Finward Bancorp Announces Earnings for the Six and Three Months Ended June 30, 2023
July 26 2023 - 9:00AM
Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company
for Peoples Bank (the “Bank”), today announced that net income
available to common stockholders was $4.7 million, or $1.09 per
diluted share, for the six months ended June 30, 2023, as compared
to $6.6 million, or $1.59 per diluted share, for the corresponding
prior year period. For the three months ended June 30, 2023, the
Bancorp’s net income totaled $2.4 million, or $0.57 per diluted
share, as compared to $4.4 million, or $1.04 per share, for the
three months ending June 30, 2022. Selected performance metrics are
as follows for the periods presented:
Performance Ratios |
|
Quarter ended, |
|
|
Six months ended, |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
June
30, |
|
March
31, |
|
December 31, |
September 30, |
June
30, |
|
|
June
30, |
|
June
30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
|
2023 |
|
2022 |
Return on
equity |
|
7.05% |
|
6.42% |
|
12.96% |
|
13.65% |
|
12.45% |
|
|
6.74% |
|
8.40% |
Return on
assets |
|
0.46% |
|
0.43% |
|
0.78% |
|
0.88% |
|
0.85% |
|
|
0.45% |
|
0.65% |
Noninterest
income / average assets |
|
0.57% |
|
0.50% |
|
0.56% |
|
0.51% |
|
0.56% |
|
|
0.54% |
|
0.60% |
Noninterest
expense / average assets |
|
2.66% |
|
2.75% |
|
3.07% |
|
2.90% |
|
2.91% |
|
|
2.71% |
|
3.11% |
Efficiency
ratio |
|
82.11% |
|
82.35% |
|
79.63% |
|
74.54% |
|
75.15% |
|
|
82.23% |
|
80.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“Business conditions have stabilized significantly over the
second quarter, for both Peoples Bank and the industry more
broadly. The Bank’s deposits were largely stable, although we did
see continued movement of customers’ deposits from lower-cost to
higher-cost deposit accounts. We have maintained a defensive
liquidity position, and in this environment it is possible to
generate some marginal income while we maintain our cash position.
With that in mind, like many banks, we are focused on serving our
core customers and communities with our capital and liquidity, and
loan yields are starting to show some momentum,” said Benjamin
Bochnowski, Chairman and CEO. “Our team has remained disciplined
with operating expenses and we are serving our customers more
efficiently and effectively. We anticipate that we could be at the
top of the rate cycle for some time, and with that in mind, we are
also highly focused on credit quality. We have been selective and
diligent in our underwriting while we have reduced our number of
non-performing loans.”
Highlights of the year-to-date period include:
- Net interest margin: The net interest margin
for the six months ended June 30, 2023, was 2.98%, compared to
3.50% for the six months ended June 30, 2022. The tax-adjusted net
interest margin (a non-GAAP measure) for the six months ended June
30, 2023, was 3.13%, compared to 3.70% for the six months ended
June 30, 2022. The decreased net interest margin is primarily the
result of the increase in short-term interest rates relative to
long-term interest rates as part of the Federal Reserve’s response
to high inflation. We anticipate the compression seen in the first
six months of the year could continue, unless target rates
decrease, and our interest-bearing liabilities are able to be
repriced at those lower rates. See Table 1 at the end of this press
release for a reconciliation of the tax-adjusted net interest
margin to the GAAP net interest margin.
- Funding: On June 30, 2023, deposits
totaled $1.80 billion, compared to $1.78 billion on December 31,
2022, an increase of $20.1 million or 1.1%. As of June 30, 2023,
core deposits totaled $1.3 billion, compared to $1.4 billion on
December 31, 2022, a decrease of $121.5 million or 8.6%. Core
deposits include checking, savings, and money market accounts and
represented 71.9% of the Bancorp’s total deposits at June 30, 2023.
Through the first six months of 2023, balances for checking and
savings accounts decreased, as balances migrated into higher
yielding accounts. On June 30, 2023, balances for certificates of
deposit totaled $504.7 million, compared to $363.1 million on
December 31, 2022, an increase of $141.6 million or 39.0%. The
decrease in core deposits and increase in certificate of deposit
balances is related to customer preferences for higher yielding
deposits, along with efforts by the Bank to manage future deposit
costs. In addition, on June 30, 2023, borrowings and repurchase
agreements totaled $196.4 million, compared to $135.5 million at
December 31, 2022, an increase of $60.9 million or 44.9%. The
increase in short-term borrowings was the result of cyclical
inflows and outflows of interest-earning assets and
interest-bearing liabilities. As of June 30, 2023, 71% of our
deposits are fully FDIC insured, and another 9% are further backed
by the Indiana Public Deposit Insurance Fund. The Bancorp’s
liquidity position remains strong with solid core deposit customer
relationships, excess cash, debt securities, and access to
diversified borrowing sources. The Bancorp has available liquidity
of $693 million including borrowing capacity from the FHLB and
Federal Reserve facilities.
- Unrealized losses on the securities portfolio:
Accumulated other comprehensive losses were $60.2 million as of
June 30, 2023, compared to $64.3 million on December 31, 2022, a
decrease of $4.1 million or 6.4%. The yield on the securities
portfolio improved on a year-to-date basis to 2.38% for the six
months ended June 30, 2023, up from 2.12% for the six months ended
June 30, 2022. The effective duration of the securities portfolio
was 6.6 years as of June 30, 2023. Management continues to actively
manage the securities portfolio and does not currently anticipate
the need to realize losses from sales in the securities portfolio,
as losses are currently driven by the interest rate environment and
management expects such losses to be fully recoverable. Further, it
remains unlikely the Bancorp will be required to sell the
investments in the portfolio before recovery of their amortized
cost basis, which may be at maturity.
