1
Exhibit 99.1
July 29, 2025 
finward_rgba.jpg
Finward Bancorp Announces Second Quarter 2025 Results
Munster, Indiana - Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the
“Bank”), today announced that net income available to common stockholders was $2.2 million, or $0.50 per diluted share,
for the quarter ended June 30, 2025, as compared to $455 thousand, or $0.11 per diluted share, for the quarter ended
March 31, 2025. Selected performance metrics are as follows for the periods presented:
Performance Ratios
Quarter ended
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
Return on equity
5.66%
1.17%
5.39%
1.60%
0.39%
Return on assets
0.42%
0.09%
0.41%
0.12%
0.03%
Net interest margin, tax-equivalent  (non-GAAP)
3.11%
2.95%
2.79%
2.66%
2.67%
Non-interest income/average assets
0.53%
0.43%
0.72%
0.55%
0.50%
Non-interest expense/average assets
2.90%
2.81%
2.75%
2.80%
2.79%
Efficiency ratio
88.92%
93.11%
87.20%
97.32%
98.56%
“Our team has been focused on improving core operating results over the past several quarters, and this quarter has begun
to show the results of those efforts. Net interest margin expanded for another consecutive quarter and is above 3% on a tax-
equivalent basis. Importantly, we have moved Tier 1 capital up above key internal targets, and asset quality has remained
relatively stable. Net recoveries were a strong point, and supported overall profitability and credit quality.  Seasonal and
timing factors impacted operating expense and non-interest income, and we see continued opportunity in both areas as the
year moves forward,” said Benjamin Bochnowski, CEO.
Highlights of the current period include:
•Net Interest Margin - The net interest margin for the quarter ended June 30, 2025 was 2.97% compared to 2.81% for
the quarter ended March 31, 2025. Net interest margin on a tax-equivalent basis (a non-GAAP measure) for the quarter
ended June 30, 2025 was 3.11%, as compared to 2.95% for the quarter ended March 31, 2025. The increased net
interest margin from the prior quarter is primarily the result of increased loan yields from repricing, as well as 
improved funding costs and mix.
•Funding - As of June 30, 2025, deposits totaled $1.8 billion, an increase of $4.5 million, or 0.3% compared with
March 31, 2025 balances, which also totaled $1.8 billion. As of June 30, 2025, non-interest-bearing deposits totaled
$271.2 million, a decrease of $10.3 million. Core deposits totaled $1.2 billion at June 30, 2025 and March 31, 2025.
Core deposits include checking, savings, and money market accounts and represented 69.1% of the Bancorp’s total
deposits at June 30, 2025. As of June 30, 2025, balances for certificates of deposit totaled $542.7 million, compared to
$544.8 million on March 31, 2025, a decrease of $2.1 million or 0.4%. The increase in total portfolio deposits is
primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of June 30, 2025,
borrowings and repurchase agreements totaled $113.3 million, an increase of $11.6 million or 11.4%, compared to
March 31, 2025. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-
earning assets and interest-bearing liabilities.
As of June 30, 2025, 71.7% of our deposits are fully FDIC insured, and another 8.0% are further backed by the Indiana
Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer
relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources.
As of June 30, 2025, the Bancorp had available liquidity of $728 million including borrowing capacity from the FHLB
and Federal Reserve facilities.
2
Exhibit 99.1
•Securities Portfolio - Securities available for sale balances decreased by $2.3 million to $327.8 million as of June 30,
2025, compared to $330.1 million as of March 31, 2025. The decrease in securities available for sale was primarily due
to payoffs of collateralized mortgage obligations and residential mortgage-backed securities within the portfolio. The
yield on the securities portfolio increased to 2.42% for the three months ended June 30, 2025 from 2.38% for the three
months ended March 31, 2025. Management did not execute any securities sale transactions during the quarter.
•Lending - The Bank’s aggregate loan portfolio totaled $1.5 billion on both June 30, 2025 and March 31, 2025. During
the three months ended June 30, 2025, the Bank originated $46.1 million in new commercial loans, compared to $36.7
million during the three months ended March 31, 2025.  At June 30, 2025, the Bancorp’s portfolio loan balances in
commercial real estate owner occupied properties totaled $251.0 million or 16.9% of total loan balances and
commercial real estate non-owner occupied properties totaled $299.9 million or 20.1% of total loan balances. Of the
$299.9 million in commercial real estate non-owner occupied properties balances, loans collateralized by office
buildings represented $42.1 million or 2.8% of total loan balances.
