Finward Bancorp FY2023 net income $8.4M ($1.96/dil.) vs $15.1M; sale-leaseback for $17.2M

Finward Bancorp

2023-FY EPS reported $1.96

Net income 2023: $8.4M ($1.96/dil.) vs $15.1M ($3.60/dil.) in 2022; Q4 2023 net income $1.5M ($0.35/dil.) vs $4.0M ($0.93/dil.).
Net interest margin fell to 2.83% from 3.56% due to rising short-term rates relative to long-term rates.
Non-performing loans decreased to $11.5M (0.76% of loans) from $18.4M (1.21%) aided by a $5.4M substandard loan sale in December.
Sale-leaseback of 5 branches for $17.2M expected close by Feb 2024; estimated ~$11.7M gain exceeding book value, initial annual rent $1.5M.
Tangible book value per share rose to $28.31 from $25.41; bank remains well-capitalized with tier 1 leverage ratio 7.8%.

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