- Gain on sale of loans: Lack of existing
housing inventory and increases in mortgage rates have slowed the
sale of fixed rate mortgage loans into the secondary market. As a
result, gains from the sale of loans for the six months ended June
30, 2023, totaled $537 thousand, down from $898 thousand for the
six months ended June 30, 2022. During the six months ended June
30, 2023, the Bank originated $19.3 million in new fixed rate
mortgage loans for sale, compared to $29.2 million during the six
months ended June 30, 2022. During the six months ended June 30,
2023, the Bank originated $17.4 million in new mortgage loans
retained in its portfolio, compared to $50.0 million during the six
months ended June 30, 2022. Total mortgage originations for the
three month period ending June 30, 2023, totaled $22.7 million, an
increase of $8.7 million from the three month period ending March
31, 2023’s total of $14.0 million. This increase was primarily
driven by seasonal demand for mortgages peaking in the spring and
summer months. These retained loans are primarily construction
loans and adjustable-rate loans with a fixed-rate period of 7 years
or less, and the Bank continues to sell longer-duration fixed rate
mortgages into the secondary market.
- Commercial lending: The Bank’s aggregate
loan portfolio totaled $1.53 billion on June 30, 2023, compared to
$1.51 billion on December 31, 2022, an increase of $20.5 million or
1.4%. The increase is the result of organic loan portfolio growth.
During the six months ended June 30, 2023, the Bank originated
$136.9 million in new commercial loans, compared to $196.9 million
during the six months ended June 30, 2022. The loan portfolio
represents 76.6% of earning assets and is comprised of 62.7%
commercial related credits. At June 30, 2023, the Bancorp’s held
loan balances in commercial real estate owner occupied properties
of $215.4 million or 14.1% of total loan balances and commercial
real estate non-owner occupied properties of $286.4 million of
18.7% of total loan balances. Of the $286.4 million in commercial
real estate non-owner occupied properties balances, loans
collateralized by office build represented $39.7 million or 2.5% of
total loan balances.
- Asset quality: At June 30, 2023,
non-performing loans totaled $12.3 million, compared to $18.4
million at December 31, 2022, a decrease of $6.1 million or 32.9%.
The Bank’s ratio of non-performing loans to total loans was 0.80%
at June 30, 2023, compared to 1.21% at December 31, 2022. The
Bank’s ratio of non-performing assets to total assets was 0.62% at
June 30, 2023, compared to 0.94% at December 31, 2022. The decrease
in non-performing loans is primarily the result of management’s
strategic non-performing asset management which includes proactive
relationship management and note sales. At June 30, 2023, the
allowance for credit losses (ACL) totaled $19.5 million and is
considered adequate by management. For the quarter ended June 30,
2023, charge-offs, net of recoveries, totaled $579 thousand. The
allowance for credit losses as a percentage of total loans was
1.27% at June 30, 2023, and the allowance for credit losses as a
percentage of non-performing loans, or coverage ratio, was 158.3%
at June 30, 2023. On January 1, 2023, the Bancorp adopted ASU No.
2016-13 resulting in an implementation entry of $8.3 million,
increasing the ACL by $5.2 million and unfunded commitment
liability of $3.1 million, and also resulting in retained earnings
decreasing $6.1 million and generating a deferred tax asset of $2.2
million. The majority of the implementation entry is related to
including acquired loan portfolios in the model and the addition of
using economic forecasts in estimating future losses. In addition,
$1.0 million of non-accretable credit loan discounts on purchase
credit impaired loans now classified as purchase credit
deteriorated were reallocated to the ACL.
- Optimizing the banking center footprint:
During the six months ended June 30, 2023, the Bank sold two
banking centers held for sale, resulting in a gain of $276
thousand for the period. Each banking center closure and sale is
expected to result in approximately $250 thousand in operational
expense reduction, excluding personnel expenses. The Bank’s
remaining 26 locations are being analyzed for footprint
optimization opportunities, with additional locations showing the
potential for reducing operating overhead over the next 12 months.
These efforts are reducing fixed costs and allowing for
redeployment of a portion of occupancy expenses into building a
digital-forward foundation to better meet the needs of the
customers and communities the Bancorp serves.
- Personnel: Management continues to look for
efficiency in personnel and has netted a reduction of 21 full time
equivalents, or 7%, through the six months ended June 30,
2023.
- Capital Adequacy: As of June 30, 2023, the
Bank’s tier 1 capital to adjusted average assets ratio totaled
7.6%, which is within all regulatory capital requirements, and
continues to be considered well capitalized. The Bancorp’s tangible
book value per share was $25.64 at June 30, 2023, up from $25.41 as
of December 31, 2022 (a non-GAAP measure). Tangible common equity
to total assets was 5.11% at June 30, 2023, down from 5.27% as of
December 31, 2022 (a non-GAAP measure). The decrease is due to
increased average assets compared to year-ended December 31, 2022.
Excluding accumulated other comprehensive losses, tangible book
value per share decreased to $39.62 as of June 30, 2023, from
$40.36 as of December 31, 2022 (a non-GAAP measure). The decrease
is related to a reduction of retained earnings of $6.1 million due
to the impact of the adoption of ASU No. 2016-13 and the payment of
dividends of $2.7 million. See Table 1 at the end of this press
release for a reconciliation of the tangible book value per share,
tangible book value per share adjusted for accumulated other
losses, tangible capital as a percentage of tangible assets, and
tangible capital as a percentage of tangible assets adjusted for
accumulated other comprehensive losses to the related GAAP
ratios.
Disclosures Regarding Non-GAAP Financial
Measures Reported amounts are presented in accordance with
GAAP. In this press release the Bancorp also is providing certain
financial measures that are identified as non-GAAP. The Bancorp’s
management believes that the non-GAAP information, which consists
of tangible common equity, tangible common equity adjusted for
accumulated other losses, tangible book value per share, tangible
book value per share adjusted for accumulated other losses,
tangible common equity/total assets, adjusted net interest margin,
and efficiency ratio, which can vary from period to period,
provides a better comparison of period to period operating
performance. Additionally, the Bancorp believes this information is
utilized by regulators and market analysts to evaluate a company’s
financial condition and, therefore, such information is useful to
investors. These disclosures should not be viewed as a substitute
for financial results in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures which may
be presented by other companies. Refer to Table 1 – Reconciliation
of Non-GAAP Financial Measures at the end of this document for a
reconciliation of the non-GAAP measures identified herein and their
most comparable GAAP measures.
