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

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document And Entity Information
Financial Statements
Notes to Financial Statements
Notes Tables
Notes Details

Note 5 - Acquisition Activity (Tables)

v3.23.1

Note 5 - Acquisition Activity (Tables)

3 Months Ended

Mar. 31, 2023

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		13,896
FHLB stock		1,303	Interest payable		75
Goodwill		11,286	Other liabilities		11,228
Core deposit intangible		3,220
Interest receivable		1,836
Other assets		7,978
Total assets purchased	$	543,045
Common shares issued		37,981
Cash paid		18,725
Total purchase price	$	56,706	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, 2023*			*March 31, 2022*
Selected Financial Data
Interest income	$	20,136		$	17,589
Interest expense		(5,468	)		(460	)
Provision for loan losses		(488	)		-
Non-interest income		2,608			3,283
Non-interest expense (1)		(14,227	)		(14,397	)
Income before provision for income taxes		2,561			6,015
Income tax expense		(321	)		(1,032	)
Net income	$	2,240		$	4,983

Earnings per common share:
Basic	$	0.52		$	1.24
Diluted	$	0.51		$	1.24

Business Combination, Separately Recognized Transactions [Table Text Block]

(in thousands)	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

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
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Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination.

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