1
Exhibit 99.1
finward_rgba.jpg
October 28, 2025 
Finward Bancorp Announces Third 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 $3.5 million, or $0.81 per diluted share,
for the quarter ended September 30, 2025, as compared to $2.2 million, or $0.50 per diluted share, for the quarter ended
June 30, 2025. Selected performance metrics are as follows for the periods presented:
Performance Ratios
Quarter ended
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Return on equity
8.96%
5.66%
1.17%
5.39%
1.60%
Return on assets
0.68%
0.42%
0.09%
0.41%
0.12%
Net interest margin, tax-equivalent  (non-GAAP)
3.18%
3.11%
2.95%
2.79%
2.66%
Non-interest income/average assets
0.57%
0.53%
0.43%
0.72%
0.55%
Non-interest expense/average assets
2.74%
2.90%
2.81%
2.75%
2.80%
Efficiency ratio
81.22%
88.92%
93.11%
87.20%
97.32%
“We continued to build momentum in the third quarter, delivering overall improved profitability. Margin expansion and
stable credit contributed to further overall profitability gains, along with benefits in overhead efficiency. The recent rate cut
by the Federal Reserve, coupled with our strengthened capital and liquidity position, provides a solid foundation for growth
as we enter the final quarter of the year," said Benjamin Bochnowski, CEO. "We are well positioned to maintain our
current trajectory, and I'm proud of our team and their disciplined execution that got us to this point."
Highlights of the current period include:
•Net Interest Margin - The net interest margin for the quarter ended September 30, 2025 was 3.04% compared to
2.97% for the quarter ended June 30, 2025. Net interest margin on a tax-equivalent basis (a non-GAAP measure) for
the quarter ended September 30, 2025 was 3.18%, as compared to 3.11% for the quarter ended June 30, 2025. The
increased net interest margin from the prior quarter is primarily the result of increased loan yields from repricing, as
well as customer payoffs of certain lower yielding loans.
•Funding - As of September 30, 2025, deposits totaled $1.8 billion, an increase of $4.2 million, or 0.2% compared with
June 30, 2025 balances, which also totaled $1.8 billion. As of September 30, 2025, non-interest-bearing deposits
totaled $280.3 million, an increase of $9.1 million. Core deposits totaled $1.2 billion at September 30, 2025 and
June 30, 2025. Core deposits include checking, savings, and money market accounts and represented 69.3% of the
Bancorp’s total deposits at September 30, 2025. As of September 30, 2025, balances for certificates of deposit totaled
$536.7 million, compared to $542.7 million on June 30, 2025, a decrease of $6.0 million or 1.1%. The decrease in total
portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of
September 30, 2025, borrowings and repurchase agreements totaled $103.4 million, a decrease of $9.9 million or
8.7%, compared to June 30, 2025. The decrease in borrowings was the result of the maturity of FHLB advances during
the quarter.
As of September 30, 2025, 72.4% of our deposits are fully FDIC insured, and another 7.9% 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 September 30, 2025, the Bancorp had available liquidity of $737 million including borrowing capacity
from the FHLB and Federal Reserve facilities.
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Exhibit 99.1
•Securities Portfolio - Securities available for sale balances increased by $7.3 million to $335.2 million as of
September 30, 2025, compared to $327.8 million as of June 30, 2025. The increase in securities available for sale was
primarily due to an increase in the fair value of the overall portfolio. The yield on the securities portfolio decreased to
2.40% for the three months ended September 30, 2025 from 2.42% for the three months ended June 30, 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 September 30, 2025 and June 30, 2025.
During the three months ended September 30, 2025, the Bank originated $62.6 million in new commercial loans,
compared to $46.1 million during the three months ended June 30, 2025. At September 30, 2025, the Bancorp’s
portfolio loan balances in commercial real estate owner occupied properties totaled $252.9 million or 17.2% of total
loan balances and commercial real estate non-owner occupied properties totaled $311.6 million or 21.2% of total loan
balances. Of the $311.6 million in commercial real estate non-owner occupied properties balances, loans collateralized
by office buildings represented $42.5 million or 2.9% of total loan balances.
