SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 2004
                                       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 0-21170

                                 FFW CORPORATION
        (Exact name of small business issuer as specified in its charter)

             Delaware                                      35-1875502
(State or other jurisdiction of                  (I.R.S. Employer Identification
 incorporation or organization)                             Number)

                    1205 North Cass Street, Wabash, IN 46992
                    (Address of principal executive offices)

                                 (260) 563-3185
                           (Issuer's telephone number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15 (d) of the  Securities  Exchange  Act of 1934 during the past 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 _X_    No ___

State the number of Shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:


As of November 10, 2004, there were 1,285,292 shares of the Registrant's  common
stock issued and outstanding.

           Transitional Small Business Disclosure Format (check one):

                              Yes ___    No _X_
<PAGE>


                                 FFW CORPORATION

                                      INDEX


PART I.  FINANCIAL INFORMATION                                          PAGE NO.

Item 1.  Financial Statements

           Consolidated Balance Sheets for September 30, 2004
           and June 30, 2004                                                   3

           Consolidated Statements of Income and
           Comprehensive Income for the three
           months ended September 30, 2004 and 2003.                           4

           Consolidated Statements of Cash Flows for the three months
           ended September 30, 2004 and 2003.                                  5

           Notes to Consolidated Financial Statements                          6


Item 2.  Management's Discussion and Analysis or Plan of Operation             8

Item 3.  Controls and Procedures                                              15


PART II. OTHER INFORMATION

         Items 1-6                                                            16

         Signature Page                                                       17

         Exhibit Index                                                        18








                                       2
<PAGE>
<TABLE>
<CAPTION>
                                                PART I: FINANCIAL INFORMATION
                                                       FFW CORPORATION
                                                 CONSOLIDATED BALANCE SHEETS

                                                                                                 (Unaudited)
                                                                                                 September 30        June 30
                                                                                                     2004              2004
ASSETS :                                                                                            -----              ----
-------
<S>                                                                                             <C>                <C>
         Cash and due from financial institutions                                               $  4,979,083       $ 5,239,955
         Interest-earning deposits in other financial institutions - short term                    4,119,532         1,299,774
                                                                                                ------------      ------------
                  Cash and cash equivalents                                                        9,098,615         6,539,729
         Securities available for sale                                                            77,418,753        79,070,586
         Loans receivable, net of allowance for loan losses of $2,687,614 at
                  September 30, 2004 and $2,569,960 at June 30, 2004                             141,730,521       136,086,451
         Loans held for sale                                                                         256,400            96,600
         Federal Home Loan Bank stock, at cost                                                     3,656,900         3,616,600
         Accrued interest receivable                                                               1,189,118         1,356,853
         Premises and equipment, net                                                               4,158,734         3,965,553
         Mortgage servicing rights                                                                   533,959           618,793
         Cash surrender value of life insurance                                                    4,987,284         4,935,876
         Goodwill                                                                                    975,468           975,468
         Other assets                                                                              1,909,453         2,647,008
                                                                                                ------------      ------------
                           Total Assets                                                         $245,915,205      $239,909,517
                                                                                                ============      ============

LIABILITIES AND SHAREHOLDERS' EQUITY:
-------------------------------------

Liabilities:
         Noninterest-bearing deposits                                                           $ 13,466,654      $ 10,912,541
         Interest-bearing deposits                                                               149,961,367       148,339,452
                                                                                                ------------      ------------
                  Total Deposits                                                                 163,428,021       159,251,993
         Federal Home Loan Bank advances                                                          56,733,017        55,733,017
         Accrued expenses and other liabilities                                                    1,989,329         2,300,427
                                                                                                ------------      ------------
                  Total Liabilities                                                              222,150,367       217,285,437

Shareholders' Equity:

         Preferred stock, $.01 par; 500,000 shares authorized, none issued                               ---               ---
         Common stock, $.01 par; 2,000,000 shares authorized; issued: 1,829,828;
              outstanding: 1,285,292 - September 30, 2004; 1,285,248 - June 30, 2004                  18,298            18,298
         Additional paid-in capital                                                                9,409,689         9,403,738
         Retained earnings                                                                        21,260,462        20,872,005
         Accumulated other comprehensive income                                                     (412,935)       (1,209,167)
         Unearned management retention plan shares                                                   (92,597)         (107,816)
         Treasury stock at cost, shares: 544,536 - September 30, 2004 and
                  544,580 - June 30, 2004                                                         (6,418,079)       (6,352,978)
                                                                                                ------------      ------------
                         Total Shareholders' Equity                                               23,764,838        22,624,080
                                                                                                ------------      ------------

                           Total Liabilities and Shareholders' Equity                          $ 245,915,205     $ 239,909,517
                                                                                               =============     =============


                                                   See accompanying notes.

