The boards of directors of Royal Financial, Inc. (“Royal Financial”) and Finward Bancorp (“Finward”) have approved an Agreement and Plan of Merger (which is referred to herein as the “Merger Agreement”) that provides for Royal Financial to merge with and into Finward. Simultaneously with the merger, Royal Savings Bank, an Illinois state chartered savings bank and wholly-owned subsidiary of Royal Financial (“Royal Bank”), will merge with and into Peoples Bank, the wholly-owned Indiana state chartered commercial bank subsidiary of Finward (“Peoples Bank”), with Peoples Bank as the surviving bank. If the merger contemplated by the Merger Agreement is completed, each outstanding share of Royal Financial common stock (other than shares then held of record by Finward, shares held as treasury shares of Royal Financial, and dissenting shares) owned by stockholders owning of record and/or beneficially at least 101 shares of Royal Financial common stock shall be converted into the right to receive, at the election of the stockholder, (i) 0.4609 shares of Finward common stock (subject to certain adjustments as described in the Merger Agreement), or (ii) $20.14 in cash, subject to limitations and prorations such that 65% of the outstanding shares of Royal Financial common stock will be converted into the stock consideration and 35% of the outstanding Royal Financial shares will be converted into the cash consideration. A Royal Financial stockholder may elect to receive the stock consideration for some of his or her shares and the cash consideration for some of his or her shares, subject to these limitations and prorations. Stockholders of Royal Financial who own of record and/or beneficially fewer than 101 shares of Royal Financial common stock will be entitled to receive fixed consideration of $20.14 per share in cash and will not be entitled to make an election with respect to the merger consideration. Each Royal Financial stockholder also will receive cash in lieu of any fractional shares of Finward common stock that such stockholder would otherwise receive in the merger, with the amount of cash based on the market value of one share of Finward common stock determined shortly before the closing of the merger.

Finward’s common stock is not listed on any national securities exchange, but rather is quoted on the OTC Pink Marketplace, which is maintained by OTC Markets Group, Inc., under the symbol “FNWD.” However, Finward’s common stock has been approved for listing on The Nasdaq Capital Market (“Nasdaq”) under the symbol “FNWD.” Finward anticipates that its common stock will begin trading on the Nasdaq on November 3, 2021. On July 28, 2021, the last day prior to the public announcement of the merger, the closing price of a share of Finward common stock was $44.00, which, after giving effect to the 0.4609 exchange ratio, results in an implied value of approximately $20.28 per share of Royal Financial common stock as of such date. Based on this price with respect to the stock consideration and the cash consideration of $20.14 per share, upon completion of the merger, a Royal Financial stockholder who receives stock for 65% of his or her shares of common stock and receives cash for 35% of his or her shares would receive total merger consideration with an implied value of approximately $20.23 per Royal Financial share. On October 29, 2021, the latest practicable date before the date of this document, the closing price of a share of Finward common stock was $42.75, which, after giving effect to the 0.4609 exchange ratio, results in an implied value of approximately $19.70 per share of Royal Financial common stock as of such date. If the price of a share of Finward common stock is $42.75 at closing of the merger, a Royal Financial stockholder who receives stock for 65% of his or her shares of common stock and receives cash for 35% of his or her shares would receive total merger consideration with an implied value of approximately $19.86 per Royal Financial share.

Royal Financial’s common stock is not listed on any national securities exchange, but rather is quoted on the OTCQX Market under the symbol “RYFL.” On July 28, 2021, the closing price of a share of Royal Financial common stock was $19.26. On October 29, 2021, the closing price of a share of Royal Financial common stock was $19.50. The market prices of both Finward and Royal Financial common stock will fluctuate before the completion of the merger; therefore, you are urged to obtain current market quotations for Finward and Royal Financial common stock before you vote and before you make an election to receive the merger consideration. Based on the 2,567,573 shares of Royal Financial common stock expected to be outstanding as of the closing of the merger (which assumes no stock options are exercised prior to closing), Finward will issue a maximum aggregate amount of 769,207 shares of common stock for the stock consideration and pay an aggregate of $18,098,823 in cash for the cash consideration. Assuming all of Royal Financial stock options are exercised prior to closing, Finward will issue a maximum aggregate amount of 803,120 shares of common stock for the stock consideration and pay an aggregate of $18,896,769 in cash for the cash consideration. Subject to the adjustments described in the Merger Agreement and based on Finward’s closing stock price of $42.75 on October 29, 2021, the value of the aggregate consideration that Royal Financial’s stockholders will receive in the merger is approximately $51.9 million, which includes the amounts paid upon the cash-out of Royal Financial stock options and restricted stock. The boards of directors of both Royal Financial and Finward believe that the merger is in the best interests of each of their respective companies and stockholders.

Royal Financial has the right to terminate the Merger Agreement during the five-business day period following the 15^th business day prior to the scheduled closing date of the merger if the volume weighted average of the daily closing sales prices of a share of Finward common stock during the immediately preceding 15 consecutive trading days is less than $34.42, and Finward’s share price declines by an amount that is at least 20% greater than the corresponding price decline in the SNL Small Cap U.S. Bank and Thrift Index during the same period. However, if Royal Financial elects to exercise its termination right, Finward has the right to prevent Royal Financial’s termination under those circumstances by agreeing to increase the stock consideration pursuant to a formula set forth in the Merger Agreement.

Your vote is very important. We cannot complete the merger unless the stockholders of Finward approve the Merger Agreement and the transactions contemplated thereby, including the issuance of Finward’s shares in the merger, and the stockholders of Royal Financial approve the Merger Agreement and the merger. This document is a proxy statement that Royal Financial is using to solicit proxies for use at its annual meeting of stockholders to be held on December 13, 2021 for the following purposes: (i) to vote on the Merger Agreement and the merger; (ii) to elect two directors to serve three-year terms expiring at the earlier of Royal Financial’s 2024 annual meeting of stockholders or the consummation of the merger with Finward; (iii) to ratify the appointment of Crowe LLP as Royal Financial’s independent auditors for the fiscal year ending June 30, 2022; (iv) to adjourn the annual meeting, if necessary, to solicit proxies if there are not sufficient votes, in person or by proxy, to approve any of the foregoing items; and (v) to transact such other business as may properly come before the meeting or any adjournment of the meeting. This document also serves as a proxy statement that Finward is using to solicit proxies for use at its special meeting of stockholders to be held on December 13, 2021 to vote on the Merger Agreement and the issuance of up to 803,120 shares of Finward common stock to be issued in connection with the merger. This document also serves as a prospectus relating to Finward’s issuance of its common stock in connection with the merger. This joint proxy statement/prospectus describes the Royal Financial annual meeting, the Finward special meeting, the merger proposal, and other related matters.

