Finward Bancorp FNWD
Finward Bancorp, an Indiana corporation, was incorporated on January 31, 1994, and is the holding company for Peoples Bank, an Indiana-chartered commercial bank. The Bank is a wholly owned subsidiary of the Company. The Company has no other business activity other than being a holding company for the Bank and the Company's earnings are primarily dependent upon the earnings of the Bank.
The Bank is primarily engaged in the business of attracting deposits from the general public and the origination of loans, mostly upon the security of single family residences and commercial real estate, as well as, construction loans and various types of consumer loans, commercial business loans and municipal loans, within its primary market areas of Lake and Porter Counties, in Northwest Indiana, and Cook County, Illinois. In addition, the Company's Wealth Management Group provides estate and retirement planning, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, investment agency accounts, and serves as the personal representative of estates and acts as trustee for revocable and irrevocable trusts.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.8M | $89.2M | $85.8M | $72.0M | $50.7M | $51.6M | $52.2M | $39.5M | $33.4M | $32.4M |
| Interest expense | $56.7M | $48.4M | $54.6M | $4.9M | $2.1M | $5.7M | $9.1M | $5.1M | $2.6M | $2.3M |
| Pre-tax income | $8.1M | $13.5M | $8.0M | $16.6M | $16.4M | $18.7M | $13.9M | $10.8M | $11.8M | $11.7M |
| Income tax | $23.0K | $1.3M | $335.0K | $1.5M | $1.4M | $2.8M | $1.8M | $1.4M | $2.9M | $2.5M |
| Net income | $8.1M | $12.1M | $8.4M | $15.1M | $15.0M | $15.9M | $12.1M | $9.3M | $9.0M | $9.1M |
| EPS, basic | 1.89 | 2.85 | 1.96 | 3.61 | 4.30 | 4.60 | 3.53 | 3.17 | 3.13 | 3.20 |
| EPS, diluted | 1.88 | 2.84 | 1.96 | 3.60 | 4.30 | 4.60 | 3.53 | 3.17 | 3.13 | 3.20 |
| Shares, diluted (wtd. avg.) | $4.3M | $4.3M | $4.3M | $4.2M | $3.5M | $3.5M | $3.4M | $2.9M | $2.9M | $2.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.3M | $17.9M | $17.9M | $20.0M | $12.7M | $14.0M | $21.0M | $17.1M | $11.0M | $44.2M |
| Property, plant and equipment | $45.0M | $47.3M | $38.4M | $40.2M | $31.4M | $30.8M | $29.4M | $24.8M | $19.6M | $19.3M |
| Goodwill | $22.4M | $22.4M | $22.4M | $22.4M | $11.1M | $11.1M | $11.1M | $8.2M | $2.8M | $2.8M |
| Other intangibles | $1.2M | $1.9M | $3.3M | $4.8M | $3.1M | $4.1M | $5.1M | — | — | — |
| Total assets | $2.02B | $2.06B | $2.11B | $2.07B | $1.62B | $1.50B | $1.33B | $1.10B | $927.3M | $913.6M |
| Total liabilities | $1.85B | $1.91B | $1.96B | $1.93B | $1.46B | $1.34B | $1.19B | $994.7M | $835.2M | $829.5M |
| Retained earnings | $146.0M | $139.5M | $129.4M | $131.7M | $121.9M | $111.3M | $100.2M | $92.3M | $86.5M | $81.0M |
| Total equity | $174.7M | $151.4M | $147.3M | $130.3M | $156.6M | $151.7M | $133.5M | $101.5M | $92.1M | $84.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9.9M | $9.8M | $24.2M | $17.7M | $17.0M | $19.7M | $11.0M | $10.5M | $12.3M | $10.4M |
| Depreciation and amortisation | $6.2M | $7.3M | $7.2M | $6.0M | $4.6M | $3.2M | $1.9M | $2.6M | $1.4M | $1.4K |
| Stock-based compensation | $447.0K | $565.0K | $719.0K | $741.0K | $574.0K | $415.0K | $301.0K | $204.0K | $192.0K | $142.0K |
| Capital expenditure | $853.0K | $3.1M | $1.1M | $3.0M | $3.1M | $3.7M | $3.0M | $1.0M | $1.7M | $1.7M |
| Investing cash flow | $94.9M | $42.8M | $15.0M | -$1.1M | -$125.9M | -$185.1M | -$28.2M | -$31.2M | -$47.8M | -$21.3M |
| Financing cash flow | -$55.7M | -$68.0M | $15.5M | -$18.5M | $122.1M | $138.0M | $47.3M | $26.7M | $2.3M | $43.6M |
| Dividends paid | $1.6M | $2.1M | $5.3M | $5.1M | $4.3M | $4.3M | $4.1M | $3.4M | $3.3M | $3.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-021073.
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