</TABLE>

                                                              3
<PAGE>
<TABLE>
<CAPTION>


                          PART I: FINANCIAL INFORMATION
                                 FFW CORPORATION
           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                                   (Unaudited)

                                                                      Three Months Ended
                                                                         September 30
                                                                      2004          2003
                                                                      ----          ----
<S>                                                            <C>           <C>
Interest and dividend income :
         Loans, including fees                                 $ 2,256,142   $ 2,270,901
         Taxable securities                                        644,855       638,549
         Nontaxable securities                                     206,998       243,376
         Other interest-earning assets                               8,390         6,231
                                                               -----------    ----------
                  Total interest income                          3,116,385     3,159,057

Interest expense :
         Deposits                                                  818,149       935,749
         Other                                                     624,734       635,600
                                                               -----------    ----------
                  Total interest expenses                        1,442,883     1,571,349
                                                               -----------    ----------

Net interest income                                              1,673,502     1,587,708

         Provision for loan losses                                 120,000       210,000
                                                               -----------    ----------

Net interest income after provision for loan losses              1,553,502     1,377,708

Non-interest income :
         Net gain on sale of securities                                  -         3,712
         Net gain on sale of loans                                  32,622       270,663
         Commission income                                          49,194        35,761
         Service charges and fees                                  227,514       157,490
         Earnings on life insurance                                 58,289        73,101
         Other                                                     169,819        16,373
                                                               -----------    ----------
                  Total non-interest income                        537,438       557,100

Non-interest expense :
         Compensation and benefits                                 655,075       579,353
         Occupancy and equipment                                   167,715       103,951
         Deposit insurance premium                                   5,913        18,926
         Regulatory assessment                                      16,799        15,431
         Correspondent bank charges                                 65,435        60,967
         Data processing expense                                   113,267       128,511
         Printing, postage and supplies                             39,268        38,879
         Other                                                     326,953       293,134
                                                               -----------    ----------
                  Total non-interest expense                     1,390,425     1,239,152
                                                               -----------    ----------

Income before income taxes                                         700,515       695,656

         Income tax expense                                         91,482        94,059
                                                               -----------    ----------

Net income                                                     $   609,033    $  601,597
                                                               ===========    ==========

         Change in unrealized appreciation (depreciation) on
         securities available for sale, net of tax                 796,232      (915,443)
                                                               -----------    ----------
Comprehensive income (loss)                                    $ 1,405,265    $ (313,846)
                                                               ===========    ==========

Earnings per common share :
         Basic                                                 $       .48    $      .46
         Diluted                                               $       .47    $      .45


                                 See accompanying notes.


</TABLE>

                                           4
<PAGE>
<TABLE>
<CAPTION>

                          PART I: FINANCIAL INFORMATION
                                 FFW CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                                                 Three Months Ended
                                                                                     September 30
                                                                                2004               2003
                                                                                ----               ----
<S>                                                                          <C>                <C>
Cash flows from operating activities :
         Net income                                                          $ 609,033          $ 601,597
         Adjustments to reconcile net income to net cash
              from operating activities :
             Depreciation and amortization                                     258,474            303,195
             Provision for loan losses                                         120,000            210,000
             Net (gains) losses on sale of :
                  Securities                                                       ---             (3,712)
                  Loans held for sale                                          (32,622)          (270,663)
                  REOs and repossessed assets                                  (44,631)               626
                  Fixed assets                                                (105,124)               ---
             Originations of loans held for sale                            (1,818,460)       (13,972,750)
             Proceeds from sale of loans held for sale                       1,677,481         14,120,453
             Increase in cash surrender value of life insurance                (51,408)           (66,990)
             Dividends paid as FHLB stock                                      (40,300)           (42,800)
             Amortization of MRP contribution                                   15,219              7,605
             Net change in accrued interest receivable and other
                      assets                                                   317,243            373,723
             Net change in accrued interest payable
                  and other liabilities                                       (311,098)        (1,479,955)
                                                                            ----------        -----------
                  Net cash from operating activities                           593,807           (219,671)