•Asset Quality - At September 30, 2025, non-performing loans totaled $13.9 million, compared to $13.5 million at
June 30, 2025, an increase of $366 thousand or 2.7%. The Bank’s ratio of non-performing loans to total loans was
0.94% at September 30, 2025, compared to 0.91% at June 30, 2025. The Bank’s ratio of non-performing assets to total
assets was 0.76% at September 30, 2025 and 0.74% at June 30, 2025. Management maintains a vigilant oversight of
nonperforming loans through proactive relationship management. The Bank has no known credit exposures to non-
depositary financial institutions at this time.
    The allowance for credit losses (ACL) on loans totaled $18.0 million at September 30, 2025, or 1.22% of total loans
receivable, compared to $18.2 million at June 30, 2025, or 1.22% of total loans receivable, a decrease of $229
thousand or 1.1%. The Bank's unused commitment reserve, included in other liabilities, totaled $1.7 million at
September 30, 2025, compared to $2.0 million at June 30, 2025, a decrease of $361 thousand or 17.8%.
    For the quarter ended September 30, 2025, the Bank recorded a net benefit from credit loss totaling $301 thousand
based on net loan recoveries, reduction of certain loan segment balances, and other factors within the Bank's ACL
modeling. The third quarter's benefit consisted of a $61 thousand provision for credit losses on loans, and a $361
thousand reversal of credit losses on unused commitments. For the quarter ended September 30, 2025, net loan charge-
offs totaled $268 thousand, compared to net loan recoveries of $414 thousand for the quarter ended June 30, 2025. The
allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 129.4% at September 30,
2025, compared to 133.0% at June 30, 2025.
•Operating Expenses - Non-interest expense as a percentage of average assets was 2.74% for the quarter ended
September 30, 2025, as compared to 2.90% for the quarter ended June 30, 2025. The decrease in non-interest expenses
quarter over quarter was primarily attributable to lower data processing expenses and professional and outside services
expense as well as lower federal deposit insurance premiums and other operational expenses. The Bank remains
focused on identifying additional operating efficiencies and third-party expense reductions.
•Capital Adequacy - The Bank’s tier 1 leverage ratio was 8.77% as of September 30, 2025 and 8.69% as of June 30,
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 $32.77 at September 30, 2025, up from $30.16 as
of June 30, 2025. Tangible common equity to tangible assets (non-GAAP) was 6.99% at September 30, 2025, up from
6.41% as of June 30, 2025. Excluding accumulated other comprehensive losses, tangible book value per share (non-
GAAP) increased to $44.16 as of September 30, 2025, from $43.47 as of June 30, 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/tangible assets, tangible common equity adjusted for other comprehensive loss/tangible 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
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
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Exhibit 99.1
(www.sec.gov). All subsequent written and oral forward-looking statements concerning matters 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
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Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Performance Ratios
Quarter Ended
Nine Months Ended
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
9/30/2025
9/30/2024
Return on equity
8.96%
5.66%
1.17%
5.39%
1.60%
5.27%