Finward’s board of directors unanimously recommends that Finward’s stockholders vote “FOR” approval of the Merger Agreement and “FOR” approval of the issuance of Finward shares in the merger. Royal Financial’s board of directors unanimously recommends that Royal Financial’s stockholders vote “FOR” approval of the Merger Agreement and the merger, as well as “FOR” the election of the director nominees named in this document, the ratification of the appointment of Royal Financial’s independent auditors, and the other matters, if any, to be considered at the Royal Financial annual meeting.

This document contains information that you should consider in evaluating the proposed merger. In particular, you should carefully read the section captioned “Risk Factors” beginning on page 19 for a discussion of certain risks relating to the merger. You also can obtain information about Finward from documents it files with the Securities and Exchange Commission.

Finward and Royal Financial are excited about the opportunities afforded by the merger. Thank you for your consideration and continued support.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued under this joint proxy statement/prospectus or determined if this joint proxy statement/prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The securities to be issued in connection with the merger are not savings or deposit accounts or other obligations of any bank or nonbank subsidiary of any of the parties, and they are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, or any other governmental agency.

As permitted by Securities and Exchange Commission rules, this document incorporates certain important business and financial information about Finward from other documents that are not included in or delivered with this document. These documents are available to you without charge upon your written or oral request. Your requests for these documents should be directed to the following:

In order to ensure timely delivery of these documents, you should make your request no later than five business days before the special meeting date, or by December 6, 2021.

You also can obtain documents incorporated by reference in this document through the SEC’s website at www.sec.gov. See “Where You Can Find More Information.”

In addition, if you are a Royal Financial stockholder and have questions about the merger or the Royal Financial annual meeting, need additional copies of this joint proxy statement/prospectus, or need to obtain proxy cards or other information related to the proxy solicitation, you may contact the following:

In order to ensure timely delivery of these documents, you should make your request no later than five business days before the annual meeting date, or by December 6, 2021.

Royal Financial does not have a class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is not subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, and accordingly does not file documents or reports with the SEC.

All information in this joint proxy statement/prospectus concerning Finward and its subsidiaries has been furnished by Finward, and all information in this joint proxy statement/prospectus concerning Royal Financial and its subsidiaries has been furnished by Royal Financial. You should rely only on the information contained or incorporated by reference in this joint proxy statement/prospectus to vote on the proposals to Finward’s and Royal Financial’s respective stockholders in connection with the merger. We have not authorized anyone to provide you with information that is different from what is contained in this joint proxy statement/prospectus.

This joint proxy statement/prospectus is dated [•], 2021. You should not assume that the information contained in this joint proxy statement/prospectus is accurate as of any date other than such date, and neither the mailing of this joint proxy statement/prospectus to stockholders nor the issuance of Finward shares as contemplated by the Merger Agreement shall create any implication to the contrary.

We cordially invite you to attend the Special Meeting of Stockholders of Finward Bancorp, an Indiana corporation (“Finward”), to be held on Monday, December 13, 2021, at 11:00 a.m., Central Standard Time. The special meeting will be held completely as a virtual meeting of stockholders instead of an in-person meeting. You may attend the meeting online, submit questions, and vote your shares electronically during the meeting via the internet at www.virtualshareholdermeeting.com/FNWD2021SM. To enter the special meeting, you will need the 16-digit control number that is printed in the box marked by the arrow on the accompanying proxy card. We recommend that you log in at least 15 minutes before the meeting to ensure that you are logged in when the meeting starts.

At the special meeting, you will be asked to vote on the following matters:

Only holders of record of Finward’s common stock, without par value, as of the close of business on October 22, 2021 are entitled to notice of, and to vote at, the special meeting and any adjournments or postponements of the special meeting.

YOUR VOTE IS VERY IMPORTANT. The proposals regarding the Merger Agreement and the issuance of Finward common stock in the merger each must be adopted by the affirmative vote of the holders of a majority of the issued and outstanding shares of Finward common stock in order for the proposed merger to be consummated. IF YOU DO NOT RETURN YOUR PROXY CARD, DO NOT VOTE ONLINE AT THE SPECIAL MEETING, OR DO NOT VOTE BY ANY OF THE OTHER VOTING METHODS AVAILABLE TO YOU IN CONNECTION WITH THE SPECIAL MEETING, THE EFFECT WILL BE A VOTE AGAINST THE MERGER AGREEMENT AND SHARES ISSUANCE PROPOSALS.

Please read the accompanying joint proxy statement/prospectus carefully so that you will have information about the business to come before the special meeting or any adjournment thereof. A proxy card also accompanies this notice. Whether or not you plan to attend the special meeting, please mark, sign, date, and

return the enclosed proxy card in the enclosed postage-paid envelope, or use one of the voting methods described in the accompanying joint proxy statement/prospectus, so that your shares may be voted in accordance with your wishes.

As required by Indiana Code Section 23-1-44-10, Finward is notifying all of its stockholders entitled to vote on the Merger Agreement proposal that you are or may be entitled to assert dissenters’ rights under the dissenters’ rights chapter of the Indiana Business Corporation Law. A copy of the dissenters’ rights chapter is included with the accompanying joint proxy statement/prospectus as Appendix E. See also “Dissenters’ Rights of Finward Stockholders” beginning on page 103 in the accompanying joint proxy statement/prospectus.

You may revoke your proxy at any time before the special meeting by following the directions on the proxy card or by virtually attending the special meeting and voting online. However, if you hold your shares in “street name” with a bank, broker, or other nominee, and you wish to attend and vote at the special meeting, you will need to obtain a legal proxy issued in your name from your bank, broker, or other nominee.

