Business
Finward Bancorp Announces Earnings for the Quarter and Six Months Ended June 30, 2024
MUNSTER, Ind., July 24, 2024 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today
About this update from Finward Bancorp
[{"type":"text","content":"MUNSTER, Ind., July 24, 2024 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $9.4 million, or $2.21 per diluted share, for the six months ended June 30, 2024, as compared to $4.7 million, or $1.10 per diluted share, for the corresponding prior year period. For the quarter ended June 30, 2024, the Bancorp’s net income totaled $143 thousand, or $0.03 per diluted share, as compared to $2.4 million, or $0.57 per diluted share, for the three months ended June 30, 2023. Selected performance metrics are as follows for the periods presented: Performance RatiosQuarter ended, Six months ended, (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) June 30, March 31, December 31, September 30, June 30, June 30, June 30, 2024 2024 2023 2023 2023 2024 2023Return on equity0.39% 24.97% 4.92% 6.55% 7.05% 12.81% 6.74% Return on assets0.03% 1.77% 0.29% 0.42% 0.46% 0.91% 0.45% Tax adjusted net interest margin2.67% 2.57% 2.80% 2.87% 3.03% 2.62% 3.13% Noninterest income / average assets0.50% 2.57% 0.53% 0.46% 0.57% 1.54% 0.54% Noninterest expense / average assets2.79% 2.86% 2.60% 2.59% 2.66% 2.83% 2.71% Efficiency ratio98.56% 59.41% 87.49% 86.88% 82.11% 73.77% 82.23% \"Key operating areas saw benefits in the second quarter from previously announced strategic initiatives. Net interest margin demonstrated signs of continued stabilization during the quarter, and non-interest expense levels decreased as expected, as we believe operational efficiency will continue to improve in the second half of the year. Provision expense increased primarily as the result of new unfunded commitments as we continue to provide capital to our customers,\" said Benjamin Bochnowski, chief executive officer. \"Asset yields have begun to show improvement as we fund new lending opportunities in our core market. While loans balances are down, originations remain on pace with expectations for the year. Credit quality remains strong, and we are well-positioned for potential changes in the interest rate environment.” Highlights of the current period include: Net Interest Margin - The net interest margin for the three months ended June 30, 2024, was 2.54%, compared to 2.42% for the three months ended March 31, 2024....