Cash flows from investing activities :
             Proceeds from :
                  Sales and calls of securities available for sale           2,200,000          3,540,191
                  Maturities of securities available for sale                1,000,000            240,000
                  Sales of REOs and repossessed assets                         339,179            105,624
                  Sales of branch building                                     115,733                ---
             Purchase of securities available for sale                      (1,530,678)        (7,688,649)
             Principal collected on mortgage- backed securities              1,045,016          2,891,203
             Net change in loans receivable                                 (5,801,570)          (795,827)
             Purchases of premises and equipment, net                         (298,904)           (51,385)
                                                                            ----------        -----------
                  Net cash from investing activities                        (2,931,224)        (1,758,843)

Cash flows from financing activities :
            Net change in deposits                                           4,176,028         (4,261,397)
            Proceeds from borrowings                                        14,000,000          9,000,000
            Repayment on borrowings                                        (13,000,000)        (5,750,000)
            Purchase of treasury stock                                        (135,900)          (393,377)
            Proceeds from stock options                                         76,751                ---
            Cash dividends paid                                               (220,576)          (209,888)
                                                                            ----------        -----------
                  Net cash from financing activities                         4,896,303         (1,614,662)
                                                                            ----------        -----------

Net change in cash and cash equivalents                                      2,558,886         (3,593,176)
Beginning cash and cash equivalents                                          6,539,729          9,824,833
                                                                            ----------        -----------
Ending cash and cash equivalents                                            $9,098,615        $ 6,231,657
                                                                            ==========        ===========

Supplemental disclosure of cash flow information
Transfer of loans to REO and repossessed assets                              $  37,500         $  749,500


                             See accompanying notes.


</TABLE>

                                       5
<PAGE>

                          PART I: FINANCIAL INFORMATION
                                 FFW CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

(1) Basis of Presentation

     The  accompanying  unaudited  Consolidated  Financial  Statements have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United  States  of  America  for  interim  financial  information  and  with the
instructions to Form 10-QSB and Regulation S-B. Accordingly, they do not include
all the information and footnotes  required by accounting  principles  generally
accepted in the United States of America for complete financial statements.

     In the opinion of management, the Consolidated Financial Statements contain
all adjustments  (consisting only of normal recurring  adjustments) necessary to
present  fairly the financial  condition of FFW  Corporation as of September 30,
2004 and June 30, 2004 and the results of its  operations,  for the three months
ended September 30, 2004 and 2003.  Financial Statement  reclassifications  have
been made for the prior period to conform to classifications  used as of and for
the period ended September 30, 2004.

     Operating  results for the three  months ended  September  30, 2004 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending June 30, 2005.


(2) Earnings Per Share:

     Basic earnings per share are calculated solely on  weighted-average  common
shares outstanding. Diluted earnings per share reflect the potential dilution of
stock  options and other common stock  equivalents.  For the three month periods
ending September 30, 2004 and 2003, the weighted  average shares  outstanding in
calculating  basic  earnings per share were  1,279,338 and  1,304,567  while the
weighted  average number of shares for diluted earnings per share were 1,302,164
and 1,326,791.




                                       6
<PAGE>




(3) Stock Based Compensation:

     Compensation  expense under stock  options is reported  using the intrinsic
value method.  No stock-based  compensation  cost is reflected in net income, as
all options  granted had an exercise  price equal to or greater  than the market
price of the  underlying  common  stock at date of grant.  The  following  table
illustrates  the  effect on net  income and  earnings  per share if expense  was
measured using the fair value recognition  provisions of FASB Statement No. 123,
Accounting for Stock-Based Compensation.

                                                      Three Months Ending
                                                         September 30,
                                                     2004             2003
                                                     ----             ----

Net income as reported                         $      609,033   $      601,597
Less:  Stock-based compensation
 expense determined under fair value
 based method                                             730            5,314
                                               --------------   --------------

Pro forma net income                           $      608,303   $      596,283
                                               ==============   ==============


Basic earnings per share as reported           $          .48   $          .46
Pro forma basic earnings per share                        .48              .46

Diluted earnings per share as reported                    .47              .45
Pro forma diluted earnings per share                      .47              .45



     There were no stock options granted during the three months ended September
30, 2004 or 2003.

     In future years, as additional options are granted,  the proforma effect on
net income and earnings per share may increase. Stock options are used to reward
directors  and certain  executive  officers and provide them with an  additional
equity  interest.  Options  are issued  for ten year  periods  and have  varying
vesting schedules.





