Finward Bancorp Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Note 5 - Loans Receivable (Tables)

Note 5 - Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

(Dollars in thousands)
	March 31, 2025			December 31, 2024
Loans secured by real estate:
Residential real estate	$	458,424		$	467,293
Home equity		49,752			49,758
Commercial real estate		554,866			551,674
Construction and land development		86,728			82,874
Multifamily		204,964			212,455
Total loans secured by real estate		1,354,734			1,364,054
Commercial business		99,519			104,246
Consumer		504			551
Manufactured homes		25,762			26,708
Government		9,279			11,024
Loans receivable		1,489,798			1,506,583
Add:
Net deferred loan origination costs		2,209			2,439
Loan clearing funds		(311	)		(46	)
Loans receivable, net of deferred fees and costs	$	1,491,696		$	1,508,976

Financing Receivable, Past Due [Table Text Block]

(Dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due and Accruing		Current		Accruing Loans		Non- accrual Loans		Total Loans Receivable
March 31, 2025
Residential real estate	$	5,665	$	1,286	$	-	$	6,951	$	446,447	$	453,398	$	5,026	$	458,424
Home equity		627		350		-		977		47,972		48,949		803		49,752
Commercial real estate		4,315		3,704		-		8,019		545,833		553,852		1,014		554,866
Construction and land development		458		-		-		458		85,611		86,069		659		86,728
Multifamily		725		219		-		944		202,066		203,010		1,954		204,964
Commercial business		201		162		-		363		96,129		96,492		3,027		99,519
Consumer		3		-		-		3		501		504		-		504
Manufactured homes		489		38		-		527		25,235		25,762		-		25,762
Government		-		-		-		-		9,279		9,279		-		9,279
Total	$	12,483	$	5,759	$	-	$	18,242	$	1,459,073	$	1,477,315	$	12,483	$	1,489,798

December 31, 2024
Residential real estate	$	4,423	$	1,184	$	-	$	5,607	$	457,021	$	462,628	$	4,665	$	467,293
Home equity		1,002		123		-		1,125		48,150		49,275		483		49,758
Commercial real estate		4,556		571		-		5,127		545,267		550,394		1,280		551,674
Construction and land development		2,039		-		-		2,039		80,177		82,216		658		82,874
Multifamily		1,961		359		-		2,320		206,773		209,093		3,362		212,455
Commercial business		493		508		-		1,001		99,955		100,956		3,290		104,246
Consumer		5		-		-		5		546		551				551
Manufactured homes		428		54		-		482		26,226		26,708		-		26,708
Government		-		-		-		-		11,024		11,024		-		11,024
Total	$	14,907	$	2,799	$	-	$	17,706	$	1,475,139	$	1,492,845	$	13,738	$	1,506,583

Financing Receivable Credit Quality Indicators [Table Text Block]

March 31, 2025	2025		2024			2023		2022		2021		Prior			Revolving		Revolving Converted to Term		Total
Total Loans Receivable	$	26,523	$	127,439		$	138,601	$	285,036	$	296,829	$	516,611		$	98,070	$	689	$	1,489,798
Total current period gross charge-off		-		(12	)		-		-		-		(107	)		-		-		(119	)

Residential real estate
Pass (1-6)	$	3,142	$	13,348		$	29,842	$	88,224	$	97,552	$	214,155		$	2,571	$	-	$	448,834
Special mention (7)		-		-			393		-		1,324		2,759			-		-		4,476
Substandard (8)		-		-			698		1,512		473		2,431			-		-		5,114
Total	$	3,142	$	13,348		$	30,933	$	89,736	$	99,349	$	219,345		$	2,571	$	-	$	458,424
Current period gross charge-off		-		-			-		-		-		-			-		-		-

Home equity
Pass (1-6)	$	356	$	131		$	47	$	100	$	54	$	2,881		$	44,360	$	360	$	48,289
Special mention (7)		-		-			8		-		20		17			279		329		653
Substandard (8)		-		26			-		250		-		245			289		-		810
Total	$	356	$	157		$	55	$	350	$	74	$	3,143		$	44,928	$	689	$	49,752
Current period gross charge-off		-		-			-		-		-		-			-		-		-

Commercial real estate
Pass (1-6)	$	14,094	$	50,380		$	65,619	$	118,149	$	93,987	$	197,122		$	3,230	$	-	$	542,581
Special mention (7)		-		965			830		2,594		2,362		4,955			25		-		11,731
Substandard (8)		-		-			-		221		-		333			-		-		554
Total	$	14,094	$	51,345		$	66,449	$	120,964	$	96,349	$	202,410		$	3,255	$	-	$	554,866
Current period gross charge-off		-		-			-		-		-		-			-		-		-