•Asset Quality - At June 30, 2025, non-performing loans totaled $13.5 million, compared to $12.5 million at March 31,
2025, an increase of $1.0 million or 8.4%. The Bank’s ratio of non-performing loans to total loans was 0.91% at
June 30, 2025, compared to 0.84% at March 31, 2025. The Bank’s ratio of non-performing assets to total assets
increased to 0.74% at June 30, 2025 from 0.69% at March 31, 2025. Management maintains a vigilant oversight of
nonperforming loans through proactive relationship management.
    The allowance for credit losses (ACL) on loans totaled $18.2 million at June 30, 2025, or 1.22% of total loans
receivable, compared to $17.9 million at March 31, 2025, or 1.20% of total loans receivable, an increase of $229
thousand or 1.3%. The Bank's unused commitment reserve, included in other liabilities, totaled $2.0 million at June 30,
2025, compared to $2.1 million at March 31, 2025, a decrease of $89 thousand or 4.2%.
      For the quarter ended June 30, 2025, the Bank recorded a net benefit from credit loss totaling $274 thousand based on
net loan recoveries, reduction of certain loan and unfunded commitment segment balances, and other factors within the
Bank's ACL modeling. The second quarter's benefit consisted of a $185 thousand reversal for credit losses on loans,
and a $89 thousand reversal of credit losses on unused commitments. For the quarter ended June 30, 2025, net loan
recoveries totaled $414 thousand, compared to net charge-offs of $33 thousand for the quarter ended March 31, 2025. 
The allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 133.0% at June 30,
2025, compared to 143.8% at March 31, 2025.
•Operating Expenses - Non-interest expense as a percentage of average assets was 2.90% for the quarter ended
June 30, 2025, as compared to 2.81% for the quarter ended March 31, 2025. The increase in non-interest expenses
quarter over quarter was primarily attributable to higher data processing expenses and higher marketing expenses. The
Bank remains focused on identifying additional operating efficiencies and third-party expense reductions.
•Capital Adequacy - As of June 30, 2025, the Bank’s tier 1 leverage ratio was 8.69%, an improvement of 0.21%
compared to 8.48% at March 31, 2025. The Bank’s capital continues to exceed all applicable regulatory capital
requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share (non-GAAP) was $30.16 at
June 30, 2025, up from $29.55 as of March 31, 2025. Tangible common equity to total assets (non-GAAP) was 6.32%
at June 30, 2025, up from 6.26% as of March 31, 2025. Excluding accumulated other comprehensive losses, tangible
book value per share (non-GAAP) increased to $43.47 as of June 30, 2025, from $43.02 as of March 31, 2025.
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Exhibit 99.1
Disclosures Regarding Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain
financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which
consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses,
tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible
common equity/total assets, tangible common equity adjusted for other comprehensive loss/total assets, net interest margin
on a tax-equivalent basis, and efficiency ratio which can vary from period to period, provides a better comparison of period
to period operating performance. The net interest income and net interest margin on a tax-equivalent basis measures
recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt
securities and loans are presented using the current federal corporate income tax rate of 21%. Management believes that it
is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent
basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this
information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such
information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance
with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other
companies. Refer to the "Reconciliation of non-GAAP Financial Measures" below for more information.
About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana,
whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of
personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties
in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC
under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services,
and Finward Bancorp’s investor relations.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth
and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for
forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this
communication should be considered in conjunction with the other information available about the Bancorp, including the
information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or
forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on
management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are
typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and
similar expressions in connection with any discussion of future operating or financial performance.
Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual
results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause
actual results to differ materially include: changes in domestic and international trade policies, including tariffs and other
non-tariff barriers, and the effects of such changes on the Bank and its customers; risks related to the development and use
of artificial intelligence (AI); the Bank’s ability to demonstrate compliance with the terms of the previously disclosed
consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance
Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the
satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of
understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as
well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market
value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or
otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and
deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives;
competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other
consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and
timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance
Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and
legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from
those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the
SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters
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Exhibit 99.1
attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary
statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-
looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends
or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts
of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that
our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will
repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or
dividends.
FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575
5
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Performance Ratios
Quarter Ended
Six Months Ended
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
6/30/2025
6/30/2024
Return on equity
5.66%
1.17%
5.39%
1.60%
0.39%
3.39%
12.81%
Return on assets
0.42%
0.09%
0.41%
0.12%
0.03%
0.25%
0.91%
Yield on loans
5.36%
5.25%
5.27%
5.22%
5.11%
5.31%
5.06%
Yield on security investments
2.42%
2.38%
2.34%
2.37%
2.43%
2.40%
2.40%
Total yield on earning assets
4.82%
4.71%
4.74%
4.70%
4.64%
4.77%
4.58%
Cost of interest-bearing deposits
2.12%
2.17%
2.41%
2.47%
2.37%
2.14%
2.37%
Cost of repurchase agreements
3.32%
3.35%
3.65%
4.04%
3.86%
3.34%
3.87%
Cost of borrowed funds
3.91%
4.12%
4.31%
4.56%
4.95%
4.01%
4.69%
Total cost of interest-bearing liabilities
2.22%
2.28%
2.53%
2.63%
2.55%
2.25%
2.53%
Net interest margin
2.97%
2.81%
2.65%
2.53%
2.53%
2.89%
2.47%
Net interest margin, tax-equivalent (non-GAAP) (1)
3.11%
2.95%
2.79%
2.66%
2.67%
3.03%
2.62%
Non-interest income/average assets
0.53%
0.43%
0.72%
0.55%
0.50%
0.48%
1.54%
Non-interest expense/average assets
2.90%
2.81%
2.75%
2.80%
2.79%
2.86%
2.83%
Efficiency ratio (non-GAAP) (1)
88.92%
93.11%
87.20%
97.32%
98.56%
90.95%
73.77%
Non-performing assets to total assets
0.74%
0.69%
0.74%
0.73%
0.61%
0.74%
0.61%
Non-performing loans to total loans
0.91%
0.84%
0.91%
0.92%
0.75%
0.91%
0.75%
Allowance for credit losses to non-performing loans
133.01%
143.84%
123.10%
134.12%
161.17%
133.01%
161.17%
Allowance for credit losses to loans receivable
1.22%
1.20%
1.12%
1.23%
1.22%
1.22%
1.22%
Net charge-offs (recoveries) as a percentage of average
loans receivable
(0.11%)
0.01%
0.59%
0.05%
0.01%
(0.05%)
0.01%
Basic earnings per share
$0.50
$0.11
$0.49
$0.14
$0.03
$0.61
$2.21
Diluted earnings per share
$0.50
$0.11
$0.49
$0.14
$0.03
$0.61
$2.21
Weighted average common shares outstanding—basic
4,271,952
4,266,976
4,261,079
4,260,809
4,259,695
4,269,478
4,258,181
Weighted average common shares outstanding—diluted
4,291,319
4,284,496
4,286,742
4,281,148
4,271,052
4,287,877
4,266,415
Stockholders' equity/total assets
7.48%
7.44%
7.35%
7.69%
7.16%
7.48%
7.16%
Tangible common equity to total assets (non-GAAP) (1)
6.32%
6.26%
6.17%
6.51%
5.95%
6.32%
5.95%
Tangible common equity adjusted for accumulated
other comprehensive loss to total assets (non-GAAP) (1)
9.11%
9.12%
8.99%
8.83%
8.79%
9.11%
8.79%
Book value per share
$35.67
$35.10
$35.10
$36.99
$34.45
$35.67
$34.45
Tangible common book value per share (non-GAAP) (1)
$30.16
$29.55
$29.48
$31.28
$28.67
$30.16
$28.67
Tangible common book value per share adjusted for 
accumulated other comprehensive loss (non-GAAP) (1)
$43.47
$43.02
$42.94
$42.47
$42.33
$43.47
$42.33
Closing stock price
$27.62
$29.10
$28.11
$31.98
$24.52
$27.62
$24.52
Dividends declared per common share
$0.12
$—
$0.12
$0.12
$0.12
$0.12
$0.24
(1)See the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures on pg 13.