4.50%
Return on assets
0.68%
0.42%
0.09%
0.41%
0.12%
0.40%
0.64%
Yield on loans
5.49%
5.36%
5.25%
5.27%
5.22%
5.37%
5.12%
Yield on security investments
2.40%
2.42%
2.38%
2.34%
2.37%
2.40%
2.39%
Total yield on earning assets
4.91%
4.82%
4.71%
4.74%
4.70%
4.82%
4.62%
Cost of interest-bearing deposits
2.16%
2.12%
2.17%
2.41%
2.47%
2.15%
2.40%
Cost of repurchase agreements
3.37%
3.32%
3.35%
3.65%
4.04%
3.35%
3.93%
Cost of borrowed funds
3.64%
3.91%
4.12%
4.31%
4.56%
3.90%
4.70%
Total cost of interest-bearing liabilities
2.25%
2.22%
2.28%
2.53%
2.63%
2.25%
2.57%
Net interest margin
3.04%
2.97%
2.81%
2.65%
2.53%
2.94%
2.49%
Net interest margin, tax-equivalent (non-GAAP) (1)
3.18%
3.11%
2.95%
2.79%
2.66%
3.08%
2.63%
Non-interest income/average assets
0.57%
0.53%
0.43%
0.72%
0.55%
0.51%
1.21%
Non-interest expense/average assets
2.74%
2.90%
2.81%
2.75%
2.80%
2.81%
2.82%
Efficiency ratio (non-GAAP) (1)
81.22%
88.92%
93.11%
87.20%
97.32%
87.54%
80.16%
Non-performing assets to total assets
0.76%
0.74%
0.69%
0.74%
0.73%
0.76%
0.73%
Non-performing loans to total loans
0.94%
0.91%
0.84%
0.91%
0.92%
0.94%
0.92%
Allowance for credit losses to non-performing loans
129.41%
133.01%
143.84%
123.10%
134.12%
129.41%
134.12%
Allowance for credit losses to loans receivable
1.22%
1.22%
1.20%
1.12%
1.23%
1.22%
1.23%
Net charge-offs (recoveries) as a percentage of average
loans receivable
0.07%
(0.11%)
0.01%
0.59%
0.05%
(0.01%)
(0.01)%
Basic earnings per share
$0.82
$0.50
$0.11
$0.49
$0.14
$1.43
$2.35
Diluted earnings per share
$0.81
$0.50
$0.11
$0.49
$0.14
$1.42
$2.35
Weighted average common shares outstanding—basic
4,273,022
4,271,952
4,266,976
4,261,079
4,260,809
4,270,652
4,259,063
Weighted average common shares outstanding—diluted
4,299,007
4,291,319
4,284,496
4,286,742
4,281,148
4,291,171
4,271,664
Stockholders' equity to total assets
8.06%
7.48%
7.44%
7.35%
7.69%
8.06%
7.69%
Tangible common equity to tangible assets (non-
GAAP) (1)
6.99%
6.41%
6.34%
6.24%
6.58%
6.99%
6.58%
Tangible common equity adjusted for accumulated
other comprehensive loss to tangible assets (non-
GAAP) (1)
9.42%
9.24%
9.23%
9.10%
8.93%
9.42%
8.93%
Book value per share
$38.24
$35.67
$35.10
$35.10
$36.99
$38.24
$36.99
Tangible common book value per share (non-GAAP) (1)
$32.77
$30.16
$29.55
$29.48
$31.28
$32.77
$31.28
Tangible common book value per share adjusted for 
accumulated other comprehensive loss (non-GAAP) (1)
$44.16
$43.47
$43.02
$42.94
$42.47
$44.16
$42.47
Closing stock price
$32.09
$27.62
$29.10
$28.11
$31.98
$32.09
$31.98
Dividends declared per common share
$0.12
$0.12
$—
$0.12
$0.12
$0.24
$0.36
(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
Third Quarter 2025 Financial Results (unaudited)
Average Balances, Interest, Rates
Quarter Ended
September 30, 2025
June 30, 2025
March 31, 2025
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/Rate
ASSETS
Interest bearing deposits in other
financial institutions
$90,880
$991
4.36%
$57,749
$614
4.25%
$53,553
$540
4.03%
Federal funds sold
1,285
12
3.74%
868
8
3.69%
1,375
12
3.49%
Securities available-for-sale
327,030
1,965
2.40%
327,867
1,980
2.42%
336,060
1,998
2.38%
Loans receivable
1,474,324
20,246
5.49%
1,486,861
19,940
5.36%
1,498,312
19,655
5.25%
Federal Home Loan Bank stock
6,547
126
7.70%
6,547
128
7.82%
6,547
136
8.31%
Total interest earning assets
1,900,066
$23,340
4.91%
1,879,892
$22,670
4.82%
1,895,847
$22,341
4.71%
Cash and non-interest bearing
deposits in other financial
institutions
24,882
27,192
27,919
Allowance for credit losses
(18,243)
(18,028)
(16,946)
Other non-interest bearing assets
