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

Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Acquisition Activity (Tables)

Note 3 - Acquisition Activity (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

ASSETS					*LIABILITIES*
Cash and due from banks		$	52,524		Deposits
Investment securities, available for sale			-		Non-interest bearing		$	32,095
Certificate of deposit in other financial institutions			245		NOW accounts			63,639
					Savings and money market			184,149
Total Loans			450,757		Certificates of deposits			195,153
					Total Deposits			475,036
Premises and equipment, net			13,848
FHLB stock			1,303		Interest payable			75
Goodwill			11,664		Other liabilities			11,228
Core deposit intangible			3,220
Interest receivable			1,836
Other assets			7,569
Total assets purchased		$	542,966
Common shares issued			37,902
Cash paid			18,725
Total purchase price		$	56,627		Total liabilities assumed		$	486,339

Business Acquisition, Pro Forma Information [Table Text Block]

		For the three months ended				For the three months ended
(in thousands)		*March 31, 2022*				*March 31, 2021*
Selected Financial Data
Interest income		$	17,589			$	17,391
Interest expense			(460	)			(1,191	)
Recovery of (provision for) loan losses			-				(278	)
Non-interest income			3,283				4,516
Non-interest expense (1)			(14,397	)			(12,945	)
Income before provision for income taxes			6,015				7,493
Income tax expense			(1,032	)			(1,173	)
Net income		$	4,983			$	6,320

Earnings per common share:
Basic		$	1.24			$	1.82
Diluted		$	1.24			$	1.82

Business Combination, Separately Recognized Transactions [Table Text Block]

		Three months ended
Noninterest expense:		March 31, 2022
Compensation and benefits		$	132
Data processing			1,929
Marketing			135
Other			656

Period merger expense		$	2,852