The board of directors of Finward recommends that Finward’s stockholders vote “FOR” the approval of the Merger Agreement proposal, “FOR” the proposal to approve the issuance of Finward common stock, and “FOR” any proposal of the Finward board of directors to adjourn the meeting, if necessary.

We are pleased to notify you of and invite you to the Annual Meeting of Stockholders of Royal Financial, Inc. (“Royal Financial”) to be held on Monday, December 13, 2021, at 1:00 p.m., local time, at the main office of Royal Financial, located at 9226 South Commercial Avenue, Chicago, Illinois 60617, to consider and vote upon the following matters:

The enclosed joint proxy statement/prospectus describes the Merger Agreement and the proposed merger in detail and includes, as Appendix A, the complete text of the Merger Agreement. We urge you to read these materials for a description of the Merger Agreement and the proposed merger. In particular, you should carefully read the section captioned “Risk Factors” beginning on page 19 of the enclosed joint proxy statement/prospectus for a discussion of certain risk factors relating to the Merger Agreement and the merger.

The board of directors of Royal Financial recommends that Royal Financial’s stockholders vote “FOR” the approval and adoption of the Merger Agreement and the merger, “FOR” the election of the Class II director nominees named herein, “FOR” the ratification of the appointment of Crowe as Royal Financial’s auditor for the fiscal year ended June 30, 2022, and “FOR” adjournment of the annual meeting, if necessary.

The board of directors of Royal Financial has fixed the close of business on October 27, 2021, as the record date for determining the stockholders entitled to notice of, and to vote at, the annual meeting and any adjournments or postponements of the annual meeting. At such date, there were 2,567,573 shares of Royal Financial common stock outstanding and Royal Financial had no other class of equity securities outstanding. Each share of Royal Financial common stock is entitled to one vote at the annual meeting on all matters properly presented at the meeting. The presence in person or by proxy of at least a majority of the outstanding shares of Royal Financial common stock entitled to vote is necessary to constitute a quorum at the annual meeting.

YOUR VOTE IS VERY IMPORTANT. The Merger Agreement must be adopted by the affirmative vote of the holders of a majority of the issued and outstanding shares of Royal Financial common stock in order for the proposed merger to be consummated. Directors are elected by a plurality of the votes of the shares present in person or by proxy at the meeting and entitled to vote. The affirmative vote of a majority of the shares present in person or by proxy and entitled to vote at the annual meeting is required to ratify the appointment of Royal Financial’s independent auditor. IF YOU DO NOT RETURN YOUR PROXY CARD, DO NOT VOTE IN PERSON AT THE ANNUAL MEETING, OR DO NOT VOTE BY TELEPHONE OR INTERNET, THE EFFECT WILL BE A VOTE AGAINST THE PROPOSED MERGER. Whether or not you plan to attend the annual meeting in person, we urge you to date, sign, and return promptly the enclosed proxy card in the accompanying envelope. You may revoke your proxy at any time before the annual meeting or by attending the annual meeting and voting in person.

As required by Section 262 of the Delaware General Corporation Law, Royal Financial is notifying all stockholders entitled to vote on the merger that you are or may be entitled to assert appraisal rights in connection with the proposed merger. A copy of the appraisal rights statute is included with the accompanying joint proxy statement/prospectus as Appendix F. See also “Appraisal Rights of Royal Financial Stockholders” beginning on page 13 in the accompanying proxy statement/prospectus.

If you hold your stock in “street name” through a banker or broker, please follow the instructions on the voting instruction card furnished by the record holder.

If you have any questions or need assistance voting your shares, please contact our register agent, Computershare, toll free at (800) 368-5948.

In addition to the other information contained in or incorporated by reference into this joint proxy statement/prospectus (see “Where You Can Find More Information” on page 157), including the risk factors included in Finward’s Annual Report on Form 10-K for the year ended December 31, 2020, you should consider carefully the risk factors described below in deciding how to vote. You should keep these risk factors in mind when you read forward-looking statements in this joint proxy statement/prospectus and in the documents incorporated by reference into this joint proxy statement/prospectus. Please refer to the section of this joint proxy statement/prospectus titled “Cautionary Note About Forward-Looking Statements” on page 24.

Upon completion of the merger, each share of Royal Financial common stock held by a Royal Financial stockholder owning 101 or more shares will be converted into the right to receive merger consideration consisting of 0.4609 shares of Finward common stock or $20.14 in cash, or a combination of stock and cash, pursuant to the terms of the Merger Agreement. Because the exchange ratio for the stock portion of the merger consideration is fixed, any change in the market price of Finward’s common stock prior to completion of the merger will affect the value of any stock consideration that Royal Financial stockholders receive upon completion of the merger. At the time of the Royal Financial Annual Meeting and prior to the election deadline, Royal Financial stockholders will not necessarily know what the market value of 0.4609 shares of Finward common stock will be upon completion of the merger or whether this value will be greater or less than the $20.14 per share cash merger consideration. While Royal Financial will have the right to terminate the Merger Agreement in the event of a specified decline in the market value of Finward common stock relative to the value of a designated market index unless Finward elects to increase the aggregate merger consideration (see “The Merger Agreement – Termination”), neither company is otherwise permitted to terminate the Merger Agreement or resolicit the vote of Royal Financial’s stockholders solely because of changes in the market price of Finward’s stock. Stock price changes may result from a variety of factors, including general market and economic conditions, changes in Finward’s business, operations, and prospects, and regulatory considerations. Many of these factors are beyond the control of Finward or Royal Financial. You should obtain current market quotations for shares of Finward and Royal Financial common stock before you vote and before you make your election.

While each Royal Financial stockholder may elect to receive all Finward common stock, all cash, or a combination of stock and cash in the merger, the percentages of the shares of Royal Financial common stock outstanding immediately prior to the merger that will be converted into the stock consideration and the cash consideration are fixed at 65% and 35%, respectively. As a result, if either a stock election or a cash election is oversubscribed, and a Royal Financial stockholder chooses the form of merger consideration that is oversubscribed, the Royal Financial stockholder might receive a portion of the stockholder’s consideration in the form the stockholder did not elect. If a Royal Financial stockholder receives less Finward common stock than the stockholder elected, the stockholder will likely recognize more gain for federal income tax purposes than the stockholder would have recognized had the stockholder received more Finward common stock. Royal Financial stockholders will not know which form of merger consideration they will receive for all of their Royal Financial shares until after we complete the merger.

