Finward Bancorp (FNWD) 10-Year Financial Performance & Capital Metrics

FNWD • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutFinward Bancorp operates as the holding company for Peoples Bank that provides various banking products and services. The company's deposit products include non-interest and interest bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans. Its loan products portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primarily to individuals and contractors; commercial real estate loans; consumer loans to individuals for personal, household, or family purposes; home equity line of credit; home improvement loans and equity loans; commercial business loans; government loans; and loans to municipalities. The company also offers estate and retirement planning services, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts, as well as serves as the personal representative of estates, and acts as trustee for revocable and irrevocable trusts. In addition, it provides insurance and annuity investments to wealth management customers; holds real estate properties; and operates as a real estate investment trust. As of March 2, 2022, the company operated through 30 locations in Lake and Porter counties in Northwest Indiana and South Chicagoland. The company was formerly known as NorthWest Indiana Bancorp and changed its name to Finward Bancorp in May 2021. Finward Bancorp was incorporated in 1994 and is headquartered in Munster, Indiana.Show more

Net Interest Income $48M -11.2%
Total Revenue $112M +15.8%
Net Income $12M +44.7%
Return on Equity 8.12% +37.5%
Net Interest Margin 2.35% -9.1%
Efficiency Ratio 51.99% -9.1%
ROA 0.58% +45.1%
Equity / Assets 7.35% +5.1%
Book Value per Share 35.45 +3.0%
Tangible BV/Share 29.77 +4.8%
Debt/Equity 0.69 -13.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 52.0% efficiency ratio
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.89%

