| Performance Ratios | | | Quarter ended, | | | | --- | --- | --- | --- | --- | --- | | | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | | | | December | September | | | | | March 31, | 31, | 30, | June 30, | March 31, | | | 2024 | 2023 | 2023 | 2023 | 2023 | | Return on equity | 24.97% | 4.92% | 6.55% | 7.05% | 6.42% | | Return on assets | 1.77% | 0.29% | 0.42% | 0.46% | 0.43% | | Noninterest income / average assets | 2.57% | 0.53% | 0.46% | 0.57% | 0.50% | | Noninterest expense / av ...

MUNSTER, Ind., April 24, 2024 (GLOBE NEWSWIRE) -- Finward Bancorp (NASDAQ:FNWD) (the "Bancorp"), the holding company for Peoples Bank (the "Bank"), today announced that net income available to common stockholders was $9.3 million, or $2.17 per diluted share, for the quarter ended March 31, 2024, as compared to $2.2 million, or $0.51 per diluted share, for the corresponding prior year period. Increases to our profitability results and performance ratio increases reported for quarter ended March 31, 2024 were ...

PART I [Business](index=5&type=section&id=Item%201.%20Business) Finward Bancorp, holding company for Peoples Bank, offers banking and wealth management services in Indiana and Illinois, recently expanding and addressing regulatory compliance - Finward Bancorp is the holding company for Peoples Bank, an Indiana-chartered commercial bank, primarily attracting public deposits and originating loans for single-family residences and commercial real estate in Northwest Indiana and Cook County, Illinois[13](index=13&type=chunk)[14](index=14&type=chunk) - On January 31, 2022, the Bancorp acquired Royal Financial, Inc. for an implied valuation of approximately **$56.7 million**, expanding its banking network in Cook and DuPage Counties, Illinois[15](index=15&type=chunk) - The Bancorp's Wealth Management Group provides a range of services including estate and retirement planning, custodial services, and trust management[14](index=14&type=chunk) - On August 9, 2023, the Bancorp dissolved its captive insurance subsidiary, NWIN Risk Management, Inc., to simplify its organizational structure in response to proposed IRS regulations regarding "micro-captives"[17](index=17&type=chunk) [Lending Activities](index=8&type=section&id=Lending%20Activities) The Bancorp maintains a diversified loan portfolio of approximately $1.51 billion, primarily in real estate, focusing on adjustable-rate and shorter-term loans to manage interest rate risk Loan Portfolio Composition (2022-2023) | Loan Type | Dec 31, 2023 ($ thousands) | Dec 31, 2022 ($ thousands) | | :--- | :--- | :--- | | Residential real estate | $484,948 | $484,595 | | Home equity | $46,599 | $38,978 | | Commercial real estate | $503,202 | $486,431 | | Construction and land development | $115,227 | $108,926 | | Multifamily | $219,917 | $251,014 | | Commercial business | $97,386 | $93,278 | | Consumer & Other | $41,476 | $45,349 | | **Total Loans Receivable** | **$1,508,755** | **$1,508,571** | - The Bancorp's lending strategy stresses quality growth, product diversification, and competitive pricing, with a focus on adjustable-rate and shorter-term loans to manage interest rate risk[25](index=25&type=chunk) - The maximum loan amount to a single borrower was approximately **$27.5 million** as of December 31, 2023, based on regulatory limits, with no loans exceeding this limit[27](index=27&type=chunk) [Non-Performing Assets, Asset Classification and Provision for Credit Losses](index=13&type=section&id=Non-Performing%20Assets%2C%20Asset%20Classification%20and%20Provision%20for%20Credit%20Losses) Non-performing loans significantly decreased to $11.5 million in 2023, while the Allowance for Credit Losses increased to $18.8 million due to CECL adoption and higher net charge-offs Non-Performing Assets Summary (2022-2023) | Metric | 2023 ($ thousands) | 2022 ($ thousands) | | :--- | :--- | :--- | | Non-accrual loans | $9,608 | $18,128 | | Accruing loans past due 90+ days | $1,843 | $248 | | **Total Non-performing loans** | **$11,451** | **$18,376** | | Ratio of non-performing loans to total loans | 0.76% | 1.21% | Allowance for Credit Losses (ACL) Activity - 2023 | Metric | Amount ($ thousands) | | :--- | :--- | | Balance at beginning of year | $12,897 | | Adoption of ASC 326 (CECL) | $5,158 | | PCD Gross-up | $1,029 | | Net charge-offs | ($2,008) | | Provision for credit losses | $1,692 | | **Balance at end of year** | **$18,768** | - On January 1, 2023, the Bancorp adopted ASU No. 2016-13 (CECL), resulting in an **$8.3 