Business
Finward Bancorp Announces Earnings for The Three and Six Months Ended June 30, 2022
MUNSTER, Ind., July 27, 2022 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (“Finward” or the “Bancorp”), the holding company for Peoples Bank (the
About this update from Finward Bancorp
[{"type":"text","content":"MUNSTER, Ind., July 27, 2022 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq: FNWD) (“Finward” or the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $6.6 million, or $1.58 per diluted share, for the six months ended June 30, 2022, as compared to $8.1 million, or $2.33 per share, for the corresponding prior year period. For the three months ended June 30, 2022, the Bancorp’s net income totaled $4.4 million, or $1.03 per diluted share, as compared to $3.6 million, or $1.03 per share, for the three months ending June 30, 2021. Selected performance metrics are as follows for the periods presented: Performance Ratios Three months 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, 2022 2022 2021 2021 2021 2022 2021Return on equity 12.45% 5.01% 8.56% 8.90% 9.17% 8.40% 10.54%Return on assets 0.85% 0.44% 0.83% 0.87% 0.90% 0.65% 1.04%Net interest margin - tax equivalent 3.78% 3.63% 3.58% 3.46% 3.42% 3.70% 3.51%Noninterest income / average assets 0.56% 0.64% 0.95% 1.02% 0.92% 0.60% 1.02%Noninterest expense / average assets 2.91% 3.33% 3.18% 3.04% 2.76% 3.11% 2.75%Efficiency ratio 75.15% 87.10% 78.28% 75.87% 70.79% 80.89% 67.38% Core net income for the six months ended June 30, 2022, amounted to $8.0 million, or $1.92 per diluted share, compared to $7.5 million, or $2.15 per diluted share for the six months ended June 30, 2021. Core net income for the three months ended June 30, 2022, amounted to $3.9 million, or $0.91 per diluted share, compared to $3.3 million, or $0.95 per diluted share for the three months ended June 30, 2021. Core net income is a non-GAAP measure. For the periods presented, the core net income measure excludes merger related expenses, net (gain) loss on securities, core deposit accretion, certificate of deposit purchase premium amortization, purchase discount amortization, and related tax benefit/(cost). Selected non-GAAP performance metrics are as follows for the periods presented: Non-GAAP Performance Ratios Three months 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, 2022 2022 ...