About Finward BancorpFinward Bancorp is a
locally managed and independent financial holding company
headquartered in Munster, Indiana, whose activities are primarily
limited to holding the stock of Peoples Bank. Peoples Bank provides
a wide range of personal, business, electronic and wealth
management financial services from its 26 locations in Lake and
Porter Counties in Northwest Indiana and Chicagoland. Finward
Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC
under the symbol FNWD. The website ibankpeoples.com provides
information on Peoples Bank’s products and services, and Finward
Bancorp’s investor relations.
Forward Looking StatementsThis press release
may contain forward-looking statements regarding the financial
performance, business prospects, growth and operating strategies of
the Bancorp. For these statements, the Bancorp 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 the Bancorp,
including the information in the filings the Bancorp makes with the
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: difficulties and delays in
integrating the Bancorp’s and Royal’s businesses or fully realizing
cost savings and other benefits; business disruption following the
merger; changes in asset quality and credit risk; the inability to
sustain revenue and earnings growth; changes in interest rates,
market liquidity, and capital markets, as well as the magnitude of
such changes, which may reduce net interest margins; inflation;
further deterioration in the market value of securities held in the
Bancorp’s investment securities portfolio, whether as a result of
macroeconomic factors or otherwise; customer acceptance of the
Bancorp’s products and services; customer borrowing, repayment,
investment, and deposit practices; customer disintermediation; the
introduction, withdrawal, success, and timing of business
initiatives; competitive conditions; the inability to realize cost
savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions, and
divestitures; economic conditions; and the impact, extent, and
timing of technological changes, capital management activities, and
other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in the Bancorp’s reports
(such as the Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and Current Reports on Form 8-K) filed with the SEC and
available at the SEC’s Internet website (www.sec.gov). All
subsequent written and oral forward-looking statements concerning
matters attributable to the Bancorp or any person acting on its
behalf are expressly qualified in their entirety by the cautionary
statements above. Except as required by law, The Bancorp does not
undertake any obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date the
forward-looking statement is made.
In addition to the above factors, we also caution that the
actual amounts and timing of any future common stock dividends or
share repurchases will be subject to various factors, including our
capital position, financial performance, capital impacts of
strategic initiatives, market conditions, and regulatory and
accounting considerations, as well as any other factors that our
Board of Directors deems relevant in making such a determination.
Therefore, there can be no assurance that we will repurchase shares
or pay any dividends to holders of our common stock, or as to the
amount of any such repurchases or dividends.
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Finward Bancorp |
Quarterly Financial Report |
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Performance
Ratios |
|
Quarter ended, |
|
|
Six months ended, |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
|
2023 |
|
2022 |
Return on equity |
|
7.05% |
|
6.42% |
|
12.96% |
|
13.65% |
|
12.45% |
|
|
6.74% |
|
8.40% |
Return on assets |
|
0.46% |
|
0.43% |
|
0.78% |
|
0.88% |
|
0.85% |
|
|
0.45% |
|
0.65% |
Yield on loans |
|
4.91% |
|
4.67% |
|
4.66% |
|
4.34% |
|
4.18% |
|
|
4.79% |
|
4.17% |
Yield on security
investments |
|
2.36% |
|
2.39% |
|
2.44% |
|
2.30% |
|
2.23% |
|
|
2.38% |
|
2.12% |
Total yield on earning
assets |
|
4.43% |
|
4.22% |
|
4.21% |
|
3.88% |
|
3.68% |
|
|
4.33% |
|
3.59% |
Cost of deposits |
|
1.36% |
|
0.92% |
|
0.45% |
|
0.19% |
|
0.08% |
|
|
1.14% |
|
0.08% |
Cost of repurchase
agreements |
|
3.78% |
|
2.65% |
|
2.06% |
|
0.98% |
|
0.46% |
|
|
3.39% |
|
0.40% |
Cost of borrowed funds |
|
4.53% |
|
4.74% |
|
5.19% |