5Y12.19%

3Y18.85%

TTM-

Profit (Net Income) CAGR

10Y5.07%

5Y0.05%

3Y-6.76%

TTM-59.21%

EPS CAGR

10Y0.89%

5Y-4.26%

3Y-12.91%

TTM-29%

ROCE

10Y Avg8.59%

5Y Avg7.8%

3Y Avg5.45%

Latest5.21%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	27.37M	30.05M	30.77M	34.36M	43.16M	45.88M	48.58M	67.15M	54.55M	48.45M
NII Growth %	0.08%	0.1%	0.02%	0.12%	0.26%	0.06%	0.06%	0.38%	-0.19%	-0.11%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	29.38M	32.4M	33.36M	39.45M	52.25M	51.62M	50.66M	72.03M	85.78M	89.18M
Interest Expense	2.01M	2.35M	2.59M	5.09M	9.09M	5.74M	2.08M	4.89M	31.23M	40.73M
Loan Loss Provision	954K	1.27M	1.2M	1.31M	2.58M	3.69M	1.51M	0	2.02M	-503K
Non-Interest Income+	6.85M	7.61M	7.75M	9.1M	10.67M	18.15M	15.95M	11.51M	10.75M	22.65M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	36.23M	40.01M	41.11M	48.55M	62.92M	69.77M	66.6M	83.54M	96.53M	111.83M
Revenue Growth %	0.09%	0.1%	0.03%	0.18%	0.3%	0.11%	-0.05%	0.25%	0.16%	0.16%
Non-Interest Expense	23.62M	24.71M	25.49M	31.38M	37.39M	41.64M	46.64M	62.1M	55.23M	58.14M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	9.65M	11.69M	11.83M	10.77M	13.86M	18.71M	16.38M	16.56M	8.04M	13.46M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.01%	0.21%	0.01%	-0.09%	0.29%	0.35%	-0.12%	0.01%	-0.51%	0.67%
Pretax Income+	9.65M	11.69M	11.83M	10.77M	13.86M	18.71M	16.38M	16.56M	8.04M	13.46M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.8M	2.55M	2.87M	1.43M	1.76M	2.77M	1.41M	1.48M	-335K	1.32M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.85M	9.14M	8.96M	9.34M	12.1M	15.93M	14.96M	15.08M	8.38M	12.13M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.06%	0.16%	-0.02%	0.04%	0.3%	0.32%	-0.06%	0.01%	-0.44%	0.45%
Net Income (Continuing)	7.85M	9.14M	8.96M	9.34M	12.1M	15.93M	14.96M	15.08M	8.38M	12.13M
EPS (Diluted)+	2.75	3.20	3.13	3.08	3.53	4.79	4.30	3.60	1.96	2.84
EPS Growth %	0.06%	0.16%	-0.02%	-0.02%	0.15%	0.36%	-0.1%	-0.16%	-0.46%	0.45%
EPS (Basic)	2.75	3.20	3.13	3.08	3.53	4.79	4.30	3.61	1.96	2.84
Diluted Shares Outstanding	2.85M	2.86M	2.86M	3.03M	3.42M	3.46M	3.48M	4.19M	4.28M	4.27M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	10.69M	44.89M	12.34M	18.4M	33.88M	21.82M	34.42M	33.63M	85.59M	69.93M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	800.73M	811.77M	858.81M	1B	1.18B	1.37B	1.49B	1.87B	1.87B	1.83B
Investments Growth %	0.14%	0.01%	0.06%	0.17%	0.18%	0.16%	0.08%	0.26%	-0%	-0.02%
Long-Term Investments	567.38M	578.14M	614.32M	759.3M	903.96M	964.02M	958.36M	1.5B	1.49B	1.49B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	2.56M	2.79M	2.79M	8.17M	11.11M	11.11M	11.11M	22.39M	22.39M	22.39M
Intangible Assets	0	0	0	0	0	4.12M	3.13M	4.79M	3.27M	1.86M
PP&E (Net)	18.94M	19.29M	19.56M	24.82M	29.41M	30.79M	31.39M	40.21M	38.44M	47.26M
Other Assets	28.97M	31.8M	30.49M	40.06M	69.11M	49.06M	50.01M	88.71M	85M	84.66M
Total Current Assets	247.04M	281.61M	260.1M	263.8M	315.13M	437.2M	565.51M	411.95M	465.01M	411.86M
Total Non-Current Assets	617.86M	632.02M	667.16M	832.36M	1.01B	1.06B	1.05B	1.66B	1.64B	1.65B
Total Assets+	864.89M	913.63M	927.26M	1.1B	1.33B	1.5B	1.62B	2.07B	2.11B	2.06B
Asset Growth %	0.12%	0.06%	0.01%	0.18%	0.21%	0.13%	0.08%	0.28%	0.02%	-0.02%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	58M	39.83M	32.18M	54.63M	25.5M	19.86M	14.58M	135.5M	118.12M	105.12M
Net Debt	47.31M	-5.07M	19.84M	36.23M	-8.38M	-1.96M	-19.84M	101.87M	32.53M	35.19M
Long-Term Debt	39.49M	25.83M	20.88M	43M	14M	6.15M	0	120M	80M	65M
Short-Term Debt	18.51M	14M	11.3M	11.63M	11.5M	13.71M	14.58M	15.5M	38.12M	40.12M
Other Liabilities	0	0	0	0	0	0	0	0	29.39M	43.6M
Total Current Liabilities	744.49M	803.69M	814.32M	951.69M	1.18B	1.34B	1.46B	1.81B	1.85B	1.8B
Total Non-Current Liabilities	39.49M	25.83M	20.88M	43M	14M	6.15M	0	120M	109.39M	108.6M
Total Liabilities	783.98M	829.52M	835.2M	994.69M	1.19B	1.34B	1.46B	1.93B	1.96B	1.91B
Total Equity+	80.91M	84.11M	92.06M	101.46M	134.1M	151.69M	156.62M	136.39M	147.34M	151.41M
Equity Growth %	0.06%	0.04%	0.09%	0.1%	0.32%	0.13%	0.03%	-0.13%	0.08%	0.03%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.11%	0.1%	0.1%	0.1%	0.11%	0.1%	0.1%	0.06%	0.08%
