Finward Bancorp Q3 2024: Assets $4.31B, Equity $10M
Ticker: FNWD · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 919864
| Field | Detail |
|---|---|
| Company | Finward Bancorp (FNWD) |
| Form Type | 10-Q |
| Filed Date | Nov 14, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: financials, earnings, balance-sheet
TL;DR
Finward Bancorp's Q3 2024 10-Q shows $4.31B assets, $4.30B liabilities, and $10M equity. EPS down slightly YoY.
AI Summary
Finward Bancorp filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $4.31 billion and total liabilities of $4.30 billion. Net income per share was $0.31 for the nine months ended September 30, 2024, compared to $0.36 for the same period in 2023. The company's total equity stood at $10 million.
Why It Matters
This filing provides a snapshot of Finward Bancorp's financial health, including its asset base and equity, which are key indicators for investors and depositors.
Risk Assessment
Risk Level: medium — The filing indicates a slight decrease in earnings per share and a significant portion of assets covered by liabilities, which warrants attention.
Key Numbers
- $4.31B — Total Assets (As of September 30, 2024)
- $4.30B — Total Liabilities (As of September 30, 2024)
- $10.0M — Total Equity (As of September 30, 2024)
- $0.31 — EPS (9 months ended 2024) (Compared to $0.36 in 2023)
Key Players & Entities
- Finward Bancorp (company) — Filer of the 10-Q
- 20240930 (date) — End of reporting period
- $4.31 billion (dollar_amount) — Total assets as of September 30, 2024
- $4.30 billion (dollar_amount) — Total liabilities as of September 30, 2024
- $0.31 (dollar_amount) — Net income per share for the nine months ended September 30, 2024
- $0.36 (dollar_amount) — Net income per share for the nine months ended September 30, 2023
- $10 million (dollar_amount) — Total equity as of September 30, 2024
FAQ
What were Finward Bancorp's total assets as of September 30, 2024?
Finward Bancorp's total assets were $4,313,940 as of September 30, 2024.
What was the company's net income per share for the nine months ended September 30, 2024?
The net income per share for the nine months ended September 30, 2024, was $0.31.
How does the net income per share for the nine months of 2024 compare to the same period in 2023?
Net income per share decreased from $0.36 for the nine months ended September 30, 2023, to $0.31 for the nine months ended September 30, 2024.
What was Finward Bancorp's total equity as of the end of the reporting period?
Finward Bancorp's total equity was $10,000,000 as of September 30, 2024.
What is the company's primary business classification?
Finward Bancorp is classified under 'SAVINGS INSTITUTION, FEDERALLY CHARTERED' with SIC code 6035.
Filing Stats: 4,614 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-11-14 16:30:50
Filing Documents
- fnwd20240930_10q.htm (10-Q) — 4182KB
- ex_745480.htm (EX-31.1) — 10KB
- ex_745481.htm (EX-31.2) — 11KB
- ex_745482.htm (EX-32.1) — 9KB
- 0001437749-24-035334.txt ( ) — 17131KB
- fnwd-20240930.xsd (EX-101.SCH) — 76KB
- fnwd-20240930_cal.xml (EX-101.CAL) — 68KB
- fnwd-20240930_def.xml (EX-101.DEF) — 517KB
- fnwd-20240930_lab.xml (EX-101.LAB) — 466KB
- fnwd-20240930_pre.xml (EX-101.PRE) — 560KB
- fnwd20240930_10q_htm.xml (XML) — 4640KB
Financial Information
PART I. Financial Information
Unaudited Financial Statements and Notes
Item 1. Unaudited Financial Statements and Notes 1
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 51
Controls and Procedures
Item 4. Controls and Procedures 51
Other Information
PART II. Other Information 52
SIGNATURES
SIGNATURES 53 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) September 30, December 31, (Dollars in thousands) 2024 2023 ASSETS Cash and non-interest bearing deposits in other financial institutions $ 23,071 $ 17,942 Interest bearing deposits in other financial institutions 48,025 67,647 Federal funds sold 553 419 Total cash and cash equivalents 71,649 86,008 Securities available-for-sale 350,027 371,374 Loans held-for-sale 2,567 340 Loans receivable, net of deferred fees and costs 1,508,242 1,512,595 Less: Allowance for credit losses ( 18,516 ) ( 18,768 ) Net loans receivable 1,489,726 1,493,827 Federal Home Loan Bank stock 6,547 6,547 Accrued interest receivable 7,442 8,045 Premises and equipment 47,912 38,436 Foreclosed real estate - 71 Cash value of bank owned life insurance 33,312 32,702 Goodwill 22,395 22,395 Other intangible assets 2,203 3,272 Other assets 40,882 45,262 Total assets $ 2,074,662 $ 2,108,279 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 285,157 $ 295,594 Interest bearing 1,463,653 1,517,827 Total 1,748,810 1,813,421 Repurchase agreements 43,038 38,124 Borrowed funds 85,000 80,000 Accrued expenses and other liabilities 38,259 29,389 Total liabilities 1,915,107 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: September 30, 2024 - 4,313,940 December 31, 2023 - 4,298,773 - - Additional paid-in capital 69,916 69,555 Accumulated other comprehensive loss ( 48,241 ) ( 51,613 ) Retained earnings 137,