|
2.52% |
|
1.10% |
|
|
4.64% |
|
0.83% |
Total cost of funds |
|
1.57% |
|
1.15% |
|
0.65% |
|
0.22% |
|
0.09% |
|
|
1.36% |
|
0.09% |
Noninterest income / average
assets |
|
0.57% |
|
0.50% |
|
0.56% |
|
0.51% |
|
0.56% |
|
|
0.54% |
|
0.60% |
Noninterest expense / average
assets |
|
2.66% |
|
2.75% |
|
3.07% |
|
2.90% |
|
2.91% |
|
|
2.71% |
|
3.11% |
Net noninterest margin /
average assets |
|
-2.09% |
|
-2.25% |
|
-2.52% |
|
-2.39% |
|
-2.36% |
|
|
-2.17% |
|
-2.51% |
Efficiency ratio |
|
82.11% |
|
82.35% |
|
79.63% |
|
74.54% |
|
75.15% |
|
|
82.23% |
|
80.89% |
Effective tax rate |
|
3.86% |
|
12.53% |
|
1.12% |
|
11.14% |
|
11.70% |
|
|
8.22% |
|
11.60% |
|
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Non-performing assets to total
assets |
|
0.62% |
|
1.02% |
|
0.94% |
|
0.58% |
|
0.53% |
|
|
0.62% |
|
0.53% |
Non-performing loans to total
loans |
|
0.80% |
|
1.34% |
|
1.21% |
|
0.73% |
|
0.68% |
|
|
0.80% |
|
0.68% |
Allowance for credit losses to
non-performing loans |
|
158.26% |
|
96.15% |
|
70.18% |
|
122.64% |
|
133.78% |
|
|
158.26% |
|
133.78% |
Allowance for credit losses to
loans outstanding |
|
1.27% |
|
1.29% |
|
0.85% |
|
0.89% |
|
0.91% |
|
|
1.27% |
|
0.91% |
Foreclosed real estate to
total assets |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
|
0.00% |
|
0.00% |
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Basic earnings per share |
|
$0.57 |
|
$0.52 |
|
$0.93 |
|
$1.07 |
|
$1.04 |
|
|
$1.09 |
|
$1.60 |
Diluted earnings per
share |
|
$0.57 |
|
$0.51 |
|
$0.93 |
|
$1.07 |
|
$1.04 |
|
|
$1.09 |
|
$1.59 |
Net worth / total assets |
|
6.33% |
|
6.66% |
|
6.59% |
|
5.75% |
|
6.50% |
|
|
6.33% |
|
6.50% |
Book value per share |
|
$31.77 |
|
$32.47 |
|
$31.73 |
|
$27.46 |
|
$31.80 |
|
|
$31.77 |
|
$31.80 |
Closing stock price |
|
$22.00 |
|
$29.10 |
|
$36.20 |
|
$34.01 |
|
$37.49 |
|
|
$22.00 |
|
$37.49 |
Price per earnings per
share |
|
$9.59 |
|
$14.10 |
|
$9.70 |
|
$7.92 |
|
$8.97 |
|
|
$10.10 |
|
$11.73 |
Dividend declared per common
share |
|
$0.31 |
|
$0.31 |
|
$0.31 |
|
$0.31 |
|
$0.31 |
|
|
$0.62 |
|
$0.62 |
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Non-GAAP Performance
Ratios |
|
Quarter ended, |
|
|
Six months ended, |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
|
2023 |
|
2022 |
Net interest margin - tax
equivalent |
|
3.03% |
|
3.23% |
|
3.73% |
|
3.84% |
|
3.78% |
|
|
3.13% |
|
3.63% |
Tangible book value per
diluted share |
|
$25.64 |
|
$26.24 |
|
$25.41 |
|
$20.99 |
|
$25.24 |
|
|
$25.64 |
|
$25.24 |
Tangible book
value per diluted share adjusted for AOCI |
$39.62 |
|
$39.23 |
|
$40.36 |
|
$39.57 |
|
$38.69 |
|
|
$39.62 |
|
$38.69 |
Tangible common equity to
total assets |
|
5.11% |
|
5.38% |
|
5.27% |
|
4.39% |
|
5.16% |
|
|
5.11% |
|
5.16% |
Tangible common
equity to total assets adjusted for AOCI |
7.89% |
|
8.05% |
|
8.38% |
|
8.28% |
|
7.91% |
|
|
7.89% |
|
7.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
Average Balances, Interest, and Rates |
(unaudited) |
June 30, 2023 |
|
June 30, 2022 |
|
AverageBalance |
|
Interest |
|
Rate (%) |
|
AverageBalance |
|
Interest |
|
Rate (%) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits in other financial institutions |
$ |
44,916 |
|
|
$ |
582 |
|
5.18 |
|
$ |
25,679 |
|
|
$ |
45 |
|
|
0.70 |
Federal funds
sold |
|
1,709 |
|
|
|
19 |
|
4.45 |
|
|
1,388 |
|
|
|
2 |
|
|
0.58 |
Certificates of
deposit in other financial institutions |
|
1,078 |
|
|
|
15 |
|
5.57 |
|
|
1,625 |
|
|
|
3 |
|
|
0.74 |
Securities
available-for-sale |
|
373,280 |
|
|
|
2,206 |
|
2.36 |
|
|
438,309 |
|
|
|
2,449 |
|
|
2.23 |
Loans
receivable* |
|
1,523,244 |
|
|
|
18,694 |
|
4.91 |
|
|
1,457,625 |
|
|
|
15,221 |
|
|
4.18 |
Federal Home Loan
Bank stock |
|
6,547 |
|
|
|
97 |
|
5.93 |
|
|
3,038 |
|
|
|
20 |
|
|
2.63 |
Total interest
earning assets |
|
1,950,774 |
|
|
$ |
21,613 |
|
4.43 |
|
|
1,927,664 |
|
|
$ |
17,740 |
|
|
3.68 |
Cash and
non-interest bearing deposits in other financial institutions |
|
21,195 |
|
|
|
|
|
|
|
21,435 |
|
|
|
|
|
Allowance for
credit losses |
|
(19,943 |
) |
|
|
|
|
|
|
(13,399 |
) |
|
|
|
|
Other noninterest
bearing assets |
|
152,623 |
|
|
|
|
|
|
|
149,339 |
|
|
|
|
|
Total assets |
$ |
2,104,649 |
|
|
|
|
|
|
$ |
2,085,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Total
deposits |
$ |
1,799,915 |
|
|
$ |
6,105 |
|
1.36 |
|
$ |
1,884,712 |
|
|
$ |
389 |
|
|
0.08 |
