Finward Bancorp Q2 2024: Assets Near $4.3B, Net Income $3.36M
Ticker: FNWD · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 919864
| Field | Detail |
|---|---|
| Company | Finward Bancorp (FNWD) |
| Form Type | 10-Q |
| Filed Date | Aug 14, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: financials, earnings, 10-Q
TL;DR
**Finward Bancorp Q2:** Assets $4.31B, Liabilities $4.30B, Net Income $3.36M. EPS $0.24.
AI Summary
Finward Bancorp filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $4.31 billion and total liabilities of $4.30 billion for the six months ended June 30, 2024. Net income for the quarter was $3.36 million, with earnings per share of $0.24.
Why It Matters
This filing provides a snapshot of Finward Bancorp's financial health and performance, crucial for investors and analysts assessing its stability and profitability.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative trends or events.
Key Numbers
- $4.31B — Total Assets (As of June 30, 2024, indicating the company's overall size.)
- $4.30B — Total Liabilities (As of June 30, 2024, showing the company's debt obligations.)
- $3.36M — Net Income (Q2 2024) (Profitability for the second quarter of 2024.)
- $0.24 — EPS (Q2 2024) (Earnings per share for the second quarter of 2024, a key metric for shareholders.)
Key Players & Entities
- Finward Bancorp (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- $4.31 billion (dollar_amount) — Total assets as of June 30, 2024
- $4.30 billion (dollar_amount) — Total liabilities as of June 30, 2024
- $3.36 million (dollar_amount) — Net income for the quarter ended June 30, 2024
- $0.24 (dollar_amount) — Earnings per share for the quarter ended June 30, 2024
FAQ
What were Finward Bancorp's total assets and liabilities as of June 30, 2024?
As of June 30, 2024, Finward Bancorp reported total assets of $4,313,940,000 and total liabilities of $4,298,773,000.
What was Finward Bancorp's net income for the three months ended June 30, 2024?
Finward Bancorp's net income for the three months ended June 30, 2024, was $3,364,000.
What is the earnings per share for Finward Bancorp for the quarter ended June 30, 2024?
The diluted earnings per share for Finward Bancorp for the quarter ended June 30, 2024, was $0.24.
What was the total revenue for Finward Bancorp for the six months ended June 30, 2024?
The filing indicates total revenue of $10,000,000 for the six months ended June 30, 2024.
What was the previous fiscal year end for Finward Bancorp?
Finward Bancorp's fiscal year ends on December 31.
Filing Stats: 4,663 words · 19 min read · ~16 pages · Grade level 16.2 · Accepted 2024-08-14 16:01:15
Filing Documents
- fnwd20240630_10q.htm (10-Q) — 4125KB
- ex_711730.htm (EX-31.1) — 10KB
- ex_711731.htm (EX-31.2) — 11KB
- ex_711732.htm (EX-32.1) — 9KB
- 0001437749-24-026776.txt ( ) — 17037KB
- fnwd-20240630.xsd (EX-101.SCH) — 74KB
- fnwd-20240630_cal.xml (EX-101.CAL) — 68KB
- fnwd-20240630_def.xml (EX-101.DEF) — 509KB
- fnwd-20240630_lab.xml (EX-101.LAB) — 458KB
- fnwd-20240630_pre.xml (EX-101.PRE) — 551KB
- fnwd20240630_10q_htm.xml (XML) — 4676KB
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 32 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 50 Item 4.
Controls and Procedures
Controls and Procedures 50
Other Information
PART II. Other Information 51
SIGNATURES
SIGNATURES 52 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) June 30, December 31, (Dollars in thousands) 2024 2023 ASSETS Cash and non-interest bearing deposits in other financial institutions $ 19,061 $ 17,942 Interest bearing deposits in other financial institutions 63,439 67,647 Federal funds sold 707 419 Total cash and cash equivalents 83,207 86,008 Securities available-for-sale 339,585 371,374 Loans held-for-sale 1,185 340 Loans receivable, net of deferred fees and costs 1,506,398 1,512,595 Less: Allowance for credit losses ( 18,330 ) ( 18,768 ) Net loans receivable 1,488,068 1,493,827 Federal Home Loan Bank stock 6,547 6,547 Accrued interest receivable 7,695 8,045 Premises and equipment 48,696 38,436 Foreclosed real estate - 71 Cash value of bank owned life insurance 33,107 32,702 Goodwill 22,395 22,395 Other intangible assets 2,555 3,272 Other assets 44,027 45,262 Total assets $ 2,077,067 $ 2,108,279 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 286,784 $ 295,594 Interest bearing 1,469,970 1,517,827 Total 1,756,754 1,813,421 Repurchase agreements 42,973 38,124 Borrowed funds 85,000 80,000 Accrued expenses and other liabilities 43,709 29,389 Total liabilities 1,928,436 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: June 30, 2024 - 4,313,940 December 31, 2023 - 4,298,773 - - Additional paid-in capital 69,778 69,555 Accumulated other comprehensive loss ( 58,939 ) ( 51,613 ) Retained earnings 137,792 129,40