                                       7
<PAGE>

                                 PART I: ITEM 2
                                 FFW CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

GENERAL

The accompanying  Consolidated  Financial Statements include the accounts of FFW
Corporation  (the  "Company") and its wholly owned  subsidiaries,  First Federal
Savings  Bank of Wabash (the  "Bank") and  FirstFed  Financial,  Inc  ("FirstFed
Financial").   All  significant  inter-company  transactions  and  balances  are
eliminated in  consolidation.  The Company's results of operations are primarily
dependent on the Bank's net interest  margin,  which is the  difference  between
interest   income  on   interest-earning   assets   and   interest   expense  on
interest-bearing  liabilities.  The Bank's net  income is also  affected  by the
level of its  non-interest  income and non-interest  expenses,  such as employee
compensation and benefits, occupancy expenses, and other expenses.


FORWARD-LOOKING STATEMENTS

Except for historical  information  contained  herein,  the matters discussed in
this document, and other information contained in the Company's SEC filings, may
express  "forward-looking  statements." Those  "forward-looking  statements" may
involve risk and uncertainties,  including statements  concerning future events,
performance and assumptions and other  statements that are other than statements
of historical  facts.  The Company wishes to caution  readers not to place undue
reliance  on any  forward-looking  statements,  which  speak only as of the date
made. Readers are advised that various  factors--including,  but not limited to,
changes in laws,  regulations or accounting principles generally accepted in the
United States of America; the Company's  competitive position within the markets
served; increasing consolidation within the banking industry; unforeseen changes
in interest rates; any unforeseen  downturns in the local,  regional or national
economies--could  cause the Company's actual results or circumstances for future
periods to differ materially from those anticipated or projected.

The Company does not undertake - and  specifically  declines any obligation - to
publicly  release  the  result  of  any  revisions  which  may  be  made  to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.


CRITICAL ACCOUNTING POLICIES

Certain of the Company's  accounting  policies are important to the portrayal of
the  Company's  financial  condition,  since  they  require  management  to make
difficult,  complex or subjective judgments, some of which may relate to matters
that are  inherently  uncertain.  Estimates  associated  with these policies are
susceptible   to  material   changes  as  a  result  of  changes  in  facts  and
circumstances.  Facts  and  circumstances  that  could  affect  these  judgments
include,  but without limitation,  changes in interest rates, in the performance
of the economy or in the financial  condition of borrowers.  Management believes
that its critical accounting policies include determining the allowance for loan
losses,  ("ALL"),  the  fair  value  of  securities  available  for sale and the
valuation of mortgage servicing rights.



                                       8
<PAGE>


Allowance  for  Loan  Losses:  The ALL is a  valuation  allowance  for  probable
incurred credit losses, increased by the provision for loan losses and decreased
by charge-offs  less recoveries.  Management  estimates the ALL balance required
using  past  loan loss  experience,  the  nature  and  volume of the  portfolio,
information about specific borrower situations and estimated  collateral values,
economic conditions,  and other factors.  Allocations of the ALL may be made for
specific  loans,  but  the  entire  ALL is  available  for  any  loan  that,  in
management's  judgment,  should be charged-off.  Loan losses are charged against
the ALL when  management  believes  the  uncollectibility  of a loan  balance is
confirmed.

A loan is  impaired  when full  payment  under the loan  terms is not  expected.
Impairment is evaluated in total for small-balance  loans of similar nature such
as residential  mortgage and consumer loans, and on an individual loan basis for
other loans.  If a loan is  impaired,  a portion of the ALL is allocated so that
the loan is reported,  net, at the present value of estimated  future cash flows
using the loan's  existing  rate or at the fair value of collateral if repayment
is expected solely from the collateral.

