Annual report pursuant to Section 13 and 15(d)

Note 19 - Parent Company Only Statements

v3.22.1
Note 19 - Parent Company Only Statements
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 19 Parent Company Only Statements

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Balance Sheets

 
   

December 31,

   

December 31,

 
   

2021

   

2020

 

Assets

               

Cash on deposit with Peoples Bank

  $ 1,183     $ 805  

Investment in Peoples Bank

    153,772       149,695  

Investment in NWIN Risk Management, Inc

    1,970       1,775  

Dividends receivable from Peoples Bank

    1,070       1,070  

Other assets

    581       420  

Total assets

  $ 158,576     $ 153,765  
                 

Liabilities and stockholders’ equity

               

Dividends payable

  $ 1,079     $ 1,074  

Other liabilities

    882       1,002  

Total liabilities

    1,961       2,076  
                 

Additional paid in capital

    30,430       29,987  

Accumulated other comprehensive (loss) income

    4,276       10,441  

Retained earnings

    121,909       111,261  

Total stockholders’ equity

    156,615       151,689  

Total liabilities and stockholders’ equity

  $ 158,576     $ 153,765  

 

 

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Statements of Income

 
   

Year Ended December 31,

 
   

2021

   

2020

 
                 

Dividends from Peoples Bank

  $ 4,880     $ 3,395  

Operating expenses

    448       413  

Income before income taxes and equity in undistributed income of Peoples Bank

    4,432       2,982  

Income tax benefit

    (94 )     (86 )

Income before equity in undistributed income of Peoples Bank

    4,526       3,068  

Equity in undistributed (distributions in excess of income) income of Peoples Bank

    9,413       11,941  

income of NWIN Risk Management, Inc

    1,024       923  

Net income

  $ 14,963     $ 15,932  

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Statements of Comprehensive Income

 
   

Year Ended December 31,

 
   

2021

   

2020

 
                 

Net Income

  $ 14,963     $ 15,932  

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

               

Unrealized (loss) gain arising during the period

    (5,816 )     10,169  

Less: reclassification adjustment for gains included in net income

    (1,987 )     (2,348 )

Net securities gain during the period

    (7,803 )     7,821  

Tax effect

    1,638       (1,641 )

Net of tax amount

    (6,165 )     6,180  
                 

Comprehensive income, net of tax

  $ 8,798     $ 22,112  

 

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Statements of Cash Flows

 
   

Year Ended December 31,

 
   

2021

   

2020

 
                 

Cash flows from operating activities:

               

Net income

  $ 14,963     $ 15,932  

Adjustments to reconcile net income to net cash provided by operating activities

               

Distributions in excess of income (equity in undistributed income):

               

Peoples Bank

    (9,413 )     (11,941 )

NWIN Risk Management, Inc

    (1,024 )     (923 )
                 

Distribution from NWIN Risk Management, Inc

    830       884  
Stock based compensation expense     574       415  

Change in other assets

    (161 )     190  

Change in other liabilities

    (120 )     433  

Net cash - operating activities

    5,649       4,990  
                 

Cash flows from investing activities:

               

Investment in Peoples Bank

    (830 )     -  

Net cash - investing activities

    (830 )     -  
                 

Cash flows from financing activities:

               

Dividends paid

    (4,310 )     (4,291 )

Net surrender value of restricted stock awards

    (131 )     (85 )

Net cash - financing activities

    (4,441 )     (4,376 )

Net change in cash

    378       614  

Cash at beginning of year

    805       191  

Cash at end of year

  $ 1,183     $ 805  
                 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

               

Cash paid during the period for:

               

Income taxes

    2,185       1,025  

Noncash activities:

               

Dividends declared not paid

    1,079       1,074