152,135
152,880
153,148
Total assets
$2,058,840
$2,041,936
$2,059,968
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing deposits
$1,478,543
$7,996
2.16%
$1,470,225
$7,780
2.12%
$1,481,377
$8,044
2.17%
Repurchase agreements
46,498
392
3.37%
44,401
370
3.33%
41,631
349
3.35%
Borrowed funds
55,904
509
3.64%
58,995
575
3.90%
61,613
635
4.12%
Total interest bearing liabilities
1,580,945
$8,897
2.25%
1,573,621
$8,725
2.22%
1,584,621
$9,028
2.28%
Non-interest bearing deposits
285,347
278,620
279,013
Other non-interest bearing
liabilities
36,397
37,703
40,923
Total liabilities
1,902,689
1,889,944
1,904,557
Total stockholders' equity
156,151
151,992
155,411
Total liabilities and
stockholders' equity
$2,058,840
$2,041,936
$2,059,968
Net interest income
$14,443
$13,945
$13,313
Return on average assets
0.68%
0.42%
0.09%
Return on average equity
8.96%
5.66%
1.17%
Net interest margin
3.04%
2.97%
2.81%
Net interest margin, tax-equivalent
(non-GAAP)(1)
3.18%
3.11%
2.95%
Net interest spread
2.66%
2.60%
2.43%
Ratio of interest-earning assets to
interest-bearing liabilities
1.20x
1.19x
1.20x
(1)See the reconciliation of non-GAAP measures to the most directly comparable GAAP measures on pg 13.
7
Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Consolidated Balance Sheets
As of
(Dollars in thousands)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
ASSETS
Cash and non-interest bearing deposits in other financial institutions
$19,458
$23,027
$18,563
$17,883
$23,071
Interest bearing deposits in other financial institutions
84,157
79,976
52,829
52,047
48,025
Federal funds sold
563
411
975
654
553
Total cash and cash equivalents
104,178
103,414
72,367
70,584
71,649
Securities available-for-sale
335,150
327,845
330,127
333,554
350,027
Loans held-for-sale
2,641
834
2,849
1,253
2,567
Loans receivable, net of deferred fees and costs
1,473,774
1,484,278
1,491,696
1,508,976
1,508,242
Less: allowance for credit losses
(17,977)
(18,184)
(17,955)
(16,911)
(18,516)
Net loans receivable
1,455,797
1,466,094
1,473,741
1,492,065
1,489,726
Federal Home Loan Bank stock
6,547
6,547
6,547
6,547
6,547
Accrued interest receivable
7,585
7,651
7,821
7,721
7,442
Premises and equipment
45,544
46,179
46,680
47,259
47,912
Cash value of bank owned life insurance
33,843
33,932
33,712
33,514
33,312
Goodwill
22,395
22,395
22,395
22,395
22,395
Other intangible assets
1,273
1,414
1,635
1,860
2,203
Other assets
37,771
41,606
41,840
43,947
40,882
Total assets
$2,052,724
$2,057,911
$2,039,714
$2,060,699
$2,074,662
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing
$280,296
$271,172
$281,461
$263,324
$285,157
Interest bearing
1,470,350
1,483,678
1,468,923
1,497,242
1,463,653
Total
1,750,646
1,754,850
1,750,384
1,760,566
1,748,810
Repurchase agreements
48,426
48,331
45,053
40,116
43,038
Borrowed funds
55,000
65,000
56,657
65,000
85,000
Accrued expenses and other liabilities
33,157
35,477
35,813
43,603
38,259
Total liabilities
1,887,229
1,903,658
1,887,907
1,909,285
1,915,107
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
70,233
70,263
70,132
70,034
69,916
Accumulated other comprehensive loss
(49,266)
(57,560)
(58,244)
(58,084)
(48,241)
Retained earnings
144,528
141,550
139,919
139,464
137,880
Total stockholders' equity
165,495
154,253
151,807
151,414
159,555
Total liabilities and stockholders' equity
$2,052,724
$2,057,911
$2,039,714
$2,060,699
$2,074,662
(1) Shares of common stock issued and outstanding were 4,327,511 at 9/30/2025; 4,324,889 at 6/30/2025; 4,324,485 at 3/31/2025; 4,313,698 at 12/31/24;
and 4,313,940 at 9/30/24. 