million** implementation entry that increased the ACL by **$5.2 million** and the unfunded commitment liability by **$3.1 million**[77](index=77&type=chunk) - Substandard loans decreased from **$23.0 million** in 2022 to **$12.3 million** in 2023, while special mention loans increased from **$11.6 million** to **$19.2 million** over the same period[61](index=61&type=chunk)[62](index=62&type=chunk) [Investment Activities](index=19&type=section&id=Investment%20Activities) The Bancorp's $371.4 million investment portfolio, primarily in AFS municipal and mortgage-backed securities, provides liquidity and stable earnings, with unrealized losses attributed to interest rate changes Investment Portfolio Composition (Carrying Value) | Security Type | 2023 ($ thousands) | 2022 ($ thousands) | | :--- | :--- | :--- | | U.S. government sponsored agencies | $7,883 | $7,625 | | Collateralized Mortgage Obligations & MBS | $123,464 | $134,116 | | Municipal Securities | $238,670 | $227,718 | | Collateralized Debt Securities | $1,357 | $1,048 | | U.S. treasury securities | $0 | $389 | | **Total** | **$371,374** | **$370,896** | - Two trust preferred securities with a cost basis of **$2.2 million** were on non-accrual status as of December 31, 2023, due to a temporary delay in interest payments[85](index=85&type=chunk) [Sources of Funds](index=20&type=section&id=Sources%20of%20Funds) Deposits are the primary funding source, supplemented by FHLB and BTFP borrowings, contributing to $824.0 million in total available liquidity Average Deposits and Rates Paid | Deposit Type | 2023 Avg. Amount ($ thousands) | 2023 Avg. Rate | 2022 Avg. Amount ($ thousands) | 2022 Avg. Rate | | :--- | :--- | :--- | :--- | :--- | | Noninterest bearing demand | $323,694 | - | $377,408 | - | | Interest bearing demand | $344,449 | 0.96% | $374,815 | 0.36% | | MMDA accounts | $284,910 | 2.73% | $286,155 | 0.37% | | Savings accounts | $343,008 | 0.05% | $416,898 | 0.05% | | Certificates of deposit | $488,025 | 2.91% | $368,322 | 0.26% | | **Total deposits** | **$1,784,086** | **1.43%** | **$1,823,598** | **0.20%** | - The Bancorp participated in the Federal Reserve's Bank Term Funding Program (BTFP), accessing **$100 million** in 2023, with an outstanding balance of **$80 million** at year-end[94](index=94&type=chunk) - As of December 31, 2023, the Bancorp had available liquidity of **$824.0 million**, including borrowing capacity from the FHLB and Federal Reserve facilities[94](index=94&type=chunk) [Regulation and Supervision](index=26&type=section&id=Regulation%20and%20Supervision) Finward Bancorp and Peoples Bank are extensively regulated, meeting capital requirements, but are subject to a recent Consent Order and MOU restricting dividends due to BSA compliance issues - On November 7, 2023, the Bank entered into a Consent Order with the FDIC and Indiana DFI related to Bank Secrecy Act (BSA) compliance, requiring enhancements to its BSA program, internal controls, and staffing[124](index=124&type=chunk)[209](index=209&type=chunk) - Concurrently, the Bank entered into a Memorandum of Understanding (MOU) which requires it to refrain from paying cash dividends without prior regulatory approval and to implement plans regarding operations, capital, and strategy[124](index=124&type=chunk)[265](index=265&type=chunk) Bank Regulatory Capital Ratios (as of Dec 31, 2023) | Capital Ratio | Actual Ratio | Minimum for Adequacy | Minimum to be Well Capitalized | | :--- | :--- | :--- | :--- | | Common equity tier 1 capital | 10.4% | 4.5% | 6.5% | | Tier 1 capital | 10.4% | 6.0% | 8.0% | | Total capital | 11.4% | 8.0% | 10.0% | | Tier 1 leverage | 7.8% | 4.0% | 5.0% | [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The Bancorp faces credit, market, liquidity, and operational risks, compounded by economic conditions, intense competition, and regulatory actions including a recent Consent Order and MOU - The Bancorp is subject to a Consent Order and MOU with regulators, which is expected to result in additional compliance expenses and may limit or delay the ability to obtain regulatory approval for expansionary activities, with failure to comply potentially leading to further regulatory action[209](index=209&type=chunk)[210](index=210&type=chunk) - A significant portion of the loan portfolio (**$681.4 million**, or **45.2%**) consists of fixed-rate loans, which exposes the bank to interest rate risk, as a prolonged increase in market rates could adversely affect net interest income[182](index=182&type=chunk) - The