Finward Bancorp (FNWD) reports earnings

The report was filed on March 31, 2025

We may earn a commission from links on this page.
In This Story

Finward Bancorp (FNWD+0.33%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing includes financial statements for the year, showing total assets of $2.1 billion, a decrease from $2.15 billion in the previous year. Total deposits were $1.76 billion, down from $1.81 billion the prior year.

Net income for the year was reported at $12.1 million, an increase from $8.4 million in 2023. The increase in net income was attributed to higher noninterest income, driven by a gain on a sale-leaseback transaction and a gain on a tax credit investment.

Advertisement

Net interest income decreased to $48.4 million from $54.6 million in 2023. The decrease was primarily due to elevated short-term interest rates relative to long-term interest rates, impacting the net interest margin.

Advertisement

Noninterest income increased significantly to $22.6 million from $10.7 million in the previous year. This was primarily due to gains from a sale-leaseback transaction and a tax credit investment.

Advertisement

Noninterest expenses rose to $58.1 million from $55.2 million, driven by increased occupancy and equipment expenses related to the sale-leaseback transaction and professional services expenses.

The provision for credit losses was a benefit of $503,000, compared to an expense of $2.0 million in the previous year.

Advertisement

The company's allowance for credit losses was $16.9 million, representing 1.12% of total loans, compared to 1.24% in the prior year.

The filing details the company's compliance with regulatory requirements, including a consent order with the FDIC and DFI related to Bank Secrecy Act compliance, and a memorandum of understanding regarding capital and operational enhancements.

Advertisement

Finward Bancorp's capital ratios exceeded all applicable regulatory requirements, with a common equity tier 1 capital ratio of 11.26% and a total capital ratio of 12.19% as of December 31, 2024.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Finward Bancorp annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.