6
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Average Balances, Interest, Rates
Quarter Ended
June 30, 2025
March 31, 2025
December 31, 2024
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/Rate
ASSETS
Interest bearing deposits in other
financial institutions
$57,749
$614
4.25%
$53,553
$540
4.03%
$50,271
$650
5.17%
Federal funds sold
868
8
3.69%
1,375
12
3.49%
891
9
4.04%
Securities available-for-sale
327,867
1,980
2.42%
336,060
1,998
2.38%
343,411
2,011
2.34%
Loans receivable
1,486,861
19,940
5.36%
1,498,312
19,655
5.25%
1,504,233
19,802
5.27%
Federal Home Loan Bank stock
6,547
128
7.82%
6,547
136
8.31%
6,547
123
7.51%
Total interest earning assets
1,879,892
$22,670
4.82%
1,895,847
$22,341
4.71%
1,905,353
$22,595
4.74%
Cash and non-interest bearing
deposits in other financial
institutions
27,192
27,919
27,360
Allowance for credit losses
(18,028)
(16,946)
(18,110)
Other non-interest bearing assets
152,880
153,148
154,707
Total assets
$2,041,936
$2,059,968
$2,069,310
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing deposits
$1,470,225
$7,780
2.12%
$1,481,377
$8,044
2.17%
$1,465,198
$8,811
2.41%
Repurchase agreements
44,401
368
3.32%
41,631
349
3.35%
43,372
396
3.65%
Borrowed funds
58,995
577
3.91%
61,613
635
4.12%
72,536
781
4.31%
Total interest bearing liabilities
1,573,621
$8,725
2.22%
1,584,621
$9,028
2.28%
1,581,106
$9,988
2.53%
Non-interest bearing deposits
278,620
279,013
289,467
Other non-interest bearing
liabilities
37,703
40,923
42,944
Total liabilities
1,889,944
1,904,557
1,913,517
Total stockholders' equity
151,992
155,411
155,793
Total liabilities and
stockholders' equity
$2,041,936
$2,059,968
$2,069,310
Net interest income
$13,945
$13,313
$12,607
Return on average assets
0.42%
0.09%
0.41%
Return on average equity
5.66%
1.17%
5.39%
Net interest margin
2.97%
2.81%
2.65%
Net interest margin, tax-equivalent
(non-GAAP)(1)
3.11%
2.95%
2.79%
Net interest spread
2.62%
2.43%
2.21%
Ratio of interest-earning assets to
interest-bearing liabilities
1.19x
1.20x
1.21x
(1)See the reconciliation of non-GAAP measures to the most directly comparable GAAP measures on pg 13.
7
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Consolidated Balance Sheets
As of
(Dollars in thousands)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
ASSETS
Cash and non-interest bearing deposits in other financial institutions
$23,027
$18,563
$17,883
$23,071
$19,061
Interest bearing deposits in other financial institutions
79,976
52,829
52,047
48,025
63,439
Federal funds sold
411
975
654
553
707
Total cash and cash equivalents
103,414
72,367
70,584
71,649
83,207
Securities available-for-sale
327,845
330,127
333,554
350,027
339,585
Loans held-for-sale
834
2,849
1,253
2,567
1,185
Loans receivable, net of deferred fees and costs
1,489,486
1,491,696
1,508,976
1,508,242
1,506,398
Less: allowance for credit losses
(18,184)
(17,955)
(16,911)
(18,516)
(18,330)
Net loans receivable
1,471,302
1,473,741
1,492,065
1,489,726
1,488,068
Federal Home Loan Bank stock
6,547
6,547
6,547
6,547
6,547
Accrued interest receivable
7,651
7,821
7,721
7,442
7,695
Premises and equipment
46,179
46,680
47,259
47,912
48,696
Cash value of bank owned life insurance
33,932
33,712
33,514
33,312
33,107
Goodwill
22,395
22,395
22,395
22,395
22,395
Other intangible assets
1,414
1,635
1,860
2,203
2,555
Other assets
41,470
41,840
43,947
40,882
44,027
Total assets
$2,062,983
$2,039,714
$2,060,699
$2,074,662
$2,077,067
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing
$271,172
$281,461
$263,324
$285,157
$286,784
Interest bearing
1,483,678
1,468,923
1,497,242
1,463,653
1,469,970
Total
1,754,850
1,750,384
1,760,566
1,748,810
1,756,754
Repurchase agreements
48,331
45,053
40,116
43,038
42,973
Borrowed funds
65,000
56,657
65,000
85,000
85,000
Accrued expenses and other liabilities
40,549
35,813
43,603
38,259
43,709
Total liabilities
1,908,730
1,887,907
1,909,285
1,915,107
1,928,436
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(1)
-
-
-
-
-
Additional paid-in capital
70,263
70,132
70,034
69,916
69,778
Accumulated other comprehensive loss
(57,560)
(58,244)
(58,084)
(48,241)
(58,939)
Retained earnings
141,550
139,919
139,464
137,880
137,792
Total stockholders' equity
154,253
151,807
151,414
159,555
148,631
Total liabilities and stockholders' equity
$2,062,983
$2,039,714
$2,060,699
$2,074,662
$2,077,067
(1) Shares of common stock issued and outstanding were at 4,324,889 at 6/30/2025; 4,324,485 at 3/31/2025; 4,313,698 at 12/31/24; 4,313,940 at 9/30/24;
and 4,313,940 at 6/30/24. 
