FFBW : Releases Audited Financial Statements as of and for the Years Ended December 31, 2022 and 2021
March 13, 2023 at 07:55 pm EDT
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AUDITED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS
ENDED DECEMBER 31, 2022 AND 2021
Table of Contents
Independent Auditors' Report
1
Financial Statements
Consolidated balance sheets
3
Consolidated statements of income
4
Consolidated statements of comprehensive income (loss)
5
Consolidated statements of changes in equity
6
Consolidated statements of cash flows
7
Notes to consolidated financial statements
8
1
2
FFBW, Inc.
CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data)
December 31,
December 31,
2022
2021
Assets
Cash and due from banks
$
10,887
$
52,483
Fed funds sold
-
14,519
Cash and cash equivalents
10,887
67,002
Available for sale securities, stated at fair value
47,330
48,398
Loans held for sale
-
500
Loans, net of allowance for loan and lease losses of $2,633 and $2,430,
respectively
242,018
222,104
Premises and equipment, net
6,668
5,506
Other equity investments
1,517
1,353
Accrued interest receivable
927
813
Cash value of life insurance
10,310
10,029
Other assets
3,378
1,372
TOTAL ASSETS
$
323,035
$
357,077
Liabilities and Equity
Deposits
$
234,576
$
255,250
Advance payments by borrowers for taxes and insurance
82
102
FHLB advances
8,000
6,500
Accrued interest payable
21
7
Other liabilities
2,258
1,246
Total liabilities
$
244,937
$
263,105
Preferred stock ($0.01 par value, 50,000,000 authorized, no shares issued or
outstanding as of December 31, 2022 and December 31, 2021, respectively)
$
-
$
-
Common stock ($0.01 par value, 100,000,000 authorized, 5,515,641 and
6,734,970 issued and outstanding as of December 31, 2022 and December 31,
2021, respectively)
55
67
Additional paid in capital
43,630
58,273
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")
(519,925 and 550,509 shares at December 31, 2022 and December 31, 2021,
respectively)
(5,200)
(5,506)
Retained earnings
42,707
40,365
Accumulated other comprehensive income (loss), net of income taxes
(3,094)
773
Total equity
$
78,098
$
93,972
TOTAL LIABILITIES AND EQUITY
$
323,035
$
357,077
See accompanying notes to financial statements.
3
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FFBW Inc. published this content on 13 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2023 23:54:09 UTC.
FFBW, Inc. is a holding company. The Company provides a variety of financial services to individual and corporate customers through its wholly owned subsidiary, First Federal Bank of Wisconsin (the Bank). The Bank is a community bank, which offers consumer banking, commercial banking and residential lending. Its commercial banking services include commercial checking, commercial savings, municipal deposit accounts, treasury management services, commercial loans and credit cards. Its consumer banking services include checking accounts, health savings account, savings accounts, consumer loans, credit cards, card management, online services, mobile services, Zelle and Go Green with eStatements. The Bank has four branch locations. The Bank invests in various types of liquid assets, including the United States Treasury obligations, securities of various government-sponsored enterprises and municipal governments, deposits at the Federal Home Loan Bank of Chicago.
FFBW, INC. 