Book Value per Share	28.38	29.41	32.14	33.50	39.15	43.82	45.04	32.53	34.41	35.45
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	361K	361K	361K	0	0	0	0	0	0	0
Additional Paid-in Capital	4.16M	4.3M	4.87M	11.93M	29.66M	29.99M	30.43M	69.03M	69.56M	70.03M
Retained Earnings	74.98M	80.95M	86.51M	92.33M	100.19M	111.26M	121.91M	131.66M	129.4M	139.46M
Accumulated OCI	1.41M	-1.51M	684K	-2.8M	4.26M	10.44M	4.28M	-64.3M	-51.61M	-58.08M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	9.46M	10.39M	12.3M	10.54M	10.96M	19.74M	17.04M	17.73M	24.21M	9.8M
Operating CF Growth %	-0.01%	0.1%	0.18%	-0.14%	0.04%	0.8%	-0.14%	0.04%	0.37%	-0.6%
Net Income	7.85M	9.14M	8.96M	9.34M	12.1M	15.93M	14.96M	15.08M	8.38M	12.13M
Depreciation & Amortization	2.32M	2.55M	2.61M	2.66M	1.95M	3.2M	4.56M	5.97M	7.16M	7.29M
Deferred Taxes	-668K	125K	266K	256K	1.17M	572K	137K	1.19M	-673K	645K
Other Non-Cash Items	841K	558K	805K	-1.45M	-1.68M	-5.53M	4.58M	3.45M	2.17M	-16M
Working Capital Changes	-981K	-2.13M	-538K	-397K	-2.82M	5.15M	-7.78M	-8.7M	6.45M	5.18M
Cash from Investing+	-44.81M	-21.28M	-47.84M	-31.17M	-28.17M	-185.06M	-125.93M	-1.13M	15.02M	42.79M
Purchase of Investments	-78M	-98.63M	-89.4M	-58.63M	-93.2M	-243.35M	-221.24M	-30.42M	-123K	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	17M	0	0	18.26M	52.56M	0	0	33.8M	0	0
Other Investing	-55.32M	-14.6M	-38.16M	-46.88M	-54.02M	-56.34M	-754K	-96.95M	1.48M	18.51M
Cash from Financing+	24.92M	43.58M	2.34M	26.74M	47.34M	137.99M	122.14M	-18.49M	15.49M	-68.02M
Dividends Paid	-2.96M	-3.14M	-3.26M	-3.43M	-4.08M	-4.29M	-4.31M	-5.08M	-5.33M	-2.07M
Share Repurchases	-1.05M	0	0	0	-17.49M	-85K	0	0	0	-86K
Stock Issued	1.05M	0	14K	6.93M	17.49M	85K	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K
Other Financing	24.77M	64.9M	13.25M	7.73M	80.55M	147.92M	132.6M	-133.42M	60.83M	-50.86M
Net Change in Cash+	-10.43M	32.69M	-33.2M	6.11M	30.12M	-27.34M	13.25M	-1.89M	54.73M	-15.42M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	21.96M	11.53M	44.22M	11.03M	17.14M	47.26M	19.92M	33.18M	31.28M	86.01M
Cash at End	11.53M	44.22M	11.03M	17.14M	47.26M	19.92M	33.18M	31.28M	86.01M	70.58M
Interest Paid	2.02M	2.35M	2.59M	4.95M	9.1M	5.87M	2.11M	4.57M	28.53M	43.18M
Income Taxes Paid	2.04M	2.65M	1.9M	1.13M	1.6M	1.02M	2.19M	1.35M	241K	415K
Free Cash Flow+	8.15M	8.68M	10.64M	9.53M	7.92M	16M	13.91M	14.7M	23.06M	6.73M
FCF Growth %	-0.07%	0.07%	0.23%	-0.1%	-0.17%	1.02%	-0.13%	0.06%	0.57%	-0.71%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10%	11.08%	10.17%	9.65%	10.27%	11.15%	9.71%	10.29%	5.91%	8.12%
Return on Assets (ROA)	0.96%	1.03%	0.97%	0.92%	1%	1.13%	0.96%	0.82%	0.4%	0.58%
Net Interest Margin	3.16%	3.29%	3.32%	3.13%	3.25%	3.07%	3%	3.24%	2.59%	2.35%
Efficiency Ratio	65.18%	61.75%	62%	64.64%	59.42%	59.68%	70.02%	74.33%	57.22%	51.99%
Equity / Assets	9.35%	9.21%	9.93%	9.26%	10.09%	10.14%	9.66%	6.59%	6.99%	7.35%
Book Value / Share	28.38	29.41	32.14	33.5	39.15	43.82	45.04	32.52	34.41	35.45
NII Growth	7.91%	9.81%	2.37%	11.68%	25.61%	6.31%	5.87%	38.24%	-18.76%	-11.2%
Dividend Payout	37.72%	34.38%	36.42%	36.76%	33.77%	26.93%	28.8%	33.65%	63.66%	17.06%

Frequently Asked Questions

Valuation & Price

Finward Bancorp (FNWD) has a price-to-earnings (P/E) ratio of 12.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Finward Bancorp (FNWD) grew revenue by 15.8% over the past year. This is strong growth.

Yes, Finward Bancorp (FNWD) is profitable, generating $4.7M in net income for fiscal year 2024 (10.8% net margin).

Dividend & Returns

Yes, Finward Bancorp (FNWD) pays a dividend with a yield of 1.36%. This makes it attractive for income-focused investors.

Finward Bancorp (FNWD) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

Industry Metrics

Finward Bancorp (FNWD) has a net interest margin (NIM) of 2.4%. NIM has been under pressure due to interest rate environment.

Finward Bancorp (FNWD) has an efficiency ratio of 52.0%. This is excellent, indicating strong cost control.

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