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FFW Corporation Announces Earnings for the Three and Six Months Ended December 31, 2012

WABASH, IN -- (Marketwire) -- 01/23/13 -- FFW Corporation (the "Corporation") (OTCBB: FFWC) (1/22/2013 Close: $14.00), parent corporation of Crossroads Bank, announced earnings for the three and six months ended December 31, 2012.

For the three months ended December 31, 2012, the Corporation reported net income of $858,000 or $0.66 per common share compared to $708,000 or $0.53 per common share for the three months ended December 31, 2011. The net interest margin for the three months ended December 31, 2012 was $2,321,000 compared to $2,454,000 for the three months ended December 31, 2011. The provision for loan losses decreased from $300,000 for the period ended December 31, 2011 to $210,000 for the period ended December 31, 2012. Total noninterest income was $1,035,000 for the three months ended December 31, 2012 compared to $824,000 for the three months ended December 31, 2011. Noninterest expense was $2,145,000 for the three months ended December 31, 2012 and $2,026,000 for the three months ended December 31, 2011.

For the six months ended December 31, 2012, the Corporation reported net income of $1,388,000 or $1.03 per common share compared to $1,392,000 or $1.03 per common share for the six months ended December 31, 2011. The net interest margin for the six months ended December 31, 2012 was $4,687,000 compared to $4,838,000 for the six months ended December 31, 2011. The provision for loan losses decreased from $600,000 for the period ended December 31, 2011 to $420,000 for the period ended December 31, 2012. Total noninterest income was $1,683,000 for the six months ended December 31, 2012 compared to $1,697,000 for the six months ended December 31, 2011. Noninterest expense was $4,267,000 for the six months ended December 31, 2012 and $4,086,000 for the six months ended December 31, 2011.

The three and six months ended December 31, 2012 represented a return on average common equity of 11.95% and 9.43%, respectively, compared to 9.75% and 9.76% for the three and six month periods ended December 31, 2011. The three and six months ended December 31, 2012 represented a return on average assets of 1.01% and 0.83%, respectively, compared to 0.85% and 0.84% for the three and six month periods ended December 31, 2011.

The allowance for loan losses as a percentage of gross loans receivable was 1.73% at December 31, 2012 compared to 1.68% at June 30, 2012. Nonperforming assets were $8,828,000 at December 31, 2012 compared to $10,234,000 at June 30, 2012.

As of December 31, 2012, FFWC's equity-to-assets ratio was 9.73% compared to 9.34% at June 30, 2012. Total assets at December 31, 2012 were $330,711,000 compared to $329,042,000 at June 30, 2012. Shareholders' equity was $32,163,000 at December 31, 2012 compared to $30,746,000 at June 30, 2012. Crossroads Bank exceeds all applicable regulatory requirements to be considered "well capitalized."

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 four Indiana banking centers located in Columbia City, North Manchester, South Whitley, and Syracuse. The Bank provides leasing services at its banking centers and its Carmel, IN leasing and commercial loan office. 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.




                               FFW Corporation
                       Selected Financial Information

Consolidated Balance Sheet
                                               December 31       June 30
                                              -------------   -------------
                                                   2012            2012
                                              -------------   -------------
                                                Unaudited
Assets
Cash and due from financial institutions      $   5,356,619   $   3,478,709
Interest-earning deposits in other financial
 institutions                                    16,046,990      13,360,765
                                              -------------   -------------
    Cash and cash equivalents                    21,403,609      16,839,474
                                              -------------   -------------

Securities available for sale                    75,082,060      83,665,458
Loans receivable, net of allowance for loan
 losses of $3,763,643 at
    December 31, 2012 and $3,520,110 at June
     30, 2012                                   212,052,397     205,934,060
Loans held for sale                               1,617,584         337,000
Federal Home Loan Bank stock, at cost             2,717,300       2,717,300
Accrued interest receivable                       1,671,173       1,647,845
Premises and equipment, net                       3,419,219       3,550,515
Mortgage servicing rights                           535,881         486,617
Cash surrender value of life insurance            7,073,036       6,938,977
Goodwill                                          1,213,898       1,213,898
Deferred tax asset                                1,597,654       2,558,162
Other assets                                      2,326,844       3,152,807
                                              -------------   -------------
    Total assets                              $ 330,710,655   $ 329,042,113
                                              -------------   -------------

Liabilities and shareholders' equity
Deposits
    Noninterest-bearing deposits              $  26,680,542   $  20,029,966
    Interest-bearing deposits                   260,622,151     262,519,228
                                              -------------   -------------
      Total deposits                            287,302,693     282,549,194
                                              -------------   -------------

Borrowings                                        9,758,400      14,258,400
Accrued expenses and other liabilities            1,486,819       1,488,058
                                              -------------   -------------
    Total liabilities                           298,547,912     298,295,652
                                              -------------   -------------

Shareholders' equity
Preferred stock, $.01 par; $1,000
 liquidation value per share; 500,000 shares
 authorized;
    Series A, 5% Fixed Rate Cumulative
     Perpetual Preferred Stock - 7,289
     shares outstanding December 31, 2012,
     $7,336,000 liquidation preference            7,207,616       7,166,924
    Series B, 9% Fixed Rate Cumulative
     Perpetual Preferred Stock - 364 shares
     outstanding December 31, 2012, $368,000
     liquidation preference                         372,584         376,876
Common stock, $.01 par; 2,000,000 shares
 authorized;
    issued shares: 1,836,328
    outstanding shares: 1,122,084                    18,363          18,363
Additional paid-in capital                        9,514,864       9,495,807
Retained earnings                                24,877,649      23,848,467
Accumulated other comprehensive income            1,135,291         803,648
Treasury stock, at cost: 714,244 shares         (10,963,624)    (10,963,624)
                                              -------------   -------------
    Total shareholders' equity                   32,162,743      30,746,461
                                              -------------   -------------