Bancorp faces liquidity risk, which could be impacted by factors such as market downturns, failures of other financial institutions reducing market confidence, or regulatory actions limiting access to funding[179](index=179&type=chunk) - Increased unrealized losses in the investment portfolio, driven by rising interest rates, reduce book capital and could affect liquidity if securities must be sold at a loss[180](index=180&type=chunk)[181](index=181&type=chunk) - The business faces strong competition from large regional banks, community banks, and non-bank financial technology ("FinTech") companies, which could impact loan and deposit growth and net interest margins[219](index=219&type=chunk)[220](index=220&type=chunk)[222](index=222&type=chunk) [Unresolved Staff Comments](index=47&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments to report - Not applicable[235](index=235&type=chunk) [Cybersecurity](index=48&type=section&id=Item%201C.%20Cybersecurity) The Board's Risk Management Committee oversees cybersecurity risk, with the program based on FFIEC guidance and NIST standards, requiring continuous investment against evolving threats - The Board of Directors has delegated primary oversight of cybersecurity risk to its Risk Management Committee, which receives quarterly reports from the CISO and CRO[236](index=236&type=chunk) - The Bancorp's cybersecurity processes are based on the FFIEC guidance and the CRI Profile, which aligns with the NIST Cybersecurity Framework[237](index=237&type=chunk) - During 2023, the Bancorp did not discover any material cybersecurity incidents[162](index=162&type=chunk) [Properties](index=49&type=section&id=Item%202.%20Properties) The Bancorp operates 26 banking locations across Indiana and Illinois, owning 21 properties with a net book value of $38.4 million - The Bancorp operates **26** branch locations, with **14** in Northwest Indiana and **12** in Illinois (11 in Cook County, 1 in DuPage County)[240](index=240&type=chunk) - The Bank owns **21** of its branch properties and leases **5** under long-term agreements[240](index=240&type=chunk) - The net book value of property, premises, and equipment totaled **$38.4 million** at December 31, 2023[241](index=241&type=chunk) [Legal Proceedings](index=50&type=section&id=Item%203.%20Legal%20Proceedings) The Bancorp is involved in ordinary course legal proceedings, with management not anticipating a material adverse effect on its financial position - The company is involved in legal proceedings in the ordinary course of business, but management believes the outcomes will not have a material adverse effect on its financial position[242](index=242&type=chunk) [Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[243](index=243&type=chunk) [Information About Our Executive Officers](index=50&type=section&id=Item%204.5%20Information%20About%20Our%20Executive%20Officers) This section provides background information on the Bancorp's four executive officers, including their roles and ages Executive Officers (as of Dec 31, 2023) | Executive Officer | Age | Position | | :--- | :--- | :--- | | Benjamin J. Bochnowski | 43 | President, CEO of Finward Bancorp, CEO of Peoples Bank | | Robert T. Lowry | 62 | Executive Vice President, Chief Operating Officer | | Todd M. Scheub | 56 | Executive Vice President, Chief Revenue Officer of Finward Bancorp, President of Peoples Bank | | Benjamin L. Schmitt | 43 | Senior Vice President, Chief Financial Officer and Treasurer | PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Finward Bancorp's common stock trades on Nasdaq, with 4.3 million shares outstanding, and the company has an active stock repurchase program - The Bancorp's common stock is listed on the Nasdaq Capital Market under the symbol "FNWD"[248](index=248&type=chunk) - A stock repurchase program authorized in 2014 allows for the repurchase of up to **50,000 shares**, with **48,828 shares** remaining available for repurchase under this program as of December 31, 2023[249](index=249&type=chunk)[250](index=250&type=chunk) - During 2023, no shares were repurchased under the publicly announced program; however, **5,684 shares** were reacquired from employees to satisfy tax withholding obligations on vested restricted stock awards[249](index=249&type=chunk)[251](index=251&type=chunk) [Reserved](index=53&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income decreased to $8.4 million in 2023 due to lower net interest income and margin compression, while