Fair Value of Securities Available For Sale ("AFS"):  Securities AFS are carried
at fair value, with unrealized  holding gains and losses reported  separately in
accumulated other comprehensive  income/(loss),  net of tax. The Company obtains
market  values  from a third  party on a monthly  basis in order to  adjust  the
securities to fair value. As a result of changes in the fair market value of the
Company's   AFS   securities   portfolio,    accumulated   other   comprehensive
income/(loss)  net  of  tax  totaled   $(412,935)  at  September  30,  2004  and
$(1,209,167) at June 30, 2004.  Additionally,  securities AFS are required to be
written  down to fair  value  when a  decline  in fair  value is not  temporary;
therefore,  future  changes  in  the  fair  value  of  securities  could  have a
significant impact on the Company's  operating results. In determining whether a
market value decline is other than  temporary,  management  considers the reason
for the decline,  the extent of the decline and the duration of the decline.  As
of September 30, 2004 and June 30, 2004,  unrealized losses on equity securities
(primarily  floating rate government  sponsored entity preferred stocks) totaled
approximately  $1.4 and $1.6 million,  respectively.  These losses have not been
recognized  into income because the securities are of high credit quality (rated
AA or higher), management has the intent and ability to hold the investments for
the  foreseeable  future,  and the  decline in fair value is largely  due to the
historically  low market interest rates at the time the Company's  floating rate
preferred  stocks  repriced.  The  fair  value is  expected  to  recover  as the
securities  approach  their  repricing  dates and market rates rise.  Should our
consideration  of these  factors  change,  the Company may be required to record
unrealized  losses on some or all of these  investments in the income statement.
Further,  future  changes in  generally  accepted  accounting  principles  could
require us to record  unrealized  losses on some or all of these  investments in
the income statement.

Mortgage  Servicing  Rights:  Servicing  rights represent the allocated value of
servicing  rights  retained  on loans  sold.  Servicing  rights are  expensed in
proportion  to,  and over the  period  of,  estimated  net  servicing  revenues.
Impairment is evaluated  based on the fair value of the rights,  using groupings
of the  underlying  loans as to  interest  rates and  term.  Any  impairment  is
reported as a valuation  allowance.  Changes in interest  rates and the level of
refinance  activity can have volatile effects on the carrying value of servicing
rights.  The  Company  periodically  obtains  an outside  appraisal  in order to
evaluate the Company's  mortgage  servicing rights asset for impairment.  During
the quarter ending  September 30, 2004, an $84,000  impairment  charge was taken
following the receipt of an outside appraisal.  The $84,000 impairment charge is
presented as a reduction in non-interest income in the financial  statements and
has been established as a valuation allowance.


                                       9
<PAGE>

FINANCIAL CONDITION

Total  assets were $245.9  million at September  30, 2004,  up $6.0 million from
$239.9 million at June 30, 2004. Growth in net loans receivable of $5.6 million,
or 4.1%, was accompanied by a $4.2 million increase in deposits.

Net loans  receivable  increased  from $136.1 million at June 30, 2004 to $141.7
million  at  September  30,  2004.  The  increases  in the loan  portfolio  were
comprised primarily of $3.4 million in nonresidential and commercial loans, $3.1
million in  residential  mortgages  and $893,000 in home equity and  improvement
loans. Other consumer and automobile loans decreased  $710,000.  The increase in
residential  mortgages  reflects  renewed  interest  in  adjustable  rate loans,
primarily five year hybrids, which the Company retains on its balance sheet. The
Company  primarily  sells its fixed rate mortgages in the secondary  market with
terms of 15 years or longer.  Loans held for sale increased from $97,000 at June
30, 2004 to $256,000 at September 30, 2004.

Total  deposits  increased to $163.4  million at September 30, 2004.  Management
will continue to attempt to control the overall  increases in interest  rates on
deposits by targeting  certain terms and offering  "specials" rather than making
across the board  increases  in  interest  rates on all deposit  products.  FHLB
advances  increased by $1.0 million,  or 1.8%, to $56.7 million at September 30,
2004.

Total shareholders'  equity increased $1.1 million to $23.8 million at September
30,  2004.  The  increase  primarily  resulted  from net  income  and a $796,000
decrease in unrealized  depreciation  on securities  available for sale,  net of
tax,  offsetting  cash  dividends of $221,000 and  treasury  stock  purchases of
$136,000.


COMPARISON OF THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003

Net income for the  three-month  period  ended  September  30, 2004 was $609,000
compared  to net  income of  $602,000  for the  equivalent  period in 2003.  The
increase of $7,000,  1.2%, for the  three-month  period ended September 30, 2004
was a combination of improved net interest income and reduced provision for loan
losses  combined  with a slightly  lower  effective  tax rate that was partially
offset by lower non-interest income and increased non-interest expense.

Diluted  earnings per common share were $0.47 for the  three-month  period ended
September 30, 2004 compared to $0.45 for the equivalent  period in 2003.  Return
on average  shareholders' equity was 10.47% for the three months ended September
30, 2004,  compared to 10.26% in 2003.  The return on total  average  assets was
0.99% for the three-month period ended September 30, 2004,  compared to 1.00% in
2003.




