Finward Bancorp Annual report pursuant to Section 13 and 15(d)

Note 19 - Parent Company Only Statements

12 Months Ended

Dec. 31, 2019

Note

–

Parent Company Only Statements

	(Dollars in thousands)
	NorthWest Indiana Bancorp
	Condensed Balance Sheets
	December 31,		December 31,
	2019		2018
Assets
Cash on deposit with Peoples Bank	$	191	$	881
Investment in Peoples Bank		132,134		98,606
Investment in NWIN Risk Management, Inc		1,736		2,503
Dividends receivable from Peoples Bank		1,070		909
Other assets		235		302
Total assets	$	135,366	$	103,201

Liabilities and stockholders’ equity
Dividends payable	$	1,070	$	909
Other liabilities		569		828
Total liabilities		1,639		1,737

Additional paid in capital		29,657		11,927
Accumulated other comprehensive (loss) income		4,261		(2,796	)
Retained earnings		99,809		92,333
Total stockholders’ equity		133,727		101,464
Total liabilities and stockholders’ equity	$	135,366	$	103,201

	(Dollars in thousands)
	NorthWest Indiana Bancorp
	Condensed Statements of Income
	Year Ended December 31,
	2019			2018

Dividends from Peoples Bank	$	19,388		$	12,330
Operating expenses		486			477
Income before income taxes and equity in undistributed income of Peoples Bank		18,902			11,853
Income tax benefit		(101	)		(98	)
Income before equity in undistributed income of Peoples Bank		19,003			11,951
Equity in undistributed (distributions in excess of income) income of Peoples Bank		(7,889	)		(3,443	)
income of NWIN Risk Management, Inc		983			829
Net income	$	12,097		$	9,337

	(Dollars in thousands)
	NorthWest Indiana Bancorp
	Condensed Statements of Cash Flows
	Year Ended December 31,
	2019			2018

Cash flows from operating activities:
Net income	$	12,097		$	9,337
Adjustments to reconcile net income to net cash provided by operating activities
Distributions in excess of income (equity in undistributed income):
Peoples Bank		7,889			3,443
NWIN Risk Management, Inc		(983	)		(829	)
Stock based compensation expense		301			204
Net surrender value of restricted stock awards		(63	)		(72	)
Change in other assets		(94	)		519
Change in other liabilities		(259	)		275
Total adjustments		6,791			3,540
Net cash - operating activities		18,888			12,877

Cash flows from investing activities:
Cash paid for acquisition		(15,743	)		(8,689	)

Investment in Peoples Bank		(1,500	)		-
Distribution from NWIN Risk Management, Inc		1,750			-
Net cash - investing activities		(15,493	)		(8,689	)

Cash flows from financing activities:
Dividends paid		(4,085	)		(3,432	)
Proceeds from issuance of common stock		-			-
Net cash - financing activities		(4,085	)		(3,432	)
Net change in cash		(690	)		756
Cash at beginning of year		881			125
Cash at end of year	$	191		$	881