Finward Bancorp Q3 net income drops to $2.2M ($0.51/sh) from $4.6M; NIM compresses to 2.89%

Finward Bancorp

2023-Q3 EPS reported $1.60

Net income for Q3 2023 was $2.2 million ($0.51 per diluted share), down from $4.6 million ($1.07) in Q3 2022.
Net interest margin for nine months ended Sept 30, 2023 was 2.89%, down from 3.56% in prior year, due to rate hikes.
Non-performing loans decreased to $10.1 million (0.66% of loans) from $18.4 million (1.21%) at Dec 31, 2022.
Tangible book value per share fell to $21.63 from $25.41, driven by $78.8M in AOCI losses from securities portfolio.
Operating expenses controlled: non-interest expense/average assets improved to 2.67% from 3.04%; reduced FTEs by 17.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Finward Bancorp reported the quarter and nine months ending September 30, 2023 results: net income $6.9 million, or $1.60 per diluted share, for the nine months ended September 30, 2023.

Period: the quarter and nine months ending September 30, 2023
Net income: $6.9 million, or $1.60 per diluted share, for the nine months ended September 30, 2023
Result: reported results

Exact text from the filing

On October 25, 2023, Finward Bancorp (the “Bancorp”) issued a press release reporting its unaudited financial results for the quarter and nine months ending September 30, 2023.

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Finward Bancorp filing history →

Source: SEC EDGAR

accession 0001437749-23-028892

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