Before the merger can be completed, Finward must receive from the FRB either a waiver of the application requirements or approval of the merger of Royal Financial into Finward, and the FDIC, IDFI, and IDFPR all must approve the merger of Royal Bank into Peoples Bank. The FDIC and IDFI will consider, among other factors, the competitive impact of the holding company merger and the bank merger, the financial and managerial resources of Finward and Royal Financial and their subsidiary banks, and the convenience and needs of the communities to be served. As part of that consideration, we expect that the FDIC and IDFI will review issues related to capital position, safety and soundness, and legal and regulatory compliance, including compliance with anti-money laundering laws. Finward filed a request for confirmation from the FRB that no formal application is

required to be submitted to the FRB for the transactions contemplated by the Merger Agreement. There can be no assurance as to whether these and other regulatory approvals and waivers will be received, the timing of those approvals and waivers, or whether any conditions will be imposed in connection with such approvals and waivers.

Additionally, these governmental entities may impose conditions on the completion of the merger or require changes to the terms of the merger. Such conditions or changes could have the effect of delaying completion of the merger or imposing additional costs on, or limiting the revenues of, Finward following the merger, any of which might have an adverse effect on Finward following the merger.

If the merger is not completed, the ongoing business of Royal Financial may be adversely affected and Royal Financial will be subject to several risks, including the following:

In addition, the financial markets as well as customers and employees of Royal Financial may react unfavorably if the merger is not completed. Royal Financial also may be subject to litigation related to any failure to complete the merger.

Royal Financial’s stockholders currently have the right to vote in the election of the Royal Financial board of directors and on other significant matters affecting Royal Financial, such as the proposed merger with Finward. When the merger occurs, each Royal Financial stockholder who holds at least 101 shares of Royal Financial common stock and who receives stock consideration in the merger will become a stockholder of Finward with a percentage ownership of the combined organization that is much smaller than the stockholder’s percentage ownership of Royal Financial. Based on the anticipated number of Finward common shares to be issued in the merger, it is anticipated that the Royal Financial stockholders will own approximately 18.1% of all of the outstanding shares of Finward’s common stock. Because of this, Royal Financial’s stockholders will have less influence on the management and policies of Finward than they now have on the management and policies of Royal Financial. Furthermore, stockholders of Finward do not have preemptive or similar rights, and therefore, Finward can sell additional voting securities in the future without offering them to the former Royal Financial stockholders, which would further reduce their ownership percentage in, and voting control over, Finward.

The merger involves the integration of two companies that have previously operated independently. The potential difficulties of combining the operations of the two companies, particularly combining the operations of Royal Bank with Peoples Bank, include:

The process of integrating operations could cause an interruption of, or loss of momentum in, the activities of one or more of Finward, Peoples Bank, Royal Financial, or Royal Bank, and the loss of key personnel. The merger of Royal Bank with Peoples Bank is expected to benefit from the experience and expertise of certain key employees of Royal Bank who are expected to be retained by Finward. However, there can be no assurances that Finward will be successful in retaining these employees for the time period necessary to integrate Royal Bank into Peoples Bank at the level desired by Finward. The diversion of management’s attention and any delays or difficulties encountered in connection with the merger and integration of Royal Bank into Peoples Bank could have an adverse effect on the business and results of operations of Finward or Peoples Bank, and therefore, Finward’s stock price.

Royal Bank operates in geographic markets and with customers primarily located in or near Cook County, Illinois. Finward’s markets and customers are located primarily in Northwest Indiana and the South Suburban Chicagoland market. Although Finward is not anticipating major differences between the preferences of Royal Bank’s customers compared to Peoples Bank’s customers, due to the merger there will be a change in products, services, ownership, or management of Royal Bank. This could cause Royal Bank’s customers to change their existing banking relationship with Royal Bank or, after the merger, Peoples Bank, which could have an adverse effect on the business and results of operations of Finward and Peoples Bank.

The fairness opinion of Boenning was delivered to Royal Financial’s board of directors on July 28, 2021 and speaks only as of such date. Similarly, the fairness opinion of Stephens was delivered to Finward’s board of directors on July 28, 2021 and speaks only as of such date. Changes in the operations and prospects of Finward and Royal Financial, general market and economic conditions, and other factors both within and outside of Finward’s and Royal Financial’s control may significantly alter the relative value of the companies by the time the merger is completed. Neither Boenning’s nor Stephen’s opinions speak as of the time the merger will be completed or as of any date other than the dates of such opinions.

Until the completion of the merger, with some exceptions, Royal Financial is prohibited from soliciting, initiating, encouraging, or participating in any discussion of, or otherwise considering, any inquiries or proposals that may lead to an acquisition proposal, such as a merger or other business combination transaction, with any person or entity other than Finward. In addition, Royal Financial has agreed to pay a termination fee of $2,000,000 to Finward if the board of directors of Royal Financial withdraws, modifies, or changes its approval or recommendation of the Merger Agreement or approves or publicly recommends an alternative acquisition proposal with a third party, or if Royal Financial terminates the Merger Agreement after approving a third-party proposal. These provisions could discourage other companies from trying to acquire Royal Financial even though such other companies might be willing to offer greater value to Royal Financial’s stockholders than Finward has offered under the Merger Agreement. The payment of the termination fee also could have a material adverse effect on Royal Financial’s financial condition.