Construction and land development
Pass (1-6)		3,889		38,283			22,525		3,583		7,720		2,429			4,434		-		82,863
Special mention (7)		-		-			-		-		522		1,074			-		-		1,596
Substandard (8)		-		-			1,013		-		1,256		-			-		-		2,269
Total	$	3,889	$	38,283		$	23,538	$	3,583	$	9,498	$	3,503		$	4,434	$	-	$	86,728
Current period gross charge-off		-		-			-		-		-		-			-		-		-

Multifamily
Pass (1-6)	$	2,354	$	6,369		$	8,646	$	56,365	$	72,827	$	53,182		$	684	$	-	$	200,427
Special mention (7)		-		-			219		774		382		1,208			-		-		2,583
Substandard (8)		-		-			-		438		-		1,516			-		-		1,954
Total	$	2,354	$	6,369		$	8,865	$	57,577	$	73,209	$	55,906		$	684	$	-	$	204,964
Current period gross charge-off		-		-			-		-		-		(46	)		-		-		(46	)

Commercial business
Pass (1-6)	$	2,457	$	14,405		$	7,476	$	8,728	$	5,719	$	13,827		$	40,882	$	-	$	93,494
Special mention (7)		-		-			24		950		36		774			1,214		-		2,998
Substandard (8)		-		-			1,138		73		159		1,555			102		-		3,027
Total	$	2,457	$	14,405		$	8,638	$	9,751	$	5,914	$	16,156		$	42,198	$	-	$	99,519
Current period gross charge-off		-		-			-		-		-		(61	)		-		-		(61	)

Consumer
Pass (1-6)	$	231	$	81		$	123	$	30	$	39	$	-		$	-	$	-	$	504
Total	$	231	$	81		$	123	$	30	$	39	$	-		$	-	$	-	$	504
Current period gross charge-off		-		(12	)		-		-		-		-			-		-		(12	)

Manufactured homes
Pass (1-6)	$	-	$	-		$	-	$	1,800	$	11,202	$	12,722		$	-	$	-	$	25,724
Special mention (7)		-		-			-		-		29		9			-		-		38
Total	$	-	$	-		$	-	$	1,800	$	11,231	$	12,731		$	-	$	-	$	25,762
Current period gross charge-off		-		-			-		-		-		-			-		-		-

Government
Pass (1-6)	$	-	$	3,451		$	-	$	1,245	$	1,166	$	3,417		$	-	$	-	$	9,279
Total	$	-	$	3,451		$	-	$	1,245	$	1,166	$	3,417		$	-	$	-	$	9,279
Current period gross charge-off		-		-			-		-		-		-			-		-		-

December 31, 2024	2024			2023		2022			2021			2020			Prior			Revolving		Revolving Converted to Term		Total
Total Loans Receivable	$	124,670		$	143,098	$	291,855		$	308,352		$	211,268		$	324,738		$	102,602	$	-	$	1,506,583
Total current period gross charge-off	$	(64	)	$	-	$	(1,010	)	$	(125	)	$	(2	)	$	(1,267	)	$	-	$	-	$	(2,468	)

Residential real estate
Pass (1-6)	$	13,118		$	30,947	$	90,324		$	99,390		$	102,552		$	119,449		$	2,468	$	-	$	458,248
Special Mention (7)		-			371		365			1,064			554			1,937			-		-		4,291
Substandard (8)		-			539		1,161			601			510			1,943			-		-		4,754
Total	$	13,118		$	31,857	$	91,850		$	101,055		$	103,616		$	123,329		$	2,468	$	-	$	467,293
Current period gross charge-off		-			-		-			-			-			(28	)		-		-		(28	)

Home equity
Pass (1-6)	$	193		$	68	$	153		$	110		$	-		$	3,342		$	44,943	$	-	$	48,809
Special Mention (7)		-			132		-			-			3			15			309		-		459
Substandard (8)		26			-		138			-			-			218			108		-		490
Total	$	219		$	200	$	291		$	110		$	3		$	3,575		$	45,360	$	-	$	49,758
Current period gross charge-off		-			-		-			-			-			-			-		-		-

Commercial real estate
Pass (1-6)	$	49,861		$	67,290	$	123,342		$	96,206		$	53,864		$	148,529		$	2,976	$	-	$	542,068
Special Mention (7)		974			-		1,036			2,375			668			2,930			25		-		8,008
Substandard (8)		-			-		-			-			202			1,396			-		-		1,598
Total	$	50,835		$	67,290	$	124,378		$	98,581		$	54,734		$	152,855		$	3,001	$	-	$	551,674
Current period gross charge-off		-			-		-			-			-			-			-		-		-

Construction and land development
Pass (1-6)	$	34,599		$	24,360	$	3,732		$	7,867		$	224		$	820		$	5,312	$	-	$	76,914
Special Mention (7)		-			-		-			1,207			2,468			-			-		-		3,675
Substandard (8)		-			1,018		-			1,267			-			-			-		-		2,285
Total	$	34,599		$	25,378	$	3,732		$	10,341		$	2,692		$	820		$	5,312	$	-	$	82,874
Current period gross charge-off		-			-		-			-			-			-			-		-		-

Multifamily
Pass (1-6)	$	6,398		$	8,923	$	56,771		$	74,716		$	36,075		$	20,066		$	627	$	-	$	203,576
Special Mention (7)		-			-		780			3,332			1,217			-			-		-		5,329
Substandard (8)		-			-		446			1,219			1,516			369			-		-		3,550
Total	$	6,398		$	8,923	$	57,997		$	79,267		$	38,808		$	20,435		$	627	$	-	$	212,455
Current period gross charge-off		-			-		-			(125	)		-			-			-		-		(125	)

Commercial business
Pass (1-6)	$	14,655		$	8,123	$	9,441		$	6,094		$	3,653		$	11,416		$	44,046	$	-	$	97,428
Special Mention (7)		-			25		978			39			-			800			1,686		-		3,528
Substandard (8)		-			1,139		80			171			177			1,621			102		-		3,290
Total	$	14,655		$	9,287	$	10,499		$	6,304		$	3,830		$	13,837		$	45,834	$	-	$	104,246
Current period gross charge-off		-			-		(1,010	)		-			-			(1,239	)		-		-		(2,249	)

Consumer
Pass (1-6)	$	301		$	163	$	34		$	51		$	-		$	2		$	-	$	-	$	551
Substandard (8)		-			-		-			-			-			-			-		-		-
Total	$	301		$	163	$	34		$	51		$	-		$	2		$	-	$	-	$	551
Current period gross charge-off		(64	)		-		-			-			(2	)		-			-		-		(66	)

Manufactured homes
Pass (1-6)	$	-		$	-	$	1,634		$	11,360		$	7,559		$	6,101		$	-	$	-	$	26,654
Substandard (8)		-			-		-			28			26			-			-		-		54
Total	$	-		$	-	$	1,634		$	11,388		$	7,585		$	6,101		$	-	$	-	$	26,708
Current period gross charge-off		-			-		-			-			-			-			-		-		-

Government
Pass (1-6)	$	4,545		$	-	$	1,440		$	1,255		$	-		$	3,784		$	-	$	-	$	11,024
Total	$	4,545		$	-	$	1,440		$	1,255		$	-		$	3,784		$	-	$	-	$	11,024
Current period gross charge-off		-			-		-			-			-			-			-		-		-

Financing Receivable, Modified [Table Text Block]

For the quarter ended March 31, 2025

(Dollars in thousands)

Payment Delay

Term Extension

Interest Rate

Reduction

Combination

Term Extension

and Interest

Rate Reduction

% of Total

Segment

Financing

Receivables

Residential real estate

172

0.04

For the quarter ended March 31, 2024

(Dollars in thousands)

Payment Delay

Term Extension

Interest Rate

Reduction

Combination

Term Extension

and Interest

Rate Reduction

% of Total

Segment

Financing

Receivables

Residential real estate

630

1,262

0.39

For the quarter ended March 31, 2025

(Dollars in thousands)

Principal

forgiveness

Weighted average

interest rate reduction

Weighted average term

extension

Payment delay

Residential real estate

7 months

For the quarter ended March 31, 2024

(Dollars in thousands)

Principal

forgiveness

Weighted average

interest rate reduction

Weighted average term

extension

Payment delay

Residential real estate

4 months

For the quarter ended March 31, 2025

(Dollars in thousands)

Current

30-59 Days

Past Due

60-89 Days

Past Due

Greater Than

Days Past

Due

Residential real estate

644

344

125

192

For the quarter ended March 31, 2024

(Dollars in thousands)

Current

30-59 Days

Past Due

60-89 Days

Past Due

Greater Than

Days Past

Due

Residential real estate

889

1,003

Schedule of Accretable Yield from Financing Receivables [Table Text Block]

(Dollars in thousands)	Total
2024	$	222
2025		230

(Dollars in thousands)	Total
Remainder of 2025	$	468
2026		469
2027		305
2028		289
2029		252
2030 and thereafter		2,343
Total	$	4,126

Financing Receivable, Allowance for Credit Loss [Table Text Block]

(Dollars in thousands)	Beginning Balance		Charge-offs			Recoveries		Provisions			Ending Balance

Allowance for credit losses:
Residential real estate	$	4,481	$	-		$	16	$	(2,055	)	$	2,442
Home equity		835		-			-		(213	)		622
Commercial real estate		6,444		-			4		3,209			9,657
Construction and land development		2,651		-			-		(1,007	)		1,644
Multifamily		1,003		(46	)		10		1,225			2,192
Commercial business		1,185		(61	)		55		55			1,234
Consumer		5		(12	)		1		9			3
Manufactured homes		252		-			-		(123	)		129
Government		55		-			-		(23	)		32
Total	$	16,911	$	(119	)	$	86	$	1,077		$	17,955

(Dollars in thousands)	Beginning Balance		Charge-offs			Recoveries		Provisions			Ending Balance

Allowance for credit losses:
Residential real estate	$	3,984	$	-		$	10	$	23		$	4,017
Home equity		698		-			-		39			737
Commercial real estate		7,045		-			-		211			7,256
Construction and land development		4,206		-			-		(750	)		3,456
Multifamily		933		-			-		24			957
Commercial business		1,649		-			2		484			2,135
Consumer		7		(18	)		1		16			6
Manufactured homes		181		-			-		(8	)		173
Government		65		-			-		3			68
Total	$	18,768	$	(18	)	$	13	$	42		$	18,805

Schedule of Collateral Dependent Loans [Table Text Block]

(Dollars in thousands)	March 31, 2025

	Real Estate		Equipment/ Inventory		Accounts Receivable		Vehicles		Total		ACL Allocation
Residential real estate	$	2,749	$	-	$	-	$	-	$	2,749	$	29
Home equity		202		-		-		-		202		-
Commercial real estate		554		-		-		-		554		64
Construction and land development		2,269		-		-		-		2,269		-
Multifamily		1,954		-		-		-		1,954		-
Commercial business		641		1,315		1,324		131		3,411		166
Total	$	8,369	$	1,315	$	1,324	$	131	$	11,139	$	259

(Dollars in thousands)	December 31, 2024

	Real Estate		Equipment/ Inventory		Accounts Receivable		Vehicles		Total		ACL Allocation
Residential real estate	$	3,012	$	-	$	-	$	-	$	3,012	$	50
Home equity		219								219		-
Commercial real estate		1,598		-		-		-		1,598		43
Construction and land development		2,285		-		-		-		2,285		-
Multifamily		3,550		-		-		-		3,550		-
Commercial business		712		1,399		1,428		144		3,683		191
Total	$	11,376	$	1,399	$	1,428	$	144	$	14,347	$	284

Financing Receivable, Nonaccrual [Table Text Block]

As of March 31, 2025 (Dollars in thousands)	Non accrual with No Allowance for Credit Loss		Non accrual with Allowance for Credit Loss		Non accrual Loans in Total		Loans Past Due over 90 Days Still Accruing
Residential real estate	$	1,265	$	3,761	$	5,026	$	-
Home equity		165		638		803		-
Commercial real estate		358		656		1,014		-
Construction and land development		659		-		659		-
Multifamily		1,954		-		1,954		-
Commercial business		2,827		200		3,027		-
Total	$	7,228	$	5,255	$	12,483	$	-

As of December 31, 2024 (Dollars in thousands)	Non accrual with No Allowance for Credit Loss		Non accrual with Allowance for Credit Loss		Non accrual Loans in Total		Loans Past Due over 90 Days Still Accruing
Residential real estate	$	1,514	$	3,150	$	4,664	$	-
Home equity		179		304		483		-
Commercial real estate		1,078		202		1,280		-
Construction and land development		659		-		659		-
Multifamily		3,362		-		3,362		-
Commercial business		3,099		191		3,290		-
Total	$	9,891	$	3,847	$	13,738	$	-

Schedule of Changes in Liability for Credit Loss on Unfunded Commitments [Table Text Block]

	Three months ended,			Three months ended,
(Dollars in thousands)	March 31, 2025			March 31, 2024
Balance, beginning of period	$	2,739		$	3,441
Recovery of credit for provision		(623	)		(42	)
Balance, end of period	$	2,116		$	3,399