| Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
Note 19 – Parent Company Only Statements
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Balance Sheets |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Assets |
|
|
|
|
|
|
|
|
| Cash on deposit with Peoples Bank |
|
$ |
1,183 |
|
|
$ |
805 |
|
| Investment in Peoples Bank |
|
|
153,772 |
|
|
|
149,695 |
|
| Investment in NWIN Risk Management, Inc |
|
|
1,970 |
|
|
|
1,775 |
|
| Dividends receivable from Peoples Bank |
|
|
1,070 |
|
|
|
1,070 |
|
| Other assets |
|
|
581 |
|
|
|
420 |
|
| Total assets |
|
$ |
158,576 |
|
|
$ |
153,765 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| Dividends payable |
|
$ |
1,079 |
|
|
$ |
1,074 |
|
| Other liabilities |
|
|
882 |
|
|
|
1,002 |
|
| Total liabilities |
|
|
1,961 |
|
|
|
2,076 |
|
| |
|
|
|
|
|
|
|
|
| Additional paid in capital |
|
|
30,430 |
|
|
|
29,987 |
|
| Accumulated other comprehensive (loss) income |
|
|
4,276 |
|
|
|
10,441 |
|
| Retained earnings |
|
|
121,909 |
|
|
|
111,261 |
|
| Total stockholders’ equity |
|
|
156,615 |
|
|
|
151,689 |
|
| Total liabilities and stockholders’ equity |
|
$ |
158,576 |
|
|
$ |
153,765 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Income |
|
| |
|
Year Ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
| Dividends from Peoples Bank |
|
$ |
4,880 |
|
|
$ |
3,395 |
|
| Operating expenses |
|
|
448 |
|
|
|
413 |
|
| Income before income taxes and equity in undistributed income of Peoples Bank |
|
|
4,432 |
|
|
|
2,982 |
|
| Income tax benefit |
|
|
(94 |
) |
|
|
(86 |
) |
| Income before equity in undistributed income of Peoples Bank |
|
|
4,526 |
|
|
|
3,068 |
|
| Equity in undistributed (distributions in excess of income) income of Peoples Bank |
|
|
9,413 |
|
|
|
11,941 |
|
| income of NWIN Risk Management, Inc |
|
|
1,024 |
|
|
|
923 |
|
| Net income |
|
$ |
14,963 |
|
|
$ |
15,932 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Comprehensive Income |
|
| |
|
Year Ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
14,963 |
|
|
$ |
15,932 |
|
| Net change in net unrealized gains and losses on securities available-for-sale: |
|
|
|
|
|
|
|
|
| Unrealized (loss) gain arising during the period |
|
|
(5,816 |
) |
|
|
10,169 |
|
| Less: reclassification adjustment for gains included in net income |
|
|
(1,987 |
) |
|
|
(2,348 |
) |
| Net securities gain during the period |
|
|
(7,803 |
) |
|
|
7,821 |
|
| Tax effect |
|
|
1,638 |
|
|
|
(1,641 |
) |
| Net of tax amount |
|
|
(6,165 |
) |
|
|
6,180 |
|
| |
|
|
|
|
|
|
|
|
| Comprehensive income, net of tax |
|
$ |
8,798 |
|
|
$ |
22,112 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Cash Flows |
|
| |
|
Year Ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
14,963 |
|
|
$ |
15,932 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Distributions in excess of income (equity in undistributed income): |
|
|
|
|
|
|
|
|
| Peoples Bank |
|
|
(9,413 |
) |
|
|
(11,941 |
) |
| NWIN Risk Management, Inc |
|
|
(1,024 |
) |
|
|
(923 |
) |
| |
|
|
|
|
|
|
|
|
| Distribution from NWIN Risk Management, Inc |
|
|
830 |
|
|
|
884 |
|
| Stock based compensation expense |
|
|
574 |
|
|
|
415 |
|
| Change in other assets |
|
|
(161 |
) |
|
|
190 |
|
| Change in other liabilities |
|
|
(120 |
) |
|
|
433 |
|
| Net cash - operating activities |
|
|
5,649 |
|
|
|
4,990 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Investment in Peoples Bank |
|
|
(830 |
) |
|
|
- |
|
| Net cash - investing activities |
|
|
(830 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Dividends paid |
|
|
(4,310 |
) |
|
|
(4,291 |
) |
| Net surrender value of restricted stock awards |
|
|
(131 |
) |
|
|
(85 |
) |
| Net cash - financing activities |
|
|
(4,441 |
) |
|
|
(4,376 |
) |
| Net change in cash |
|
|
378 |
|
|
|
614 |
|
| Cash at beginning of year |
|
|
805 |
|
|
|
191 |
|
| Cash at end of year |
|
$ |
1,183 |
|
|
$ |
805 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
| Income taxes |
|
|
2,185 |
|
|
|
1,025 |
|
| Noncash activities: |
|
|
|
|
|
|
|
|
| Dividends declared not paid |
|
|
1,079 |
|
|
|
1,074 |
|
|