Business
FFW Corporation Announces Earnings for the Quarter Ended September 30, 2021
FFW Corporation Announces Earnings for the Quarter Ended September 30, 2021.
About this update from Ffw Corporation
[{"type":"text","content":"\n WABASH, Ind., Oct. 27, 2021 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (10/26/2021 Close: $47.50), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter ended September 30, 2021. For the three months ended September 30, 2021, the Corporation reported net income of $1,471,000 or $1.28 per common share compared to $1,748,000 or $1.53 per common share for the three months ended September 30, 2020. Net interest income for the three months ended September 30, 2021 was $3,813,000 compared to $3,706,000 for the three months ended September 30, 2020. The provision for loan losses was $50,000 for the three months ended September 30, 2021 and $165,000 for the three months ended September 30, 2020. Total noninterest income was $1,213,000 for the three months ended September 30, 2021 compared to $1,982,000 for the three months ended September 30, 2020. Noninterest expense was $3,209,000 for the three months ended September 30, 2021 and $3,426,000 for the three months ended September 30, 2020. The three months ended September 30, 2021 represented a return on average common equity of 10.72% compared to 13.71% for the three months ended September 30, 2020. The three months ended September 30, 2021 represented a return on average assets of 1.17% compared to 1.48% for the three months ended September 30, 2020. The allowance for loan losses as a percentage of gross loans receivable was 1.37% at September 30, 2021 compared to 1.43% at June 30, 2021. Nonperforming assets were $3,229,000 at September 30, 2021 compared to $3,242,000 at June 30, 2021. As of September 30, 2021, FFWC’s equity-to-assets ratio was 10.75% compared to 10.89% at June 30, 2021. Total assets at September 30, 2021 were $500,042,000 compared to $486,442,000 at June 30, 2021. Shareholders’ equity was $53,760,000 at September 30, 2021 compared to $52,954,000 at June 30, 2021. Crossroads Bank exceeds all applicable regulatory requirements to be considered “well capitalized.” Forward Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as “expects,” “intends,” “believes,” and “sho...