Note 17 - Parent Company Only Statements (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Notes Tables |
|
| Condensed Balance Sheet [Table Text Block] |
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Balance Sheets |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Assets |
|
|
|
|
|
|
|
|
| Cash on deposit with Peoples Bank |
|
$ |
3,904 |
|
|
$ |
3,846 |
|
| Investment in Peoples Bank |
|
|
150,543 |
|
|
|
144,266 |
|
| Dividends receivable from Peoples Bank |
|
|
- |
|
|
|
516 |
|
| Other assets |
|
|
215 |
|
|
|
- |
|
| Total assets |
|
$ |
154,662 |
|
|
$ |
148,628 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| Dividends payable |
|
$ |
518 |
|
|
$ |
516 |
|
| Other liabilities |
|
|
2,730 |
|
|
|
767 |
|
| Total liabilities |
|
|
3,248 |
|
|
|
1,283 |
|
| |
|
|
|
|
|
|
|
|
| Additional paid in capital |
|
|
70,034 |
|
|
|
69,555 |
|
| Accumulated other comprehensive (loss) |
|
|
(58,084 |
) |
|
|
(51,613 |
) |
| Retained earnings |
|
|
139,464 |
|
|
|
129,403 |
|
| Total stockholders’ equity |
|
|
151,414 |
|
|
|
147,345 |
|
| Total liabilities and stockholders’ equity |
|
$ |
154,662 |
|
|
$ |
148,628 |
|
|
| Condensed Income Statement [Table Text Block] |
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Income |
|
| |
|
Year Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| Dividends from Peoples Bank |
|
$ |
- |
|
|
$ |
4,529 |
|
| Dividends from NWIN Risk |
|
|
- |
|
|
|
66 |
|
| Operating expenses |
|
|
(65 |
) |
|
|
(104 |
) |
| Income before income taxes and equity in undistributed income of Peoples Bank |
|
|
(65 |
) |
|
|
4,491 |
|
| Income tax (benefit) |
|
|
(12 |
) |
|
|
(21 |
) |
| Income before equity in undistributed income of Peoples Bank |
|
|
(53 |
) |
|
|
4,512 |
|
| Equity in undistributed income of Peoples Bank |
|
|
12,183 |
|
|
|
3,137 |
|
| income of NWIN Risk Management, Inc. |
|
|
- |
|
|
|
731 |
|
| Net income |
|
$ |
12,130 |
|
|
$ |
8,380 |
|
|
| Condensed Statement of Comprehensive Income [Table Text Block] |
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Comprehensive Income |
|
| |
|
Year Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
12,130 |
|
|
$ |
8,380 |
|
| Net change in net unrealized gains and losses on securities available-for-sale: |
|
|
|
|
|
|
|
|
| Unrealized gain (loss) arising during the period |
|
|
(9,042 |
) |
|
|
16,630 |
|
| Less: reclassification adjustment for losses included in net income |
|
|
531 |
|
|
|
48 |
|
| Net securities gain (loss) during the period |
|
|
(8,511 |
) |
|
|
16,678 |
|
| Tax effect |
|
|
2,040 |
|
|
|
(3,991 |
) |
| Other comprehensive (loss) income, net of tax |
|
|
(6,471 |
) |
|
|
12,687 |
|
| Comprehensive income, net of tax |
|
$ |
5,659 |
|
|
$ |
21,067 |
|
|
| Condensed Cash Flow Statement [Table Text Block] |
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Cash Flows |
|
| |
|
Year Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
12,130 |
|
|
$ |
8,380 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Distributions in excess of income (equity in undistributed income): |
|
|
|
|
|
|
|
|
| Peoples Bank |
|
|
(12,183 |
) |
|
|
(3,137 |
) |
| NWIN Risk Management, Inc. |
|
|
- |
|
|
|
(729 |
) |
| Change in intercompany payable |
|
|
2,176 |
|
|
|
- |
|
| Change in other assets |
|
|
303 |
|
|
|
1,353 |
|
| Change in other liabilities |
|
|
(213 |
) |
|
|
1,449 |
|
| Total adjustments |
|
|
(9,917 |
) |
|
|
(3,867 |
) |
| Net cash provided by operating activities |
|
|
2,213 |
|
|
|
7,316 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Net cash used in investing activities |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Dividends paid |
|
|
(2,069 |
) |
|
|
(5,335 |
) |
| Net surrender value of restricted stock awards |
|
|
(86 |
) |
|
|
(196 |
) |
| Net cash used in financing activities |
|
|
(2,155 |
) |
|
|
(5,531 |
) |
| Net change in cash |
|
|
58 |
|
|
|
1,785 |
|
| Cash at beginning of year |
|
|
3,846 |
|
|
|
2,061 |
|
| Cash at end of year |
|
$ |
3,904 |
|
|
$ |
3,846 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
| Income taxes |
|
$ |
415 |
|
|
$ |
335 |
|
| Dividends declared not paid |
|
|
518 |
|
|
|
516 |
|
|