2023.
About this update from Ffw Corporation
[{"type":"text","content":"\n WABASH, Ind., Aug. 08, 2023 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (8/7/23 Close: $39.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the fiscal year ended June 30, 2023. For the three months ended June 30, 2023, the Corporation reported net income of $1,343,000 or $1.19 per common share compared to $1,523,000 or $1.33 per common share for the three months ended June 30, 2022. Net interest income for the three months ended June 30, 2023 was $3,800,000 compared to $4,071,000 for the three months ended June 30, 2022. The provision for loan losses was $75,000 for the three months ended June 30, 2023 and $200,000 for the three months ended June 30, 2022. Total noninterest income was $1,030,000 for the three months ended June 30, 2023 compared to $1,075,000 for the three months ended June 30, 2022. Noninterest expense was $3,349,000 for the three months ended June 30, 2023 and $3,215,000 for the three months ended June 30, 2022. For the twelve months ended June 30, 2023, the Corporation reported net income of $5,698,000 or $5.03 per common share compared to $5,721,000 or $5.00 per common share for the twelve months ended June 30, 2022. Net interest income for the twelve months ended June 30, 2023 was $15,849,000 compared to $15,409,000 for the twelve months ended June 30, 2022. The Company recognized a provision for loan losses of $550,000 for the twelve months ended June 30, 2023 and $405,000 for the twelve months ended June 30, 2022. Total noninterest income was $4,005,000 for the twelve months ended June 30, 2023 compared to $4,441,000 for the twelve months ended June 30, 2022. Noninterest expense was $13,433,000 for the twelve months ended June 30, 2023 and $12,933,000 for the twelve months ended June 30, 2022. The three and twelve months ended June 30, 2023 represented a return on average common equity of 11.30% and 12.26%, respectively, compared to 12.63% and 10.85% for the three and twelve month periods ended June 30, 2022. The three and twelve months ended June 30, 2023 represented a return on average assets of 0.99% and 1.07%, respectively, compared to 1.16% and 1.10% for the three and twelve month periods ended June 30, 2022. The allowance for loan losses as a percentage of gross loans receivable was 1.23% at June 30, 2023 compared ...