WABASH, Ind., April 24, 2024 (GLOBE NEWSWIRE) -- FFW Corporation (the "Corporation") (OTC:FFWC) (4/23/2024 Close: $34.65), parent corporation of Crossroads Bank (the "Bank"), announced earnings for the quarter and year to date ended March 31, 2024. For the three months ended March 31, 2024, the Corporation reported net income of $920,000 or $0.82 per common share compared to $1,216,000 or $1.07 per common share for the three months ended March 31, 2023. Net interest income for the three months ended March 31, 2024 was $3,536,000 compared to $3,975,000 for the three months ended March 31, 2023. The provision for credit losses was $0 for the three months ended March 31, 2024 compared to $75,000 for the three months ended March 31, 2023. Total noninterest income was $1,068,000 for the three months ended March 31, 2024 compared to $880,000 for the three months ended March 31, 2023. Noninterest expense was $3,609,000 for the three months ended March 31, 2024 and $3,478,000 for the three months ended March 31, 2023. For the nine months ended March 31, 2024, the Corporation reported net income of $2,972,000 or $2.64 per common share compared to $4,355,000 or $3.84 per common share for the nine months ended March 31, 2023. Net interest income for the nine months ended March 31, 2024 was $10,813,000 compared to $12,599,000 for the nine months ended March 31, 2023. The Company recognized a provision for credit losses of $0 for the nine months ended March 31, 2024 and $475,000 for the nine months ended March 31, 2023. Total noninterest income was $3,007,000 for the nine months ended March 31, 2024 compared to $2,975,000 for the nine months ended March 31, 2023. Noninterest expense was $10,584,000 for the nine months ended March 31, 2024 and $10,084,000 for the nine months ended March 31, 2023. The three and nine months ended March 31, 2024 represented a return on average common equity of 7.67% and 8.56%, respectively, compared to 10.47% and 12.59% for the three and nine month periods ended March 31, 2023. The three and nine months ended March 31, 2024 represented a return on average assets of 0.66% and 0.72%, respectively, compared to 0.93% and 1.09%, for the three and nine month periods ended March 31, 2023. The allowance for credit losses as a percentage of gross loans receivable was 1.29% at March 31, 2024 compared to 1.23% at June 30, 2023. Nonperforming assets were $4,105,000 at March 31, 2024 compared to $2,065,000 at June 30, 2023. As of March 31, 2024, FFWC's equity-to-assets ratio was 8.62% compared to 8.54% at June 30, 2023. Total assets at March 31, 2024 were $556,704,000 compared to $543,245,000 at June 30, 2023. Shareholders' equity was $47,963,000 at March 31, 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   March 31   June 30     2024   2023     Unaudited       Assets         Cash and due from financial institutions $             2,635,498   $             8,686,057   Interest-bearing deposits in other financial institutions 4,410,327   4,668,889   Cash and cash equivalents 7,045,825   13,354,946             Securities available for sale 107,185,861   110,063,452   Loans held for sale 158,000   80,000   Loans receivable, net of allowance for credit losses of $5,366,311 at         March 31, 2024 and $4,852,745 at June 30, 2023 410,645,871   390,544,236   Federal Home Loan Bank stock, at cost 1,289,700   1,289,700   Accrued interest receivable 2,718,842   2,648,368   Premises and equipment, net 7,762,148   8,121,511   Mortgage servicing rights 1,095,003   1,128,019   Cash surrender value of life insurance 12,619,809   10,086,476   Goodwill 1,213,898   1,213,898   Repossessed assets 1,250   109,596   Other assets 4,967,346   4,604,551   Total assets $         556,703,553   $         543,244,753             Liabilities and shareholders' equity         Deposits         Noninterest-bearing $           50,711,836   $           53,267,081   Interest-bearing 446,835,882   437,700,301   Total deposits 497,547,718   490,967,382