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Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Consolidated Statements of Income
Quarter Ended
(Dollars in thousands, except per share data)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Interest income:
Loans
$20,246
$19,940
$19,655
$19,802
$19,660
Securities & short-term investments
3,094
2,730
2,686
2,793
2,812
Total interest income
23,340
22,670
22,341
22,595
22,472
Interest expense:
Deposits
7,996
7,780
8,045
8,812
8,946
Borrowings
901
945
983
1,176
1,520
Total interest expense
8,897
8,725
9,028
9,988
10,466
Net interest income
14,443
13,945
13,313
12,607
12,006
Provision for (benefit from) credit losses
(301)
(274)
454
(579)
-
Net interest income after provision for credit losses
14,744
14,219
12,859
13,186
12,006
Non-interest income:
Fees and service charges
1,463
1,330
1,109
1,439
1,463
Wealth management operations
759
696
619
728
731
Gain on tax credit investment
23
-
67
1,236
-
Gain on sale of loans held-for-sale, net
265
378
230
328
338
Increase in cash value of bank owned life insurance
210
220
198
202
205
Gain (loss) on sale of real estate
(56)
-
-
(212)
-
Other
249
59
6
11
130
Total non-interest income
2,913
2,683
2,229
3,732
2,867
Non-interest expense:
Compensation and benefits
7,330
7,313
7,372
6,628
6,963
Occupancy and equipment
2,004
1,935
2,111
2,045
2,181
Data processing
1,116
1,341
1,039
1,202
1,165
Federal deposit insurance premiums
399
471
433
457
435
Marketing
257
214
86
220
209
Professional and outside services
945
1,115
1,260
1,341
1,251
Technology
549
545
454
509
602
Other
1,497
1,852
1,717
1,845
1,668
Total non-interest expense
14,097
14,786
14,472
14,247
14,474
Income before income taxes
3,560
2,116
616
2,671
399
Income tax expenses (benefit)
63
(35)
161
569
(207)
Net income
$3,497
$2,151
$455
$2,102
$606
Earnings per common share:
Basic
$0.82
$0.50
$0.11
$0.49
$0.14
Diluted
$0.81
$0.50
$0.11
$0.49
$0.14
9
Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Consolidated Statements of Income (cont'd)
Nine Months Ended
(Dollars in thousands, except per share data)
9/30/2025
9/30/2024
Interest income:
Loans
$59,841
$57,713
Securities & short-term investments
8,510
8,870
Total interest income
68,351
66,583
Interest expense:
Deposits
23,821
26,350
Borrowings
2,829
4,393
Total interest expense
26,650
30,743
Net interest income
41,701
35,840
Provision for (benefit from) credit losses
(121)
76
Net interest income after provision for credit losses
41,822
35,764
Non-interest income:
Fees and service charges
3,902
3,873
Wealth management operations
2,074
2,127
Gain on tax credit investment
90
-
Gain on sale of loans held-for-sale, net
873
810
Increase in cash value of bank owned life insurance
628
610
Gain (loss) on sale of real estate
(56)
11,873
Loss on sale of securities, net
—
(531)
Other
314
154
Total non-interest income
7,825
18,916
Non-interest expense:
Compensation and benefits
22,015
21,109
Occupancy and equipment
6,050
6,205
Data processing
3,496
3,470
Federal deposit insurance premiums
1,303
1,333
Marketing
557
579
Professional and outside services
3,320
4,064
Technology
1,548
1,734
Other
5,066
5,401
Total non-interest expense
43,355
43,895
Income before income taxes
6,292
10,785
Income tax expenses
189
756
Net income
$6,103
$10,029
Earnings per common share:
Basic
$1.43
$2.35
Diluted
$1.42
$2.35
10
Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Loans
