Finward Bancorp

Listed Company

FNWDCIK 0000919864NasdaqNon-AcceleratedSmaller ReportingSavings Institution, Federally CharteredIndianaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$8.09M

Total Assets

$2.02B

Equity

$174.66M

Shares Out

4.33M

Op. Cash Flow

$9.90M

+ 13F Filer

Business

Finward Bancorp is a bank holding company and the parent of Peoples Bank, operating as a financial services organization whose earnings derive primarily from its banking subsidiary. The company offers deposit-taking and loan origination services, including residential mortgages, home equity, commercial real estate, construction, consumer, manufactured home, commercial business and municipal loans, and provides wealth management services such as estate and retirement planning, trusts, and retirement accounts. Management aggregates operations into one reportable operating segment encompassing the Bank and its subsidiaries. The Bank serves northwest Indiana and nearby Illinois counties through its branch network, digital banking, ATMs and correspondent funding sources.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans receivable	80	78	75	62	42
Securities	8	8	9	10	9
Other interest earning assets	4	3	2	326,000	61,000
Total interest income	92	89	86	72	51
Deposits	31	35	25	4	2
Federal funds purchased and repurchase agreements	1	2	—	—	—
Borrowed funds	2	4	—	—	—
Total interest expense	35	41	31	—	—
Net interest income	57	48	55	67	49
Provision for (benefit from) credit losses	−205,000	−503,000	—	—	—
Net interest income after provision for credit losses	57	49	53	67	47
Fees and service charges	5	5	—	—	—
Wealth management operations	3	3	—	—	—
Gain (loss) on tax credit investment	90,000	1	0	—	—
Gain (loss) on sale of loans held-for-sale, net	1	1	—	—	—
Gain (loss) on sale of securities, net	−2	−531,000	−48,000	662,000	2
Bank owned life insurance	1	812,000	766,000	810,000	715,000
Gain (loss) on sale of property and equipment	−55,000	12	—	—	—
Other	122,000	164,000	—	—	—
Total non-interest income	9	23	11	12	16
Compensation and benefits	30	28	28	29	24
Occupancy and equipment	8	8	6	7	6
Data processing	5	5	—	—	—
Marketing	787,000	799,000	840,000	2	1
Federal deposit insurance premiums	2	2	2	1	861,000
Professional and outside services	4	5	4	1	1
Technology	2	2	—	—	—
Other	7	7	8	14	10
Total non-interest expense	58	58	55	62	47
Income before income tax expense	8	13	8	17	16
Income tax expense (benefit)	23,000	1	−335,000	1	1
Net income	8	12	8	15	15
Basic (in dollars per share)	1.89	2.85	1.96	3.61	4.3
Diluted (in dollars per share)	1.88	2.84	1.96	3.6	4.3
Dividends declared per common share (in dollars per share)	0.36	0.48	1.05	1.24	1.24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and non-interest bearing deposits in other financial institutions	18	18	18	20	13
Interest bearing deposits in other financial institutions	101	52	68	11	20
Federal funds sold	0	654,000	419,000	107,000	464,000
Total cash and cash equivalents	120	71	86	31	33
Securities available-for-sale	316	334	371	371	527
Loans held-for-sale	1	1	340,000	2	5
Loans receivable, net of deferred fees and costs	1,450	1,509	1,513	1,514	—
Less: Allowance for credit losses	−18	−17	−19	−19	−13
Net loans receivable	1,433	1,492	1,494	1,501	—
Federal Home Loan Bank stock	7	7	7	7	3
Accrued interest receivable	8	8	8	7	5
Premises and equipment	45	47	38	40	31
Cash value of bank owned life insurance	34	34	33	32	31
Goodwill	22	22	22	22	11
Other intangible assets	1	2	3	5	3
Other assets	35	44	45	50	15
Total assets	2,021	2,061	2,108	2,070	1,621
Non-interest bearing	267	263	296	359	295
Interest bearing	1,460	1,497	1,518	1,416	1,139
Total	1,727	1,761	1,813	1,775	1,434
Federal funds purchased and repurchase agreements	40	40	—	—	—
Borrowed funds	45	65	80	120	0
Accrued expenses and other liabilities	35	44	29	23	15
Total liabilities	1,847	1,909	1,961	1,934	1,464
Commitments and contingencies	—	—	—	—	—
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding	0	0	0	0	0
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2025 - 4,326,747 December 31, 2024 - 4,313,698	0	0	0	0	0
Additional paid-in capital	70	70	70	69	30
Accumulated other comprehensive loss	−42	−58	−52	−64	4
Retained earnings	146	139	129	132	122
Total stockholders' equity	175	151	147	130	157
Total liabilities and stockholders' equity	2,021	2,061	2,108	2,070	1,621

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Origination of loans for sale	−41	−37	−38	−45	−153
Sale of loans originated for sale	42	37	40	50	164
Depreciation and amortization, net of accretion	6	7	7	6	5
Deferred tax expense (benefit)	−556,000	645,000	−673,000	1	137,000
Stock based compensation expense	447,000	565,000	719,000	741,000	574,000
Cash payments for lease liabilities	−2	−1	—	—	—
(Gain) loss on sale of loans held-for-sale, net	−1	−1	−1	−1	−6
(Gain) loss on sale of foreclosed real estate	0	−1,000	—	—	—
(Increase) decrease of cash value of bank owned life insurance	−835,000	−812,000	—	—	—
(Gain) loss on death benefits of bank-owned life insurance	−544,000	0	—	—	—
(Gain) loss on derivatives	33,000	−47,000	3,000	102,000	233,000
Provision for (benefit from) credit losses	−205,000	−503,000	—	—	—
Interest receivable	−60,000	324,000	−624,000	−141,000	−731,000
Interest payable	−337,000	−2	3	—	—
Other assets	3	4	3	−5	2
Accrued expenses and other liabilities	−6	4	1	−3	−9
Total adjustments	2	−2	16	3	—
Net cash provided by (used in) operating activities	10	10	24	18	17
Proceeds from maturities and pay downs of securities available-for-sale	11	13	14	42	55
Proceeds from sales of securities available-for-sale	25	15	476,000	54	44
Net change in loans receivable	58	764,000	−6	−94	12
Purchase of premises and equipment	−853,000	−3	−1	−3	−3
Proceeds from sale of premises and equipment	819,000	18	799,000	2	0
Proceeds from sale of foreclosed real estate	0	72,000	77,000	93,000	585,000
Proceeds from death benefits of bank owned life insurance	1	0	0	314,000	0
Net cash provided by (used in) investing activities	95	43	15	−1	−126
Change in deposits	−34	−53	38	−134	132
Proceeds from borrowed funds	40	150	80	120	0
Repayment of borrowed funds	−60	−165	−120	0	−6
Net surrender value of restricted stock awards	−150,000	−86,000	−196,000	−120,000	−131,000
Change in federal funds purchased and repurchase agreements	−413,000	2	—	—	—
Dividends paid	−2	−2	−5	−5	−4
Net cash provided by (used in) financing activities	−56	−68	15	−18	122
Net change in cash and cash equivalents	49	−15	55	−2	13
Interest	35	43	29	5	2
Income taxes	150,000	415,000	241,000	1	2
Right-of-use asset obtained in exchange for lease liability	0	16	—	—	—
Loans transferred to other real estate owned	89,000	0	135,000	0	0

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 179 positions

Reported AUM

$461.36M

Holdings

179

Top sector

$461.36M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$461.36M	100.0%

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