Finward Bancorp FY2024 net income $12.1M ($2.84/share); Q4 net income $2.1M, NIM improves to 2.65%

Finward Bancorp

2024-FY EPS reported $2.84

FY2024 net income $12.1M ($2.84 diluted EPS) vs $8.4M ($1.96) in 2023; Q4 net income $2.1M ($0.49) vs $1.5M ($0.35) a year ago.
Net interest margin improved to 2.65% in Q4 2024 from 2.51% in Q3 2024; tax-adjusted NIM was 2.79% vs 2.66%.
Recorded $1.2M one-time gain on termination of a tax credit investment; net charge-offs of $2.2M on a small number of commercial loans.
Loans flat at $1.5B; deposits up $11.8M to $1.8B; non-interest-bearing deposits decreased $21.8M to $263.3M.
Tangible book value per share $29.48 (down from $31.28); adjusted for AOCL increased to $42.94; tier 1 capital ratio improved to 8.46%.

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