As of
(Dollars in thousands)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
9/30/2025 vs
6/30/2025
9/30/2025 vs
9/30/2024
Residential real estate
$450,007
$457,248
$458,424
$467,293
$471,156
$(7,241)
(1.6)%
$(21,149)
(4.5)%
Home equity
51,813
51,112
49,752
49,758
49,106
701
1.4%
2,707
5.5%
Commercial real estate
564,558
551,091
554,866
551,674
539,972
13,467
2.4%
24,586
4.6%
Construction and land development
79,678
74,795
86,728
82,874
87,923
4,883
6.5%
(8,245)
(9.4)%
Multifamily
192,698
200,440
204,964
212,455
218,037
(7,742)
(3.9)%
(25,339)
(11.6)%
Commercial business
96,192
105,636
99,519
104,246
97,900
(9,444)
(8.9)%
(1,708)
(1.7)%
Consumer
348
2,347
504
551
522
(1,999)
(85.2)%
(174)
(33.3)%
Manufactured homes
24,372
25,146
25,762
26,708
27,462
(774)
(3.1)%
(3,090)
(11.3)%
Government
12,298
14,628
9,279
11,024
12,969
(2,330)
(15.9)%
(671)
(5.2)%
Loans receivable
1,471,964
1,482,443
1,489,798
1,506,583
1,505,047
(10,479)
(0.7)%
(33,083)
(2.2)%
Net deferred loan origination costs
1,719
2,012
2,209
2,439
2,606
(293)
(14.6)%
(887)
(34.0)%
Loan clearing funds
91
(177)
(311)
(46)
589
268
(151.4)%
(498)
(84.6)%
Loans receivable, net
$1,473,774
$1,484,278
$1,491,696
$1,508,976
$1,508,242
$(10,504)
(0.7)%
$(34,468)
(2.3)%
Deposits
As of
(Dollars in thousands)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
9/30/2025 vs
6/30/2025
9/30/2025 vs
9/30/2024
Checking
$579,760
$593,471
$589,403
$591,487
$579,132
$(13,711)
(2.3)%
$628
0.1%
Savings
257,058
266,070
274,028
275,121
279,126
(9,012)
(3.4)%
(22,068)
(7.9)%
Money market
377,155
352,616
342,106
333,705
328,329
24,539
7.0%
48,826
14.9%
Certificates of deposit
536,673
542,693
544,847
560,253
562,223
(6,020)
(1.1)%
(25,550)
(4.5)%
Total deposits
$1,750,646
$1,754,850
$1,750,384
$1,760,566
$1,748,810
$(4,204)
(0.2)%
$1,836
0.1%
11
Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Asset Quality
As of and for the Quarter Ended
(Dollars in thousands)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Non-accruing loans
$13,892
$13,526
$12,483
$13,738
$13,806
Accruing loans delinquent more than 90 days
-
145
-
-
-
Securities in non-accrual
1,616
1,616
1,630
1,419
1,440
Total nonperforming assets
$15,508
$15,287
$14,113
$15,157
$15,246
Allowance for credit losses (ACL):
ACL specific allowances for collateral
dependent loans
$912
$570
$259
$284
$1,821
ACL general allowances for loan portfolio
17,065
17,614
17,696
16,627
16,695
Total ACL
$17,977
$18,184
$17,955
$16,911
$18,516
Allowance for Credit Losses
As of and for the Quarter Ended
(Dollars in thousands)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Beginning allowance for credit losses
$18,184
$17,955
$16,911
$18,516
$18,330
Provision for (benefit from) loan losses
61
(185)
1,077
597
372
Net (charge-offs) recoveries
(268)
414
(33)
(2,202)
(186)
Ending allowance for credit losses
$17,977
$18,184
$17,955
$16,911
$18,516
12
Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Bank-Level Regulatory Capital Requirements
September 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
$184,560
11.49%
$72,261
4.50%
$104,376
6.50%
Tier 1 capital to risk-weighted assets
$184,560
11.49%
$96,348
6.00%
$128,463
8.00%
Total capital to risk-weighted assets
$204,202
12.72%
$128,463
8.00%
$160,579
10.00%
Tier 1 leverage ratio
$184,560
8.77%
$84,146
4.00%
$105,182
5.00%
(1) Current quarter ratios are estimated.