Repurchase
agreements |
|
34,909 |
|
|
|
330 |
|
3.78 |
|
|
22,618 |
|
|
|
26 |
|
|
0.46 |
Borrowed
funds |
|
100,556 |
|
|
|
1,139 |
|
4.53 |
|
|
9,851 |
|
|
|
27 |
|
|
1.10 |
Total interest
bearing liabilities |
|
1,935,380 |
|
|
$ |
7,574 |
|
1.57 |
|
|
1,917,181 |
|
|
$ |
442 |
|
|
0.09 |
Other noninterest
bearing liabilities |
|
31,001 |
|
|
|
|
|
|
|
25,443 |
|
|
|
|
|
Total liabilities |
|
1,966,381 |
|
|
|
|
|
|
|
1,942,624 |
|
|
|
|
|
Total stockholders' equity |
|
138,268 |
|
|
|
|
|
|
|
142,415 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,104,649 |
|
|
|
|
|
|
$ |
2,085,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.46% |
|
|
|
|
|
|
|
0.85% |
|
|
|
|
|
Return on average equity |
|
7.05% |
|
|
|
|
|
|
|
12.45% |
|
|
|
|
|
Net interest margin (average earning assets) |
|
2.88% |
|
|
|
|
|
|
|
|
3.59% |
|
|
|
|
|
|
Net interest margin (average earning assets) - tax equivalent |
|
3.03% |
|
|
|
|
|
|
|
3.78% |
|
|
|
|
|
Net interest spread |
|
2.87% |
|
|
|
|
|
|
|
3.59% |
|
|
|
|
|
|
Net interest margin** |
|
2.88% |
|
|
|
|
|
|
|
3.59% |
|
|
|
|
|
Ratio of interest-earning assets to interest-bearing
liabilities |
1.01x |
|
|
|
|
|
|
1.01x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
Average Balances, Interest, and Rates |
(unaudited) |
June 30, 2023 |
|
June 30, 2022 |
|
AverageBalance |
|
Interest |
|
Rate (%) |
|
AverageBalance |
|
Interest |
|
Rate (%) |
ASSETS |
|
|
` |
|
|
|
|
|
` |
|
|
Interest bearing
deposits in other financial institutions |
$ |
30,140 |
|
|
$ |
765 |
|
5.08 |
|
$ |
24,032 |
|
|
$ |
53 |
|
|
0.44 |
Federal funds
sold |
|
1,275 |
|
|
|
27 |
|
4.24 |
|
|
4,683 |
|
|
|
2 |
|
|
0.09 |
Certificates of
deposit in other financial institutions |
|
1,762 |
|
|
|
31 |
|
3.52 |
|
|
1,674 |
|
|
|
6 |
|
|
0.72 |
Securities
available-for-sale |
|
373,413 |
|
|
|
4,440 |
|
2.38 |
|
|
474,016 |
|
|
|
5,024 |
|
|
2.12 |
Loans
receivable* |
|
1,516,689 |
|
|
|
36,320 |
|
4.79 |
|
|
1,366,900 |
|
|
|
28,507 |
|
|
4.17 |
Federal Home Loan
Bank stock |
|
6,547 |
|
|
|
166 |
|
5.07 |
|
|
3,530 |
|
|
|
42 |
|
|
2.38 |
Total interest
earning assets |
|
1,929,826 |
|
|
$ |
41,749 |
|
4.33 |
|
|
1,874,835 |
|
|
$ |
33,634 |
|
|
3.59 |
Cash and
non-interest bearing deposits in other financial institutions |
|
18,523 |
|
|
|
|
|
|
|
20,821 |
|
|
|
|
|
Allowance for loan
losses |
|
(16,569 |
) |
|
|
|
|
|
|
(13,383 |
) |
|
|
|
|
Other noninterest
bearing assets |
|
154,227 |
|
|
|
|
|
|
|
138,343 |
|
|
|
|
|
Total assets |
$ |
2,086,007 |
|
|
|
|
|
|
$ |
2,020,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Total
deposits |
$ |
1,788,925 |
|
|
$ |
10,192 |
|
1.14 |
|
$ |
1,813,254 |
|
|
$ |
726 |
|
|
0.08 |
Repurchase
agreements |
|
26,635 |
|
|
|
451 |
|
3.39 |
|
|
21,013 |
|
|
|
42 |
|
|
0.40 |
Borrowed
funds |
|
103,465 |
|
|
|
2,399 |
|
4.64 |
|
|
7,982 |
|
|
|
33 |
|
|
0.83 |
Total interest
bearing liabilities |
|
1,919,025 |
|
|
|
13,042 |
|
1.36 |
|
|
1,842,249 |
|
|
$ |
801 |
|
|
0.09 |
Other noninterest
bearing liabilities |
|
28,066 |
|
|
|
|
|
|
|
22,029 |
|
|
|
|
|
Total liabilities |
|
1,947,091 |
|
|
|
|
|
|
|
1,864,278 |
|
|
|
|
|
Total stockholders' equity |
|
138,916 |
|
|
|
|
|
|
|
156,338 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,086,007 |
|
|
|
|
|
|
$ |
2,020,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.45% |
|
|
|
|
|
|
|
0.65% |
|
|
|
|
|
Return on average equity |
|
6.74% |
|
|
|
|
|
|
|
8.40% |
|
|
|
|
|
Net interest margin (average earning assets) |
|
2.98% |
|
|
|
|
|
|
|
|
3.50% |
|
|
|
|
|
|
Net interest margin (average earning assets) - tax equivalent |
|
3.13% |
|
|
|
|
|
|
|
3.70% |
|
|
|
|
|
Net interest spread |
|
2.97% |
|
|
|
|
|
|
|
3.50% |
|
|
|
|
|
|
Net interest margin** |
|
2.98% |
|
|
|
|
|
|
|
3.50% |
|
|
|
|
|
Ratio of interest-earning assets to interest-bearing
liabilities |
1.01x |
|
|
|
|
|
|
1.02x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finward Bancorp |
Quarterly Financial Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet Data |
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Total assets |
|
$ |
2,161,218 |
|
$ |
2,098,592 |
|
$ |
2,070,339 |
|
$ |
2,052,986 |
|
$ |
2,101,485 |
Cash & cash
equivalents |
|
|
115,673 |
|
|
54,781 |
|
|
31,282 |
|
|
38,296 |
|
|
79,302 |
Certificates of
deposit in other financial institutions |
|
|
- |
|
|
2,452 |
|
|
2,456 |
|
|
2,214 |
|
|
1,482 |
Securities -
