FFW Corporation Announces Earnings for the Fiscal Year Ended June 30, 2025
WABASH, Ind., Aug. 25, 2025 (GLOBE NEWSWIRE) -- FFW Corporation (the "Corporation") (OTC PINK: FFWC) (8/22/25 Close: $41.00), parent corporation of Crossroads Bank (the "Bank"), announced earnings for the fiscal year ended June 30, 2025.
For the three months ended June 30, 2025, the Corporation reported net income of $1,461,000 or $1.35 per common share compared to $1,118,000 or $0.99 per common share for the three months ended June 30, 2024. Net interest income for the three months ended June 30, 2025 was $4,385,000 compared to $3,664,000 for the three months ended June 30, 2024. Credit loss expense was $75,000 for the three months ended June 30, 2025 and $0 for the three months ended June 30, 2024. Total noninterest income was $1,221,000 for the three months ended June 30, 2025 compared to $1,137,000 for the three months ended June 30, 2024. Noninterest expense was $3,906,000 for the three months ended June 30, 2025 and $3,641,000 for the three months ended June 30, 2024.
For the twelve months ended June 30, 2025, the Corporation reported net income of $5,542,000 or $5.01 per common share compared to $4,089,000 or $3.63 per common share for the twelve months ended June 30, 2024. Net interest income for the twelve months ended June 30, 2025 was $16,279,000 compared to $14,477,000 for the twelve months ended June 30, 2024. The Company recognized credit loss expense of $200,000 for the twelve months ended June 30, 2025 and $0 for the twelve months ended June 30, 2024. Total noninterest income was $5,070,000 for the twelve months ended June 30, 2025 compared to $4,144,000 for the twelve months ended June 30, 2024. Noninterest expense was $15,006,000 for the twelve months ended June 30, 2025 and $14,225,000 for the twelve months ended June 30, 2024.
The three and twelve months ended June 30, 2025 represented a return on average common equity of 11.77% and 11.10%, respectively, compared to 9.41% and 8.78% for the three and twelve month periods ended June 30, 2024. The three and twelve months ended June 30, 2025 represented a return on average assets of 1.03% and 0.97%, respectively, compared to 0.80% and 0.74% for the three and twelve month periods ended June 30, 2024.
The allowance for credit losses as a percentage of gross loans receivable was 1.35% at June 30, 2025 compared to 1.33% at June 30, 2024. Nonperforming assets were $8,147,000 at June 30, 2025 compared to $4,044,000 at June 30, 2024.
As of June 30, 2025, FFWC's equity-to-assets ratio was 8.76% compared to 8.55% at June 30, 2024. Total assets at June 30, 2025 were $570,108,000 compared to $567,363,000 at June 30, 2024. Shareholders' equity was $49,944,000 at June 30, 2025 compared to $48,515,000 at June 30, 2024. Crossroads Bank exceeds all applicable regulatory requirements to be considered "well capitalized."
The Corporation has an active share repurchase program. During the quarter ended June 30, 2025, the Corporation repurchased 3,303 shares at an average price of $39.70. Year to date the Corporation repurchased 56,481 shares at an average price of $39.42. For more information regarding the share repurchase program, please contact Roger Cromer, President, at (260) 563-3185. The Corporation may suspend or discontinue repurchases at any time.
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," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. The Corporation's ability to predict future results involves a number of risks and uncertainties. The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.
Crossroads Bank is a wholly owned subsidiary of FFW Corporation providing an extensive array of banking services and a wide range of investments and securities products through its main office in Wabash and six Indiana banking centers located in Columbia City, North Manchester, Peru, South Whitley, Syracuse and Warsaw. The Bank also provides leasing services at each of its banking centers. Insurance products are offered through an affiliated company, Insurance 1 Services, Inc. The Corporation's stock is traded on the OTC Markets under the symbol "FFWC." Our website address is www.crossroadsbanking.com. Crossroads Bank, Member FDIC.
FFW Corporation
Selected Financial Information
Consolidated Balance Sheet
June 30
June 30
2025
2024
Unaudited
Assets
Cash and due from financial institutions
$
7,166,023
$
5,202,224
Interest-bearing deposits in other financial institutions
3,649,597
11,717,782
Cash and cash equivalents
10,815,620
16,920,006
Securities available for sale
103,067,093
106,179,450
Loans held for sale
314,800
559,830
Loans receivable, net of allowance for credit losses of $5,703,128
at June 30, 2024 and $5,564,436 at June 30, 2024
422,829,649
411,841,368
Federal Home Loan Bank stock, at cost
1,739,500
1,289,700
Accrued interest receivable
3,055,402
3,016,660
Premises and equipment, net
7,602,679
7,614,589
Mortgage servicing rights
1,072,056
1,086,587
Cash surrender value of life insurance
13,165,670
12,725,890
Goodwill
1,213,898
1,213,898
Repossessed Assets
38,560
1,250
Other assets
5,192,615
4,913,693
Total assets
$
570,107,542
$
567,362,921
Liabilities and shareholders' equity
Deposits
Noninterest-bearing
$
52,521,124
$
47,530,618
Interest-bearing
453,607,241
466,891,628
Total deposits
506,128,365
514,422,246
Borrowings
10,000,000
-
Accrued expenses and other liabilities
4,035,448
4,425,736
Total liabilities
520,163,813
518,847,982
Shareholders' equity
Common stock, $.01 par; 2,000,000 shares authorized;
Issued: 1,836,328; outstanding: 1,082,978 at June 30, 2025 and 1,126,243 at June 30, 2024
18,363
18,363
Additional paid-in capital
10,233,608
10,266,257
Retained earnings
65,911,649
61,694,919
Accumulated other comprehensive income (loss)
(11,560,272
)
(10,795,929
)
Treasury stock, at cost: 753,350 at June 30, 2025 and
710,085 at June 30, 2024
(14,659,619
)
(12,668,671
)
Total shareholders' equity
49,943,729
48,514,939
