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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document And Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Note 2 - Acquisition Activity (Tables)

v3.24.1

Note 2 - Acquisition Activity (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

ASSETS
Cash and due from banks	$	52,524
Investment securities, available for sale		-
Certificate of deposit in other financial institutions		245

Total Loans		450,757

Premises and equipment, net		13,896
FHLB stock		1,303
Goodwill		11,286
Core deposit intangible		3,220
Interest receivable		1,836
Other assets		7,978
Total assets purchased	$	543,045
Common shares issued		37,981
Cash paid		18,725
Total purchase price	$	56,706

LIABILITIES
Deposits
Non-interest bearing	$	32,095
NOW accounts		63,639
Savings and money market		184,149
Certificates of deposits		195,153
Total Deposits		475,036

Interest payable		75
Other liabilities		11,228

Total liabilities assumed	$	486,339

Business Acquisition, Pro Forma Information [Table Text Block]

	For the twelve months ended			For the twelve months ended
(in thousands)	*December 31, 2023*			*December 31, 2022*
Selected Financial Data
Interest income	$	85,783		$	73,730
Interest expense		(31,228	)		(4,987	)
Provision for loan losses		(2,025	)		-
Non-interest income		10,746			11,648
Non-interest expense (1)		(55,231	)		(60,228	)
Income before provision for income taxes		8,045			20,163
Income tax expense		335			(2,235	)
Net income	$	8,380		$	17,928

Earnings per common share:
Basic	$	1.96		$	4.29
Diluted	$	1.96		$	4.28

Business Combination, Separately Recognized Transactions [Table Text Block]

(in thousands)	Twelve months ended
Noninterest expense:	December 31, 2022
Compensation and benefits	$	132
Data processing		1,929
Marketing		135
Other		656

Period merger expense	$	2,852

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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