8
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Consolidated Statements of Income
Quarter Ended
(Dollars in thousands, except per share data)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
Interest income:
Loans
$19,940
$19,655
$19,802
$19,660
$19,174
Securities & short-term investments
2,730
2,686
2,793
2,812
2,953
Total interest income
22,670
22,341
22,595
22,472
22,127
Interest expense:
Deposits
7,780
8,045
8,812
8,946
8,610
Borrowings
945
983
1,176
1,520
1,463
Total interest expense
8,725
9,028
9,988
10,466
10,073
Net interest income
13,945
13,313
12,607
12,006
12,054
Provision for (benefit from) credit losses
(274)
454
(579)
-
76
Net interest income after provision for credit losses
14,219
12,859
13,186
12,006
11,978
Non-interest income:
Fees and service charges
1,330
1,109
1,439
1,463
1,257
Wealth management operations
696
619
728
731
763
Gain on tax credit investment
-
67
1,236
-
-
Gain on sale of loans held-for-sale, net
378
230
328
338
320
Increase in cash value of bank owned life insurance
220
198
202
205
212
Gain (loss) on sale of real estate
-
-
(212)
-
15
Other
59
6
11
130
6
Total non-interest income
2,683
2,229
3,732
2,867
2,573
Non-interest expense:
Compensation and benefits
7,313
7,372
6,628
6,963
7,037
Occupancy and equipment
1,935
2,111
2,045
2,181
2,116
Data processing
1,341
1,039
1,202
1,165
1,135
Federal deposit insurance premiums
471
433
457
435
397
Marketing
214
86
220
209
212
Professional and outside services
1,115
1,260
1,341
1,251
1,257
Technology
545
454
509
602
507
Other
1,852
1,717
1,845
1,668
1,756
Total non-interest expense
14,786
14,472
14,247
14,474
14,417
Income before income taxes
2,116
616
2,671
399
134
Income tax expenses (benefit)
(35)
161
569
(207)
(9)
Net income
$2,151
$455
$2,102
$606
$143
Earnings per common share:
Basic
$0.50
$0.11
$0.49
$0.14
$0.03
Diluted
$0.50
$0.11
$0.49
$0.14
$0.03
9
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Consolidated Statements of Income (cont'd)
Six Months Ended
(Dollars in thousands, except per share data)
6/30/2025
6/30/2024
Interest income:
Loans
$39,595
$38,053
Securities & short-term investments
5,416
6,058
Total interest income
45,011
44,111
Interest expense:
Deposits
15,825
17,404
Borrowings
1,928
2,873
Total interest expense
17,753
20,277
Net interest income
27,258
23,834
Provision for credit losses
180
76
Net interest income after provision for credit losses
27,078
23,758
Non-interest income:
Fees and service charges
2,439
2,410
Wealth management operations
1,315
1,396
Gain on tax credit investment
67
-
Gain on sale of loans held-for-sale, net
608
472
Increase in cash value of bank owned life insurance
418
405
Gain on sale of real estate
-
11,873
Loss on sale of securities, net
-
(531)
Other
65
24
Total non-interest income
4,912
16,049
Non-interest expense:
Compensation and benefits
14,685
14,146
Occupancy and equipment
4,046
4,024
Data processing
2,380
2,305
Federal deposit insurance premiums
904
898
Marketing
300
370
Professional and outside services
2,375
2,814
Technology
999
1,132
Other
3,569
3,732
Total non-interest expense
29,258
29,421
Income before income taxes
2,732
10,386
Income tax expenses
126
963
Net income
$2,606
$9,423
Earnings per common share:
Basic
$0.61
$2.21
Diluted
$0.61
$2.21
10
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Loans
As of
(Dollars in thousands)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
6/30/2025 vs
3/31/2025
6/30/2025 vs
