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thunderdome:item
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 September 30, 2024 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: 001-40999 |
Finward Bancorp
(Exact name of registrant as specified in its charter)
Indiana | 35-1927981 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
| |
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:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, no par value | FNWD | The NASDAQ Stock Market, LLC |
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 4,313,819 shares of the registrant’s Common Stock, without par value, outstanding at November 14, 2024.
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 |
32 |
|
|
Item 3. Quantitative and Qualitative Disclosures about Market Risk |
51 |
|
|
Item 4. Controls and Procedures |
51 |
|
|
PART II. Other Information |
52 |
|
|
SIGNATURES |
53 |
|
|
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 |
Consolidated Balance Sheet |
| | (unaudited) | | | | | |
| | September 30, | | | December 31, | |
(Dollars in thousands) | | 2024 | | | 2023 | |
| | | | | | | | |
ASSETS | | | | | | | | |
| | | | | | | | |
Cash and non-interest bearing deposits in other financial institutions | | $ | 23,071 | | | $ | 17,942 | |
Interest bearing deposits in other financial institutions | | | 48,025 | | | | 67,647 | |
Federal funds sold | | | 553 | | | | 419 | |
| | | | | | | | |
Total cash and cash equivalents | | | 71,649 | | | | 86,008 | |
| | | | | | | | |
Securities available-for-sale | | | 350,027 | | | | 371,374 | |
Loans held-for-sale | | | 2,567 | | | | 340 | |
Loans receivable, net of deferred fees and costs | | | 1,508,242 | | | | 1,512,595 | |
Less: Allowance for credit losses | | | (18,516 | ) | | | (18,768 | ) |
Net loans receivable | | | 1,489,726 | | | | 1,493,827 | |
Federal Home Loan Bank stock | | | 6,547 | | | | 6,547 | |
Accrued interest receivable | | | 7,442 | | | | 8,045 | |
Premises and equipment | | | 47,912 | | | | 38,436 | |
Foreclosed real estate | | | - | | | | 71 | |
Cash value of bank owned life insurance | | | 33,312 | | | | 32,702 | |
Goodwill | | | 22,395 | | | | 22,395 | |
Other intangible assets | | | 2,203 | | | | 3,272 | |
Other assets | | | 40,882 | | | | 45,262 | |
| | | | | | | | |
Total assets | | $ | 2,074,662 | | | $ | 2,108,279 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| | | | | | | | |
Deposits: | | | | | | | | |
Non-interest bearing | | $ | 285,157 | | | $ | 295,594 | |
Interest bearing | | | 1,463,653 | | | | 1,517,827 | |
Total | | | 1,748,810 | | | | 1,813,421 | |
Repurchase agreements | | | 43,038 | | | | 38,124 | |
Borrowed funds | | | 85,000 | | | | 80,000 | |
Accrued expenses and other liabilities | | | 38,259 | | | | 29,389 | |
| | | | | | | | |
Total liabilities | | | 1,915,107 | | | | 1,960,934 | |
| | | | | | | | |
Commitments and contingencies | | | | | | | | |
| | | | | | | | |
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: September 30, 2024 - 4,313,940 December 31, 2023 - 4,298,773 | | | - | | | | - | |
Additional paid-in capital | | | 69,916 | | | | 69,555 | |
Accumulated other comprehensive loss | | | (48,241 | ) | | | (51,613 | ) |
Retained earnings | | | 137,880 | | | | 129,403 | |
| | | | | | | | |
Total stockholders' equity | | | 159,555 | | | | 147,345 | |
| | | | | | | | |
Total liabilities and stockholders' equity | | $ | 2,074,662 | | | $ | 2,108,279 | |
See accompanying notes to consolidated financial statements.
