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Note 18 - Parent Company Only Statements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 18 – Parent Company Only Statements

		(Dollars in thousands)
		Finward Bancorp
		Condensed Balance Sheets
		December 31,				December 31,
		2023				2022
Assets
Cash on deposit with Peoples Bank		$	3,846			$	2,061
Investment in Peoples Bank			144,266				131,431
Investment in NWIN Risk Management, Inc			-				2,401
Dividends receivable from Peoples Bank			516				1,331
Other assets			-				538
Total assets		$	148,628			$	137,762
Liabilities and stockholders’ equity
Dividends payable		$	516			$	1,333
Other liabilities			767				36
Total liabilities			1,283				1,369
Additional paid in capital			69,555				69,032
Accumulated other comprehensive (loss)			(51,613	)			(64,300	)
Retained earnings			129,403				131,661
Total stockholders’ equity			147,345				136,393
Total liabilities and stockholders’ equity		$	148,628			$	137,762

		(Dollars in thousands)
		Finward Bancorp
		Condensed Statements of Income
		Year Ended December 31,
		2023				2022
Dividends from Peoples Bank		$	4,529			$	24,263
Dividends from NWIN Risk			66				925
Operating expenses			(104	)			(117	)
Income before income taxes and equity in undistributed income of Peoples Bank			4,491				25,071
Income tax benefit			(21	)			(50	)
Income before equity in undistributed income of Peoples Bank			4,512				25,121
Equity in undistributed (distributions in excess of) income of Peoples Bank income of NWIN Risk Management, Inc			731				431
Net income		$	8,380			$	15,080

		(Dollars in thousands)
		Finward Bancorp
		Condensed Statements of Comprehensive Income
		Year Ended December 31,
		2023				2022
Net Income		$	8,380			$	15,080
Net change in net unrealized gains and losses on securities available-for-sale:
Unrealized loss arising during the period			16,630				(89,323	)
Less: reclassification adjustment for gains (loss) included in net income			48				(662	)
Net securities gain (loss) during the period			16,678				(89,985	)
Tax effect			(3,991	)			21,409
Other comprehensive loss, net of tax			12,687				(68,576	)
Comprehensive (loss) income, net of tax		$	21,067			$	(53,496	)

		(Dollars in thousands)
		Finward Bancorp
		Condensed Statements of Cash Flows
		Year Ended December 31,
		2023				2021
Cash flows from operating activities:
Net income		$	8,380			$	15,080
Adjustments to reconcile net income to net cash provided by operating activities
Distributions in excess of income (equity in undistributed income):
Peoples Bank			(3,137	)			10,472
NWIN Risk Management, Inc			(729	)			(431	)
Stock based compensation expense			718				741
Change in other assets			1,353				(218	)
Change in other liabilities			731				(846	)
Net cash provided by operating activities			7,316				24,798
Cash flows from investing activities:
Cash and cash equivalents from acquisition activity, net			-				(18,725	)
Net cash used in investing activities			-				(18,725	)
Cash flows from financing activities:
Dividends paid			(5,335	)			(5,075	)
Net surrender value of restricted stock awards			(196	)			(120	)
Net cash used in financing activities			(5,531	)			(5,195	)
Net change in cash			1,784				878
Cash at beginning of year			2,061				1,183
Cash at end of year		$	3,846			$	2,061
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income taxes		$	335			$	1,347
Dividends declared not paid			516				1,332

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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X

- References

No definition available.

+ Details

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