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Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2024

Retrieved on:

Wednesday, April 24, 2024

Sale, Agreement, Federal Reserve, FHLB, Bank holding company, ACL, Federal, Purchasing, CECL, Property, Bank, Transaction, FDIC, GAAP

The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2024, was 2.57%, compared to 2.80% for the quarter ended December 31, 2023 and 3.23% for the quarter ended March 31, 2023.

Key Points:

The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2024, was 2.57%, compared to 2.80% for the quarter ended December 31, 2023 and 3.23% for the quarter ended March 31, 2023.
The yield on the securities portfolio decreased to 2.37% for the quarter ended March 31, 2024, down from 2.39% for the quarter ended March 31, 2023.
During the quarter ended March 31, 2024, the Bank originated $47.9 million in new commercial loans, compared to $63.7 million during the quarter ended March 31, 2023.
Operating Expenses - Non-interest expense as a percent of average assets was 2.86% for the quarter ended March 31, 2024, as compared to 2.75% for quarter ended March 31, 2023.

BENJAMIN SCHMITT APPOINTED SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER OF FINWARD BANCORP AND PEOPLES BANK

Retrieved on:

Wednesday, February 21, 2024

Acquisition, Senior, Accounting, People's Bank, Bank, Growth, Piper Sandler Companies, Volunteering, Bank holding company, Treasurer, University, Business administration, Business, Partner, Management

Munster, Ind, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”) and its wholly-owned subsidiary, Peoples Bank (the “Bank” or “Peoples”), announced today the appointment of Benjamin Schmitt as the Senior Vice President, Chief Financial Officer, and Treasurer of the Bancorp and the Bank, effective February 20, 2024.

Key Points:

Munster, Ind, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”) and its wholly-owned subsidiary, Peoples Bank (the “Bank” or “Peoples”), announced today the appointment of Benjamin Schmitt as the Senior Vice President, Chief Financial Officer, and Treasurer of the Bancorp and the Bank, effective February 20, 2024.
In his new role as Chief Financial Officer and Treasurer, Mr. Schmitt will be responsible for the finance, accounting, financial reporting, and shareholder services functions of the Bancorp and the Bank.
Reporting directly to Benjamin Bochnowski, CEO of the Bancorp and the Bank, Mr. Schmitt will leverage his expertise to foster collaboration across departments, driving the organization toward its strategic objectives.
“I am truly excited to join the Finward and Peoples Bank team, and it is an honor to serve as CFO“, said Mr. Schmitt.

Finward Bancorp Announces Earnings For the Twelve Months and Quarter Ended December 31, 2023

Retrieved on:

Tuesday, January 30, 2024

Federal, Bank holding company, GAAP, Pressure, ACL, FHLB, FDIC, Environment, Investment, Transaction, Federal Reserve, Sale, Bank, Property, Procurement

Highlights of the year-to-date period include:

Key Points:

Highlights of the year-to-date period include:
Net interest margin - The net interest margin for the twelve months ended December 31, 2023, was 2.83%, compared to 3.56% for the twelve months ended December 31, 2022.
The tax-adjusted net interest margin (a non-GAAP measure) for the twelve months ended December 31, 2023, was 2.98%, compared to 3.74% for the twelve months ended December 31, 2022.
The yield on the securities portfolio improved on a year-to-date basis to 2.43% for the twelve months ended December 31, 2023, up from 2.22% for the twelve months ended December 31, 2022.
During the twelve months ended December 31, 2023, the Bank originated $234.3 million in new commercial loans, compared to $376.0 million during the twelve months ended December 31, 2022.

FINWARD BANCORP ANNOUNCES FOURTH QUARTER DIVIDEND

Retrieved on:

Tuesday, December 26, 2023

Policy, Bank, People's Bank, Bank holding company, Holding company

MUNSTER, Ind., Dec. 26, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”), the holding company for Peoples Bank (the “Bank”), today announced that on December 22, 2023 the Board of Directors of Finward declared a dividend of $0.12 per share on Finward’s common stock payable on February 5, 2024 to shareholders of record at the close of business on January 23, 2024.

Key Points:

MUNSTER, Ind., Dec. 26, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”), the holding company for Peoples Bank (the “Bank”), today announced that on December 22, 2023 the Board of Directors of Finward declared a dividend of $0.12 per share on Finward’s common stock payable on February 5, 2024 to shareholders of record at the close of business on January 23, 2024.
“Finward’s Board of Directors has announced a dividend of $0.12 per share for the fourth quarter of 2023,” said Benjamin Bochnowski, chairman and chief executive officer.
“While this is lower than the dividend for the third quarter, we understand the importance of the dividend to our shareholders.
The Board continually evaluates the factors that go into dividend decisions, consistent with the long-term best interests of the Bancorp and its shareholders.

Finward Bancorp Announces Earnings for the Nine Months and Quarter Ended September 30, 2023

Retrieved on:

Wednesday, October 25, 2023

Asus, Sale, FDIC, Bank, ACL, Federal Reserve, GAAP, Bank holding company, Environment, FHLB, Borrowing base, Federal, Investment, Real estate

The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2023, was 3.04%, compared to 3.75% for the nine months ended September 30, 2022.