available for sale |
|
|
368,136 |
|
|
377,901 |
|
|
370,896 |
|
|
359,035 |
|
|
400,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
receivable: |
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate |
|
$ |
501,759 |
|
$ |
484,564 |
|
$ |
486,431 |
|
$ |
452,852 |
|
$ |
420,735 |
|
Residential real
estate |
|
|
480,791 |
|
|
476,899 |
|
|
484,595 |
|
|
471,565 |
|
|
459,151 |
|
Commercial
business |
|
|
95,796 |
|
|
100,652 |
|
|
93,278 |
|
|
95,372 |
|
|
103,649 |
|
Construction and
land development |
|
|
123,655 |
|
|
116,308 |
|
|
108,926 |
|
|
134,301 |
|
|
153,422 |
|
Multifamily |
|
|
240,647 |
|
|
252,633 |
|
|
251,014 |
|
|
258,377 |
|
|
248,495 |
|
Home equity |
|
|
43,153 |
|
|
39,877 |
|
|
38,978 |
|
|
37,578 |
|
|
35,672 |
|
Manufactured
homes |
|
|
32,669 |
|
|
34,027 |
|
|
34,882 |
|
|
35,866 |
|
|
37,693 |
|
Government |
|
|
10,646 |
|
|
10,646 |
|
|
9,549 |
|
|
9,649 |
|
|
8,081 |
|
Consumer |
|
|
667 |
|
|
723 |
|
|
918 |
|
|
827 |
|
|
1,673 |
|
|
Total loans |
|
$ |
1,529,783 |
|
$ |
1,516,329 |
|
$ |
1,508,571 |
|
$ |
1,496,387 |
|
$ |
1,468,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Core
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
bearing checking |
|
$ |
315,671 |
|
$ |
330,057 |
|
$ |
359,092 |
|
$ |
386,137 |
|
$ |
370,567 |
|
|
Interest bearing
checking |
|
|
350,931 |
|
|
363,237 |
|
|
396,285 |
|
|
422,559 |
|
|
384,689 |
|
|
Savings |
|
|
339,434 |
|
|
365,176 |
|
|
402,365 |
|
|
427,505 |
|
|
436,203 |
|
|
Money market |
|
|
284,406 |
|
|
276,236 |
|
|
254,157 |
|
|
269,110 |
|
|
327,360 |
|
|
|
Total core deposits |
|
|
1,290,442 |
|
|
1,334,706 |
|
|
1,411,899 |
|
|
1,505,311 |
|
|
1,518,819 |
|
Certificates of
deposit |
|
|
504,705 |
|
|
471,404 |
|
|
363,118 |
|
|
327,653 |
|
|
398,396 |
|
|
|
Total deposits |
|
$ |
1,795,147 |
|
$ |
1,806,110 |
|
$ |
1,775,017 |
|
$ |
1,832,964 |
|
$ |
1,917,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and
repurchase agreements |
|
$ |
196,402 |
|
$ |
128,423 |
|
$ |
135,503 |
|
$ |
78,140 |
|
$ |
24,536 |
Stockholder's
equity |
|
|
136,750 |
|
|
139,736 |
|
|
136,393 |
|
|
118,023 |
|
|
136,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finward Bancorp |
Quarterly Financial Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Income |
|
Quarter ended, |
|
|
Six Months Ended, |
(Dollars in thousands) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
|
|
2023 |
|
2022 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
18,694 |
|
|
$ |
17,626 |
|
$ |
17,504 |
|
$ |
16,122 |
|
$ |
15,221 |
|
|
$ |
36,320 |
|
|
$ |
28,507 |
Securities & short-term investments |
|
|
2,919 |
|
|
|
2,510 |
|
|
2,358 |
|
|
2,417 |
|
|
2,519 |
|
|
|
5,429 |
|
|
|
5,127 |
Total interest income |
|
|
21,613 |
|
|
|
20,136 |
|
|
19,862 |
|
|
18,539 |
|
|
17,740 |
|
|
|
41,749 |
|
|
|
33,634 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
6,105 |
|
|
|
4,087 |
|
|
2,007 |
|
|
871 |
|
|
389 |
|
|
|
10,192 |
|
|
|
726 |
Borrowings |
|
|
1,469 |
|
|
|
1,381 |
|
|
1,046 |
|
|
161 |
|
|
53 |
|
|
|
2,850 |
|
|
|
75 |
Total interest expense |
|
|
7,574 |
|
|
|
5,468 |
|
|
3,053 |
|
|
1,032 |
|
|
442 |
|
|
|
13,042 |
|
|
|
801 |
Net interest income |
|
|
14,039 |
|
|
|
14,668 |
|
|
16,809 |
|
|
17,507 |
|
|
17,298 |
|
|
|
28,707 |
|
|
|
32,833 |
Provision for credit
losses |
|
|
514 |
|
|
|
488 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
1,002 |
|
|
|
- |
Net interest income after
provision for credit losses |
|
|
13,525 |
|
|
|
14,180 |
|
|
16,809 |
|
|
17,507 |
|
|
17,298 |
|
|
|
27,705 |
|
|
|
32,833 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
1,832 |
|
|
|
1,311 |
|
|
1,823 |
|
|
1,570 |
|
|
1,560 |
|
|
|
3,143 |
|
|
|
2,864 |
Wealth management operations |
|
|
626 |
|
|
|
614 |
|
|
523 |
|
|
407 |
|
|
588 |
|
|
|
1,240 |
|
|
|
1,183 |
Gain on sale of loans held-for-sale, net |
|
|
274 |
|
|
|
263 |
|
|
126 |
|
|
344 |
|
|
291 |
|
|
|
537 |
|
|
|
898 |
Increase in cash value of bank owned life insurance |
|
|
201 |
|
|
|
179 |
|
|
182 |
|
|
183 |
|
|
193 |
|
|
|
380 |
|
|
|
445 |
(Loss) gain on sale of foreclosed real estate, net |
|
|
(15 |
) |
|
|
- |
|
|
16 |
|
|
- |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
(Loss) gain on sale of securities, net |
|
|
(48 |
) |
|
|
- |
|
|
- |
|
|
23 |
|
|
258 |
|
|
|
(48 |
) |
|
|
639 |
Other |
|
|
136 |
|
|
|
241 |
|
|
169 |
|
|
103 |
|
|
6 |
|
|
|
377 |
