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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

☒

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

  
 For the quarterly period ended June 30, 2021 or

 

☐

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

  
 For the transition period from ______ to ______
  
 Commission File Number: 0-26128

 

Finward Bancorp

(Exact name of registrant as specified in its charter)

 

Indiana

35-1927981

(State or other jurisdiction of incorporation

(I.R.S. Employer Identification Number)

or organization)

 
  

9204 Columbia Avenue

 

Munster, Indiana

46321

(Address of principal executive offices)

(ZIP code)

    

Registrant's telephone number, including area code: (219) 836‑4400

 

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

N/A

N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                            Yes ☒                   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒

Smaller Reporting Company ☒ Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

There were 3,479,139 shares of the registrant’s Common Stock, without par value, outstanding at August 13, 2021.

 

 
 

 

 

Finward Bancorp

Index

                                     

 

 

 Page
 

Number 

PART I. Financial Information

  
   

Item 1. Unaudited Financial Statements and Notes

1
   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

29
   

Item 3. Quantitative and Qualitative Disclosures about Market Risk

44
   

Item 4. Controls and Procedures

44
   

PART II. Other Information 

45
   

SIGNATURES

46
   

EXHIBITS

  

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

  

31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

  

32.1 Section 1350 Certifications

  

101 XBRL Interactive Data File

  

 

 
 

 

 

Finward Bancorp

Condensed Consolidated Balance Sheets

 

  

June 30,

     

(Dollars in thousands)

 

2021

  

December 31,

 
  

(unaudited)

  

2020

 

ASSETS

        
         

Cash and non-interest bearing deposits in other financial institutions

 $17,570  $14,014 

Interest bearing deposits in other financial institutions

  50,406   5,908 

Federal funds sold

  649   - 
         

Total cash and cash equivalents

  68,625   19,922 
         

Certificates of deposit in other financial institutions

  1,471   1,897 
         

Securities available-for-sale

  473,927   410,669 

Loans held-for-sale

  5,878   11,329 

Loans receivable

  969,491   965,146 

Less: allowance for loan losses

  (13,639)  (12,458)

Net loans receivable

  955,852   952,688 

Federal Home Loan Bank stock

  3,247   3,918 

Accrued interest receivable

  4,803   4,713 

Premises and equipment

  30,046   30,785 

Foreclosed real estate

  368   538 

Cash value of bank owned life insurance

  31,082   30,725 

Goodwill

  11,109   11,109 

Other intangible assets

  3,622   4,119 

Other assets

  13,483   13,880 
         

Total assets

 $1,603,513  $1,496,292 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        
         

Deposits:

        

Non-interest bearing

 $275,819  $241,620 

Interest bearing

  1,119,277   1,060,719 

Total

  1,395,096   1,302,339 

Repurchase agreements

  24,399   13,711 

Borrowed funds

  -   6,149 

Accrued expenses and other liabilities

  28,449   22,404 
         

Total liabilities

  1,447,944   1,344,603 
         

Commitments and contingent liabilties

          
         

Stockholders' Equity:

        

Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding

  -   - 

Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: June 30, 2021 - 3,479,139

  -   - 

December 31, 2020 - 3,462,916

        

Additional paid-in capital

  30,141   29,987 

Accumulated other comprehensive income

  8,209   10,441 

Retained earnings

  117,219   111,261 
         

Total stockholders' equity

  155,569   151,689 
         

Total liabilities and stockholders' equity

 $1,603,513  $1,496,292 

 

See accompanying notes to condensed consolidated financial statements.

                
 

 

1
 

 

 

Finward Bancorp

Condensed Consolidated Statements of Income

(unaudited)

 

  

Three Months Ended

  

Six Months Ended

 

(Dollars in thousands)

 

June 30,

  

June 30,

 

(unaudited)

 

2021

  

2020

  

2021

  

2020

 

Interest income:

                

Loans receivable

                

Real estate loans

 $8,211  $9,305  $16,450  $18,662 

Commercial loans

  1,751   1,834   3,991   3,319 

Consumer loans

  313   158   580   345 

Total loan interest

  10,275   11,297   21,021   22,326 

Securities

  2,144   1,564   4,105   3,269 

Other interest earning assets

  16   44   36   179 
                 

Total interest income

  12,435   12,905   25,162   25,774 
                 

Interest expense:

                

Deposits

  549   1,380   1,200   3,444 

Repurchase agreements

  12   17   22   57 

Borrowed funds

  2   93   22   187 
                 

Total interest expense

  563   1,490   1,244   3,688 
                 

Net interest income

  11,872   11,415   23,918   22,086 

Provision for loan losses

  576   508   1,154   1,022 
                 

Net interest income after provision for loan losses

  11,296   10,907   22,764   21,064 
                 

Noninterest income:

