Business
FFW Corporation Announces Earnings for the Quarter and Year to Date Ended December 31, 2022
FFW Corporation Announces Earnings for the Quarter and Year to Date Ended December 31, 2022.
About this update from Ffw Corporation
[{"type":"text","content":"\n WABASH, Ind., Jan. 25, 2023 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (1/24/2023 Close: $44.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter and year to date ended December 31, 2022. For the three months ended December 31, 2022, the Corporation reported net income of $1,516,000 or $1.34 per common share compared to $1,358,000 or $1.19 per common share for the three months ended December 31, 2021. Net interest income for the three months ended December 31, 2022 was $4,248,000 compared to $3,780,000 for the three months ended December 31, 2021. The provision for loan losses was $100,000 for the three months ended December 31, 2022 and $80,000 for the three months ended December 31, 2021. Total noninterest income was $1,070,000 for the three months ended December 31, 2022 compared to $1,032,000 for the three months ended December 31, 2021. Noninterest expense was $3,415,000 for the three months ended December 31, 2022 and $3,219,000 for the three months ended December 31, 2021. For the six months ended December 31, 2022, the Corporation reported net income of $3,139,000 or $2.76 per common share compared to $2,828,000 or $2.47 per common share for the six months ended December 31, 2021. Net interest income for the six months ended December 31, 2022 was $8,624,000 compared to $7,593,000 for the six months ended December 31, 2021. The Company recognized a provision for loan losses of $400,000 for the six months ended December 31, 2022 and $130,000 for the six months ended December 31, 2021. Total noninterest income was $2,096,000 for the six months ended December 31, 2022 compared to $2,245,000 for the six months ended December 31, 2021. Noninterest expense was $6,606,000 for the six months ended December 31, 2022 and $6,427,000 for the six months ended December 31, 2021. The three and six months ended December 31, 2022 represented a return on average common equity of 13.71% and 13.66%, respectively, compared to 9.92% and 10.32% for the three and six month periods ended December 31, 2021. The three and six months ended December 31, 2022 represented a return on average assets of 1.14% and 1.17%, respectively, compared to 1.03% and 1.10%, for the three and six month periods ended December 31, 2021. The allowance for loan losses as a per...