FFBW, Inc. Announces Financial Results for the Three Months Ended June 30, 2024
Brookfield, WI, August 9, 2024 – FFBW, Inc. (OTCQX: FFBW) (the “Company”), the parent company of First Federal Bank of Wisconsin (the “Bank”), a federally chartered stock savings bank offering full-service commercial banking and consumer banking, today announced unaudited financial results for the three months ended June 30, 2024. For the three months ended June 30, 2024, net income was $647,000, or $0.15 per diluted share, compared to $470,000, or $0.10 per diluted share, for the three months ended June 30, 2023, a 37.7% increase quarter to quarter.
For the three months ending June 30, 2024, the dilutive weighted average shares outstanding, which excludes unallocated employee stock ownership plan shares, were 4,454,000 compared to 4,681,000 for the three months ended June 30, 2023.
Share Repurchase Program
On December 18, 2023, the Company announced the adoption of a new repurchase program of up to an additional 400,000 shares of its common stock. As of August 8, 2024, 121,000 shares have been purchased since the new program was announced, reducing the number of shares outstanding to 4,911,000.
Financial Highlights at June 30, 2024
• At June 30, 2024, the Company had 4,911,000 shares outstanding, resulting in a tangible book value per share of $15.11.
• At June 30, 2024, the Bank’s leverage ratio was 21.0%.
Edward H. Schaefer, President and CEO, commented, “Our discipline on deposit and loan pricing has resulted in an improvement in net interest margin that, in turn, has had a positive impact on earnings and tangible book value per share. As our stock continues to trade below book value, using our excess capital to repurchase our shares remains attractive.”