NASDAQ : FNWD
Finward Bancorp — Financial statements
Financials · Banks - Regional · United States
Last price 43.9 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 190.13M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 82.27M | 80.34M | 77.52M | 74.76M | 62.13M | 41.57M |
| Interest Income on Investments | 10.94M | 11.43M | 11.66M | 11.02M | 9.90M | 9.08M |
| Total Interest Income | 93.22M | 91.76M | 89.18M | 85.78M | 72.03M | 50.66M |
| Interest Paid on Deposits | 29.20M | 31.43M | 35.16M | 25.44M | 3.60M | 2.00M |
| Interest Paid on Borrowings | 2.78M | 3.59M | 5.57M | 5.79M | 1.28M | 78.00K |
| Total Interest Expense | 31.98M | 35.02M | 40.73M | 31.23M | 4.89M | 2.08M |
| Net Interest Income | 61.23M | 56.74M | 48.45M | 54.55M | 67.15M | 48.58M |
| Trust Income | 2.79M | 2.73M | 2.85M | 2.48M | 2.11M | 2.38M |
| Gain (Loss) on Sale of Assets | 3.00K | -55.00K | 11.66M | -1.53M | ||
| Gain (Loss) on Sale of Investments | -1.58M | -1.49M | 705.00K | -61.00K | 662.00K | 1.99M |
| Other Non-Interest Income | 6.61M | 6.89M | 6.29M | 6.97M | 7.35M | 6.24M |
| Total Non-Interest Income | 8.94M | 9.30M | 22.65M | 10.75M | 9.97M | 15.95M |
| Revenues Before Loan Losses | 70.18M | 66.04M | 71.09M | 65.30M | 77.12M | 64.52M |
| Provision for Loan Losses | 359.00K | -205.00K | -503.00K | 2.02M | 1.51M | |
| Revenue | 69.82M | 66.25M | 71.60M | 63.28M | 77.12M | 63.01M |
| Salaries and Employee Benefits | 32.48M | 29.14M | 27.17M | 26.94M | 28.12M | 23.67M |
| Occupancy Expenses | 5.33M | 5.96M | 6.48M | 6.28M | 6.79M | 5.54M |
| Federal Deposit Insurance | 1.53M | 1.72M | 1.79M | 2.00M | 1.23M | 861.00K |
| Selling, General & Administrative | 16.14M | 14.69M | 15.45M | 12.33M | 8.54M | 6.51M |
| Other Non-Interest Expense | 5.91M | 6.62M | 7.25M | 7.68M | 13.04M | 10.06M |
| Total Non-Interest Expense | 61.39M | 58.14M | 58.14M | 55.23M | 57.71M | 46.64M |
| EBT Excluding Unusual Items | 8.43M | 8.11M | 13.46M | 8.04M | 19.41M | 16.38M |
| Pretax Income | 8.43M | 8.11M | 13.46M | 8.04M | 16.56M | 16.38M |
| Income Tax Expense | 750.00K | 23.00K | 1.32M | -335.00K | 1.48M | 1.41M |
| Net Income | 7.68M | 8.09M | 12.13M | 8.38M | 15.08M | 14.96M |
| Net Income to Common | 7.68M | 8.09M | 12.13M | 8.38M | 15.08M | 14.96M |
| Basic Shares Outstanding | 4.28M | 4.27M | 4.26M | 4.27M | 4.18M | 3.48M |
| Diluted Shares Outstanding | 4.31M | 4.29M | 4.27M | 4.28M | 4.19M | 3.48M |
| EPS (Basic) | 1.80 | 1.89 | 2.85 | 1.96 | 3.61 | 4.30 |
| EPS (Diluted) | 1.78 | 1.88 | 2.84 | 1.96 | 3.60 | 4.30 |
| Dividend Per Share | 0.48 | 0.36 | 0.48 | 1.05 | 1.24 | 1.24 |
| Effective Tax Rate | 8.90% | 0.28% | 9.85% | 8.93% | 8.63% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 92.66M | 117.75M | 70.58M | 86.01M | 31.28M | 29.28M |
| Investment Securities | 279.87M | 211.56M | 224.23M | 247.91M | 239.24M | 343.90M |
| Trading Asset Securities | 3.69M | 5.51M | 5.63M | 9.01M | 2.83M | |
| Mortgage-Backed Securities | 104.67M | 109.33M | 123.46M | 134.12M | 184.70M | |
| Total Investments | 279.87M | 319.92M | 339.06M | 377.00M | 382.36M | 531.42M |
| Gross Loans | 1.50B | 1.45B | 1.51B | 1.51B | 1.51B | 966.95M |
| Allowance for Loan Losses | -17.54M | -17.51M | -16.91M | -18.77M | -12.90M | -13.34M |
| Other Adjustments to Gross Loans | -43.00K | -46.00K | -23.00K | -229.00K | ||
| Net Loans | 1.48B | 1.43B | 1.49B | 1.49B | 1.50B | 953.38M |
| Property, Plant & Equipment | 43.50M | 44.98M | 47.26M | 38.44M | 40.21M | 31.39M |
| Goodwill | 22.39M | 22.39M | 22.39M | 22.39M | 22.39M | 11.11M |
| Other Intangible Assets | 896.00K | 1.17M | 1.86M | 3.27M | 4.79M | 3.13M |
| Loans Held for Sale | 2.18M | 1.10M | 1.25M | 340.00K | 1.54M | 4.99M |
| Accrued Interest Receivable | 7.80M | 7.78M | 7.72M | 8.04M | 7.42M | 5.44M |
| Restricted Cash | 1.90M | 3.90M | ||||
| Long-Term Deferred Tax Assets | 24.82M | 29.45M | 28.07M | 29.24M | 2.85M | |
| Other Real Estate Owned & Foreclosed | 71.00K | |||||
| Other Long-Term Assets | 76.60M | 39.95M | 42.50M | 44.27M | 43.80M | 40.62M |
| Total Assets | 2.01B | 2.02B | 2.06B | 2.11B | 2.07B | 1.62B |
| Accrued Expenses | 35.98M | 14.92M | 35.38M | 20.36M | 14.45M | 12.66M |
| Interest Bearing Deposits | 1.48B | 1.36B | 1.36B | 1.38B | 1.32B | 1.10B |
| Institutional Deposits | 104.50M | 141.40M | 137.10M | 93.60M | 36.90M | |
| Non-Interest Bearing Deposits | 281.48M | 267.44M | 263.32M | 295.59M | 359.09M | 295.29M |
| Total Deposits | 1.76B | 1.73B | 1.76B | 1.81B | 1.78B | 1.43B |
| Short-Term Borrowings | 24.85M | 43.34M | 65.60M | 123.72M | 144.47M | 17.27M |
| Current Portion of Leases | 1.62M | |||||
| Federal Home Loan Bank Debt, Long-Term | 35.00M | 45.00M | 45.00M | |||
| Long-Term Leases | 12.91M | |||||
| Other Long-Term Liabilities | 2.00M | 1.75M | 2.74M | 3.44M | ||
| Total Liabilities | 1.86B | 1.85B | 1.91B | 1.96B | 1.93B | 1.46B |
| Additional Paid-In Capital | 71.23M | 70.33M | 70.03M | 69.56M | 69.03M | 30.43M |
| Retained Earnings | 150.13M | 145.99M | 139.46M | 129.40M | 131.66M | 121.91M |
| Comprehensive Income & Other | -63.52M | -41.66M | -58.08M | -51.61M | -64.30M | 4.28M |
| Shareholders' Equity | 157.84M | 174.66M | 151.41M | 147.34M | 136.39M | 156.62M |
| Total Liabilities & Equity | 2.01B | 2.02B | 2.06B | 2.11B | 2.07B | 1.62B |
| Total Debt | 59.85M | 102.88M | 110.60M | 123.72M | 144.47M | 17.27M |
| Net Cash (Debt) | 32.81M | 18.56M | -34.51M | -32.08M | -101.73M | 16.55M |
| Net Cash Per Share | 7.61 | 4.32 | -8.07 | -7.49 | -24.26 | 4.76 |
| Filing Date Shares Outstanding | 4.33M | 4.33M | 4.32M | 4.30M | 4.30M | 4.29M |
| Total Common Shares Outstanding | 4.33M | 4.33M | 4.31M | 4.30M | 4.30M | 3.48M |
| Book Value Per Share | 36.45 | 40.37 | 35.10 | 34.28 | 31.73 | 45.00 |
| Tangible Book Value | 134.55M | 151.10M | 127.16M | 121.68M | 109.20M | 142.38M |
| Tangible Book Value Per Share | 31.07 | 34.92 | 29.48 | 28.31 | 25.41 | 40.91 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.09M | 12.13M | 8.38M | 15.08M | 14.96M | |
| Depreciation & Amortization | 6.19M | 7.29M | 7.16M | 5.97M | 4.56M | |
| Gain (Loss) on Sale of Assets | 55.00K | -11.66M | -263.00K | 287.00K | -47.00K | |
| Gain (Loss) on Sale of Investments | 1.49M | -705.00K | 48.00K | -662.00K | -1.99M | |
| Total Asset Writedown | 1.23M | |||||
| Provision for Credit Losses | -205.00K | -503.00K | 2.02M | 1.51M | ||
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 1.40M | 176.00K | 2.28M | 4.77M | 11.12M | |
| Accrued Interest Receivable | -60.00K | 324.00K | -624.00K | -141.00K | -731.00K | |
| Change in Other Net Operating Assets | -2.41M | 7.30M | 4.34M | -8.56M | -7.04M | |
| Other Operating Activities | -3.50M | -1.57M | -1.50M | 479.00K | -345.00K | |
| Operating Cash Flow | 9.90M | 9.80M | 24.21M | 17.73M | 17.04M | |
| Capital Expenditures | -853.00K | -3.07M | -1.15M | -3.03M | -3.13M | |
| Sale of Property, Plant and Equipment | 819.00K | 17.68M | 799.00K | 1.80M | ||
| Cash Acquisitions | 33.80M | |||||
| Investment in Securities | 35.95M | 27.35M | 17.14M | 64.55M | -121.86M | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | 57.65M | 764.00K | -1.85M | -96.66M | -2.20M | |
| Other Investing Activities | 1.31M | 72.00K | 77.00K | -1.59M | 1.26M | |
| Investing Cash Flow | 94.88M | 42.79M | 15.02M | -1.13M | -125.93M | |
| Short-Term Debt Issued | 1.99M | 80.00M | 120.00M | |||
| Long-Term Debt Issued | 40.00M | 150.00M | 22.62M | 922.00K | 870.00K | |
| Total Debt Issued | 40.00M | 151.99M | 102.62M | 120.92M | 870.00K | |
| Short-Term Debt Repaid | -413.00K | -120.00M | ||||
| Long-Term Debt Repaid | -60.00M | -165.00M | -6.15M | |||
| Total Debt Repaid | -60.41M | -165.00M | -120.00M | -6.15M | ||
| Net Debt Issued (Repaid) | -20.41M | -13.01M | -17.38M | 120.92M | -5.28M | |
| Repurchase of Common Stock | -150.00K | -86.00K | -196.00K | -120.00K | -131.00K | |
| Common Dividends Paid | -1.56M | -2.07M | -5.33M | -5.08M | -4.31M | |
| Net Increase (Decrease) in Deposit Accounts | -33.59M | -52.85M | 38.40M | -134.22M | 131.86M | |
| Financing Cash Flow | -55.72M | -68.02M | 15.49M | -18.49M | 122.14M | |
| Net Cash Flow | 49.06M | -15.42M | 54.73M | -1.89M | 13.25M | |
| Free Cash Flow | 9.05M | 6.73M | 23.06M | 14.70M | 13.91M | |
| Free Cash Flow Margin | 13.66% | 9.40% | 36.45% | 19.06% | 22.08% | |
| Free Cash Flow Per Share | 2.11 | 1.57 | 5.39 | 3.50 | 4.00 | |
| Cash Interest Paid | 35.30M | 43.18M | 28.53M | 4.57M | 2.11M | |
| Cash Income Tax Paid | 150.00K | 415.00K | 241.00K | 1.35M | 2.19M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 187.57M | 152.27M | 121.26M | 108.55M | 155.58M | 159.61M |
| Last Close Price | 43.31 | 34.85 | 27.42 | 24.17 | 33.37 | 40.97 |
| PE Ratio | 24.33 | 18.83 | 10.00 | 12.95 | 10.32 | 10.67 |
| PS Ratio | 2.69 | 2.30 | 1.69 | 1.72 | 2.02 | 2.53 |
| PB Ratio | 1.19 | 0.87 | 0.80 | 0.74 | 1.14 | 1.02 |
| P/FCF Ratio | 11.33 | 16.83 | 18.02 | 4.71 | 10.58 | 11.47 |
| P/OCF Ratio | 10.84 | 15.38 | 12.37 | 4.48 | 8.78 | 9.37 |
| Debt / Equity Ratio | 0.38 | 0.59 | 0.73 | 0.84 | 1.06 | 0.11 |
| Debt / FCF Ratio | 11.37 | 16.43 | 5.36 | 9.83 | 1.24 | |
| Net Debt / Equity Ratio | -0.21 | -0.11 | 0.23 | 0.22 | 0.75 | -0.11 |
| Net Debt / FCF Ratio | -2.05 | 5.13 | 1.39 | 6.92 | -1.19 | |
| Return on Equity (ROE) | 4.75% | 4.96% | 8.12% | 5.91% | 10.29% | 9.71% |
| Return on Assets (ROA) | 0.38% | 0.40% | 0.58% | 0.40% | 0.82% | 0.96% |
| Earnings Yield | 4.11% | 5.31% | 10.00% | 7.72% | 9.69% | 9.37% |
| FCF Yield | 8.82% | 5.94% | 5.55% | 21.25% | 9.45% | 8.72% |
| Dividend Yield | 1.11% | 1.02% | 1.71% | 4.16% | 3.43% | 2.70% |
| Payout Ratio | 26.97% | 19.25% | 17.06% | 63.66% | 33.65% | 28.80% |
| Buyback Yield / Dilution | -0.55% | -0.41% | 0.18% | -2.12% | -20.60% | -0.44% |
| Total Shareholder Return | 0.56% | 0.61% | 1.89% | 2.04% | -17.17% | 2.26% |