The unaudited pro forma combined condensed financial statements in this joint proxy statement/prospectus are presented for illustrative purposes and are not necessarily indicative of what Finward’s actual financial condition or results of operations would have been had the merger been completed on the dates indicated in the pro forma financial statements, or the financial condition or results of operations of Finward after the merger is completed. The unaudited pro forma combined condensed financial data, while helpful in illustrating the financial characteristics of the combined company under one set of assumptions, does not reflect the benefits of expected costs savings or opportunities to earn additional revenue and, accordingly, does not attempt to predict or suggest

future results. The unaudited pro forma combined condensed financial statements reflect adjustments, which are based upon preliminary estimates, to record the Royal Financial identifiable assets acquired and liabilities assumed at fair value and the resulting goodwill recognized. The purchase price allocation reflected in this document is preliminary, and the final allocation of the purchase price will be based on the actual purchase price and the fair value of the assets and liabilities of Royal Financial as of the date of the completion of the merger. Accordingly, the final acquisition accounting adjustments may differ materially from the pro forma adjustments reflected in this joint proxy statement/prospectus. For more information, please see “Unaudited Pro Forma Combined Condensed Financial Information” beginning on page 26.

Certain of Royal Financial’s directors and executive officers have interests in the merger that are different from, or in addition to, the interests of Royal Financial’s stockholders generally that may present actual or apparent conflicts of interest. Royal Financial’s directors were aware of these interests and took them into account in approving the Merger Agreement. These interests include, among other things: certain payments under mutual termination of employment agreements for certain officers of Royal Financial related to the termination of their existing employment agreements; offers of employment by Finward and Peoples Bank to Royal Financial officers Andrew Morua, Royal Financial’s Senior Vice President – Chief Lending Officer, and Richard Nichols, Royal Financial’s Senior Vice President – Commercial Lending and Group Manager; the appointment of Robert W. Youman to the Finward and Peoples Bank boards of directors; and the continuation of director and officer indemnification and liability insurance protections. See “Interests of Certain Directors and Officers of Royal Financial in the Merger” beginning on page 109.

Finward and Royal Financial intend the merger to qualify as a reorganization within the meaning of Section 368(a) of the Code. Although the Internal Revenue Service (“IRS”) will not provide a ruling on the matter, Finward and Royal Financial, as a condition to closing, will each obtain an opinion from their respective legal counsel that the merger will qualify as a reorganization within the meaning of Section 368(a) of the Code for federal tax purposes. These opinions do not bind the IRS or prevent the IRS from adopting a contrary position. If the merger fails to qualify as a reorganization, a Royal Financial stockholder generally would recognize gain or loss in an amount equal to the difference between (1) the sum of the amount of cash and the aggregate fair market value of the Finward common stock received in the exchange, and (2) the Royal Financial stockholder’s aggregate adjusted tax basis in the Royal Financial common stock surrendered in the exchange. Furthermore, if the merger fails to qualify as a reorganization, Finward, as successor to Royal Financial, may incur a significant tax liability since the merger would be treated as a taxable sale of Royal Financial’s assets for U.S. federal income tax purposes.

Following completion of the merger, Royal Financial stockholders who own 101 or more shares of Royal Financial common stock and who receive stock consideration in the merger will become Finward stockholders, and their rights as stockholders will be governed by Indiana law and Finward’s articles of incorporation and bylaws. The rights associated with Royal Financial’s common stock are governed by Delaware corporate law and the certificate of information and bylaws of Royal Financial and are different from the rights associated with Finward’s common stock. See the section of this joint proxy statement/prospectus entitled “Comparison of the Rights of Stockholders” (beginning on page 118) for a discussion of the different rights associated with Finward’s and Royal Financial’s common stock.

In connection with the pendency of the merger, it is possible that some customers and other persons with whom Finward or Royal Financial has a business relationship may delay or defer certain business decisions or might seek to terminate, change, or renegotiate their relationships with Finward or Royal Financial, as the case

may be, as a result of the merger, which could negatively affect Finward’s or Royal Financial’s respective revenues, earnings, and cash flows, as well as the market price of Finward common stock, regardless of whether the merger is completed. In addition, under the terms of the Merger Agreement, Royal Financial is subject to certain restrictions on the conduct of its business prior to completing the merger, which may adversely affect its ability to execute certain of its business strategies, including the ability in certain cases to enter into or amend contracts, acquire or dispose of assets, incur indebtedness, or make capital expenditures. Such limitations could negatively affect Royal Financial’s business and operations prior to the completion of the merger.

If you are a stockholder of record of Royal Financial and want to make a valid stock, cash, or mixed election, you will have to deliver your Royal Financial stock certificates (or follow the procedures for guaranteed delivery) with a properly completed and signed election form to the exchange agent for the merger. You will not be able to sell any shares of Royal Financial common stock that you have delivered as part of your election unless you revoke your election before the election deadline by providing written notice to the exchange agent. If you do not revoke your election, you will not be able to liquidate your investment in Royal Financial common stock for any reason until you receive Finward common stock and/or cash in the merger. In the time between the election deadline and the closing of the merger, the trading price of Royal Financial or Finward common stock may decrease, and you might otherwise want to sell your shares of Royal Financial common stock to gain access to cash, make other investments, or reduce the potential for a decrease in the value of your investment. The date that you will receive your merger consideration depends on the completion date of the merger, which is uncertain. The completion date of the merger might be later than expected due to unforeseen events, such as delays in obtaining regulatory approvals.

You should read and consider the risk factors specific to Finward’s business that will also affect the combined company after the merger, as described in Finward’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed by Finward with the SEC and incorporated by reference into this document. See “Where You Can Find More Information” beginning on page 157.

This joint proxy statement/prospectus contains forward-looking statements that have been made pursuant to the provisions of, and in reliance on the safe harbor under, the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements include statements with respect to management’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the control of Finward and Royal Financial, and which may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

In addition, certain statements may be contained in the future filings of Finward with the SEC, in press releases, and in oral and written statements made by or with the approval of Finward that are not statements of historical fact and constitute forward-looking statements within the meaning of the Reform Act. Examples of such forward-looking statements include, but are not limited to:

All statements other than statements of historical fact are statements that could be forward-looking statements. Words such as “believe,” “contemplate,” “seek,” “estimate,” “plan,” “project,” “anticipate,” “assume,” “expect,” “intend,” “targeted,” “continue,” “remain,” “will,” “should,” “indicate,” “would,” “may,” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties.

Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

Additional factors that could cause Finward’s results to differ materially from those described in the forward-looking statements can be found in Finward’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC. All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters and attributable to Finward or Royal Financial or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made. Finward and Royal Financial undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

We caution you not to place undue reliance on the forward-looking statements.

