---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028892"
form_type: "8-K"
ticker: "FNWD"
cik: "0000919864"
company_name: "Finward Bancorp"
filed_at: "2023-10-25T23:59:59+00:00"
generated_at: "2026-06-09T12:57:45.857210+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-028892
- form_type: 8-K
- ticker: FNWD
- cik: 0000919864
- company_name: Finward Bancorp
- filed_at: 2023-10-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/919864/000143774923028892/0001437749-23-028892-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/919864/000143774923028892/fnwd20231024_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028892
- JSON: https://secwatch.observer/filing/0001437749-23-028892.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028892.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/919864/000143774923028892/0001437749-23-028892-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.