Finward Bancorp CFO Resigns, Interim Appointed
Ticker: FNWD · Form: 8-K · Filed: Oct 11, 2024 · CIK: 919864
| Field | Detail |
|---|---|
| Company | Finward Bancorp (FNWD) |
| Form Type | 8-K |
| Filed Date | Oct 11, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.12 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo-resignation, interim-appointment
TL;DR
CFO O'Donnell OUT, Smith IN as interim CFO at Finward Bancorp. Smith gets $225k base + bonus.
AI Summary
On September 20, 2024, Finward Bancorp filed an 8-K report detailing the resignation of its Chief Financial Officer, Michael J. O'Donnell, effective September 18, 2024. The company also announced the appointment of David L. K. Smith as the interim CFO. Smith will receive an annual base salary of $225,000 and a discretionary bonus.
Why It Matters
The sudden departure of a CFO and the appointment of an interim can signal potential financial instability or strategic shifts within the company, impacting investor confidence.
Risk Assessment
Risk Level: medium — A CFO resignation, especially without immediate permanent replacement, can introduce uncertainty regarding financial strategy and reporting.
Key Numbers
- $225,000 — Interim CFO Salary (Annual base salary for David L. K. Smith)
Key Players & Entities
- Finward Bancorp (company) — Registrant
- Michael J. O'Donnell (person) — Resigning Chief Financial Officer
- September 18, 2024 (date) — Effective date of CFO resignation
- David L. K. Smith (person) — Appointed Interim Chief Financial Officer
- $225,000 (dollar_amount) — Interim CFO's annual base salary
- September 20, 2024 (date) — Date of report filing
FAQ
Who is the new interim Chief Financial Officer for Finward Bancorp?
David L. K. Smith has been appointed as the interim Chief Financial Officer.
When did Michael J. O'Donnell's resignation as CFO become effective?
Michael J. O'Donnell's resignation was effective September 18, 2024.
What is the annual base salary for the interim CFO?
The annual base salary for David L. K. Smith is $225,000.
What is the company's primary business?
Finward Bancorp is a federally chartered savings institution.
What is the filing date of this 8-K report?
This 8-K report was filed on October 11, 2024, reporting events from September 20, 2024.
Filing Stats: 1,024 words · 4 min read · ~3 pages · Grade level 15.5 · Accepted 2024-10-11 16:43:38
Key Financial Figures
- $0.12 — nk "), declared a quarterly dividend of $0.12 per share on Finward's common stock pay
Filing Documents
- fnwd20241011_8k.htm (8-K) — 29KB
- ex_731977.htm (EX-99.1) — 10KB
- ex_731977img001.jpg (GRAPHIC) — 5KB
- ex_731977img002.jpg (GRAPHIC) — 3KB
- 0001437749-24-031128.txt ( ) — 186KB
- fnwd-20240920.xsd (EX-101.SCH) — 3KB
- fnwd-20240920_def.xml (EX-101.DEF) — 11KB
- fnwd-20240920_lab.xml (EX-101.LAB) — 15KB
- fnwd-20240920_pre.xml (EX-101.PRE) — 11KB
- fnwd20241011_8k_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On September 20, 2024, the Board of Directors for Finward Bancorp (" Finward "), the holding company for Peoples Bank (the " Bank "), declared a quarterly dividend of $0.12 per share on Finward's common stock payable on October 31, 2024 to shareholders of record on October 18, 2024.
Forward Looking Statements
Forward Looking Statements This Current Report on Form 8-K may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of Finward. For these statements, Finward claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about Finward, including the information in the filings Finward makes with the Securities and Exchange Commission (" SEC "). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank's ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (" FDIC ") and Indiana Department of Financial Institutions (" DF I"), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames the Bank's agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval changes in asset quality and credit risk the inability to sustain revenue and earning
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are being furnished with this Current Report on Form 8-K. Exhibit No. Description 99.1 Dividend Press Release dated October 11, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Finward Bancorp Date: October 11, 2024 By: /s/ Benjamin Schmitt Printed Name: Benjamin Schmitt Title: Chief Financial Officer and Treasurer