The following tables present the unaudited pro forma combined condensed financial information for Finward and Royal Financial giving effect to the merger. The unaudited pro forma combined condensed balance sheet as of June 30, 2021 gives effect to the merger as if it occurred on that date. The unaudited pro forma combined condensed income statements for the twelve months ended December 31, 2020, and for the six months ended June 30, 2021, present the combined results of operations of Finward and Royal Financial as if the merger had been effective on January 1, 2020, the first day of Finward’s 2020 fiscal year.

In the transaction, Royal Financial will merge with and into Finward, with Finward as the surviving entity. In connection with the merger, each outstanding share of Royal Financial common stock (other than shares then held of record by Finward, shares held as treasury shares of Royal Financial, and dissenting shares) owned by stockholders owning of record and/or beneficially at least 101 shares of Royal Financial common stock will be converted into the right to receive, at the election of the stockholder, (i) 0.4609 shares of Finward common stock (subject to certain adjustments as described in the Merger Agreement), or $20.14 in cash, subject to limitations and prorations such that 65% of the outstanding shares of Royal Financial common stock will be converted into the stock consideration and 35% of the outstanding Royal Financial shares will be converted into the cash consideration. For purposes of the unaudited pro forma combined condensed financial information set forth herein, it is assumed that no adjustments to the stock consideration will be applicable. Stockholders of Royal Financial who own of record and/or beneficially fewer than 101 shares of Royal Financial common stock will be entitled to receive fixed consideration of $20.14 per share in cash and will not be entitled to make an election with respect to the merger consideration. Each Royal Financial stockholder also will receive cash in lieu of any fractional shares of Finward common stock that such stockholder would otherwise receive in the merger, with the amount of cash based on the volume-weighted average of the daily closing prices of a share of Finward common stock during the 15 consecutive trading days immediately preceding the second business day prior to the closing of the merger. See “The Merger Agreement – Merger Consideration” beginning on page 79.

Finward expects that it will incur merger and integration charges as a result of the merger. The unaudited pro forma combined condensed financial information, while helpful in illustrating the financial characteristics of the combined company under one set of assumptions, may not reflect all of these anticipated financial expenses and does not reflect any possible financial benefits, including from the realization of future cost savings from operating efficiencies or any other synergies that may result from the merger, and, accordingly, does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had Finward and Royal Financial been combined during the periods presented.

The merger will be accounted for under the acquisition method of accounting under accounting principles generally accepted in the United States (“GAAP”). Under the acquisition method of accounting, the assets and liabilities of Royal Financial, as of the completion date of the merger, will be recorded at their fair values and the excess of the purchase price over the fair value of the net assets will be allocated to goodwill. Financial statements of Finward issued after the consummation of the merger will reflect these values and will not be restated retroactively to reflect the historical position or results of operations of Royal Financial. The operating results of Royal Financial will be reflected in Finward’s consolidated financial statements from and after the date the merger is completed.

The final allocation of the purchase price will be determined after the merger is completed and after completion of thorough analyses to determine the fair values of Royal Financial’s tangible and identifiable intangible assets and liabilities as of the date the merger is completed. In addition, estimates of merger-related charges are subject to final decisions related to combining the companies. Any change in the fair value of the net assets of Royal Financial will change the amount of the purchase price allocable to goodwill. Additionally, changes to Royal Financial’s stockholders’ equity, including net income and changes in the market value of Finward’s common stock through the date the merger is completed, also will change the amount of goodwill recorded. As a result, the final adjustments may be materially different from the unaudited pro forma adjustments used in preparing the unaudited pro forma combined condensed financial information presented herein. The unaudited pro forma adjustments used in preparing the unaudited pro forma combined condensed financial information are described in greater detail in the notes thereto.

The following unaudited pro forma combined condensed balance sheet as of June 30, 2021 combines the unaudited consolidated balance sheet of Finward as of June 30, 2021 with the audited consolidated balance sheet of Royal Financial as of June 30, 2021, as if the merger had occurred on June 30, 2021. The following unaudited

pro forma combined condensed consolidated income statement for the twelve months ended December 31, 2020 combines the audited consolidated income statement of Finward for the twelve months ended December 31, 2020 with the unaudited consolidated income statement of Royal Financial for the twelve months ended December 31, 2020, as if the merger had occurred on January 1, 2020. The following unaudited pro forma combined condensed consolidated income statement for the six months ended June 30, 2021 combines the unaudited consolidated income statement of Finward for the six months ended June 30, 2021 with the unaudited consolidated income statement of Royal Financial for the six months ended June 30, 2021, as if the merger had occurred on January 1, 2020. The unaudited pro forma combined condensed financial information is based on, and should be read together with, (i) the historical consolidated financial statements and related notes of Finward contained in its Annual Report on Form 10-K for the year ended December 31, 2020, as revised pursuant to the corrected historical financial information presented in Exhibit 99.1 to Finward’s Form 8-K filed with the SEC on September 7, 2021, and the historical financial statements and related notes as of and for the six months ended June 30, 2021 contained in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, which are incorporated by reference into this joint proxy statement/prospectus, and (ii) the historical consolidated financial statements and related notes of Royal Financial contained in this joint proxy statement/prospectus beginning at page F-1 for the year ended June 30, 2021.

Finward has a fiscal year that ends on December 31. Meanwhile, Royal Financial has a fiscal year that ends on June 30. In compiling the unaudited pro forma condensed combined financial information, Finward has taken the necessary steps to present the Royal Financial financial information to the period closest to Finward’s reporting period.

The unaudited pro forma combined condensed consolidated financial information has been prepared under the acquisition method of accounting for business combinations. The unaudited pro forma combined condensed consolidated statement of income for the year ended December 31, 2020 is presented as if the acquisition occurred on January 1, 2020 and the unaudited pro forma combined condensed consolidated statement of income for the six months ended June 30, 2021 is presented as if the acquisition occurred on January 1, 2020. The unaudited pro forma combined condensed consolidated balance sheet as of June 30, 2021 is presented as if the acquisition occurred as of that date. This information is not intended to reflect the actual results that would have been achieved had the acquisition actually occurred on those dates. The pro forma adjustments are preliminary, based on estimates, and are subject to change as more information becomes available and after final analyses of the fair values of both tangible and intangible assets acquired and liabilities assumed are completed. Accordingly, the final fair value adjustments may be materially different from those presented in this document.