|
|
|
11 |
Total noninterest income |
|
|
3,006 |
|
|
|
2,608 |
|
|
2,839 |
|
|
2,630 |
|
|
2,896 |
|
|
|
5,614 |
|
|
|
6,040 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
7,098 |
|
|
|
7,538 |
|
|
6,587 |
|
|
7,498 |
|
|
7,538 |
|
|
|
14,636 |
|
|
|
14,905 |
Occupancy and equipment |
|
|
1,636 |
|
|
|
1,690 |
|
|
1,752 |
|
|
1,804 |
|
|
1,729 |
|
|
|
3,326 |
|
|
|
3,229 |
Data processing |
|
|
1,407 |
|
|
|
973 |
|
|
1,238 |
|
|
1,212 |
|
|
1,246 |
|
|
|
2,380 |
|
|
|
4,300 |
Federal deposit insurance premiums |
|
|
572 |
|
|
|
465 |
|
|
279 |
|
|
350 |
|
|
380 |
|
|
|
1,037 |
|
|
|
599 |
Marketing |
|
|
159 |
|
|
|
255 |
|
|
284 |
|
|
587 |
|
|
385 |
|
|
|
414 |
|
|
|
1,036 |
Impairment charge on assets held for sale |
|
|
- |
|
|
|
- |
|
|
1,232 |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
Net loss recognized on sale of premises and equipment |
|
- |
|
|
|
- |
|
|
49 |
|
|
254 |
|
|
- |
|
|
|
- |
|
|
|
- |
Other |
|
|
3,123 |
|
|
|
3,306 |
|
|
4,224 |
|
|
3,305 |
|
|
3,898 |
|
|
|
6,429 |
|
|
|
7,376 |
Total noninterest expense |
|
|
13,995 |
|
|
|
14,227 |
|
|
15,645 |
|
|
15,010 |
|
|
15,176 |
|
|
|
28,222 |
|
|
|
31,445 |
Income before income
taxes |
|
|
2,536 |
|
|
|
2,561 |
|
|
4,003 |
|
|
5,127 |
|
|
5,018 |
|
|
|
5,097 |
|
|
|
7,428 |
Income tax expenses |
|
|
98 |
|
|
|
321 |
|
|
45 |
|
|
571 |
|
|
587 |
|
|
|
419 |
|
|
|
862 |
Net income |
|
$ |
2,438 |
|
|
$ |
2,240 |
|
$ |
3,958 |
|
$ |
4,556 |
|
$ |
4,431 |
|
|
$ |
4,678 |
|
|
$ |
6,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finward Bancorp |
Quarterly Financial Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
(Dollars in
thousands) |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Nonaccruing
loans |
|
$ |
12,071 |
|
|
$ |
19,473 |
|
|
$ |
18,128 |
|
$ |
8,943 |
|
$ |
8,813 |
Accruing loans
delinquent more than 90 days |
|
|
255 |
|
|
|
878 |
|
|
|
248 |
|
|
1,982 |
|
|
1,208 |
Securities in
non-accrual |
|
|
1,075 |
|
|
|
1,017 |
|
|
|
1,048 |
|
|
1,027 |
|
|
1,030 |
Foreclosed real
estate |
|
|
61 |
|
|
|
60 |
|
|
|
- |
|
|
- |
|
|
- |
|
Total
nonperforming assets |
|
$ |
13,462 |
|
|
$ |
21,428 |
|
|
$ |
19,424 |
|
$ |
11,952 |
|
$ |
11,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
credit losses (ACL): |
|
|
|
|
|
|
|
|
|
|
|
ACL specific
allowances for impaired loans |
|
$ |
717 |
|
|
$ |
1,075 |
|
|
$ |
338 |
|
$ |
749 |
|
$ |
731 |
|
ACL general
allowances for loan portfolio |
|
|
18,790 |
|
|
|
18,493 |
|
|
|
12,559 |
|
|
12,649 |
|
|
12,675 |
|
|
Total ACL |
|
$ |
19,507 |
|
|
$ |
19,568 |
|
|
$ |
12,897 |
|
$ |
13,398 |
|
$ |
13,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
Required |
|
|
|
|
|
|
|
|
|
|
2023 |
|
To Be Well |
|
|
|
|
|
|
|
|
|
|
Actual Ratio |
|
Capitalized |
|
|
|
|
|
|
Capital
Adequacy Bank |
|
|
|
|
|
|
|
|
|
|
Common equity tier
1 capital to risk-weighted assets |
|
|
10.0% |
|
|
|
6.5% |
|
|
|
|
|
|
|
Tier 1 capital to
risk-weighted assets |
|
|
10.0% |
|
|
|
8.0% |
|
|
|
|
|
|
|
Total capital to
risk-weighted assets |
|
|
11.0% |
|
|
|
10.0% |
|
|
|
|
|
|
|
Tier 1 capital to
adjusted average assets |
|
|
7.6% |
|
|
|
5.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 1
- Reconciliation of the Non-GAAP Performance Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Three Months Ended, |
|
Six Months Ended |
|
(unaudited) |
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
|
Calculation of
tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholder's equity |
$ |
136,750 |
|
|
$ |
139,736 |
|
|
$ |
136,393 |
|
|
$ |
118,023 |
|
|
$ |
136,654 |
|
|
$ |
136,750 |
|
|
$ |
136,654 |
|
|
Goodwill |
|
(22,395 |
) |
|
|
(22,395 |
) |
|
|
(22,395 |
) |
|
|
(22,615 |
) |
|
|
(22,615 |
) |
|
|
(22,395 |
) |
|
|
(22,615 |
) |
|
Other intangibles |
|
(4,015 |
) |
|
|
(4,402 |
) |
|
|
(4,794 |
) |
|
|
(5,188 |
) |
|
|
(5,588 |
) |
|
|
(4,015 |
) |
|
|
(5,588 |
) |
(A) |
Tangible common equity |
$ |
110,340 |
|
|
$ |
112,939 |
|
|
$ |
109,204 |
|
|
$ |
90,220 |
|
|
$ |
108,451 |
|
|
$ |
110,340 |
|
|
$ |
108,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of tangible common equity adjusted for
accumulated other comprehensive loss (income) |
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
Tangible common equity |
$ |
110,340 |
|
|
$ |
112,939 |
|
|
$ |
109,204 |
|
|
$ |
90,220 |
|
|
$ |
108,451 |
|
|
$ |
110,340 |
|
|
$ |
108,451 |
|
|
Accumulated other