Finward Bancorp |
Consolidated Statements of Income |
(unaudited) |
(Dollars in thousands, except per share data) |
|
Quarter Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable |
|
$ |
19,660 |
|
|
$ |
19,161 |
|
|
$ |
57,713 |
|
|
$ |
55,481 |
|
Securities |
|
|
2,138 |
|
|
|
2,246 |
|
|
|
6,524 |
|
|
|
6,852 |
|
Other interest earning assets |
|
|
674 |
|
|
|
371 |
|
|
|
2,346 |
|
|
|
1,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
|
22,472 |
|
|
|
21,778 |
|
|
|
66,583 |
|
|
|
63,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
8,946 |
|
|
|
7,066 |
|
|
|
26,350 |
|
|
|
17,258 |
|
Repurchase agreements |
|
|
435 |
|
|
|
441 |
|
|
|
1,204 |
|
|
|
892 |
|
Borrowed funds |
|
|
1,085 |
|
|
|
1,138 |
|
|
|
3,189 |
|
|
|
3,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
|
10,466 |
|
|
|
8,645 |
|
|
|
30,743 |
|
|
|
21,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
12,006 |
|
|
|
13,133 |
|
|
|
35,840 |
|
|
|
41,840 |
|
Provision for credit losses |
|
|
- |
|
|
|
244 |
|
|
|
76 |
|
|
|
1,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
12,006 |
|
|
|
12,889 |
|
|
|
35,764 |
|
|
|
40,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and service charges |
|
|
1,463 |
|
|
|
1,374 |
|
|
|
3,873 |
|
|
|
4,517 |
|
Wealth management operations |
|
|
731 |
|
|
|
572 |
|
|
|
2,127 |
|
|
|
1,812 |
|
Gain on sale of loans held-for-sale, net |
|
|
338 |
|
|
|
192 |
|
|
|
810 |
|
|
|
729 |
|
Loss on sale of securities, net |
|
|
- |
|
|
|
- |
|
|
|
(531 |
) |
|
|
(48 |
) |
Increase in cash value of bank owned life insurance |
|
|
205 |
|
|
|
193 |
|
|
|
610 |
|
|
|
573 |
|
Gain (loss) on sale of real estate |
|
|
- |
|
|
|
2 |
|
|
|
11,873 |
|
|
|
(13 |
) |
Other |
|
|
130 |
|
|
|
64 |
|
|
|
154 |
|
|
|
441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
|
2,867 |
|
|
|
2,397 |
|
|
|
18,916 |
|
|
|
8,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
6,963 |
|
|
|
6,729 |
|
|
|
21,109 |
|
|
|
21,365 |
|
Occupancy and equipment |
|
|
2,181 |
|
|
|
1,618 |
|
|
|
6,205 |
|
|
|
4,898 |
|
Data processing |
|
|
1,165 |
|
|
|
1,085 |
|
|
|
3,470 |
|
|
|
3,465 |
|
Marketing |
|
|
209 |
|
|
|
235 |
|
|
|
579 |
|
|
|
649 |
|
Federal deposit insurance premiums |
|
|
435 |
|
|
|
474 |
|
|
|
1,333 |
|
|
|
1,511 |
|
Professional and Outside Services |
|
|
1,251 |
|
|
|
1,077 |
|
|
|
4,064 |
|
|
|
2,858 |
|
Technology |
|
|
602 |
|
|
|
444 |
|
|
|
1,734 |
|
|
|
1,280 |
|
Other |
|
|
1,668 |
|
|
|
1,831 |
|
|
|
5,401 |
|
|
|
5,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
|
14,474 |
|
|
|
13,493 |
|
|
|
43,895 |
|
|
|
41,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
399 |
|
|
|
1,793 |
|
|
|
10,785 |
|
|
|
6,890 |
|
Income tax expense (benefit) |
|
|
(207 |
) |
|
|
(398 |
) |
|
|
756 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
606 |
|
|
$ |
2,191 |
|
|
$ |
10,029 |
|
|
$ |
6,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.52 |
|
|
$ |
2.35 |
|
|
$ |
1.60 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.51 |
|
|
$ |
2.35 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
$ |
0.12 |
|
|
$ |
0.31 |
|
|
$ |
0.36 |
|
|
$ |
0.93 |
|
See accompanying notes to consolidated financial statements.
