Finward Bancorp Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisition Activity (Tables)

Acquisition Activity (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the First Personal acquisition is allocated as follows:

ASSETS			LIABILITIES
Cash and due from banks	$	30,178	Deposits
Investment securities, available for sale		2	Non-interest bearing	$	14,517
			NOW accounts		22,177
Commercial		53,026	Savings and money market		41,852
Residential mortgage		32,542	Certificates of deposits		46,355
Consumer		9,004	Total Deposits		124,901
Total Loans		94,572

Premises and equipment, net		5,799	Borrowings		4,124
FHLB stock		219	Interest payable		32
Goodwill		5,437	Other liabilities		1,256
Core deposit intangible		3,044
Interest receivable		274
Other assets		6,405
Total assets purchased	$	145,930
Common shares issued		6,928
Cash paid		8,689
Total purchase price	$	15,617	Total liabilities assumed	$	130,313

ASSETS			LIABILITIES
Cash and due from banks	$	67,938	Deposits
Investment securities, available for sale		3,432	Non-interest bearing	$	24,502
			NOW accounts		10,712
Commercial		712	Savings and money market		68,875
Residential mortgage		85,635	Certificates of deposits		40,137
Multifamily		1,442	Total Deposits		144,226
Consumer		57
Total Loans		87,846
			Interest payable		50
Premises and equipment, net		3,542	Other liabilities		1,270
FHLB stock		512
Goodwill		2,574
Core deposit intangible		2,917
Interest receivable		351
Other assets		9,304
Total assets purchased	$	178,416
Common shares issued		17,492
Cash paid		15,378
Total purchase price	$	32,870	Total liabilities assumed	$	145,546