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Finward Bancorp (NASDAQ: FNWD) is a reputable bank holding company headquartered in Munster, Indiana. Primarily known for its wholly-owned subsidiary, Peoples Bank, Finward Bancorp offers a wide array of financial services that cater to personal, business, and wealth management needs. Established over a century ago, the company has long been committed to putting customers first, an ethos that continues to drive its operations today.
Peoples Bank operates through 26 banking centers located in Lake and Porter Counties in Northwest Indiana and the Chicagoland area. The bank provides a broad spectrum of services, including Personal Banking, Cash Management, Savings Accounts, eBanking, Wealth Management, and Insurance Services.
The bank has a strong history of high-quality performance and customer-centric service, which is evident in its community-focused approach. This local ownership and management allow Finward to rapidly and effectively meet the needs of its customers, helping them achieve their financial goals through tailored solutions.
Financial stability and strategic growth remain at the heart of Finward's business model. For the nine months ending September 30, 2023, Finward reported a net income of $6.9 million, or $1.60 per diluted share. This compares to $11.1 million, or $2.67 per diluted share, for the corresponding prior year period. The company has managed to maintain a stable deposit base and prudent credit quality, despite the challenging economic environment marked by interest rate fluctuations.
Recent strategic initiatives include a sale-leaseback transaction that significantly boosted the company's profitability for the quarter ending March 31, 2024. This move, alongside other asset quality improvements and expense management efforts, demonstrates Finward's proactive approach in navigating financial challenges while maintaining a strong capital base.
Finward Bancorp's forward-looking strategies focus on enhancing operational efficiency and optimizing their balance sheet, ensuring they remain well-positioned to serve their core customers. Forward-looking statements in recent communications stress the potential risks and uncertainties but also highlight a disciplined approach to managing capital, liquidity, and credit quality in a fluctuating market.
For more detailed information on Finward Bancorp's services and financial updates, please visit their official website ibankpeoples.com. Investors and stakeholders can also find regulatory filings and additional details on the U.S. Securities and Exchange Commission's website.
Finward Bancorp (Nasdaq: FNWD) has successfully completed its acquisition of Royal Financial, Inc. and its subsidiary Royal Savings Bank in a transaction valued at approximately $56.7 million. Royal Financial stockholders can choose to receive either shares of Finward common stock or cash. The merger enhances Finward's retail banking network in the Chicagoland area, expanding its assets to about $2.2 billion and increasing its number of full-service Banking Centers to 30. The integration process is expected to finalize in April 2022.
Finward Bancorp (Nasdaq: FNWD) reported a net income of $15.0 million, or $4.30 per share, for 2021, reflecting a 6.1% decline from 2020 due to increased noninterest expenses and decreased noninterest income. The adjusted net income was $15.7 million, or $4.52 per share, excluding one-time costs of $838 thousand related to the Royal Financial acquisition. Total assets grew by 8.3%, with interest-earning assets increasing by 8.9%. Noninterest income decreased by 12.1% year-over-year. The efficiency ratio worsened to 72.28% from 65.03%. The Bancorp's capital ratios demonstrate a strong capital position.
Finward Bancorp (Nasdaq: FNWD) has announced preliminary results of stockholder elections regarding the merger with Royal Financial, Inc. (OTCQX: RYFL). As of January 18, 2022, around 88.3% of Royal Financial stockholders chose to receive Finward common stock (0.4609 shares) while approximately 3.3% opted for cash ($20.14). The merger terms stipulate that 65% of shares convert to stock and 35% to cash. The final accounting is pending, affecting the exchange process. Stockholders will soon receive further instructions post-merger.
Finward Bancorp (Nasdaq: FNWD) and Royal Financial, Inc. announced that all regulatory approvals for the merger of Royal Savings Bank with Peoples Bank have been obtained. The merger is set to close in January 2022, following approvals from the Indiana Department of Financial Institutions and other regulatory bodies. This merger aims to enhance operational efficiency and provide comprehensive commercial banking services. Royal Financial stockholders can elect their merger consideration until January 18, 2022, with 65% of outstanding shares converted to FNWD stock and 35% to cash.
Finward Bancorp has declared a dividend of $0.31 per share, expected to be paid on January 7, 2022, with a record date of December 29, 2021. The company operates as a financial holding company for Peoples Bank, providing various financial services across its 22 locations in Northwest Indiana and South Chicagoland. The stock is traded under the symbol FNWD on NASDAQ.
Finward Bancorp (FNWD) reported a net income of $11.7 million ($3.35 per share) for the nine months ending September 30, 2021, down 7.9% year-over-year. For Q3 2021, net income was $3.5 million ($1.02 per share), decreasing 24.5% from Q3 2020. Total assets increased by $113.6 million (7.6%) with a strong core deposit growth. However, noninterest income dropped 9.7% in nine months and 14.6% in Q3. The efficiency ratio was 75.87% for Q3 compared to 60.66% last year, indicating higher expenses. The Bancorp is well-capitalized, with a tier 1 leverage ratio of 8.4%.
Finward Bancorp (FNWD) has received approval from The Nasdaq Stock Market to list its common stock on the Nasdaq Capital Market, with trading set to begin on November 3, 2021. This uplisting is seen as a significant milestone for the company, enhancing visibility among investors and broadening its investor base. CEO Benjamin Bochnowski emphasized the historical effort behind this achievement, stating it aligns with the company’s long-term strategic goals. The stock will continue to be quoted on the OTC Pink Marketplace until the Nasdaq listing commences.
Finward Bancorp (OTC Pink: FNWD) has announced a definitive merger agreement to acquire Royal Financial, Inc. (OTCQX: RYFL) and its subsidiary, Royal Savings Bank, in a stock and cash transaction valued at approximately $52.9 million. Shareholders of RYFL can choose between $20.14 in cash or 0.4609 shares of FNWD stock. The merger is expected to enhance FNWD's market presence in Chicago and is projected to be 21% accretive to FNWD's 2022 earnings per share. The transaction is subject to regulatory and shareholder approvals and is expected to close in Q1 2022.
Finward Bancorp reported a record net income of $8.3 million or $2.40 per share for the first half of 2021, a 1.0% increase from the prior year, driven by higher net interest income. The second quarter net income was $3.7 million, down 27.8% from the same quarter in 2020 due to rising noninterest expenses. Total assets rose 7.2% to $1.5 billion, with interest-earning assets increasing by 7.6%. The bank indicated ongoing strategic plans for efficiency and digital investments despite margin pressures. It is also working on a NASDAQ listing.
NorthWest Indiana Bancorp has officially changed its name to Finward Bancorp effective May 24, 2021, with trading under the new ticker symbol FNWD starting on the same date. This name change, approved by shareholders on March 3, 2021, reflects the company's growth and expansion into South Suburban Chicagoland. Shareholders do not need to exchange existing stock certificates, as they remain valid post-change. Finward Bancorp operates primarily through Peoples Bank, offering various financial services across 22 locations.
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