Finward Bancorp
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(Dollars in thousands) |
|
Quarter Ended September 30, |
|
|
Nine months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
606 |
|
|
$ |
2,191 |
|
|
$ |
10,029 |
|
|
$ |
6,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in net unrealized gains and losses on securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) arising during the period |
|
|
13,957 |
|
|
|
(24,552 |
) |
|
|
3,907 |
|
|
|
(19,198 |
) |
Less: reclassification adjustment for losses included in net income |
|
|
- |
|
|
|
- |
|
|
|
531 |
|
|
|
48 |
|
Net securities gain (loss) during the period |
|
|
13,957 |
|
|
|
(24,552 |
) |
|
|
4,438 |
|
|
|
(19,150 |
) |
Tax effect |
|
|
(3,259 |
) |
|
|
5,889 |
|
|
|
(1,066 |
) |
|
|
4,602 |
|
Other comprehensive income (loss), net of tax |
|
|
10,698 |
|
|
|
(18,663 |
) |
|
|
3,372 |
|
|
|
(14,548 |
) |
Comprehensive income (loss) net of tax |
|
$ |
11,304 |
|
|
$ |
(16,472 |
) |
|
$ |
13,401 |
|
|
$ |
(7,679 |
) |
See accompanying notes to consolidated financial statements.
Finward Bancorp |
Consolidated Statements of Changes in Stockholder's Equity |
(unaudited) |
| | | | | | | | | | Accumulated | | | | | | | | | |
| | | | | | Additional | | | Other | | | | | | | | | |
| | Common | | | Paid-in | | | Comprehensive | | | Retained | | | Total | |
(Dollars in thousands, except per share data) | | Stock | | | Capital | | | (Loss)/Income | | | Earnings | | | Equity | |
| | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2023 | | $ | - | | | $ | 69,384 | | | $ | (60,185 | ) | | $ | 127,551 | | | $ | 136,750 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 2,191 | | | | 2,191 | |
Other comprehensive loss, net of tax | | | - | | | | - | | | | (18,663 | ) | | | - | | | | (18,663 | ) |
Stock-based compensation expense | | | - | | | | 98 | | | | - | | | | - | | | | 98 | |
Cash dividends, $0.31 per share | | | - | | | | - | | | | - | | | | (1,333 | ) | | | (1,333 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance at September 30, 2023 | | $ | - | | | $ | 69,482 | | | $ | (78,848 | ) | | $ | 128,409 | | | $ | 119,043 | |
| | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2023 | | $ | - | | | $ | 69,032 | | | $ | (64,300 | ) | | $ | 131,661 | | | $ | 136,393 | |
| | | | | | | | | | | | | | | | | | | | |
Impact of adoption of ASU No. 2016-13 | | | - | | | | - | | | | - | | | | (6,118 | ) | | | (6,118 | ) |
Net income | | | - | | | | - | | | | - | | | | 6,869 | | | | 6,869 | |
Other comprehensive loss, net of tax | | | - | | | | - | | | | (14,548 | ) | | | - | | | | (14,548 | ) |
Net surrender value of 5,684 restricted stock awards | | | - | | | | (196 | ) | | | - | | | | - | | | | (196 | ) |
Stock-based compensation expense | | | - | | | | 646 | | | | - | | | | - | | | | 646 | |
Cash dividends, $0.93 per share | | | - | | | | - | | | | - | | | | (4,003 | ) | | | (4,003 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance at September 30, 2023 | | $ | - | | | $ | 69,482 | | | $ | (78,848 | ) | | $ | 128,409 | | | $ | 119,043 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2024 | | $ | - | | | $ | 69,778 | | | $ | (58,939 | ) | | $ | 137,792 | | | $ | 148,631 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 606 | | | | 606 | |
Other comprehensive income, net of tax | | | - | | | | - | | | | 10,698 | | | | - | | | | 10,698 | |
Stock-based compensation expense | | | - | | | | 138 | | | | - | | | | - | | | | 138 | |
Cash dividends, $0.12 per share | | | - | | | | - | | | | - | | | | (518 | ) | | | (518 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance at September 30, 2024 | | $ | - | | | $ | 69,916 | | | $ | (48,241 | ) | | $ | 137,880 | | | $ | 159,555 | |
| | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2024 | | $ | - | | | $ | 69,555 | | | $ | (51,613 | ) | | $ | 129,403 | | | $ | 147,345 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 10,029 | | | | 10,029 | |
Other comprehensive income, net of tax | | | - | | | | - | | | | 3,372 | | | | - | | | | 3,372 | |
Net surrender value of 3,364 restricted stock awards | | | - | | | | (82 | ) | | | - | | | | - | | | | (82 | ) |
Stock-based compensation expense | | | - | | | | 443 | | | | - | | | | - | | | | 443 | |
Cash dividends, $0.36 per share | | | - | | | | - | | | | - | | | | (1,552 | ) | | | (1,552 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance at September 30, 2024 | | $ | - | | | $ | 69,916 | | | $ | (48,241 | ) | | $ | 137,880 | | | $ | 159,555 | |
See accompanying notes to consolidated financial statements.
