FFW Corporation Announces Net Income for the Quarter Ended March 31, 2001

Apr 26, 2001, 01:00 ET from FFW Corporation

    WABASH, Ind., April 26 /PRNewswire/ -- FFW Corporation (Nasdaq:   FFWC),
 parent corporation of First Federal Savings Bank of Wabash, Indiana, announced
 operating results for the third quarter and nine months ended March 31, 2001.
 Net income for the quarter ended March 31, 2001, was $566,000, 0.9% increase
 over the $561,000 reported for the quarter ended March 31, 2000.  Diluted net
 income per share for the third quarter of 2001 and 2000 both amounted to 39
 cents.
     Net income and diluted net income per share for the nine months ended
 March 31, 2001 were $1.1 million and $0.73 compared to $1.7 million and $1.14
 at March 31, 2000.  The nine-month results for 2001 suffer from the effect of
 a $900,000 specific provision for loan loss on loans to one borrower booked in
 the quarter ended September 30, 2000.
     This year's third quarter earnings represent a return on average common
 shareholders equity of 10.91%, compared to 11.96% for the third quarter of
 2000.  Return on average total assets for the third quarter of 2001 was 1.01%
 compared to 1.02% for the third quarter of 2000.  As of March 31, 2001, FFW
 Corp's equity-to-assets ratio was 9.43%, compared to 8.76% a year ago.
 Shareholders' equity was 21.8 million compared to 19.2 million at March 31,
 2000.
     Roger K. Cromer, President and CEO of FFW Corporation, commented "The
 rapid drop in market rates during the quarter has put continued pressure on
 the net interest margin.  FFW Corp will also continue to provide loan loss
 provisions based on the associated risk of our loan portfolio during this
 economic slowdown."
     For the nine-month period, total assets were up 12.5 million and total
 deposits increased 11.2 million while total FHLB borrowings decreased by
 1.5 million.
     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.  Investment services such as the purchase of stock,
 mutual funds and insurance products are offered through an affiliated company,
 FirstFed Financial Incorporated.
 
 
     FFW Corporation                                    April 26, 2001
 
                                                    Unaudited
     Selected Balance Sheet Data:                   03/31/2001    6/30/2000
                                                        (In Thousands)
 
     Total Assets                                     $231,505    $219,037
     Loans Receivable                                  154,189     152,771
     Securities Available for Sale                      61,262      52,026
     Deposits                                          144,257     133,105
     Borrowings                                         62,668      64,168
     Stockholders' Equity                               21,829      19,615
 
                                          Unaudited             Unaudited
                                    Three Months Ended     Nine Months Ended
     Selected Operating Data:     03/31/2001  03/31/2000 03/31/2001  03/31/2000
                                      (In Thousands)         (In Thousands)
 
     Total Interest Income          $4,390       $4,181    $13,147     $12,436
     Total Interest Expense          2,712        2,390      8,070       7,140
       Net Interest Income           1,678        1,791      5,077       5,296
     Provision for Loan Losses         225          135      1,470         485
       Net Interest Income After
         Provision for Loan Losses   1,453        1,656      3,607       4,811
     Gain (Loss) on Sales of
       Interest Earning Assets          20            1        (16)        (26)
     Other Non-Interest Income         293          258        920         915
     Other Non-Interest Expenses     1,039        1,078      3,168       3,151
       Income Before Income Taxes      727          837      1,343       2,549
     Income Tax Expense                161          276        285         891
       Net Income                     $566         $561     $1,058      $1,658
 
     Earnings Per Common & Common
       Equivalent Shares Primary     $0.39        $0.39      $0.74       $1.16
     Fully Diluted                   $0.39        $0.39      $0.73       $1.14
     Dividend Paid Per Share         $0.13        $0.12      $0.39       $0.36
     Average Shares Outstanding  1,426,111    1,448,500  1,425,056   1,449,757
 
     Supplemental Data:
     Net Interest Margin *            3.13%        3.46%      3.14%       3.38%
     Return on Average Assets **      1.01%        1.02%      0.63%       1.01%
     Return on Average Equity **     10.91%       11.96%      6.96%      11.56%
 
     *  Yields Reflected Have Not Been Computed on a Tax Equivalent Basis
     ** Annualized
 
