For the three months ended June 30, 2024, the Corporation reported net income of $1,118,000 or $0.99 per common share compared to $1,343,000 or $1.19 per common share for the three months ended June 30, 2023. Net interest income for the three months ended June 30, 2024 was $3,664,000 compared to $3,800,000 for the three months ended June 30, 2023. Credit loss expense was $0 for the three months ended June 30, 2024 and $75,000 for the three months ended June 30, 2023. Total noninterest income was $1,137,000 for the three months ended June 30, 2024 compared to $1,030,000 for the three months ended June 30, 2023. Noninterest expense was $3,641,000 for the three months ended June 30, 2024 and $3,349,000 for the three months ended June 30, 2023.
For the twelve months ended June 30, 2024, the Corporation reported net income of $4,089,000 or $3.63 per common share compared to $5,698,000 or $5.03 per common share for the twelve months ended June 30, 2023. Net interest income for the twelve months ended June 30, 2024 was $14,477,000 compared to $16,399,000 for the twelve months ended June 30, 2023. The Company recognized credit loss expense of $0 for the twelve months ended June 30, 2024 and $550,000 for the twelve months ended June 30, 2023. Total noninterest income was $4,144,000 for the twelve months ended June 30, 2024 compared to $4,005,000 for the twelve months ended June 30, 2023. Noninterest expense was $14,225,000 for the twelve months ended June 30, 2024 and $13,433,000 for the twelve months ended June 30, 2023.
The three and twelve months ended June 30, 2024 represented a return on average common equity of 9.41% and 8.78%, respectively, compared to 11.30% and 12.26% for the three and twelve month periods ended June 30, 2023. The three and twelve months ended June 30, 2024 represented a return on average assets of 0.80% and 0.74%, respectively, compared to 0.99% and 1.07% for the three and twelve month periods ended June 30, 2023.
The allowance for credit losses as a percentage of gross loans receivable was 1.33% at June 30, 2024 compared to 1.23% at June 30, 2023. Nonperforming assets were $4,044,000 at June 30, 2024 compared to $2,065,000 at June 30, 2023.
As of June 30, 2024, FFWC's equity-to-assets ratio was 8.55% compared to 8.54% at June 30, 2023. Total assets at June 30, 2024 were $567,363,000 compared to $543,245,000 at June 30, 2023. Shareholders' equity was $48,515,000 at June 30, 2024 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," 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
2024
2023
Unaudited
Assets
Cash and due from financial institutions
$
5,202,224
$
8,686,057
Interest-bearing deposits in other financial institutions
11,717,782
4,668,889
Cash and cash equivalents
16,920,006
13,354,946
Securities available for sale
106,179,450
110,063,452
Loans held for sale
559,830
80,000
Loans receivable, net of allowance for credit losses of $5,564,436
June 30, 2024 and $4,852,745 at June 30, 2023
411,841,368
390,544,236
Federal Home Loan Bank stock, at cost
1,289,700
1,289,700
Accrued interest receivable
3,016,660
2,648,368
Premises and equipment, net
7,614,589
8,121,511
Mortgage servicing rights
1,086,587
1,128,019
Cash surrender value of life insurance
12,725,890
10,086,476
Goodwill
1,213,898
1,213,898
Repossessed Assets
1,250
109,596
Other assets
4,913,693
4,604,551
Total assets
$
567,362,921
$
543,244,753
Liabilities and shareholders' equity
Deposits
Noninterest-bearing
$
47,530,618
$
53,267,081
Interest-bearing
466,891,628
437,700,301
Total deposits
514,422,246
490,967,382
Borrowings
-
2,100,000
Accrued expenses and other liabilities
4,425,736
3,792,808
Total liabilities
518,847,982
496,860,190
Shareholders' equity
Common stock, $.01 par; 2,000,000 shares authorized;
Issued: 1,836,328; outstanding: 1,126,243 - June 30, 2024 and 1,126,357 - June 30, 2023
18,363
18,363
Additional paid-in capital
10,266,257
10,150,145
Retained earnings
61,694,919
59,406,634
Accumulated other comprehensive income (loss)
(10,795,929
)
(10,588,876
)
Treasury stock, at cost: 710,085 at June 30, 2024 and 709,971 shares at June 30, 2023
(12,668,671
)
(12,601,703
)
Total shareholders' equity
48,514,939
46,384,563
Total liabilities and shareholders' equity
$
567,362,921
$
543,244,753
FFW Corporation Selected Financial Information
Consolidated Statement of Income
Three Months Ended June 30
Twelve Months Ended June 30
2024