Finward Bancorp |
Consolidated Statements of Cash Flows |
(unaudited) |
(Dollars in thousands) |
|
Nine months ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,029 |
|
|
$ |
6,869 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Origination of loans for sale |
|
|
(22,536 |
) |
|
|
(30,374 |
) |
Sale of loans originated for sale |
|
|
21,051 |
|
|
|
30,568 |
|
Depreciation and amortization, net of accretion |
|
|
5,532 |
|
|
|
5,076 |
|
Stock based compensation expense |
|
|
443 |
|
|
|
646 |
|
Cash payments for lease liabilities |
|
|
(965 |
) |
|
|
- |
|
Loss on sale of securities, net |
|
|
531 |
|
|
|
48 |
|
Gain on sale of loans held-for-sale, net |
|
|
(744 |
) |
|
|
(717 |
) |
Gain on sale of real estate |
|
|
(11,873 |
) |
|
|
- |
|
Gain on sale of foreclosed real estate |
|
|
(1 |
) |
|
|
- |
|
Increase of cash value of bank owned life insurance |
|
|
(610 |
) |
|
|
(573 |
) |
Gain on derivatives |
|
|
(66 |
) |
|
|
(12 |
) |
Provision for credit losses |
|
|
76 |
|
|
|
1,246 |
|
Change in: |
|
|
|
|
|
|
|
|
Interest receivable |
|
|
603 |
|
|
|
(443 |
) |
Interest payable |
|
|
(2,294 |
) |
|
|
2,699 |
|
Other assets |
|
|
3,134 |
|
|
|
(2,430 |
) |
Accrued expenses and other liabilities |
|
|
(3,310 |
) |
|
|
9,769 |
|
Total adjustments |
|
|
(11,029 |
) |
|
|
15,503 |
|
Net cash provided by (used in) operating activities |
|
|
(1,000 |
) |
|
|
22,372 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from maturities of certificates of deposit in other financial institutions |
|
|
- |
|
|
|
2,456 |
|
Proceeds from maturities and pay downs of securities available-for-sale |
|
|
9,486 |
|
|
|
10,950 |
|
Proceeds from sales of securities available-for-sale |
|
|
14,698 |
|
|
|
476 |
|
Purchase of securities available-for-sale |
|
|
- |
|
|
|
(123 |
) |
Net change in loans receivable |
|
|
3,891 |
|
|
|
(12,612 |
) |
Purchase of premises and equipment |
|
|
(2,852 |
) |
|
|
(784 |
) |
Proceeds from sale of premises and equipment |
|
|
17,677 |
|
|
|
- |
|
Proceeds from sale of foreclosed real estate |
|
|
72 |
|
|
|
- |
|
Net cash provided by investing activities |
|
|
42,972 |
|
|
|
363 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Change in deposits |
|
|
(64,611 |
) |
|
|
9,020 |
|
Proceeds from borrowed funds |
|
|
150,000 |
|
|
|
150,000 |
|
Repayment of borrowed funds |
|
|
(145,000 |
) |
|
|
(170,000 |
) |
Net surrender value of restricted stock awards |
|
|
(82 |
) |
|
|
(196 |
) |
Change in repurchase agreements |
|
|
4,914 |
|
|
|
32,807 |
|
Dividends paid |
|
|
(1,552 |
) |
|
|
(4,000 |
) |
Net cash provided by (used in) financing activities |
|
|
(56,331 |
) |
|
|
17,631 |
|
Net change in cash and cash equivalents |
|
|
(14,359 |
) |
|
|
40,366 |
|
Cash and cash equivalents at beginning of period |
|
|
86,008 |
|
|
|
31,282 |
|
Cash and cash equivalents at end of period |
|
$ |
71,649 |
|
|
$ |
71,648 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
33,038 |
|
|
$ |
18,987 |
|
Income taxes |
|
|
385 |
|
|
|
335 |
|
Noncash activities: |
|
|
|
|
|
|
|
|
Transfers from loans to foreclosed real estate |
|
|
- |
|
|
|
64 |
|
Dividends declared not paid |
|
|
518 |
|
|
|
1,333 |
|
Transfer of premises and equipment to other real estate |
|
|
- |
|
|
|
64 |
|
Initial recognition of ASU 2016-13 |
|
|
- |
|
|
|
8,266 |
|
Right-of-use asset obtained in exchange for lease liability |
|
|
16,140 |
|