6/30/2024
Residential real estate
$456,256
$458,424
$467,293
$471,156
$475,371
$(2,168)
(0.5)%
$(19,115)
(4.0)%
Home equity
51,112
49,752
49,758
49,106
48,435
1,360
2.7%
2,677
5.5%
Commercial real estate
551,091
554,866
551,674
539,972
529,421
(3,775)
(0.7)%
21,670
4.1%
Construction and land development
74,895
86,728
82,874
87,923
88,699
(11,833)
(13.6)%
(13,804)
(15.6)%
Multifamily
206,540
204,964
212,455
218,037
219,841
1,576
0.8%
(13,301)
(6.1)%
Commercial business
105,636
99,519
104,246
97,900
98,402
6,117
6.1%
7,234
7.4%
Consumer
2,347
504
551
522
611
1,843
365.7%
1,736
284.1%
Manufactured homes
25,146
25,762
26,708
27,462
28,721
(616)
(2.4)%
(3,575)
(12.4)%
Government
14,628
9,279
11,024
12,969
14,014
5,349
57.6%
614
4.4%
Loans receivable
1,487,651
1,489,798
1,506,583
1,505,047
1,503,515
(2,147)
(0.1)%
(15,864)
(1.1)%
Net deferred loan origination costs
2,012
2,209
2,439
2,606
3,054
(197)
(8.9)%
(1,042)
(34.1)%
Loan clearing funds
(177)
(311)
(46)
589
(171)
134
(43.1)%
(6)
3.5%
Loans receivable, net
$1,489,486
$1,491,696
$1,508,976
$1,508,242
$1,506,398
$(2,210)
(0.1)%
$(16,912)
(1.1)%
Deposits
As of
(Dollars in thousands)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
6/30/2025 vs
3/31/2025
6/30/2025 vs
6/30/2024
Checking
$593,471
$589,403
$591,487
$579,132
$603,730
$4,068
0.7%
$(10,259)
(1.7)%
Savings
266,070
274,028
275,121
279,126
288,920
(7,958)
(2.9)%
(22,850)
(7.9)%
Money market
352,616
342,106
333,705
328,329
322,939
10,510
3.1%
29,677
9.2%
Certificates of deposit
542,693
544,847
560,253
562,223
541,165
(2,154)
(0.4)%
1,528
0.3%
Total deposits
$1,754,850
$1,750,384
$1,760,566
$1,748,810
$1,756,754
$4,466
0.3%
$(1,904)
(0.1)%
11
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Asset Quality
As of and for the Quarter Ended
(Dollars in thousands)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
Non-accruing loans
$13,526
$12,483
$13,738
$13,806
$11,079
Accruing loans delinquent more than 90 days
145
-
-
-
294
Securities in non-accrual
1,616
1,630
1,419
1,440
1,371
Total nonperforming assets
$15,287
$14,113
$15,157
$15,246
$12,744
Allowance for credit losses (ACL):
ACL specific allowances for collateral
dependent loans
$570
$259
$284
$1,821
$1,327
ACL general allowances for loan portfolio
17,614
17,696
16,627
16,695
17,003
Total ACL
$18,184
$17,955
$16,911
$18,516
$18,330
Allowance for Credit Losses
As of and for the Quarter Ended
(Dollars in thousands)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
Beginning allowance for credit losses
$17,955
$16,911
$18,516
$18,330
$18,805
Provision for (benefit from) loan losses
(185)
1,077
597
372
(439)
Net (charge-offs) recoveries
414
(33)
(2,202)
(186)
(36)
Ending allowance for credit losses
$18,184
$17,955
$16,911
$18,516
$18,330
12
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Bank-Level Regulatory Capital Requirements
June 30, 2025
Actual (1)
Minimum Required For
Capital Adequacy
Purposes
Minimum Required To Be
Well Capitalized Under Prompt
Corrective Action Regulations
(Dollars in thousands)
Amount
Ratio
Amount
Ratio
Amount
Ratio
Common equity tier 1 capital to risk-
weighted assets
$181,430
11.26%
$72,478
4.50%
$104,691
6.50%
Tier 1 capital to risk-weighted assets
$181,430
11.26%
$96,638
6.00%
$128,850
8.00%
Total capital to risk-weighted assets
$201,640
12.52%
$128,850
8.00%
$161,063
10.00%
Tier 1 leverage ratio
$181,430
8.69%
$83,550
4.00%
$104,437
5.00%
(1) Current quarter ratios are estimated.
13
Finward Bancorp    Exhibit 99.1
Second Quarter 2025 Financial Results (unaudited)
Reconciliation of Non-GAAP Performance Measures
Quarter Ended
(Dollars in thousands, except per share amounts)
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
Tangible Common Ratios
Stockholder's equity (GAAP)
$154,253
$151,807
$151,414
$159,555
$148,631
Less: Goodwill (GAAP)
(22,395)
(22,395)
(22,395)
(22,395)
(22,395)
Less: Other intangibles (GAAP)
(1,414)
(1,635)
(1,860)
(2,203)
(2,555)
Tangible common equity (non-GAAP)
$130,444
$127,777
$127,159
$134,957
$123,681
Add: Accumulated other comprehensive loss  (GAAP)
57,560
58,244
58,084
48,241
58,939
Tangible common equity adjusted for accumulated other comprehensive
loss (non-GAAP) (1)
$188,004
$186,021
$185,243
$183,198
$182,620
Total assets (GAAP)
$2,062,983
$2,039,714
$2,060,699
$2,077,067
$2,071,782
Shares outstanding - end of quarter
4,324,889
4,324,485
4,313,698
4,313,940
4,313,940
Common book value per share (GAAP)
$35.67
$35.10
$35.10
$36.99
$34.45
Tangible common book value per share (non-GAAP)
$30.16
$29.55
$29.48
$31.28
$28.67
Tangible common book value per share adjusted for accumulated other
comprehensive loss (non-GAAP)
$43.47
$43.02
$42.94
$42.47
$42.33
Total equity to total assets (GAAP)
7.48%
7.44%
7.35%
7.69%
7.16%
Tangible common equity to total assets (non-GAAP)
6.32%
6.26%
6.17%
6.51%
5.95%
Tangible common equity adjusted for accumulated other comprehensive
loss to total assets (non-GAAP)
9.11%
9.12%
8.99%
8.83%
8.79%
Calculation of net interest margin, taxable-equivalent basis
Net interest income (GAAP)
$13,945
$13,313
$12,607
$12,006
$12,054
Tax-equivalent adjustment on securities and loans (2)
674
670
674
678
677
Net interest income (tax-equivalent basis)
$14,619
$13,983
$13,281
$12,684
$12,731
Total average earning assets
$1,879,892
$1,895,847
$1,905,333
$1,910,731
$1,906,998
Net interest margin
2.97%
2.81%
2.65%
2.53%
2.53%
Net interest margin (tax-equivalent basis)
3.11%
2.95%
2.79%
2.66%
2.67%
Efficiency ratio
Total non-interest expense
$14,786
$14,472
$14,247
$14,474
$14,417
Total revenue
16,628
15,542
16,339
14,873
14,627
Efficiency ratio
88.92%
93.11%
87.20%
97.32%
98.56%
(1) Tangible common equity adjusted for accumulated other comprehensive loss is a non-GAAP financial measure used by management to evaluate the
Company's capital position without the impact of unrealized losses recorded in accumulated other comprehensive loss. This measure adjusts tangible
common equity by adding back unrealized losses included in accumulated other comprehensive loss.
(2) The tax equivalent adjustment represents the increase in net interest income needed to reflect the tax-exempt income from certain investment securities
and loans on tax-equivalent basis using a federal statutory corporate rate of 21%.