13
Finward Bancorp    Exhibit 99.1
Third Quarter 2025 Financial Results (unaudited)
Reconciliation of Non-GAAP Performance Measures
Quarter Ended
(Dollars in thousands, except per share amounts)
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Tangible Common Ratios
Stockholder's equity (GAAP)
$165,495
$154,253
$151,807
$151,414
$159,555
Less: Goodwill (GAAP)
(22,395)
(22,395)
(22,395)
(22,395)
(22,395)
Less: Other intangibles (GAAP)
(1,273)
(1,414)
(1,635)
(1,860)
(2,203)
Tangible common equity (non-GAAP)
$141,827
$130,444
$127,777
$127,159
$134,957
Add: Accumulated other comprehensive loss  (GAAP)
49,266
57,560
58,244
58,084
48,241
Tangible common equity adjusted for accumulated other comprehensive
loss (non-GAAP) (1)
$191,093
$188,004
$186,021
$185,243
$183,198
Total assets (GAAP)
$2,052,724
$2,057,911
$2,039,714
$2,060,699
$2,077,067
Less: Goodwill (GAAP)
(22,395)
(22,395)
(22,395)
(22,395)
(22,395)
Less: Other intangibles (GAAP)
(1,273)
(1,414)
(1,635)
(1,860)
(2,203)
Tangible assets (non-GAAP)
$2,029,056
$2,034,102
$2,015,684
$2,036,444
$2,052,469
Shares outstanding - end of quarter
4,327,511
4,324,889
4,324,485
4,313,698
4,313,940
Common book value per share (GAAP)
$38.24
$35.67
$35.10
$35.10
$36.99
Tangible common book value per share (non-GAAP)
$32.77
$30.16
$29.55
$29.48
$31.28
Tangible common book value per share adjusted for accumulated other
comprehensive loss (non-GAAP)
$44.16
$43.47
$43.02
$42.94
$42.47
Total equity to total assets (GAAP)
8.06%
7.50%
7.44%
7.35%
7.69%
Tangible common equity to tangible assets (non-GAAP)
6.99%
6.41%
6.34%
6.24%
6.58%
Tangible common equity adjusted for accumulated other comprehensive
loss to tangible assets (non-GAAP)
9.42%
9.24%
9.23%
9.10%
8.93%
Calculation of net interest margin, taxable-equivalent basis
Net interest income (GAAP)
$14,443
$13,945
$13,313
$12,607
$12,006
Tax-equivalent adjustment on securities and loans (2)
663
674
670
674
678
Net interest income (tax-equivalent basis)
$15,106
$14,619
$13,983
$13,281
$12,684
Total average earning assets
$1,900,066
$1,879,892
$1,895,847
$1,905,333
$1,910,731
Net interest margin
3.04%
2.97%
2.81%
2.65%
2.53%
Net interest margin (tax-equivalent basis)
3.18%
3.11%
2.95%
2.79%
2.66%
Efficiency ratio
Total non-interest expense
$14,097
$14,786
$14,472
$14,247
$14,474
Total revenue
17,356
16,628
15,542
16,339
14,873
Efficiency ratio
81.22%
88.92%
93.11%
87.20%
97.32%
(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%.