                                              -------------   -------------
    Total liabilities and shareholders'
     equity                                   $ 330,710,655   $ 329,042,113
                                              -------------   -------------



                               FFW Corporation
                       Selected Financial Information

Consolidated Statement of Income
                             Three Months Ended         Six Months Ended
                                December 31               December 31
                          -----------------------   -----------------------
                             2012         2011         2012         2011
                          ----------   ----------   ----------   ----------
                           Unaudited    Unaudited    Unaudited    Unaudited
Interest and dividend
 income:
  Loans, including fees   $2,673,449   $2,935,840   $5,385,865   $5,848,527
  Taxable securities         341,728      509,567      900,158      702,679
  Tax exempt securities      312,418      132,809      444,745      601,087
  Other                        4,541        7,304        8,668        9,749
                          ----------   ----------   ----------   ----------
    Total interest and
     dividend income       3,332,136    3,585,520    6,739,436    7,162,042
                          ----------   ----------   ----------   ----------

Interest expense:
  Deposits                   903,745      998,253    1,818,524    2,054,917
  Borrowings                 107,222      133,210      234,255      269,136
                          ----------   ----------   ----------   ----------
    Total interest
     expense               1,010,967    1,131,463    2,052,779    2,324,053
                          ----------   ----------   ----------   ----------

Net interest income        2,321,169    2,454,057    4,686,657    4,837,989

Provision for loan
 losses                      210,000      300,000      420,000      600,000

Net interest income
 after provision for
 loan losses               2,111,169    2,154,057    4,266,657    4,237,989

Noninterest income:
  Net gains on sales of
   securities                186,767      144,412      179,490      308,000
  Net gains on sales of
   loans                     331,233      199,488      508,235      293,911
  Net gains (losses) on
   fixed assets                    -            -            -            -
  Other than temporary
   impairment on
   securities                (79,983)     (88,000)     (80,641)     (88,000)
  Commission income          196,788      168,810      394,463      324,259
  Service charges and
   fees                      334,506      277,325      524,170      531,996
  Earnings on life
   insurance                  67,696       70,853      134,059      142,900
  Other                       (2,172)      51,597       23,433      183,679
                          ----------   ----------   ----------   ----------
    Total noninterest
     income                1,034,835      824,485    1,683,209    1,696,745
                          ----------   ----------   ----------   ----------

Noninterest expense:
  Salaries and benefits    1,070,252    1,038,190    2,138,455    2,089,059
  Occupancy and
   equipment                 243,604      248,284      499,905      496,418
  Professional               136,276      101,143      222,610      187,261
  Marketing                   58,815       49,962       90,817       93,323
  Deposit insurance
   premium                   112,375       91,662      228,180      202,916
  Regulatory assessment       37,955       33,279       74,441       68,490
  Correspondent bank
   charges                    23,680       20,373       47,809       35,614
  Data processing            136,851      120,112      274,947      243,424
  Printing, postage and
   supplies                   66,437       53,590      125,079      110,837
  Expense on life
   insurance                  17,418       16,108       34,837       32,216
  Contribution expense        10,681       19,505       23,698       35,969
  Other                      230,340      233,373      506,132      490,870
                          ----------   ----------   ----------   ----------
    Total noninterest
     expense               2,144,684    2,025,581    4,266,910    4,086,397
                          ----------   ----------   ----------   ----------

Income before income
 taxes                     1,001,320      952,961    1,682,956    1,848,337

Income tax expense           143,742      244,871      295,342      456,666

                          ----------   ----------   ----------   ----------
Net income                $  857,578   $  708,090   $1,387,614   $1,391,671
                          ----------   ----------   ----------   ----------
Preferred stock
 dividends and discount
 accretion, net              117,504      117,504      235,008      235,008
                          ----------   ----------   ----------   ----------
Net income attributable
 to common shareholders   $  740,074   $  590,586   $1,152,606   $1,156,663
                          ----------   ----------   ----------   ----------



                               FFW Corporation
                       Selected Financial Information

Key Balances and Ratios
                         Three Months Ended           Six Months Ended
                             December 31                 December 31
                     --------------------------  --------------------------
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------
                       Unaudited     Unaudited     Unaudited     Unaudited
Per common share
 data:
Earnings             $       0.66  $       0.53  $       1.03  $       1.03
Diluted earnings     $       0.66  $       0.53  $       1.03  $       1.03
Dividends paid       $       0.11  $       0.11  $       0.11  $       0.11
Average shares
 issued and
 outstanding            1,122,084     1,121,884     1,122,084     1,121,884
Shares outstanding
 end of period          1,122,084     1,121,884     1,122,084     1,121,884

Supplemental data:
Net interest margin
 **                          2.92%         3.15%         2.98%         3.12%
Return on average
 assets ***                  1.01%         0.85%         0.83%         0.84%
Return on average
 common equity ***          11.95%         9.75%         9.43%         9.76%

                      December 31     June 30
                     ------------  ------------
                         2012          2012
                     ------------  ------------
Nonperforming assets
 *                   $  8,828,222  $ 10,233,539
Repossessed assets   $    847,868  $  1,402,764

*   Includes non-accruing loans, accruing loans delinquent more than 90 days
    and repossessed assets
**  Yields reflected have not been computed on a tax equivalent basis
*** Annualized

For More Information Contact:
Emily Boardman
Treasurer
260-563-3185

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