                

Gain on sale of loans held-for-sale, net

 $1,116  $2,464  $3,165  $3,617 

Fees and service charges

  1,471   1,151   2,537   2,200 

Wealth management operations

  576   514   1,183   1,068 

Gain on sale of securities, net

  269   667   686   1,177 

Increase in cash value of bank owned life insurance

  188   188   357   357 

Gain on sale of foreclosed real estate, net

  36   43   27   103 

Other

  24   19   38   70 

Total noninterest income

 $3,680  $5,046  $7,993  $8,592 
                 

Noninterest expense:

                

Compensation and benefits

 $5,897  $5,620  $11,582  $10,930 

Occupancy and equipment

  1,324   1,295   2,696   2,704 

Data processing

  597   532   1,125   1,088 

Marketing

  195   180   394   388 

Federal deposit insurance premiums

  204   159   384   355 

Other

  2,793   2,227   5,322   4,640 

Total noninterest expense

 $11,010  $10,013  $21,503  $20,105 
                 

Income before income tax expenses

  3,966   5,940   9,254   9,551 

Income tax expenses

  395   1,089   1,140   1,587 

Net income

 $3,571  $4,851  $8,114  $7,964 
                 

Earnings per common share:

                

Basic

 $1.03  $1.40  $2.33  $2.30 

Diluted

 $1.03  $1.40  $2.33  $2.30 
                 

Dividends declared per common share

 $0.31  $0.31  $0.62  $0.62 

 

See accompanying notes to condensed consolidated financial statements.

 

2
 

 

 

Finward Bancorp

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

  

Three Months Ended

  

Six Months Ended

 

(Dollars in thousands)

 

June 30,

  

June 30,

 
  

2021

  

2020

  

2021

  

2020

 
                 

Net income

 $3,571  $4,851  $8,114  $7,964 
                 

Net change in net unrealized gains and losses on securities available-for-sale:

                

Unrealized (losses)/gains arising during the period

  5,624   1,207   (2,137)  7,319 

Less: reclassification adjustment for gains included in net income

  (269)  (667)  (686)  (1,177)

Net securities (loss)/gain during the period

  5,355   540   (2,823)  6,142 

Tax effect

  (1,126)  (112)  591   (1,289)

Net of tax amount

  4,229   428   (2,232)  4,853 
                 

Comprehensive (loss)/income, net of tax

 $7,800  $5,279  $5,882  $12,817 

 

See accompanying notes to condensed consolidated financial statements.

 

3
 

 

 

Finward Bancorp

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

 

          

Accumulated

         
      

Additional

  

Other

         
  

Common

  

Paid-in

  

Comprehensive

  

Retained

  

Total

 

(Dollars in thousands, except per share data)

 

Stock

  

Capital

  

Income

  

Earnings

  

Equity

 
                     

Balance at January 1, 2020

 $-  $29,657  $4,261  $99,624  $133,542 
                     

Comprehensive income:

                    

Net income

  -   -   -   3,113   3,113 

Net unrealized gain on securities available-for- sale, net of reclassification and tax effects

  -   -   4,425   -   4,425 

Comprehensive income

              7,538 

Net surrender value of 1,904 restricted stock awards

     (85)        (85)

Stock-based compensation expense

  -   94   -   -   94 

Cash dividends, $0.31 per share

  -   -   -   (1,074)  (1,074)
                     

Balance at March 31, 2020

 $-  $29,666  $8,686  $101,663  $140,015 
                     

Comprehensive income:

                    

Net income

  -   -   -   4,851   4,851 

Net unrealized gain on securities available-for- sale, net of reclassification and tax effects

  -   -   428   -   428 

Comprehensive income

              5,279 

Stock-based compensation expense

     108         108 

Cash dividends, $0.31 per share

  -   -   -   (1,073)  (1,073)
                     

Balance at June 30, 2020

 $-  $29,774  $9,114  $105,441  $144,329 
                     

Balance at January 1, 2021

 $-  $29,987  $10,441  $111,261  $151,689 
                     

Comprehensive income:

                    

Net income

  -   -   -   4,543   4,543 

Net unrealized loss on securities available-for- sale, net of reclassification and tax effects

  -   -   (6,461)  -   (6,461)

Comprehensive income

              (1,918)

Net surrender value of 1,711 restricted stock awards

     (68)        (68)

