Finward Bancorp Announces Earnings for the Six and Three Months Ended June 30, 2023

About this update from Finward Bancorp

[{"type":"text","content":"MUNSTER, Ind., July 26, 2023 (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 $4.7 million, or $1.09 per diluted share, for the six months ended June 30, 2023, as compared to $6.6 million, or $1.59 per diluted share, for the corresponding prior year period. For the three months ended June 30, 2023, the Bancorp’s net income totaled $2.4 million, or $0.57 per diluted share, as compared to $4.4 million, or $1.04 per share, for the three months ending June 30, 2022. Selected performance metrics are as follows for the periods presented: Performance Ratios Quarter 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, 2023 2023 2022 2022 2022 2023 2022Return on equity 7.05% 6.42% 12.96% 13.65% 12.45% 6.74% 8.40%Return on assets 0.46% 0.43% 0.78% 0.88% 0.85% 0.45% 0.65%Noninterest income / average assets 0.57% 0.50% 0.56% 0.51% 0.56% 0.54% 0.60%Noninterest expense / average assets 2.66% 2.75% 3.07% 2.90% 2.91% 2.71% 3.11%Efficiency ratio 82.11% 82.35% 79.63% 74.54% 75.15% 82.23% 80.89% “Business conditions have stabilized significantly over the second quarter, for both Peoples Bank and the industry more broadly. The Bank’s deposits were largely stable, although we did see continued movement of customers’ deposits from lower-cost to higher-cost deposit accounts. We have maintained a defensive liquidity position, and in this environment it is possible to generate some marginal income while we maintain our cash position. With that in mind, like many banks, we are focused on serving our core customers and communities with our capital and liquidity, and loan yields are starting to show some momentum,” said Benjamin Bochnowski, Chairman and CEO. “Our team has remained disciplined with operating expenses and we are serving our customers more efficiently and effectively. We anticipate that we could be at the top of the rate cycle for some time, and with that in mind, we are also highly focused on credit quality. We have been selective and diligent in our underwriting while we have reduced our number of non-performing loans.” Highlights of the year-to-date period include: Net interest ...

More updates from Finward Bancorp