Business
FFW Corporation Announces Earnings For the Fiscal Year Ended June 30, 2024
FFW Corporation Announces Earnings For the Fiscal Year Ended June 30, 2024.
About this update from Ffw Corporation
[{"type":"text","content":"\n WABASH, Ind., Aug. 21, 2024 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (8/20/24 Close: $34.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the fiscal year ended June 30, 2024. For the three months ended June 30, 2024, the Corporation reported net income of $1,118,000 or $0.99 per common share compared to $1,343,000 or $1.19 per common share for the three months ended June 30, 2023. Net interest income for the three months ended June 30, 2024 was $3,664,000 compared to $3,800,000 for the three months ended June 30, 2023. Credit loss expense was $0 for the three months ended June 30, 2024 and $75,000 for the three months ended June 30, 2023. Total noninterest income was $1,137,000 for the three months ended June 30, 2024 compared to $1,030,000 for the three months ended June 30, 2023. Noninterest expense was $3,641,000 for the three months ended June 30, 2024 and $3,349,000 for the three months ended June 30, 2023. For the twelve months ended June 30, 2024, the Corporation reported net income of $4,089,000 or $3.63 per common share compared to $5,698,000 or $5.03 per common share for the twelve months ended June 30, 2023. Net interest income for the twelve months ended June 30, 2024 was $14,477,000 compared to $16,399,000 for the twelve months ended June 30, 2023. The Company recognized credit loss expense of $0 for the twelve months ended June 30, 2024 and $550,000 for the twelve months ended June 30, 2023. Total noninterest income was $4,144,000 for the twelve months ended June 30, 2024 compared to $4,005,000 for the twelve months ended June 30, 2023. Noninterest expense was $14,225,000 for the twelve months ended June 30, 2024 and $13,433,000 for the twelve months ended June 30, 2023. The three and twelve months ended June 30, 2024 represented a return on average common equity of 9.41% and 8.78%, respectively, compared to 11.30% and 12.26% for the three and twelve month periods ended June 30, 2023. The three and twelve months ended June 30, 2024 represented a return on average assets of 0.80% and 0.74%, respectively, compared to 0.99% and 1.07% for the three and twelve month periods ended June 30, 2023. The allowance for credit losses as a percentage of gross loans receivable was 1.33% at June 30, 2024 compared to 1.23% at June 30, 2023. No...