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Finward Bancorp (FNWD0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $2.1 billion, with loans receivable, net of deferred fees and costs, amounting to $1.5 billion. Total deposits were $1.7 billion, and stockholders' equity was $159.6 million.
Net income for the quarter was $606 thousand, or $0.14 per diluted common share, with a return on average assets of 0.12% and a return on average equity of 1.60%. For the nine months ended September 30, 2024, net income was $10.0 million, or $2.35 per diluted common share.
The Bancorp's non-performing loans totaled $13.8 million, representing 0.92% of total loans. The allowance for credit losses was $18.5 million, covering 134.1% of non-performing loans.
Total interest income for the quarter was $22.5 million, with interest expense at $10.5 million, resulting in net interest income of $12.0 million. The net interest margin was 2.51%.
Noninterest income for the quarter was $2.9 million, including fees and service charges of $1.5 million, and a gain on sale of loans held-for-sale, net of $338 thousand.
Noninterest expense totaled $14.5 million, with compensation and benefits at $7.0 million and occupancy and equipment expenses at $2.2 million.
The Bancorp's liquidity position remains strong, with cash and cash equivalents of $71.6 million and access to $686.0 million in borrowing capacity.
The Bancorp is subject to a Consent Order with the FDIC and Indiana Department of Financial Institutions related to Bank Secrecy Act compliance, requiring various corrective actions.
The Bancorp's capital ratios exceed regulatory requirements, with a Common Equity Tier 1 Capital ratio of 11.10% and a Total Capital ratio of 12.14%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Finward Bancorp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.