Key Points:

The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2023, was 3.04%, compared to 3.75% for the nine months ended September 30, 2022.
Through the first nine months of 2023, balances for checking and savings accounts decreased as balances migrated into higher yielding accounts.
The yield on the securities portfolio improved on a year-to-date basis to 2.39% for the nine months ended September 30, 2023, up from 2.17% for the nine months ended September 30, 2022.
During the nine months ended September 30, 2023, the Bank originated $186.8 million in new commercial loans, compared to $296.8 million during the nine months ended September 30, 2022.

FINWARD BANCORP ANNOUNCES THIRD QUARTER DIVIDEND

Retrieved on:

Tuesday, August 22, 2023

People's Bank, Rare-earth element

MUNSTER, Ind., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp ("Finward"), the parent company for Peoples Bank, today announced that on August 21, 2023, the Board of Directors of Finward declared a dividend of $0.31 per share payable on October 5, 2023, with a record date of September 22, 2023.

Key Points:

MUNSTER, Ind., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp ("Finward"), the parent company for Peoples Bank, today announced that on August 21, 2023, the Board of Directors of Finward declared a dividend of $0.31 per share payable on October 5, 2023, with a record date of September 22, 2023.

Finward Bancorp Announces Earnings for the Six and Three Months Ended June 30, 2023

Retrieved on:

Wednesday, July 26, 2023

Borrowing base, Housing, Asus, FHLB, FDIC, GAAP, Federal, Sale, Movement, Federal Reserve, People's Bank, Investment, Bank, Bank holding company, ACL, Environment, Real estate, Cryptocurrency

The tax-adjusted net interest margin (a non-GAAP measure) for the six months ended June 30, 2023, was 3.13%, compared to 3.70% for the six months ended June 30, 2022.

Key Points:

The tax-adjusted net interest margin (a non-GAAP measure) for the six months ended June 30, 2023, was 3.13%, compared to 3.70% for the six months ended June 30, 2022.
Through the first six months of 2023, balances for checking and savings accounts decreased, as balances migrated into higher yielding accounts.
The yield on the securities portfolio improved on a year-to-date basis to 2.38% for the six months ended June 30, 2023, up from 2.12% for the six months ended June 30, 2022.
During the six months ended June 30, 2023, the Bank originated $136.9 million in new commercial loans, compared to $196.9 million during the six months ended June 30, 2022.

DAVID J. KWAIT APPOINTED SENIOR VICE PRESIDENT, GENERAL COUNSEL, CORPORATE SECRETARY, AND CHIEF RISK OFFICER OF FINWARD BANCORP AND PEOPLES BANK

Retrieved on:

Friday, June 23, 2023

MUNSTER, Ind., June 23, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”) and its wholly-owned subsidiary, Peoples Bank (the “Bank” or “Peoples”), today announced the appointment of David J. Kwait as the Senior Vice President, General Counsel, Corporate Secretary, and Chief Risk Officer of the Bancorp and the Bank, with the appointment to be effective as of June 30, 2023.

Key Points:

MUNSTER, Ind., June 23, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”) and its wholly-owned subsidiary, Peoples Bank (the “Bank” or “Peoples”), today announced the appointment of David J. Kwait as the Senior Vice President, General Counsel, Corporate Secretary, and Chief Risk Officer of the Bancorp and the Bank, with the appointment to be effective as of June 30, 2023.
Mr. Kwait joined the Bank in 2011, when he was hired as an Assistant Vice President, Staff Attorney, Legal Counsel, and Wealth Management Officer.
Since then, he has quickly risen through the ranks, holding titles of Assistant Corporate Secretary of the Bancorp and Peoples Bank; Vice President, Staff Attorney, Legal Counsel and Wealth Management Officer; Vice President, Wealth Strategies and Wealth Management Group Leader; and Senior Vice President, Wealth Management Group Leader.
Most recently, in 2022, he was promoted to Chief Wealth Management Officer.

THE AMERICAN KENNEL CLUB AWARDS CANINE HEROES WITH 2023 AKC DOG-NY PAW OF COURAGE(SM)

Retrieved on:

Tuesday, June 20, 2023

These awards recognize dogs who serve their communities honorably, making great impacts in the lives of their human counterparts.

Key Points:

These awards recognize dogs who serve their communities honorably, making great impacts in the lives of their human counterparts.
"The American Kennel Club is deeply honored to present this award to these two very deserving canines," said AKC Executive Secretary, Gina DiNardo.
"K9 Ivanka and K9 Barrett are shining examples of dogs who serve their communities and keep them safe every day.
Despite the effects of his injury, K9 Barrett continues to report to work, eager to serve Montville and the state.

FINWARD BANCORP ANNOUNCES SECOND QUARTER DIVIDEND

Retrieved on:

Tuesday, May 30, 2023

People's Bank, Rare-earth element, Holding company

MUNSTER, Ind., May 30, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp ("Finward"), the parent company for Peoples Bank, today announced that on May 26, 2023, the Board of Directors of Finward declared a dividend of $0.31 per share payable on July 6, 2023, with a record date of June 23, 2023.

Key Points:

MUNSTER, Ind., May 30, 2023 (GLOBE NEWSWIRE) -- Finward Bancorp ("Finward"), the parent company for Peoples Bank, today announced that on May 26, 2023, the Board of Directors of Finward declared a dividend of $0.31 per share payable on July 6, 2023, with a record date of June 23, 2023.