                                       10
<PAGE>



NET INTEREST INCOME

The net interest income for the three-month period ended September 30, 2004, was
$1,673,000  compared to $1,588,000,  an increase of 5.4% from the same period in
2003. Accordingly, the Company's net interest margin was 2.92% compared to 2.82%
in 2003.

Total average earning assets  increased $2.1 million for the three-month  period
ended  September 30, 2004, over the  comparative  period in 2003.  Total average
investment  securities  decreased $9.0 million for the  three-month  period over
one-year ago. Total average loans  increased  $11.5 million for the  three-month
period from one-year ago. The yield on total  average  earning  assets was 5.44%
and 5.62% for the  three-month  periods ended  September 30, 2004, and 2003. The
increase  in net  interest  margin  was  due  to  interest  bearing  liabilities
repricing  downward more quickly and to a greater  extent than  adjustable  rate
loans repricing to lower rates, as well as other interest earning assets,  loans
and securities. The cost of funds on total average interest-bearing  liabilities
was 2.77% and 3.09% for the  three-month  periods ended  September 30, 2004, and
2003.






                                       11
<PAGE>
<TABLE>
<CAPTION>

The  following  tables  set forth  consolidated  information  regarding  average
balances and rates.

                                                              FFW Corp
                                                          Three Months Ending
                                                        (Dollars in thousands)

                                                                 9/30/2004                                   9/30/2003
                                                     Average                    Average         Average                    Average
Interest-earning assets:                             Balance      Interest       Rate           Balance       Interest      Rate
------------------------                             -------      --------       -----          -------       --------      ----
<S>                                                  <C>             <C>          <C>            <C>            <C>          <C>
Loans                                                $141,699        $2,256       6.32%          $130,234       $2,271       6.94%
Securities                                             82,755           852       4.05%            91,798          882       3.85%
Other interest-earning assets                           2,123             8       1.50%             2,410            6       0.99%
                                                     --------        ------                      --------       ------
     Total interest-earning assets                    226,577         3,116       5.44%           224,442        3,159       5.62%

Non interest-earning assets:
Cash and due from                                       5,938                                       6,267
Allowance for loan losses                              (2,613)                                     (2,464)
Other non interest-earning assets                      14,111                                      11,481
                                                     --------                                    --------
     Total assets                                    $244,013                                    $239,726
                                                     ========                                    ========

Interest-bearing liabilities:
Interest-bearing deposits                            $149,014           818       2.18%          $150,763          936       2.47%
FHLB advances                                          57,385           625       4.32%            51,807          635       4.88%
                                                     --------        ------                      --------       ------
     Total interest-bearing liabilities               206,399         1,443       2.77%           202,570        1,571       3.09%
                                                     --------        ------                      --------       ------

Non interest-bearing deposit accounts                  12,370                                      11,011
Other non interest-bearing liabilities                  2,174                                       2,815
                                                     --------                                    --------
     Total liabilities                                220,943                                     216,396
Shareholders' equity                                   23,070                                      23,330
                                                     --------                                    --------
     Total liabilities and shareholders' equity      $244,013                                    $239,726
                                                     ========                                    ========
Net interest income                                                 $ 1,673                                    $ 1,588
                                                                    =======                                    =======
Net interest margin                                                               2.92%                                      2.82%
                                                                                  ====                                       ====

</TABLE>


PROVISION FOR LOAN LOSSES

The  provision  for loan losses was  $120,000 for the  three-month  period ended
September  30, 2004 and  $210,000  for the same  period in 2003.  Changes in the
provision  for loan  losses are  attributable  to  management's  analysis of the
adequacy of the allowance for loan losses (ALL) to address probable and incurred
losses. Net charge-offs of $2,000 have been recorded for the three-month  period
ended  September 30, 2004,  compared to $356,000 of net charge-offs for the same
period in 2003.  For the  three-month  period ended  September  30, 2004,  gross
charge-offs were $41,000.  The ALL was $2,688,000 or 1.89% of portfolio loans at
September   30,  2004  compared  to  $2,570,000  or  1.89%  at  June  30,  2004.
Non-performing  loans,  which  include  non-accruing  loans and  accruing  loans
delinquent  more than 90 days,  were $1.1 million at September 30, 2004 compared
to $1.0 million at June 30, 2004.



