FFW CORPORATION
CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023 and 2022
FFW CORPORATION
Wabash, Indiana
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REPORT | 1 |
CONSOLIDATED BALANCE SHEETS - JUNE 30, 2023 and 2022 | 3 |
CONSOLIDATED STATEMENTS OF INCOME | |
YEARS ENDED JUNE 30, 2023 and 2022 | 4 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |
YEARS ENDED JUNE 30, 2023 and 2022 | 5 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |
YEARS ENDED JUNE 30, 2023 and 2022 | 6 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |
YEARS ENDED JUNE 30, 2023 and 2022 | 7 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 8 |
Crowe LLP
Independent Member Crowe Global
INDEPENDENT AUDITOR'S REPORT
Board of Directors and Shareholders
FFW Corporation
Wabash, Indiana
Opinion
We have audited the consolidated financial statements of FFW Corporation, which comprise the consolidated balance sheets as of June 30, 2023 and 2022, and the related consolidated statements of income, comprehensive income (loss), changes in shareholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of FFW Corporation as of June 30, 2023 and 2022, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of FFW Corporation and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about FFW Corporation's ability to continue as a going concern for one year from the date the consolidated financial statements are available to be issued.
(Continued)
1.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with GAAS, we:
- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of FFW Corporation's internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about FFW Corporation's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Crowe LLP
Indianapolis, Indiana
August 31, 2023
2.
FFW CORPORATION
CONSOLIDATED BALANCE SHEETS
June 30, 2023 and 2022
ASSETS | 2023 | 2022 | |||
Cash and due from financial institutions | $ | 8,686,057 | $ | 7,122,187 | |
Interest-bearing deposits in other financial institutions | 4,668,889 | 48,456,109 | |||
Total cash and cash equivalents | 13,354,946 | 55,578,296 | |||
Securities available for sale (AFS) | 110,063,452 | 115,717,308 | |||
Loans held for sale | 80,000 | 248,000 | |||
Loans receivable, net of allowance for loan losses of | |||||
$4,852,745 at June 30, 2023 and $4,342,121 at June 30, 2022 | 390,544,236 | 335,672,317 | |||
Federal Home Loan Bank stock, at cost | 1,289,700 | 1,289,700 | |||
Accrued interest receivable | 2,648,368 | 2,105,470 | |||
Premises and equipment, net | 8,121,511 | 8,481,385 | |||
Mortgage servicing rights | 1,128,019 | 1,138,165 | |||
Cash surrender value of life insurance | 10,086,476 | 9,767,792 | |||
Goodwill | 1,213,898 | 1,213,898 | |||
REO and repossessed assets | 109,596 | 75,025 | |||
Other assets | 4,604,551 | 3,630,737 | |||
Total assets | $543,244,753 | $534,918,093 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Deposits | |||||
Noninterest-bearing | $ | 53,267,081 | $ | 55,960,708 | |
Interest-bearing | 437,700,301 | 428,550,708 | |||
Total deposits | 490,967,382 | 484,511,416 | |||
Borrowings | 2,100,000 | - | |||
Accrued expenses and other liabilities | 3,792,808 | 3,758,195 | |||
Total liabilities | 496,860,190 | 488,269,611 | |||
Shareholders' equity | |||||
Common stock, $.01 par; 2,000,000 shares authorized; | |||||
Issued: 1,836,328; outstanding: 1,126,357 - June 30, 2023 | |||||
and 1,140,305 - June 30, 2022 | 18,363 | 18,363 | |||
Additional paid-in capital | 10,150,145 | 9,940,774 | |||
Retained earnings | 59,406,634 | 56,384,625 | |||
Accumulated other comprehensive income (loss) | (10,588,876) | (7,726,089) | |||
Treasury stock, at cost; 709,971 shares at June 30, 2023 | |||||
and 696,023 shares at June 30, 2022 | (12,601,703) | (11,969,191) | |||
Total shareholders' equity | 46,384,563 | 46,648,482 | |||
Total liabilities and shareholders' equity | $543,244,753 | $534,918,093 | |||
See accompanying notes to consolidated financial statements.
3.
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FFW Corporation published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2023 18:39:06 UTC.