FFW Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013
January 24, 2014 at 10:03 pm IST
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FFW Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, total interest and dividend income was $3,265,507 against $3,332,136 for the same period a year ago. Net interest income was $2,584,048 against $2,321,169 for the same period a year ago. Income before income taxes was $1,004,767 against $1,001,320 for the same period a year ago. Net income attributable to common shareholders was $652,454 or $0.58 per basic and diluted share against $740,074 or $0.66 per basic and diluted share for the same period a year ago. Return on average assets was 0.85% against 1.01% for the same period a year ago. Return on average common equity was 10.73% against 11.95% for the same period a year ago.
For the six months, total interest and dividend income was $6,576,233 against $6,739,436 for the same period a year ago. Net interest income was $5,144,353 against $4,686,657 for the same period a year ago. Income before income taxes was $1,793,310 against $1,682,956 for the same period a year ago. Net income attributable to common shareholders was $1,172,823 or $1.04 per basic and diluted share against $1,152,606 or $1.03 per basic and diluted share for the same period a year ago. Return on average assets was 0.80% against 0.83% for the same period a year ago. Return on average common equity was 9.74% against 9.43% for the same period a year ago.
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.