Each share of Royal Financial common stock issued and outstanding immediately prior to the merger (other than shares held of record by Finward, shares held as treasury shares of Royal Financial, and dissenting shares) will have the right to receive, at the stockholder’s election, 0.4609 shares of Finward common stock or $20.14 in cash, or a combination of both, for each share of Royal Financial’s common stock, subject to allocation provisions and adjustment; provided that, Royal Financial stockholders owning less than 101 shares of Royal Financial common stock as of the effective time of the merger will only be entitled to receive $20.14 per share in cash and will not be entitled to receive any shares of Finward common stock.

Under the acquisition method of accounting, Royal Financial’s assets and liabilities and any identifiable intangible assets are required to be adjusted to their estimated fair values. The excess of the purchase price over the fair value of the net assets acquired, net of deferred taxes, is allocated to goodwill. Estimated fair value adjustments included in the pro forma financial statements are based upon available information, and certain assumptions considered reasonable, and may be revised as additional information becomes available. The following are the pro forma adjustments made to record the merger and to adjust Royal Financial’s assets and liabilities to their estimated fair values at June 30, 2021.

The following pro forma adjustments are reflected in the unaudited pro forma combined consolidated financial information for the merger with Royal Financial.

This joint proxy statement/prospectus is being furnished to Finward stockholders in connection with the solicitation of proxies by the board of directors of Finward for use at the Special Meeting of Finward’s stockholders to be held on Monday, December 13, 2021 at 11:00 a.m., local time, and at any adjournment or postponement of that meeting. The Finward Special Meeting will be held completely as a virtual meeting of stockholders instead of an in-person meeting. This joint proxy statement/prospectus and the enclosed form of proxy are being sent to Finward’s stockholders on or about [•], 2021.

The Finward Special Meeting is being held for the following purposes:

Finward’s board of directors and management is not aware of any other matters to be presented at the meeting other than those mentioned above and has not received notice from any stockholders requesting that other matters be considered. However, if any other business is properly presented before the Finward Special Meeting and may properly be voted upon, the proxies solicited hereby will be voted on such matters in accordance with the best judgment of the proxy holders named therein.

A copy of the Merger Agreement is attached as Appendix A to this joint proxy statement/prospectus.

As discussed throughout this joint proxy statement/prospectus, Finward is asking its stockholders to approve the Merger Agreement. Finward stockholders should carefully read this document in its entirety for more detailed information regarding the Merger Agreement and the merger. In particular, stockholders are directed to the copy of the Merger Agreement attached as Appendix A to this joint proxy statement/prospectus.

Under Section 23-1-40-3 of the IBCL, a plan of merger must be approved by the stockholders of the surviving corporation in the merger if the number of voting shares of the surviving corporation outstanding immediately after the merger, plus the number of voting shares issuable as a result of the merger (either by the conversion of securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the merger), exceeds by more than 20% the total number of voting shares of the surviving corporation outstanding immediately before the merger. In order to complete the merger, Finward will need to issue up to approximately 803,120 shares of common stock, which represents approximately 23.1% of the total number of shares of Finward common stock that are expected to be outstanding immediately before the merger. For this reason, Finward must obtain stockholder approval of the Merger Agreement.

Finward is also asking its stockholders to consider and vote on the proposal to issue up to 803,120 shares of Finward common stock in connection with the merger. If Finward stockholders fail to approve the issuance of

Finward common stock, the merger cannot be completed. Finward stockholders should carefully read this joint proxy statement/prospectus in its entirety, including the appendices, for more detailed information concerning the Merger Agreement and the merger.

The Finward Special Meeting may be adjourned to another time or place, if necessary or appropriate, to permit, among other things, the solicitation of additional proxies if there are insufficient votes at the time of the Finward Special Meeting to approve the Merger Agreement or shares issuance proposals. If, at the time of the Finward Special Meeting, the number of shares of Finward common stock present or represented and voting in favor of the Merger Agreement proposal or shares issuance proposal is insufficient to approve either proposal, Finward intends to move to adjourn the Finward Special Meeting in order to enable the Finward board of directors to solicit additional proxies for approval of the proposals. In that event, Finward will ask the Finward stockholders to vote only upon the adjournment proposal and not the Merger Agreement or shares issuance proposals.

In the Finward adjournment proposal, Finward is asking its stockholders to authorize the holder of any proxy solicited by the Finward board of directors to vote in favor of granting discretionary authority to the proxy holders to adjourn the Finward Special Meeting to another time and place for the purpose of soliciting additional proxies. If the Finward stockholders approve the adjournment proposal, Finward could adjourn the Finward Special Meeting and any adjourned session of the Finward Special Meeting and use the additional time to solicit additional proxies, including the solicitation of proxies from Finward stockholders who have previously voted. If, after the adjournment, a new record date is fixed for the adjourned special meeting, notice of the adjourned special meeting will be given to each stockholder of record entitled to vote at the Finward Special Meeting.

The board of directors of Finward unanimously voted in favor of the Merger Agreement, the merger, and the transactions contemplated thereby, including the issuance of Finward common stock in the merger. Finward’s board of directors believes that these items and the transactions they contemplate are in the best interests of Finward and its stockholders, and recommends that Finward’s stockholders vote:

The close of business on October 22, 2021 has been selected as the record date for the determination of Finward’s stockholders entitled to notice of and to vote at the Finward Special Meeting. On that date, 3,479,139 shares of Finward’s common stock, without par value, were outstanding. Stockholders will be entitled to one vote for each share of Finward’s common stock held by them of record at the close of business on the record date on any matter that may be presented for consideration and action by the stockholders. The presence, in person or represented by proxy, of the holders of a majority of the outstanding shares of Finward’s common stock will constitute a quorum for the transaction of business at the Finward Special Meeting.