Stock-based compensation expense

  -   146   -   -   146 

Cash dividends, $0.31 per share

  -   -   -   (1,079)  (1,079)
                     

Balance at March 31, 2021

 $-  $30,065  $3,980  $114,725  $148,770 
                     

Comprehensive income:

                    

Net income

  -   -   -   3,571   3,571 

Net unrealized gain on securities available-for- sale, net of reclassification and tax effects

  -   -   4,229   -   4,229 

Comprehensive income

              7,800 

Net surrender value of 1,404 restricted stock awards

     (63)        (63)

Stock-based compensation expense

  -   139   -   -   139 

Cash dividends, $0.31 per share

  -   -   -   (1,077)  (1,077)
                     

Balance at June 30, 2021

 $-  $30,141  $8,209  $117,219  $155,569 

 

See accompanying notes to condensed consolidated financial statements.

 

4
 

 

 

Finward Bancorp

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

  

Six Months Ended

 

(Dollars in thousands)

 

June 30,

 
  

2021

  

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

        

Net income

 $8,114  $7,964 

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

        

Origination of loans for sale

  (85,903)  (114,170)

Sale of loans originated for sale

  94,163   113,362 

Depreciation and amortization, net of accretion

  2,041   2,186 

Amortization of mortgage servicing rights

  113   32 

Stock based compensation expense

  285   202 

Net surrender value of restricted stock awards

  (131)  (85)

Gain on sale of securities, net

  (686)  (1,177)

Gain on sale of loans held-for-sale, net

  (3,293)  (3,021)

Loss/(gain) on derivatives

  128   (298)

Gain on sale of foreclosed real estate, net

  (27)  (103)

Provision for loan losses

  1,154   1,022 

Net change in:

        

Interest receivable

  (90)  (255)

Other assets

  1,728   (1,708)

Cash value of bank owned life insurance

  (357)  (357)

Accrued expenses and other liabilities

  (3,723)  7,303 

Net cash - operating activities

  13,516   10,897 
         

CASH FLOWS FROM INVESTING ACTIVITIES:

        

Proceeds from maturities of certificates of deposits in other financial institutions

  426   531 

Proceeds from maturities and pay downs of securities available-for-sale

  43,322   31,409 

Proceeds from sales of securities available-for-sale

  19,290   35,098 

Purchase of securities available-for-sale

  (119,075)  (77,506)

Net change in loans receivable

  1,660   (70,211)

Proceeds (purchase) of Federal Home Loan Bank Stock

  671   (6)

Purchase of loans receivable

  (5,978)  (4,658)

Purchase of premises and equipment, net

  (470)  (866)

Proceeds from sale of foreclosed real estate, net

  197   575 

Net cash - investing activities

  (59,957)  (85,634)
         

CASH FLOWS FROM FINANCING ACTIVITIES:

        

Net change in deposits

  92,757   123,264 

Repayment of FHLB advances

  (6,000)  (2,000)

Change in other borrowed funds

  10,539   5,660 

Dividends paid

  (2,152)  (2,140)

Net cash - financing activities

  95,144   124,784 

Net change in cash and cash equivalents

  48,703   50,047 

Cash and cash equivalents at beginning of period

  19,922   47,258 

Cash and cash equivalents at end of period

 $68,625  $97,305 
         

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

        

Cash paid during the period for:

        

Interest

 $1,262  $3,802 

Income taxes

  2,020   - 

Noncash activities:

        

Transfers from loans to foreclosed real estate

 $-  $23 

Dividends declared not paid

  1,077   1,073 

Securities purchased not settled

  9,764   - 

 

See accompanying notes to condensed consolidated financial statements.

 

5
 

 

Finward Bancorp

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

 

Note 1 - Basis of Presentation

 

Organization and Description of Business

 

The consolidated financial statements include the accounts of Finward Bancorp (the “Bancorp” or “Finward”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp’s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp’s earnings are primarily dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by U.S. generally accepted accounting principles for complete presentation of consolidated financial statements. In the opinion of management, the consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets of the Bancorp as of June 30, 2021, and December 31, 2020, and the consolidated statements of income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2021, and 2020, and consolidated statements of cash flows for the six months ended June 30, 2021, and 2020. The income reported for the six month period ended June 30, 2021, is not necessarily indicative of the results to be expected for the full year.

 

On May 13, 2021, the Bancorp filed Articles of Amendment to its Articles of Incorporation with the Secretary of State of the State of Indiana to change the name of the company from “NorthWest Indiana Bancorp” to “Finward Bancorp.” The name change was approved by the Bancorp’s shareholders on March 3, 2021 and became effective on May 24, 2021.