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SOURCE FFW Corporation
    WABASH, Ind., April 26 /PRNewswire/ -- FFW Corporation (Nasdaq:   FFWC),
 parent corporation of First Federal Savings Bank of Wabash, Indiana, announced
 operating results for the third quarter and nine months ended March 31, 2001.
 Net income for the quarter ended March 31, 2001, was $566,000, 0.9% increase
 over the $561,000 reported for the quarter ended March 31, 2000.  Diluted net
 income per share for the third quarter of 2001 and 2000 both amounted to 39
 cents.
     Net income and diluted net income per share for the nine months ended
 March 31, 2001 were $1.1 million and $0.73 compared to $1.7 million and $1.14
 at March 31, 2000.  The nine-month results for 2001 suffer from the effect of
 a $900,000 specific provision for loan loss on loans to one borrower booked in
 the quarter ended September 30, 2000.
     This year's third quarter earnings represent a return on average common
 shareholders equity of 10.91%, compared to 11.96% for the third quarter of
 2000.  Return on average total assets for the third quarter of 2001 was 1.01%
 compared to 1.02% for the third quarter of 2000.  As of March 31, 2001, FFW
 Corp's equity-to-assets ratio was 9.43%, compared to 8.76% a year ago.
 Shareholders' equity was 21.8 million compared to 19.2 million at March 31,
 2000.
     Roger K. Cromer, President and CEO of FFW Corporation, commented "The
 rapid drop in market rates during the quarter has put continued pressure on
 the net interest margin.  FFW Corp will also continue to provide loan loss
 provisions based on the associated risk of our loan portfolio during this
 economic slowdown."
     For the nine-month period, total assets were up 12.5 million and total
 deposits increased 11.2 million while total FHLB borrowings decreased by
 1.5 million.
     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.  Investment services such as the purchase of stock,
 mutual funds and insurance products are offered through an affiliated company,
 FirstFed Financial Incorporated.
 
 
     FFW Corporation                                    April 26, 2001
 
                                                    Unaudited
     Selected Balance Sheet Data:                   03/31/2001    6/30/2000
                                                        (In Thousands)
 
     Total Assets                                     $231,505    $219,037
     Loans Receivable                                  154,189     152,771
     Securities Available for Sale                      61,262      52,026
     Deposits                                          144,257     133,105
     Borrowings                                         62,668      64,168
     Stockholders' Equity                               21,829      19,615
 
                                          Unaudited             Unaudited
                                    Three Months Ended     Nine Months Ended
     Selected Operating Data:     03/31/2001  03/31/2000 03/31/2001  03/31/2000
                                      (In Thousands)         (In Thousands)
 
     Total Interest Income          $4,390       $4,181    $13,147     $12,436
     Total Interest Expense          2,712        2,390      8,070       7,140
       Net Interest Income           1,678        1,791      5,077       5,296
     Provision for Loan Losses         225          135      1,470         485
       Net Interest Income After
         Provision for Loan Losses   1,453        1,656      3,607       4,811
     Gain (Loss) on Sales of
       Interest Earning Assets          20            1        (16)        (26)
     Other Non-Interest Income         293          258        920         915
     Other Non-Interest Expenses     1,039        1,078      3,168       3,151
       Income Before Income Taxes      727          837      1,343       2,549
     Income Tax Expense                161          276        285         891
       Net Income                     $566         $561     $1,058      $1,658
 
     Earnings Per Common & Common
       Equivalent Shares Primary     $0.39        $0.39      $0.74       $1.16
     Fully Diluted                   $0.39        $0.39      $0.73       $1.14
     Dividend Paid Per Share         $0.13        $0.12      $0.39       $0.36
     Average Shares Outstanding  1,426,111    1,448,500  1,425,056   1,449,757
 
     Supplemental Data:
     Net Interest Margin *            3.13%        3.46%      3.14%       3.38%
     Return on Average Assets **      1.01%        1.02%      0.63%       1.01%
     Return on Average Equity **     10.91%       11.96%      6.96%      11.56%
 
     *  Yields Reflected Have Not Been Computed on a Tax Equivalent Basis
     ** Annualized
 
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 SOURCE  FFW Corporation