Exhibit 99.1
FFW CORP PRESS RELEASE
FOR MORE INFORMATION FOR IMMEDIATE RELEASE
Contact: Tim Sheppard, Treasurer Date: April 28, 2004
at 260-563-3185 x228
FFW CORPORATION ANNOUNCES NET INCOME
FOR THE QUARTER ENDED MARCH 31, 2004
WABASH, IN - FFW Corporation (NASDAQ:FFWC), parent corporation of First Federal
Savings Bank of Wabash, Indiana, announced operating results for the third
fiscal quarter of 2004 and nine months ended March 31, 2004. Net income for the
quarter ended March 31, 2004, was $645,000, a 10.4% increase from the $584,000
reported for the quarter ended March 31, 2003. Diluted net income per share for
the third fiscal quarter of 2004 amounted to $0.49, up 14.0% from the $0.44
reported in the third fiscal quarter of 2003. Net income and diluted net income
per share for the nine months ended March 31, 2004 were $1,881,000 and $1.42
compared to $1,777,000 and $1.31 at March 31, 2003.
The fiscal 2004 third quarter and year to date earnings represent a return on
average shareholders' equity of 10.97% and 10.73% compared to 10.04% and 10.20%
for the periods ended March 31, 2003. Return on average total assets for the
three and nine-month periods ended March 31, 2004 were 1.08% and 1.04% compared
to 1.00% and 1.00% for the periods ended March 31, 2003.
The allowance for loan losses as a percentage of net loans receivable was 1.90%
at March 31, 2004 compared to 2.00% at December 31, 2003 and 2.06% at June 30,
2003. Nonperforming assets at March 31, 2004 were $2.0 million compared to $3.2
million at December 31, 2003 and $2.7 million at June 30, 2003.
As of March 31, 2004, FFWC's equity-to-assets ratio was 10.14% compared to 9.74%
at June 30, 2003. Shareholders' equity was $24.3 million compared to $23.6
million at June 30, 2003. Total assets at March 31, 2004 were $239.1 million
compared to $242.8 million at 2003 fiscal year end. Total deposits at March 31,
2004 were down $3.1 million over June 30, 2003 while total FHLB borrowings
increased by $300 thousand.
First Federal Savings Bank is a wholly owned subsidiary of FFW Corporation
providing retail and small business financial services through its main office
in Wabash and three banking centers located in North Manchester, South Whitley,
and Syracuse, Indiana. Investment services such as the purchase of stock, mutual
funds and insurance products are offered through an affiliated company, FirstFed
Financial Inc. The corporation's stock is traded on the NASDAQ system under the
symbol "FFWC" and our website address is www.ffsbwabash.com
FFW Corporation April 28, 2004
Unaudited
Selected balance sheet data: 3/31/2004 6/30/2003
--------- ---------
(In Thousands)
Total assets $239,122 $242,771
Loans receivable 131,518 131,319
Allowance for loan loss 2,446 2,592
Securities available for sale 83,347 89,637
Deposits 160,347 163,446
Borrowings 52,407 52,038
Stockholders' equity 24,251 23,640
Nonperforming assets* 2,012 2,742
Repossessed assets 1,551 126
Unaudited Unaudited
Three Months Ended Nine Months Ended
Selected Operating Data: 3/31/2004 3/31/2003 3/31/2004 3/31/2003
--------- --------- --------- ---------
(In Thousands) (In Thousands)
Total interest income $3,114 $3,405 $9,378 $10,730
Total interest expense 1,482 1,753 4,600 5,671
------ ------ ------ -------
Net interest income 1,632 1,652 4,778 5,059
Provision for loan losses 180 460 600 1,090
------ ------ ------ -------
Net interest income after provision for loan
losses 1,452 1,192 4,178 3,969
Net gain (loss) on sales of loans 54 247 410 784
Net gain (loss) on sales of securities 55 25 59 26
Other non-interest income 449 415 1,260 1,008
Other non-interest expenses 1,303 1,203 3,822 3,568
------ ------ ------ -------
Income before income taxes 707 676 2,085 2,219
Income tax expense 62 92 204 442
------ ------ ------ -------
Net income $ 645 $ 584 $1,881 $ 1,777
====== ====== ====== =======
Earnings per common & common equivalent shares
Primary $0.50 $0.44 $1.45 $1.32
Fully diluted $0.49 $0.44 $1.42 $1.31
Dividend paid per share $0.16 $0.15 $0.48 $0.45
Average shares outstanding 1,294,067 1,324,993 1,294,747 1,344,580
Shares outstanding end of period 1,301,229 1,373,947 1,301,229 1,373,947
Supplemental data:
Net interest margin** 2.93% 3.06% 2.83% 3.03%
Return on average assets*** 1.08% 1.00% 1.04% 1.00%
Return on average equity*** 10.97% 10.04% 10.73% 10.20%
* Includes non-accruing loans, accruing loans delinquent more than 90 days and foreclosed assets
** Yields reflected have not been computed on a tax equivalent basis
*** Annualized