                                       12
<PAGE>

The Company  establishes  an ALL based on an  evaluation  of risk factors in the
loan portfolio and changes in the nature and volume of its loan  activity.  This
evaluation includes,  among other factors, the level of the Company's classified
and  non-performing  assets and their estimated  value, the economic outlook and
the resulting  impact on real estate and other values in the  Company's  primary
market area,  regulatory  issues and historical loan loss  experience.  Although
management believes it uses the best information available to determine the ALL,
unforeseen  market  conditions  or  other  unforeseen  events  could  result  in
adjustments and net earnings could be  significantly  affected if  circumstances
differ  substantially from the assumptions used in making the determination.  In
addition, a determination by the Company's main operating subsidiary,  the Bank,
as to  the  classification  of its  assets  and  the  amount  of  its  valuation
allowances is subject to review by the OTS which may order the  establishment of
additional general or specific reserve  allowances.  It is management's  opinion
that the ALL is adequate to absorb  existing  losses in the loan portfolio as of
September 30, 2004.


NON-INTEREST INCOME

Non-interest  income for the  three-month  period ended  September  30, 2004 was
$537,000  compared to  $557,000  for the same  period in 2003.  The  three-month
decrease of $20,000  from the prior period was a result of decreases of $238,000
in gain on sale of loans,  $15,000 in earnings on life  insurance  and $4,000 in
gain on sale of securities that was partially offset by increases of $153,000 in
other  non-interest  income,  $70,000 in service charges and fees and $13,000 in
commission income.  The increase in other non-interest  income includes $105,000
from the sale of the Bank's  previous  North  Manchester,  IN branch and $45,000
from the sale of  repossessed  assets.  Additionally,  non-interest  income  was
negatively  impacted by the  previously  discussed  $84,000  mortgage  servicing
rights impairment charge recorded during the quarter ending September 30, 2004.


NON-INTEREST EXPENSE

Non-interest  expense for the  three-month  period ended September 30, 2004, was
$1,390,000,  an increase of $151,000,  or 12.2%,  compared to the same period in
2003.  Comparing the three-month periods, all areas of non-interest expense were
higher except for deposit insurance  premiums and data processing  expense.  The
largest increases,  $76,000 or 13.0% in compensation and benefits and $64,000 or
61.3% in  occupancy  and  equipment,  stem from the  addition  of our fifth full
service  branch,  located in Columbia  City, IN, in late June 2004 and increased
depreciation  of computer  hardware  and software  purchased  over the last nine
months.

FFW  Corporation is  investigating  the  possibility of de-listing its stock and
de-registering  with  the  Securities  and  Exchange  Commission  ("SEC").  This
strategy   would  reduce   future   expenses   associated   with  SEC  reporting
requirements,  as well as  NASDAQ  filing  fees,  but would  also  result in the
Company's common stock no longer being quoted on the NASDAQ Small Cap Market. In
order to de-register, the Company must first have fewer than 300 shareholders of
record.  The Company  currently has 315  shareholders  of record.  The Company's
shares trade infrequently and residents of Indiana hold many shares.  Therefore,
it is  management's  belief that any  negative  impact on the  liquidity  of the
shares as a result of a de-registering and de-listing would be minimal.


INCOME TAXES

The provisions for income taxes for the  three-month  period ended September 30,
2004,  were  $91,000  compared  to  $94,000  for the same  period  in 2003.  The
Company's  effective  tax rate  remained  relatively  stable when  comparing the
quarters ending September 30, 2004 and 2003.




                                       13
<PAGE>

REGULATORY CAPITAL REQUIREMENTS

The Bank is required to maintain specific amounts of regulatory capital pursuant
to  regulations  of the OTS.  At  September  30,  2004,  the Bank  exceeded  all
regulatory capital standards as is shown in the following table.


<TABLE>
<CAPTION>
                                                                                            Minimum
                                                                                           To Be Well
                                                                   Minimum              Capitalized Under
                                                                  For Capital           Prompt Corrective
                                            Actual             Adequacy Purposes        Action Provisions
                                            ------             -----------------        -----------------
                                       Amount     Ratio        Amount      Ratio         Amount    Ratio
                                       ------     -----        ------      -----         ------    -----
<S>                                  <C>          <C>         <C>           <C>         <C>       <C>

As of September 30, 2004
  Total Risk-Based Capital           $ 21,488     13.83%      $12,432       8.00%       $15,540   10.00%

  Tier I (Core) Capital                19,536     12.57%        6,216       4.00%         9,324    6.00%
       (to risk weighted assets)
  Tier I (Core) Capital                19,536      8.07%        9,683       4.00%        12,104    5.00%
       (to adjusted total assets)


