FFW Corporation Announces Earnings for the Quarter Ended September 30, 2023

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[{"type":"text","content":"\n WABASH, Ind., Oct. 25, 2023 (GLOBE NEWSWIRE) -- FFW Corporation (the “Corporation”) (OTC PINK: FFWC) (10/24/2023 Close: $35.60), parent corporation of Crossroads Bank (the “Bank”), announced earnings for the quarter ended September 30, 2023. For the three months ended September 30, 2023, the Corporation reported net income of $978,000 or $0.87 per common share compared to $1,623,000 or $1.42 per common share for the three months ended September 30, 2022. Net interest income for the three months ended September 30, 2023 was $3,645,000 compared to $4,376,000 for the three months ended September 30, 2022. The provision for credit losses was $0 for the three months ended September 30, 2023 and $300,000 for the three months ended September 30, 2022. Total noninterest income was $928,000 for the three months ended September 30, 2023 compared to $1,026,000 for the three months ended September 30, 2022. Noninterest expense was $3,487,000 for the three months ended September 30, 2023 and $3,191,000 for the three months ended September 30, 2022. The three months ended September 30, 2023 represented a return on average common equity of 8.87% compared to 13.61% for the three months ended September 30, 2022. The three months ended September 30, 2023 represented a return on average assets of 0.72% compared to 1.21% for the three months ended September 30, 2022. The allowance for credit losses as a percentage of gross loans receivable was 1.32% at September 30, 2023 compared to 1.23% at June 30, 2023. Nonperforming assets were $1,845,000 at September 30, 2023 compared to $2,065,000 at June 30, 2023. As of September 30, 2023, FFWC’s equity-to-assets ratio was 8.10% compared to 8.54% at June 30, 2023. Total assets at September 30, 2023 were $541,533,000 compared to $543,245,000 at June 30, 2023. Shareholders’ equity was $43,846,000 at September 30, 2023 compared to $46,385,000 at June 30, 2023. 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 “should,&#82...

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