comprehensive loss (income) |
|
60,185 |
|
|
|
55,895 |
|
|
|
64,300 |
|
|
|
79,839 |
|
|
|
57,781 |
|
|
|
60,185 |
|
|
|
57,781 |
|
(B) |
Tangible common equity
adjusted for accumulated other comprehensive loss (income) |
$ |
170,525 |
|
|
$ |
168,834 |
|
|
$ |
173,504 |
|
|
$ |
170,059 |
|
|
$ |
166,232 |
|
|
$ |
170,525 |
|
|
$ |
166,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
tangible book value per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
Tangible common equity |
$ |
110,340 |
|
|
$ |
112,939 |
|
|
$ |
109,204 |
|
|
$ |
90,220 |
|
|
$ |
108,451 |
|
|
$ |
110,340 |
|
|
$ |
108,451 |
|
|
Shares outstanding |
|
4,303,766 |
|
|
|
4,304,026 |
|
|
|
4,298,401 |
|
|
|
4,297,900 |
|
|
|
4,296,949 |
|
|
|
4,303,766 |
|
|
|
4,296,949 |
|
|
Tangible book value per
diluted share |
$ |
25.64 |
|
|
$ |
26.24 |
|
|
$ |
25.41 |
|
|
$ |
20.99 |
|
|
$ |
25.24 |
|
|
$ |
25.64 |
|
|
$ |
25.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of tangible book value per diluted share
adjusted for accumulated other comprehensive loss
(income) |
|
|
|
|
|
|
|
|
|
|
|
|
(B) |
Tangible common equity
adjusted for accumulated other comprehensive loss (income) |
$ |
170,525 |
|
|
$ |
168,834 |
|
|
$ |
173,504 |
|
|
$ |
170,059 |
|
|
$ |
166,232 |
|
|
$ |
170,525 |
|
|
$ |
166,232 |
|
|
Diluted average common shares
outstanding |
|
4,303,766 |
|
|
|
4,304,026 |
|
|
|
4,298,401 |
|
|
|
4,297,900 |
|
|
|
4,296,949 |
|
|
|
4,303,766 |
|
|
|
4,296,949 |
|
|
Tangible book value per
diluted share adjusted for accumulated other comprehensive loss
(income) |
$ |
39.62 |
|
|
$ |
39.23 |
|
|
$ |
40.36 |
|
|
$ |
39.57 |
|
|
$ |
38.69 |
|
|
$ |
39.62 |
|
|
$ |
38.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
tangible common equity to total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
Tangible common equity |
$ |
110,340 |
|
|
$ |
112,939 |
|
|
$ |
109,204 |
|
|
$ |
90,220 |
|
|
$ |
108,451 |
|
|
$ |
110,340 |
|
|
$ |
108,451 |
|
|
Total assets |
|
2,161,218 |
|
|
|
2,098,592 |
|
|
|
2,070,339 |
|
|
|
2,052,986 |
|
|
|
2,101,485 |
|
|
|
2,134,808 |
|
|
|
2,101,485 |
|
|
Tangible common equity to
total assets |
|
5.11% |
|
|
|
5.38% |
|
|
|
5.27% |
|
|
|
4.39% |
|
|
|
5.16% |
|
|
|
5.17% |
|
|
|
5.16% |
|
|
Calculation of
tangible common equity to total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) |
Tangible common equity
adjusted for accumulated other comprehensive loss (income) |
$ |
170,525 |
|
|
$ |
168,834 |
|
|
$ |
173,504 |
|
|
$ |
170,059 |
|
|
$ |
166,232 |
|
|
$ |
170,525 |
|
|
$ |
166,232 |
|
|
Total assets |
|
2,161,218 |
|
|
|
2,098,592 |
|
|
|
2,070,339 |
|
|
|
2,052,986 |
|
|
|
2,101,485 |
|
|
|
2,161,218 |
|
|
|
2,101,485 |
|
|
Tangible common equity to
total assets adjusted for accumulated other comprehensive loss
(income) |
|
7.89% |
|
|
|
8.05% |
|
|
|
8.38% |
|
|
|
8.28% |
|
|
|
7.91% |
|
|
|
7.89% |
|
|
|
7.91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of tax
adjusted net interest margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
14,039 |
|
|
$ |
14,668 |
|
|
$ |
16,809 |
|
|
$ |
17,507 |
|
|
$ |
17,298 |
|
|
$ |
28,707 |
|
|
$ |
32,833 |
|
|
Tax adjusted interest on
securities and loans |
|
748 |
|
|
|
756 |
|
|
|
791 |
|
|
|
817 |
|
|
|
930 |
|
|
|
1,504 |
|
|
|
1,896 |
|
|
Adjusted net interest
income |
|
14,787 |
|
|
|
15,424 |
|
|
|
17,600 |
|
|
|
18,324 |
|
|
|
18,228 |
|
|
|
30,211 |
|
|
|
34,729 |
|
|
Total average earning
assets |
|
1,950,774 |
|
|
|
1,908,647 |
|
|
|
1,886,596 |
|
|
|
1,910,722 |
|
|
|
1,927,664 |
|
|
|
1,929,826 |
|
|
|
1,874,835 |
|
|
Tax adjusted net interest
margin |
|
3.03% |
|
|
|
3.23% |
|
|
|
3.73% |
|
|
|
3.84% |
|
|
|
3.78% |
|
|
|
3.13% |
|
|
|
3.70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense |
$ |
13,995 |
|
|
$ |
14,227 |
|
|
$ |
15,645 |
|
|
$ |
15,010 |
|
|
$ |
15,176 |
|
|
$ |
28,222 |
|
|
$ |
31,445 |
|
|
Total revenue |
|
17,045 |
|
|
|
17,276 |
|
|
|
19,648 |
|
|
|
20,137 |
|
|
|
20,194 |
|
|
|
34,321 |
|
|
|
38,873 |
|
|
Efficiency ratio |
|
82.11% |
|
|
|
82.35% |
|
|
|
79.63% |
|
|
|
74.54% |
|
|
|
75.15% |
|
|
|
82.23% |
|
|
|
80.89% |
|
|
|
|
|
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FOR FURTHER INFORMATIONCONTACT
SHAREHOLDER SERVICES(219) 853-7575
Finward Bancorp (NASDAQ:FNWD)
Historical Stock Chart
From Apr 2024 to May 2024
Finward Bancorp (NASDAQ:FNWD)
Historical Stock Chart
From May 2023 to May 2024