Finward Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Finward Bancorp's Q1 2024 10-Q filing reveals $4.31M in assets and $4.30M in net income with $0.31 EPS.</b>

AI Summary

Finward Bancorp (FNWD) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Finward Bancorp reported total assets of $4,310,251 for the period ending March 31, 2024. The company's net income for the period was $4,298,773. Earnings per share (EPS) stood at $0.31 for the reported period. Total debt for Finward Bancorp was not explicitly detailed in the provided snippet. The filing covers the first quarter of 2024, ending March 31, 2024.

Why It Matters

For investors and stakeholders tracking Finward Bancorp, this filing contains several important signals. This 10-Q filing provides a quarterly update on Finward Bancorp's financial performance and position, crucial for investors to assess recent operational results and asset management. The specific figures for net income and EPS offer insights into the company's profitability and shareholder value during the first quarter of 2024.

Risk Assessment

Risk Level: low — Finward Bancorp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures in the provided data, indicating a routine update.

Analyst Insight

Monitor Finward Bancorp's subsequent filings for trends in asset growth, net income, and EPS to evaluate sustained performance.

Financial Highlights

total Assets

4,310,251

net Income

4,298,773

eps

0.31

Key Numbers

• 4,310,251 — Total Assets (As of March 31, 2024)
• 4,298,773 — Net Income (For the period ending March 31, 2024)
• 0.31 — Earnings Per Share (EPS) (For the period ending March 31, 2024)
• 2024-03-31 — Reporting Period End Date (Quarterly filing)
• 2024-05-15 — Filing Date (Date the 10-Q was filed)

Key Players & Entities

• Finward Bancorp (company) — Filer of the 10-Q report
• 9204 COLUMBIA AVE (address) — Business and mailing address
• MUNSTER (location) — City of business and mailing address
• IN (location) — State of incorporation and business address
• 46321 (postal_code) — ZIP code of business and mailing address
• NORTHWEST INDIANA BANCORP (company) — Former company name

FAQ

Industry Context

Finward Bancorp operates within the savings institution sector, providing financial services typical of federally chartered savings institutions.

Regulatory Implications

As a federally chartered savings institution, Finward Bancorp is subject to regulations from federal banking authorities, including the Office of the Comptroller of the Currency (OCC) and potentially the Federal Reserve.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze trends in asset composition and liabilities from previous filings.
3. Compare Finward Bancorp's Q1 2024 performance against industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report (10-Q) for 2024, providing an update on the company's financial status compared to its previous filings.

Filing Documents

• fnwd20240331_10q.htm (10-Q) — 3546KB
• ex_662432.htm (EX-31.1) — 9KB
• ex_662433.htm (EX-31.2) — 10KB
• ex_662434.htm (EX-32.1) — 8KB
• 0001437749-24-017039.txt (&nbsp;) — 15663KB
• fnwd-20240331.xsd (EX-101.SCH) — 73KB
• fnwd-20240331_cal.xml (EX-101.CAL) — 66KB
• fnwd-20240331_def.xml (EX-101.DEF) — 511KB
• fnwd-20240331_lab.xml (EX-101.LAB) — 452KB
• fnwd-20240331_pre.xml (EX-101.PRE) — 552KB
• fnwd20240331_10q_htm.xml (XML) — 4255KB

Financial Information

PART I. Financial Information Item 1. Unaudited Financial Statements and Notes 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43

Other Information

PART II. Other Information 44

SIGNATURES

SIGNATURES 45 EXHIBITS 31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer 31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer 32.1 Section 1350 Certifications 101 XBRL Interactive Data File Finward Bancorp Consolidated Balance Sheet (unaudited) March 31, December 31, (Dollars in thousands) 2024 2023 ASSETS Cash and non-interest bearing deposits in other financial institutions $ 16,418 $ 17,942 Interest bearing deposits in other financial institutions 54,755 67,647 Federal funds sold 607 419 Total cash and cash equivalents 71,780 86,008 Securities available-for-sale 346,233 371,374 Loans held-for-sale 667 340 Loans receivable, net of deferred fees and costs 1,508,251 1,512,595 Less: Allowance for credit losses ( 18,805 ) ( 18,768 ) Net loans receivable 1,489,446 1,493,827 Federal Home Loan Bank stock 6,547 6,547 Accrued interest receivable 7,583 8,045 Premises and equipment 47,795 38,436 Foreclosed real estate 71 71 Cash value of bank owned life insurance 32,895 32,702 Goodwill 22,395 22,395 Other intangible assets 2,911 3,272 Other assets 43,459 45,262 Total assets $ 2,071,782 $ 2,108,279 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 296,959 $ 295,594 Interest bearing 1,450,519 1,517,827 Total 1,747,478 1,813,421 Repurchase agreements 41,137 38,124 Borrowed funds 90,000 80,000 Accrued expenses and other liabilities 41,586 29,389 Total liabilities 1,920,201 1,960,934 Commitments and contingencies Stockholders' Equity: Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding - - Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: March 31, 2024 - 4,310,251 December 31, 2023 - 4,298,773 - - Additional paid-in capital 69,727 69,555 Accumulated other comprehensive loss ( 56,313 ) ( 51,613 ) Retained earnings 138,16

View Full Filing

View this 10-Q filing on SEC EDGAR