Annual report pursuant to Section 13 and 15(d)

Note 18 - Parent Company Only Statements

v3.23.1
Note 18 - Parent Company Only Statements
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 18 Parent Company Only Statements

 

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Balance Sheets

 
   

December 31,

   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash on deposit with Peoples Bank

  $ 2,061     $ 1,183  

Investment in Peoples Bank

    131,431       153,772  

Investment in NWIN Risk Management, Inc

    2,401       1,970  

Dividends receivable from Peoples Bank

    1,331       1,070  

Other assets

    538       581  

Total assets

  $ 137,762     $ 158,576  
                 

Liabilities and stockholders’ equity

               

Dividends payable

  $ 1,333     $ 1,079  

Other liabilities

    36       882  

Total liabilities

    1,369       1,961  
                 

Additional paid in capital

    69,032       30,430  

Accumulated other comprehensive (loss) income

    (64,300 )     4,276  

Retained earnings

    131,661       121,909  

Total stockholders’ equity

    136,393       156,615  

Total liabilities and stockholders’ equity

  $ 137,762     $ 158,576  

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Statements of Income

 
   

Year Ended December 31,

 
   

2022

   

2021

 
                 

Dividends from Peoples Bank

  $ 24,263     $ 4,880  

Dividends from NWIN Risk

    925       830  

Operating expenses

    (117 )     (448 )

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

    25,071       5,262  

Income tax benefit

    (50 )     (94 )

Income before equity in undistributed income of Peoples Bank

    25,121       5,356  

Equity in undistributed

               

(distributions in excess of income) income of Peoples Bank

    (10,472 )     9,413  

income of NWIN Risk Management, Inc

    431       194  

Net income

  $ 15,080     $ 14,963  

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Statements of Comprehensive Income

 
   

Year Ended December 31,

 
   

2022

   

2021

 
                 

Net Income

  $ 15,080     $ 14,963  

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

               

Unrealized loss arising during the period

    (89,323 )     (5,816 )

Less: reclassification adjustment for gains included in net income

    (662 )     (1,987 )

Net securities loss during the period

    (89,985 )     (7,803 )

Tax effect

    21,409       1,638  

Other comprehensive loss, net of tax

    (68,576 )     (6,165 )

Comprehensive (loss) income, net of tax

  $ (53,496 )   $ 8,798  

 

   

(Dollars in thousands)

 
   

Finward Bancorp

 
   

Condensed Statements of Cash Flows

 
   

Year Ended December 31,

 
   

2022

   

2021

 
                 

Cash flows from operating activities:

               

Net income

  $ 15,080     $ 14,963  

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

               

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

               

Peoples Bank

    10,472       (9,413 )

NWIN Risk Management, Inc

    (431 )     (1,024 )

Stock based compensation expense

    741       574  

Change in other assets

    (218 )     (161 )

Change in other liabilities

    (846 )     (120 )

Net cash provided by operating activities

    24,798       4,819  
                 

Cash flows from investing activities:

               

Cash and cash equivalents from acquisition activity, net

    (18,725 )     -  

Investment in Peoples Bank

    -       (830 )

Net cash used by investing activities

    (18,725 )     (830 )
                 

Cash flows from financing activities:

               

Dividends paid

    (5,075 )     (4,310 )

Net surrender value of restricted stock awards

    (120 )     (131 )

Net cash used by financing activities

    (5,195 )     (3,867 )

Net change in cash

    878       378  

Cash at beginning of year

    1,183       805  

Cash at end of year

  $ 2,061     $ 1,183  
                 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

               

Cash paid during the period for:

               

Income taxes

    1,347       2,185  

Noncash activities:

               

Dividends declared not paid

    1,332       1,079