 

The Notes to the Consolidated Financial Statements appearing in Finward Bancorp’s Annual Report on Form 10-K (2020 Annual Report), which include descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. The Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation.

 

Revision of Previously Issued Financial Statements

 

We have revised amounts reported in previously issued financial statements for the periods presented in this Quarterly Report on Form 10-Q related to immaterial errors. The errors relate to certain deferred costs booked related to our manufactured home loan product, which resulted in increased assets and understatements of expense in prior periods.

 

We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2020 and 2019, or for any quarterly periods included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021.

 

6
 
 

The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:

 

Consolidated Balance Sheet

            
             

As of December 31, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Loans receivable

 $966,578  $(1,432) $965,146 
Net loans receivable  954,120   (1,432)  952,688 

Other assets

  13,681   199   13,880 

Total assets

  1,497,525   (1,233)  1,496,292 

Retained earnings

  112,494   (1,233)  111,261 

Total shareholders' equity

  152,922   (1,233)  151,689 

Total liabilities and Stockholders' equity

  1,497,525   (1,233)  1,496,292 

 

Consolidated Statement of Operations

            
             

Three months ended June 30, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Compensation and benefits

 $5,371  $249  $5,620 

Total noninterest expense

  9,764   249   10,013 

Income before income tax expense

  6,189   (249)  5,940 

Income tax expenses

  1,126   (37)  1,089 

Net income

  5,063   (212)  4,851 

Earnings per common share:

            

Basic

  1.46   (0.06)  1.40 

Diluted

  1.46   (0.06)  1.40 

 

Six months ended June 30, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Compensation and benefits

 $10,588  $342  $10,930 

Total noninterest expense

  19,763   342   20,105 

Income before income tax expense

  9,893   (342)  9,551 

Income tax expenses

  1,638   (51)  1,587 

Net income

  8,255   (291)  7,964 

Earnings per common share:

            

Basic

  2.39   (0.09)  2.30 

Diluted

  2.39   (0.09)  2.30 

 

Consolidated Statements of Comprehensive Income

         
             

Three months ended June 30, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Net income

 $5,063  $(212) $4,851 

Comprehensive income, net of tax

  5,491   (212)  5,279 

 

 

Six months ended June 30, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Net income

 $8,255  $(291) $7,964 

Comprehensive income, net of tax

  13,108   (291)  12,817 

 

 

7
 
 

Consolidated Statements of Changes in Stockholders' Equity

     
             

Balance at January 1, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Retained earnings

 $100,185  $(561) $99,624 

Total equity

  134,103   (561)  133,542 
             

For the quarter ending March 31, 2020

            

Net income

  3,192   (79)  3,113 

Retained earnings

  102,303   (640)  101,663 

Total equity

  140,655   (640)  140,015 
             

For the quarter ending June 30, 2020

            

Net income

  5,063   (212)  4,851 

Retained earnings

  106,293   (852)  105,441 

Total equity

  145,181   (852)  144,329 
             

Balance at January 1, 2021

            

Retained earnings

  112,494   (1,233)  111,261 

Total equity

  152,922   (1,233)  151,689 
             

For the quarter ending March 31, 2021

            

Net income

  4,679   (136)  4,543 

Retained earnings

  116,094   (1,369)  114,725 

Total equity

  150,139   (1,369)  148,770 

 

Consolidated Statements of Cash Flows

         
             

Six months ended June 30, 2020

 

As Reported

  

Adjustment

  

As Revised

 

Net income

 $8,255  $(291) $7,964 

Net change in other assets

  (1,657)  (51)  (1,708)

Net cash - operating activities

  11,239   (342)  10,897 

Net change in loan

  (70,553)  342   (70,211)

Net cash - investing activities

  (85,976)  342   (85,634

)
 

Note 2 - Use of Estimates

Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term.

 

8
 
 
 

Note 3 - Securities

The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

 

  

(Dollars in thousands)

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair

 
  

Basis

  

Gains

  

Losses

  

Value

 

June 30, 2021

                

U.S. government sponsored entities

  10,883   5   (92)  10,796 

U.S. treasury securities

  401   -   -   401 

Collateralized mortgage obligations and residential mortgage-backed securities

  194,601   2,009   (1,249)  195,361 

Municipal securities

  255,485   11,111   (197)  266,399 

Collateralized debt obligations

  2,173   -   (1,203)  970 

Total securities available-for-sale

 $463,543  $13,125  $(2,741) $473,927 

 

  

(Dollars in thousands) 

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair