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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                to                           .

Commission file number: 001-39182

FFBW, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

37-1962248

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

1360 South Moorland Road

53005

Brookfield, Wisconsin

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (262) 542-4448

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

FFBW

The NASDAQ Stock Market, LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒     NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES ☒     NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☐

 

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). YES      NO ☒

As of November 2, 2021, there were 6,875,920 issued and outstanding shares of the Registrant’s Common Stock.

FFBW, Inc.

Form 10-Q

Index

Page

Part I. Financial Information

3

Item 1.

Financial Statements

3

Balance Sheets as of September 30, 2021 (unaudited) and December 31, 2020

3

Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

4

Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)

5

Statements of Changes in Equity for the Nine Months Ended September 30, 2021 and 2020 (unaudited)

6

Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited)

7

Notes to Financial Statements (unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

41

Item 4.

Controls and Procedures

41

Part II. Other Information

42

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3.

Defaults upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

Signature Page

45

2

Part I. – Financial Information

Item 1.    Financial Statements

FFBW, Inc.

Balance Sheets

September 30, 2021 (Unaudited) and December 31, 2020

(In thousands, except share data)

    

September 30, 

    

December 31, 

2021

2020

Assets

Cash and due from banks

$

71,041

$

41,454

Fed funds sold

 

9,061

 

25

Cash and cash equivalents

 

80,102

 

41,479

Available for sale securities, stated at fair value

 

49,885

 

64,243

Loans held for sale

 

 

1,708

Loans, net of allowance for loan and lease losses of $2,426 and $2,811, respectively

 

206,314

 

214,723

Premises and equipment, net

 

5,481

 

5,594

Foreclosed assets

 

 

125

Other equity investments

1,279

1,279

Accrued interest receivable

 

843

 

995

Cash value of life insurance

 

9,961

 

7,272

Other assets

 

1,414

 

1,554

TOTAL ASSETS

$

355,279

$

338,972

Liabilities and Equity

 

  

 

  

Deposits

$

250,511

$

226,498

Advance payments by borrowers for taxes and insurance

 

1,089

 

127

FHLB advances

 

6,500

 

7,500

Accrued interest payable

 

212

 

17

Other liabilities

 

1,141

 

1,565

Total liabilities

$

259,453

$

235,707

Preferred stock ($0.01 par value, 50,000,000 authorized, no shares issued or outstanding as of September 30, 2021 and December 31, 2020, respectively)

$

$

Common stock ($0.01 par value, 100,000,000 authorized, 6,915,539 and 7,695,214 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)

 

69

 

77

Additional paid in capital

 

60,350

 

69,090

Unallocated common stock of Employee Stock Ownership Plan ("ESOP") (558,152 and 581,093 shares at September 30, 2021 and December 31, 2020, respectively)

 

(5,582)

 

(5,811)

Retained earnings

 

39,963

 

38,382

Accumulated other comprehensive income (loss), net of income taxes

 

1,026

 

1,527

Total equity

$

95,826

$

103,265

TOTAL LIABILITIES AND EQUITY

$

355,279

$

338,972

See accompanying notes to financial statements.

3

FFBW, Inc.

Statements of Income

Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)

(In thousands, except per share data)

    

Three months ended

    

Nine months ended

    

September 30, 

September 30, 

2021

    

2020

2021

    

2020

Interest and dividend income:

 

  

 

  

 

  

 

  

 

Loans, including fees

$

2,392

$

2,325

$

7,862

$

7,265

Securities

 

 

 

 

Taxable

 

204

 

268

 

617

 

825

Tax-exempt

 

46

 

46

 

140

 

88

Other

 

32

 

45

 

64

 

131

Total interest and dividend income

 

2,674

 

2,684

 

8,683

 

8,309

Interest expense:

 

  

 

  

 

  

 

  

Interest-bearing deposits

 

236

 

307

 

733

 

1,185

Borrowed funds

 

10

 

40

 

44

 

149

Total interest expense

 

246

 

347

 

777

 

1,334

Net interest income

 

2,428

 

2,337

 

7,906

 

6,975

Provision for loan losses

 

 

60

 

 

315

Net interest income after provision for loan losses

 

2,428

 

2,277

 

7,906

 

6,660

Noninterest income:

 

  

 

  

 

  

 

  

Service charges and other fees

 

127

 

71

 

354

 

174

Net gain on sale of loans

 

12

 

150

 

232

 

297

Net gain on sale of securities

 

 

 

 

15

Increase in cash surrender value of insurance

 

70

 

49

 

188

 

148

Other noninterest income

 

117

 

23

 

167

 

122

Total noninterest income

 

326

 

293

 

941

 

756

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

1,209

 

1,077

 

3,957

 

3,232

Occupancy and equipment

 

269

 

210

 

795

 

669

Data processing

 

258

 

236

 

853

 

621

Technology

84

68

203

198

Foreclosed assets

 

(1)

 

1

 

 

4

Professional fees

 

110

 

159

 

325

 

439

Other noninterest expense

 

247

 

187

 

728

 

557

Total noninterest expense

 

2,176

 

1,938

 

6,861

 

5,720

Income before income taxes

 

578

 

632

 

1,986

 

1,696

Provision for income taxes

 

119

 

148

 

405

 

369

Net income

$

459

$

484

$

1,581

$

1,327

Earnings per share

Basic

$

0.07

$

0.07

$

0.24

$

0.19

Diluted

$

0.07

$

0.07

$

0.24

$

0.19

See accompanying notes to financial statements.