</TABLE>






                                       14
<PAGE>



                                 PART I: ITEM 3
                                 FFW CORPORATION

                             CONTROLS AND PROCEDURES


As of the end of the fiscal  quarter  covered by this report,  an evaluation was
carried  out  under  the   supervision  and  with  the   participation   of  FFW
Corporation's  management,  including  our  Chief  Executive  Officer  and Chief
Financial  Accounting  Officer,  of the effectiveness of our disclosure controls
and procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)  under
the  Securities  Exchange  Act of 1934).  Based on their  evaluation,  our Chief
Executive Officer and Chief Financial Accounting Officer have concluded that the
Company's  disclosure  controls  and  procedures  are,  to  the  best  of  their
knowledge,  effective to ensure that information required to be disclosed by FFW
Corporation  in  reports  that it files or  submits  under the  Exchange  Act is
recorded,  processed,  summarized and reported within the time periods specified
in Securities and Exchange Commission rules and forms.

Subsequent  to the date of their  evaluation,  our Chief  Executive  Officer and
Chief Financial Accounting Officer have concluded that there were no significant
changes in FFW  Corporation's  internal  controls or in other factors that could
significantly  affect its internal  controls,  including any corrective  actions
with regard to significant deficiencies and material weaknesses.






                                       15
<PAGE>



                           Part II - Other Information

As of September 30, 2004, management is not aware of any current recommendations
by regulatory  authorities which, if they were to be implemented,  would have or
are  reasonably  likely  to have a  material  adverse  effect  on the  Company's
liquidity, capital resources or operations.

Item 1  -  Legal Proceedings

          Not Applicable.


Item 2  -  Unregistered Sales of Equity Securities and Use of Proceeds

          On March 25, 2003,  the Board of Directors  approved the repurchase of
          5% of the Company's outstanding shares of common stock, or 66,090 such
          shares, on the open market.  The program had no expiration date. As of
          September 30, 2004, the Company had repurchased 53,552 shares pursuant
          to this repurchase program, leaving 12,538 shares subject to the plan.


Item 3  -  Defaults Upon Senior Securities

         Not Applicable.


Item 4  -  Submission of Matters to a Vote of Security Holders

          The Annual Meeting of Shareholders  (the "Meeting") of FFW Corporation
          was held on October 26, 2004. The matters  approved by shareholders at
          the Meeting and the number of votes cast for,  against or withheld (as
          well as the number of  abstentions  and broker  non-votes)  as to each
          matter are set below:

                                                           NUMBER OF VOTES
                                                           ---------------
                  PROPOSAL                                 FOR         WITHHELD
                  --------                              --------       --------
Election of the following Directors
 for a three-year term
    Roger K. Cromer                                     1,154,105       19,606
    Joseph W. McSpadden                                 1,153,933       19,778

                                               FOR          AGAINST      ABSTAIN
                                             -------        -------      -------
Ratification of Crowe Chizek and
Company LLC as auditors for the
fiscal year ending June 30, 2005             1,160,148       7,767        5,796


Item 5  -  Other Information

     Not Applicable.


Item 6  -  Exhibits
          (a) Exhibits
               31(1) Certification required by 17 C.F.R. ss. 240.13a-14(a)
               31(2) Certification required by 17 C.F.R. ss. 240.13a-14(a)
               32    Certification pursuant to 18 U.S.C. ss. 1350



                                       16
<PAGE>




                                   SIGNATURES


In accordance with the requirements of the Securities  Exchange Act of 1934, the
registrant  caused  this  report to be signed on its behalf by the  undersigned,
thereunto duly authorized.


                                           FFW CORPORATION
                                           Registrant



Date:  November 12, 2004              By: /s/ Roger K. Cromer
     --------------------------           --------------------------------------
                                          Roger K. Cromer
                                          President and Chief Executive Officer


Date:  November 12, 2004              By: /s/ Timothy A. Sheppard
     --------------------------           --------------------------------------
                                          Timothy A. Sheppard
                                          Treasurer and Chief Accounting Officer







                                       17
<PAGE>




                                  EXHIBIT INDEX


Exhibit No.    Description of Exhibit
-----------    ----------------------

   31(1)       Certification required by 17 C.F.R. Section 240.13a-14(a)

   31(2)       Certification required by 17 C.F.R. Section 240.13a-14(a)

   32          Certification pursuant to 18 U.S.C. Section 1350





















                                       18