|
|
- |
|
See accompanying notes to consolidated financial statements.
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 “FNWD”) 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 has no other business activity other than being a holding company for the Bank and 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 September 30, 2024, and December 31, 2023, and the consolidated statements of income, comprehensive income (loss), and changes in stockholders’ equity for the three and nine months ended September 30, 2024, and 2023, and consolidated statements of cash flows for the nine months ended September 30, 2024, and 2023. The income reported for the nine months ended September 30, 2024, is not necessarily indicative of the results to be expected for the full year.
The Notes to the Consolidated Financial Statements appearing in Finward Bancorp’s Annual Report on Form 10-K (2023 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, 2023, 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.
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 credit 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.
Note 3 – Accounting Pronouncements Recently Adopted or Issued
In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This guidance is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. The Bancorp adopted ASU 2022-03 effective January 1, 2024 without material effect on its accounting and disclosures.
In March 2023, the FASB issued Accounting Standards (ASU) No. 2023-02 “Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. The Bancorp adopted ASU 2023-02 effective January 1, 2024 without material effect on its accounting and disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires all public entities to provide enhanced disclosures about significant segment expenses. The amendments in this ASU are to be applied retrospectively and are effective for our annual financial statements starting in fiscal 2024 and interim periods starting in fiscal 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard, but do not expect it to have a material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid and to improve the effectiveness of income tax disclosures. This accounting standards update will be effective for us for fiscal year 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard, but do not expect it to have a material impact on our consolidated financial statements.
In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of FASB Accounting Standards Codification (FASB ASC) 718, Compensation—Stock Compensation. This accounting standards update will be effective for us for fiscal year 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard, but do not expect it to have a material impact on our consolidated financial statements.
In March 2024, the FASB issued ASU 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements, which removes references to various FASB Concepts Statements. Note that this ASU finalizes amendments proposed in Section A of the 2019 proposed ASU, Codification Improvements, issued in November 2019. Amendments are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of this accounting standard, but we do not expect it to have a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this accounting standard, but we do not expect it to have a material impact on our consolidated financial statements.
