| Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
Note 18 – Parent Company Only Statements
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Balance Sheets |
|
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Assets |
|
|
|
|
|
|
|
|
| Cash on deposit with Peoples Bank |
|
$ |
2,061 |
|
|
$ |
1,183 |
|
| Investment in Peoples Bank |
|
|
131,431 |
|
|
|
153,772 |
|
| Investment in NWIN Risk Management, Inc |
|
|
2,401 |
|
|
|
1,970 |
|
| Dividends receivable from Peoples Bank |
|
|
1,331 |
|
|
|
1,070 |
|
| Other assets |
|
|
538 |
|
|
|
581 |
|
| Total assets |
|
$ |
137,762 |
|
|
$ |
158,576 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
| Dividends payable |
|
$ |
1,333 |
|
|
$ |
1,079 |
|
| Other liabilities |
|
|
36 |
|
|
|
882 |
|
| Total liabilities |
|
|
1,369 |
|
|
|
1,961 |
|
| |
|
|
|
|
|
|
|
|
| Additional paid in capital |
|
|
69,032 |
|
|
|
30,430 |
|
| Accumulated other comprehensive (loss) income |
|
|
(64,300 |
) |
|
|
4,276 |
|
| Retained earnings |
|
|
131,661 |
|
|
|
121,909 |
|
| Total stockholders’ equity |
|
|
136,393 |
|
|
|
156,615 |
|
| Total liabilities and stockholders’ equity |
|
$ |
137,762 |
|
|
$ |
158,576 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Income |
|
| |
|
Year Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
| Dividends from Peoples Bank |
|
$ |
24,263 |
|
|
$ |
4,880 |
|
| Dividends from NWIN Risk |
|
|
925 |
|
|
|
830 |
|
| Operating expenses |
|
|
(117 |
) |
|
|
(448 |
) |
| Income before income taxes and equity in undistributed income of Peoples Bank |
|
|
25,071 |
|
|
|
5,262 |
|
| Income tax benefit |
|
|
(50 |
) |
|
|
(94 |
) |
| Income before equity in undistributed income of Peoples Bank |
|
|
25,121 |
|
|
|
5,356 |
|
| Equity in undistributed |
|
|
|
|
|
|
|
|
| (distributions in excess of income) income of Peoples Bank |
|
|
(10,472 |
) |
|
|
9,413 |
|
| income of NWIN Risk Management, Inc |
|
|
431 |
|
|
|
194 |
|
| Net income |
|
$ |
15,080 |
|
|
$ |
14,963 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Comprehensive Income |
|
| |
|
Year Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
15,080 |
|
|
$ |
14,963 |
|
| Net change in net unrealized gains and losses on securities available-for-sale: |
|
|
|
|
|
|
|
|
| Unrealized loss arising during the period |
|
|
(89,323 |
) |
|
|
(5,816 |
) |
| Less: reclassification adjustment for gains included in net income |
|
|
(662 |
) |
|
|
(1,987 |
) |
| Net securities loss during the period |
|
|
(89,985 |
) |
|
|
(7,803 |
) |
| Tax effect |
|
|
21,409 |
|
|
|
1,638 |
|
| Other comprehensive loss, net of tax |
|
|
(68,576 |
) |
|
|
(6,165 |
) |
| Comprehensive (loss) income, net of tax |
|
$ |
(53,496 |
) |
|
$ |
8,798 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Finward Bancorp |
|
| |
|
Condensed Statements of Cash Flows |
|
| |
|
Year Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
15,080 |
|
|
$ |
14,963 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
| Distributions in excess of income (equity in undistributed income): |
|
|
|
|
|
|
|
|
| Peoples Bank |
|
|
10,472 |
|
|
|
(9,413 |
) |
| NWIN Risk Management, Inc |
|
|
(431 |
) |
|
|
(1,024 |
) |
| Stock based compensation expense |
|
|
741 |
|
|
|
574 |
|
| Change in other assets |
|
|
(218 |
) |
|
|
(161 |
) |
| Change in other liabilities |
|
|
(846 |
) |
|
|
(120 |
) |
| Net cash provided by operating activities |
|
|
24,798 |
|
|
|
4,819 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents from acquisition activity, net |
|
|
(18,725 |
) |
|
|
- |
|
| Investment in Peoples Bank |
|
|
- |
|
|
|
(830 |
) |
| Net cash used by investing activities |
|
|
(18,725 |
) |
|
|
(830 |
) |
| |
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Dividends paid |
|
|
(5,075 |
) |
|
|
(4,310 |
) |
| Net surrender value of restricted stock awards |
|
|
(120 |
) |
|
|
(131 |
) |
| Net cash used by financing activities |
|
|
(5,195 |
) |
|
|
(3,867 |
) |
| Net change in cash |
|
|
878 |
|
|
|
378 |
|
| Cash at beginning of year |
|
|
1,183 |
|
|
|
805 |
|
| Cash at end of year |
|
$ |
2,061 |
|
|
$ |
1,183 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
| Income taxes |
|
|
1,347 |
|
|
|
2,185 |
|
| Noncash activities: |
|
|
|
|
|
|
|
|
| Dividends declared not paid |
|
|
1,332 |
|
|
|
1,079 |
|
|