You may vote your shares by virtually attending the Finward Special Meeting and voting online, or by mailing us your completed proxy if you are unable or do not wish to attend. We encourage you to vote by mailing the proxy card or voting by telephone or the Internet even if you plan to virtually attend the meeting. If you are a stockholder of record as of October 22, 2021, you may vote your shares by virtually at the meeting. If your shares are held by a broker or other nominee, you must obtain a proxy from the broker or nominee giving you the right to vote the shares virtually at the meeting.

All proxies properly submitted in time to be counted at the Finward Special Meeting will be voted in accordance with the instructions contained in the proxy. If you submit a proxy without voting instructions, the proxies named in the proxy will vote on your behalf for each matter described above in accordance with the recommendations of the Finward board of directors on all the proposals as set forth in this joint proxy statement/prospectus and on any other matters in accordance with their best judgment.

If you have shares held by a broker or other nominee, you may instruct the broker or other nominee to vote your shares by following the instructions the broker or other nominee provides to you. Proxies solicited by this joint proxy statement/prospectus may be exercised only at the Finward Special Meeting and any adjournment or postponement thereof and will not be used for any other meeting.

The following votes will be required to approve the proposals:

Abstentions and “broker non-votes” (described below) are counted for purposes of determining the presence or absence of a quorum but are not considered votes cast. The required votes of Finward’s stockholders on the Merger Agreement and the shares issuance proposal are based on the number of outstanding shares of Finward common stock and not the number of shares that are actually voted. Accordingly, the failure to submit a proxy card, vote by telephone or the Internet, or to vote virtually online at the Finward Special Meeting, or the abstention from voting by a Finward stockholder, or the failure of any Finward stockholder who holds shares in “street name” through a bank or broker to give voting instructions to such bank or broker (thereby resulting in a “broker non-vote”), will have the same effect as a vote “AGAINST” the Merger Agreement proposal and the shares issuance proposal. Abstentions and broker non-votes will not be included in the vote count on the adjournment proposal.

A “broker non-vote” occurs when a broker submits a proxy that does not indicate a vote on a proposal because the broker has not received instructions from the beneficial owners on how to vote on such proposal and the broker does not have discretionary authority to vote in the absence of instructions. Brokers generally have the authority to vote, even though they have not received instructions, on matters that are considered “routine.” However, under the rules of the New York Stock Exchange followed by brokers, the Merger Agreement proposal and the adjournment proposal to be considered at the Finward Special Meeting are not considered routine matters and brokers are not entitled to vote shares held for a beneficial owner on these matters without instructions from the beneficial owner of the shares. To avoid a broker non-vote of your shares on the Merger Agreement proposal and adjournment proposal, each of which is a non-routine matter, you must provide voting instructions to your broker or other nominee.

As of the record date, Finward’s directors and executive officers owned and were entitled to vote 621,644 shares of Finward common stock, which represents approximately 17.9% of the 3,479,139 issued and outstanding shares of Finward common stock. As of the record date, neither Royal Financial nor Royal Bank owned any shares of Finward common stock, and Royal Financial’s directors and executive officers (or their affiliates) owned and were entitled to vote, or had the power to direct the voting of, 90,023 shares of Finward common stock, representing approximately 2.6% of Finward’s issued and outstanding shares of common stock.

Submitting a proxy on the enclosed form of proxy or voting by telephone or the Internet does not preclude a Finward stockholder from voting virtually online at the Finward Special Meeting. A Finward stockholder may revoke a proxy at any time prior to the vote at the Finward Special Meeting by:

Revoking a proxy will not affect a vote once it has been taken. Attendance at the Finward Special Meeting will not, in itself, constitute a revocation of a proxy. You must vote virtually online at the Finward Special Meeting if you wish to change a vote that you have previously made by submitting a signed proxy.

The proxy solicitation of Finward’s stockholders is being made by Finward on behalf of the Finward board of directors and will be paid for by Finward. In addition to solicitation by mail, directors, officers, and employees of Finward may solicit proxies for the Finward Special Meeting from Finward’s stockholders personally or by telephone, the Internet, or other electronic means. However, Finward’s directors, officers, and employees will not be paid any special or extra compensation for soliciting such proxies, although they may be reimbursed for out-of-pocket expenses incurred in connection with the solicitation. Upon request, Finward will reimburse brokers, dealers, banks, trustees, and other fiduciaries for the reasonable expenses they incur in forwarding proxy materials to beneficial owners of Finward’s common stock.

In addition, Finward has made arrangements with Morrow Sodali LLC to assist in soliciting proxies for the Finward Special Meeting and has agreed to pay them $12,500, plus any charges associated with a telephone solicitation, if deemed necessary, and out-of-pocket expenses, for these services.

THE MATTERS TO BE CONSIDERED AT THE FINWARD SPECIAL MEETING ARE OF GREAT IMPORTANCE TO THE STOCKHOLDERS OF FINWARD. ACCORDINGLY, HOLDERS OF FINWARD COMMON STOCK ARE URGED TO READ AND CAREFULLY CONSIDER THE INFORMATION PRESENTED IN THIS JOINT PROXY STATEMENT/PROSPECTUS, AND TO COMPLETE, DATE, SIGN, AND PROMPTLY RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED POSTAGE PRE-PAID ENVELOPE OR VOTE BY TELEPHONE OR THE INTERNET.

If you need assistance in completing your proxy card or have questions regarding the Finward Special Meeting, please contact Finward Bancorp, 9204 Columbia Avenue, Munster, Indiana 46321, Attention: Shareholder Services, (219) 836-4400. If you have any questions or need assistance voting your shares, please contact our proxy solicitor, Morrow Sodali LLC, toll free at (800) 662-5200.

The following table sets forth, as of October 22, 2021, which is the most recent practicable date, certain information regarding the beneficial share ownership of Finward’s common stock by: (i) each of the directors and named executive officers (“NEOs”) of Finward; and (ii) the directors and executive officers of Finward as a group. Persons and groups owning more than 5% of Finward’s common stock are required to file certain reports regarding such ownership with Finward and the SEC pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on such reports, Finward’s management knows of no persons, other than as set forth in the table below, who owned more than 5% of Finward’s common stock at October 22, 2021. Unless otherwise noted below, the address of each beneficial owner of more 5% of Finward’s common stock is c/o Finward Bancorp, 9204 Columbia Avenue, Munster, Indiana 46321.