Note 4 - 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 | |
September 30, 2024 | | | | | | | | | | | | | | | | |
U.S. government sponsored entities | | $ | 8,884 | | | $ | - | | | $ | (716 | ) | | $ | 8,168 | |
Collateralized mortgage obligations and residential mortgage-backed securities | | | 138,909 | | | | - | | | | (22,362 | ) | | | 116,547 | |
Municipal securities | | | 263,540 | | | | - | | | | (39,668 | ) | | | 223,872 | |
Collateralized debt obligations | | | 2,159 | | | | - | | | | (719 | ) | | | 1,440 | |
Total securities available-for-sale | | $ | 413,492 | | | $ | - | | | $ | (63,465 | ) | | $ | 350,027 | |
| | (Dollars in thousands) | |
| | | | | | Gross | | | Gross | | | Estimated | |
| | Cost | | | Unrealized | | | Unrealized | | | Fair | |
| | Basis | | | Gains | | | Losses | | | Value | |
December 31, 2023 | | | | | | | | | | | | | | | | |
U.S. government sponsored entities | | $ | 8,884 | | | $ | - | | | $ | (1,001 | ) | | $ | 7,883 | |
Collateralized mortgage obligations and residential mortgage-backed securities | | | 149,410 | | | | - | | | | (25,946 | ) | | | 123,464 | |
Municipal securities | | | 278,813 | | | | 60 | | | | (40,203 | ) | | | 238,670 | |
Collateralized debt obligations | | | 2,170 | | | | - | | | | (813 | ) | | | 1,357 | |
Total securities available-for-sale | | $ | 439,277 | | | $ | 60 | | | $ | (67,963 | ) | | $ | 371,374 | |
The cost basis and estimated fair value of available-for-sale debt securities at September 30, 2024, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
| | (Dollars in thousands) | |
| | Available-for-sale | |
| | | | | | Estimated | |
| | Cost | | | Fair | |
September 30, 2024 | | Basis | | | Value | |
Due in one year or less | | $ | 250 | | | $ | 250 | |
Due from one to five years | | | 10,904 | | | | 10,017 | |
Due from five to ten years | | | 26,534 | | | | 24,185 | |
Due over ten years | | | 236,895 | | | | 199,028 | |
| | | | | | | | |
Collateralized mortgage obligations and residential mortgage-backed securities | | | 138,909 | | | | 116,547 | |
Total | | $ | 413,492 | | | $ | 350,027 | |
Sales of available-for-sale securities were as follows for the quarter ended:
| | (Dollars in thousands) | |
| | September 30, | | | September 30, | |
| | 2024 | | | 2023 | |
| | | | | | | | |
Proceeds | | $ | - | | | $ | 124 | |
Gross gains | | | - | | | | - | |
Gross losses | | | - | | | | - | |
Sales of available-for-sale securities were as follows for the nine months ended:
| | (Dollars in thousands) | |
| | September 30, | | | September 30, | |
| | 2024 | | | 2023 | |
| | | | | | | | |
Proceeds | | $ | 14,698 | | | $ | 476 | |
Gross gains | | | - | | | | - | |
Gross losses | | | (531 | ) | | | (48 | ) |
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
| | (Dollars in thousands) | |
| | Unrealized loss | |
Ending balance, June 30, 2023 | | $ | (60,185 | ) |
Period change | | | (18,663 | ) |
Ending balance, September 30, 2023 | | $ | (78,848 | ) |
| | (Dollars in thousands) | |
| | Unrealized gain (loss) | |
Ending balance, June 30, 2024 | | $ | (58,939 | ) |
Current period change | | | 10,698 | |
Ending balance, September 30, 2024 | | $ | (48,241 | ) |
| | (Dollars in thousands) | |
| | Unrealized loss | |
Ending balance, December 31, 2022 | | $ | (64,300 | ) |
Period change | | | (14,548 | ) |
Ending balance, September 30, 2023 | | $ | (78,848 | ) |
| | (Dollars in thousands) | |
| | Unrealized gain (loss) | |
Ending balance, December 31, 2023 | | $ | (51,613 | ) |
Current period change | | | 3,372 | |
Ending balance, September 30, 2024 | | $ | (48,241 | ) |
Securities with market values of approximately $342.3 million and $324.1 million were pledged as of September 30, 2024 and December 31, 2023, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.
Securities with unrealized losses at September 30, 2024, and December 31, 2023 not recognized in income are as follows: