Finward Bancorp - FNWD STOCK NEWS

Finward Bancorp (FNWD) reported net income of $10.0 million ($2.35 per diluted share) for the nine months ended September 30, 2024, compared to $6.9 million ($1.60 per diluted share) in the prior year. Third quarter 2024 net income was $606,000 ($0.14 per share), up from $143,000 in Q2 2024 but down from $2.2 million in Q3 2023. The bank maintained stable margins with a tax-adjusted net interest margin of 2.67%. Total deposits were $1.7 billion, with core deposits representing 67.9%. The loan portfolio remained at $1.5 billion, with 62.6% in commercial-related credits.

Finward Bancorp (Nasdaq: FNWD), the holding company for Peoples Bank, has announced a dividend of $0.12 per share on its common stock. The dividend was declared by the Board of Directors on September 20, 2024 and will be payable on October 31, 2024 to shareholders of record at the close of business on October 18, 2024. This announcement demonstrates Finward's commitment to providing returns to its shareholders and may be seen as a positive indicator of the company's financial health and confidence in its future performance.

Finward Bancorp (Nasdaq: FNWD), the holding company for Peoples Bank, has announced the appointment of three new directors to its Board, effective September 9, 2024. Martin P. Alwin, Jennifer R. Evans, and Carolyn M. Burke bring extensive experience in financial institutions, including balance sheet management, enterprise risk management, and strategic initiatives.

Mr. Alwin will serve as a Class I director until 2025, Ms. Evans as a Class II director until 2026, and Ms. Burke as a Class III director until 2027. The Board size has been increased from 10 to 11 directors to accommodate these appointments. These changes aim to strengthen Finward's leadership and contribute to achieving its strategic goals.

Finward Bancorp (Nasdaq: FNWD) has issued corrections to its Q2 2024 earnings report. Key updates include:

• Net income of $9.4 million ($2.21 per diluted share) for H1 2024
• Q2 2024 net income of $143,000 ($0.03 per diluted share)
• Net interest margin improved to 2.54% in Q2 2024
• Deposits increased 0.5% to $1.8 billion
• Loan portfolio stable at $1.5 billion
• Non-performing loans decreased 3.8% to $11.4 million
• Allowance for credit losses at 1.22% of total loans

The bank maintains a strong liquidity position with $585 million available. Operating expenses decreased, and the bank remains focused on efficiency improvements. Capital ratios remain within regulatory requirements, with a tier 1 capital ratio of 8.32%.

Finward Bancorp (Nasdaq: FNWD) reported net income of $9.4 million, or $2.21 per diluted share, for the six months ended June 30, 2024, compared to $4.7 million, or $1.10 per diluted share, for the same period in 2023. For Q2 2024, net income was $143,000, or $0.03 per diluted share, down from $2.4 million, or $0.57 per diluted share, in Q2 2023.

Key highlights include:

• Net interest margin improved to 2.54% in Q2 2024 from 2.42% in Q1 2024
• Deposits increased by 0.5% to $1.8 billion
• Loan portfolio remained stable at $1.5 billion
• Non-performing loans decreased by 3.8% to $11.4 million
• Tier 1 capital ratio improved to 8.32%

Finward Bancorp (Nasdaq: FNWD) announced a $0.12 per share dividend for the second quarter of 2024, payable on August 1, 2024. Shareholders must be recorded by July 19, 2024, to receive the dividend. According to CEO Benjamin J. Bochnowski, Peoples Bank, Finward's holding, remains well-capitalized with a notable increase in capital over the past year. The Board of Directors will continue reviewing the dividend every quarter.

Finward Bancorp reported a significant increase in net income available to common stockholders for the quarter ended March 31, 2024, compared to the same period last year. The boost in profitability was mainly attributed to a pre-tax non-interest income gain from a sale-leaseback transaction. Key performance metrics showed improvements in return on equity, return on assets, and efficiency ratio. The Bancorp's management focused on strategic initiatives, resulting in successful execution of the transaction. Despite an increase in non-interest expenses, the company remains committed to reducing costs. Highlights included changes in net interest margin, funding sources, securities portfolio, gain on sale of loans, commercial lending, and asset quality. Capital adequacy and the sale-leaseback transaction with MountainSeed Real Estate Services, were also significant developments.

Finward Bancorp (Nasdaq: FNWD) appoints Benjamin Schmitt as Senior Vice President, Chief Financial Officer, and Treasurer, showcasing his extensive experience in investment banking and corporate advisory roles. Mr. Schmitt will oversee finance, accounting, financial reporting, and shareholder services, aligning with Finward's strategic plan for excellence and leadership.

Finward Bancorp (FNWD) announced a decrease in net income available to common stockholders, with a decline from $15.1 million in 2022 to $8.4 million in 2023. The net interest margin also decreased to 2.83% from 3.56% in the same period. However, the Bancorp remains well-capitalized, with a tier 1 capital to adjusted average assets ratio of 7.8% and a tangible book value per share of $28.31. The company is optimistic about the future, focusing on customer initiatives and efficiency improvements.