4

FFBW, Inc.

Statements of Comprehensive Income (Loss)

Three and Nine Months Ended September 30, 2021 and 2020, (Unaudited)

(In thousands)

    

Three months ended

    

Nine months ended

September 30, 

September 30, 

2021

    

2020

    

2021

    

2020

Net income

$

459

$

484

$

1,581

$

1,327

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

Unrealized holding gains (losses) arising during the period

 

(188)

 

44

 

(704)

 

1,659

Reclassification adjustment for (gains) losses realized in net income

 

 

 

 

(15)

Other comprehensive income (loss) before tax effect

 

(188)

 

44

 

(704)

 

1,644

Tax effect of other comprehensive income (loss) items

 

50

 

(13)

 

203

 

(445)

Other comprehensive income (loss), net of tax

 

(138)

 

31

 

(501)

 

1,199

Comprehensive income

$

321

$

515

$

1,080

$

2,526

See accompanying notes to financial statements.

5

FFBW, Inc.

Statements of Changes in Equity

For the Nine Months Ended September 30, 2021 and 2020, (Unaudited)

(In thousands, except share data)

  

  

  

  

Unallocated 

  

  

Accumulated 

    

 

Number

Additional 

Common 

Other 

 

 of 

Common 

Paid-In 

Stock of 

Retained 

Comprehensive

Treasury

 

Shares

Stock

Capital

ESOP

Earnings

Income (Loss)

  

Stock

  

Total

 

Balance at December 31, 2019

7,702,478

$

67

$

28,672

$

(2,303)

$

36,551

$

344

$

(1,461)

$

61,870

 

Corporate Reorganization:

Conversion of FFBW, Inc. (net of costs of $1.2 million)

2,397

10

41,490

41,500

Purchase of 341,485 shares of ESOP

(3,814)

(3,814)

Treasury stock retired

(1,461)

1,461

Contribution of FFBW, MHC

99

99

2020 Activity:

Net income

 

 

 

 

 

407

 

 

407

ESOP shares committed to be released (7,647 shares)

 

 

 

(15)

 

78

 

 

 

63

Stock based compensation expense

 

 

 

87

 

 

 

 

 

87

Other comprehensive income

 

 

 

 

 

727

 

727

Balance at March 31, 2020

 

7,704,875

$

77

$

68,872

$

(6,039)

$

36,958

$

1,071

$

$

100,939

Net income

 

 

 

 

 

436

 

 

436

ESOP shares committed to be released (7,647 shares)

 

 

 

(9)

 

74

 

 

 

65

Stock based compensation expense

 

 

 

91

 

 

 

 

 

91

Other comprehensive income

 

 

 

 

 

441

 

441

Balance at June 30, 2020

 

7,704,875

$

77

$

68,954

$

(5,965)

$

37,394

$

1,512

$

$

101,972

Net income

 

 

 

 

 

484

 

 

484

ESOP shares committed to be released (7,647 shares)

 

 

 

(10)

 

77

 

 

 

67

Stock based compensation expense

 

2,500

 

 

95

 

 

 

 

 

95

Other comprehensive income

 

 

 

 

 

31

 

31

Balance at September 30, 2020

 

7,707,375

$

77

$

69,039

$

(5,888)

$

37,878

$

1,543

$

$

102,649

Balance at December 31, 2020

7,695,214

$

77

$

69,090

$

(5,811)

$

38,382

$

1,527

$

$

103,265

Net income

 

670

 

670

ESOP shares committed to be released (7,647 shares)

 

6

76

 

82

Stock based compensation expense

 

81

 

81

Repurchase of common stock

(408,753)

(4)

(4,614)

(4,618)

Other comprehensive loss

(405)

(405)

Balance at March 31, 2021

 

7,286,461

$

73

$

64,563

$

(5,735)

$

39,052

$

1,122

$

$

99,075

Net income

 

452

 

452

ESOP shares committed to be released (7,647 shares)

 

9

76

 

85

Stock based compensation expense

 

10,712

101

 

101

Repurchase of common stock

(263,140)

(3)

(2,983)

(2,986)

Other comprehensive loss

42

42

Balance at June 30, 2021

 

7,034,033

$

70

$

61,690

$

(5,659)

$

39,504

$

1,164

$

$

96,769

Net income

 

459

 

459

ESOP shares committed to be released (7,647 shares)

 

13

77

 

90

Stock based compensation expense

 

7,296

118

 

118

Repurchase of common stock

(125,790)

(1)

(1,471)

(1,472)

Other comprehensive loss

(138)

(138)

Balance at September 30, 2021

 

6,915,539

$

69

$

60,350

$

(5,582)

$

39,963

$

1,026

$

$

95,826

See accompanying notes to financial statements.

6

FFBW, Inc.

Statements of Cash Flows

For the Nine Months Ended September 30, 2021 and 2020 (Unaudited)

(In thousands)

`

    

Nine months ended

September 30, 

2021

    

2020

Increase (decrease) in cash and cash equivalents:

 

  

 

  

Cash flows from operating activities:

 

  

 

  

Net income

$

1,581

$

1,327

Adjustments to reconcile net income to net cash provided by operating activities: