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

Annual report pursuant to Section 13 and 15(d)

Parent Company Only Statements

Parent Company Only Statements

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 16 Parent Company Only Statements

	(Dollars in thousands)
	NorthWest Indiana Bancorp
	Condensed Balance Sheets
	December 31,
	2013		2012
Assets
Cash on deposit with Peoples Bank	$	142	$	1
Investment in Peoples Bank		66,301		67,321
Dividends receivable from Peoples Bank		626		539
Other assets		597		405
Total assets	$	67,666	$	68,266

Liabilities and stockholders’ equity
Dividends payable	$	625	$	539
Other liabilities		279		76
Total liabilities		904		615

Common stock		361		361
Additional paid in capital		5,230		5,189
Accumulated other comprehensive income		(3,151)		2,339
Retained earnings		65,519		60,817
Treasury stock		(1,197)		(1,055)
Total stockholders’ equity		66,762		67,651
Total liabilities and stockholders’ equity	$	67,666	$	68,266

	(Dollars in thousands)
	NorthWest Indiana Bancorp
	Condensed Statements of Income
	Year Ended December 31,
	2013		2012

Dividends from Peoples Bank	$	2,741	$	2,044
Operating expenses		138		162
Income before income taxes and equity in undistributed income of Peoples Bank		2,603		1,882
Income tax benefit		(45)		(52)
Income before equity in undistributed income of Peoples Bank		2,648		1,934
Equity in undistributed income of Peoples Bank		4,470		4,919
Net income	$	7,118	$	6,853

	(Dollars in thousands)
	NorthWest Indiana Bancorp
	Condensed Statements of Cash Flows
	Year Ended December 31,
	2013		2012

Cash flows from operating activities:
Net income	$	7,118	$	6,853
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed net income of Peoples Bank		(4,979)		(5,071)
Deferred tax expense/(benefit)		509		152
Stock based compensation expense		40		16
Change in other assets		(279)		(392)
Change in other liabilities		203		(883)
Total adjustments		(4,506)		(6,178)
Net cash - operating activities		2,612		675

Cash flows from investing activities		-		-

Cash flows from financing activities:
Dividends paid		(2,328)		(1,928)
Treasury stock purchased		(173)		(78)
Proceeds from sale of treasury stock		30		141
Net cash - financing activities		(2,471)		(1,865)
Net change in cash		141		(1,190)
Cash at beginning of year		1		1,191
Cash at end of year	$	142	$	1

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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