FFW Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 25, 2017 at 03:15 pm
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FFW Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2016. For the three months ended December 31, 2016, the Corporation reported net income of $1,048,000 or $0.88 per common share compared to $916,000 or $0.76 per common share for the three months ended December 31, 2015. Net interest income was $2,861,000 compared to $2,856,000 for the three months ended December 31, 2015. Total interest and dividend income was $3,281,075 compared to $3,200,538 for the three months ended December 31, 2015. Income before income taxes was $1,339,208 compared to $1,165,277 for the three months ended December 31, 2015. Net income attributable to common shareholders was $1,019,630 compared to $875,363 for the three months ended December 31, 2015. The three months ended December 31, 2016 represented a return on average common equity of 11.25% compared to 10.73% for the three month period ended December 31, 2015. The three months ended December 31, 2016 represented a return on average assets of 1.18% compared to 1.08% for the three month period ended December 31, 2015.
For the six months ended December 31, 2016, the Corporation reported net income of $2,085,000 or $1.75 per common share compared to $1,866,000 or $1.56 per common share for the six months ended December 31, 2015. Net interest income was $5,768,000 compared to $5,747,000 for the six months ended December 31, 2015. Total interest and dividend income was $6,586,265 compared to $6,431,434 for the six months ended December 31, 2015. Income before income taxes was $2,669,579 compared to $2,382,159 for the six months ended December 31, 2015. Net income attributable to common shareholders was $2,029,201 compared to $1,784,987 for the six months ended December 31, 2015. The six months ended December 31, 2016 represented a return on average common equity of 11.20% compared to 11.13% for the six month period ended December 31, 2015. The six months ended December 31, 2016 represented a return on average assets of 1.19% compared to 1.11%, for the six month period ended December 31, 2015.
FFW Corporation is a holding company. The Company operates through its subsidiaries, Crossroads Bank (the Bank) and Insurance 1 Services, Inc. The Bank provides a range of banking services and a 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 provides leasing services at each of its banking centers. The Bank provides personal banking services, business banking services, mortgage services and insurance services. The Bank also offers various loans, such as commercial loans, commercial real estate loans, residential real estate loans and consumer credit loans. Insurance 1 Services, Inc. is an Indiana corporation that offers insurance products to customers as an independent agency. Wabash Investments, Inc., a wholly owned subsidiary of the Bank manages a portion of the Bank's investment portfolio.
FFW CORPORATION 