total assets grew slightly and asset quality improved amidst CECL adoption and regulatory actions Key Financial Metrics (2023 vs 2022) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Income | $8.4 million | $15.1 million | | Diluted EPS | $1.96 | $3.60 | | Return on Average Assets | 0.40% | 0.74% | | Return on Average Equity | 6.28% | 10.47% | | Net Interest Margin | 2.83% | 3.56% | - The decrease in net income was primarily driven by a **$12.6 million** (**18.8%**) decrease in net interest income, as the cost of funds rose significantly from **0.33%** in 2022 to **1.96%** in 2023[299](index=299&type=chunk) - The company adopted the CECL accounting standard on January 1, 2023, which required a significant adjustment to the allowance for credit losses[258](index=258&type=chunk) - The company is addressing regulatory actions, including a Consent Order on BSA compliance and an MOU that restricts dividend payments without prior regulatory approval[259](index=259&type=chunk)[265](index=265&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This item is not applicable to the company - Not applicable[316](index=316&type=chunk) [Financial Statements](index=68&type=section&id=Item%208.%20Financial%20Statements) This section presents the consolidated financial statements for 2023 and 2022, including the auditor's report, balance sheets, income statements, and detailed notes [Consolidated Financial Statements](index=70&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets of $2.11 billion and net income of $8.4 million in 2023, with an increase in stockholders' equity Consolidated Balance Sheet Highlights | Account | Dec 31, 2023 ($ thousands) | Dec 31, 2022 ($ thousands) | | :--- | :--- | :--- | | Total Assets | $2,108,279 | $2,070,339 | | Net Loans Receivable | $1,493,827 | $1,500,734 | | Total Deposits | $1,813,421 | $1,775,017 | | Total Liabilities | $1,960,934 | $1,933,946 | | Total Stockholders' Equity | $147,345 | $136,393 | Consolidated Income Statement Highlights | Account | 2023 ($ thousands) | 2022 ($ thousands) | | :--- | :--- | :--- | | Net Interest Income | $54,555 | $67,149 | | Provision for Credit Losses | $2,025 | $0 | | Noninterest Income | $10,746 | $11,509 | | Noninterest Expense | $55,231 | $62,100 | | **Net Income** | **$8,380** | **$15,080** | [Notes to Consolidated Financial Statements](index=75&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, CECL adoption, portfolio composition, goodwill, regulatory capital, and a significant subsequent sale-leaseback transaction - The Bancorp adopted ASU 2016-13 (CECL) on January 1, 2023, resulting in a day-one after-tax decrease to retained earnings of **$6.1 million** and an increase to the allowance for credit losses on loans of **$6.2 million**[384](index=384&type=chunk)[386](index=386&type=chunk) - On January 29, 2024, the Bank entered into a sale-leaseback agreement for **5** branch properties for an aggregate purchase price of **$17.2 million**, with the transaction closing on February 22, 2024[507](index=507&type=chunk)[508](index=508&type=chunk) - Goodwill from past acquisitions totaled **$22.4 million** as of December 31, 2023, and no impairment was recorded[448](index=448&type=chunk) - As of December 31, 2023, the Bancorp had outstanding loan origination commitments of **$244.1 million** and standby letters of credit totaling **$18.3 million**[481](index=481&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=119&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure to report - There are no items reportable under this item[510](index=510&type=chunk) [Controls and Procedures](index=119&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes during the year - The CEO and CFO concluded that the Bancorp's disclosure controls and procedures were effective as of December 31, 2023[510](index=510&type=chunk) - Management's assessment, based on the COSO framework, determined that the Bancorp's internal control over financial reporting was effective as of December 31, 2023[513](index=513&type=chunk) [Other Information](index=121&type=section&id=Item%209B.%20Other%20Information) There were no items to report under this section - There are no items reportable under this item[515](index=515&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=121&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[516](index=516&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=122&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, corporate governance, and executive officers is incorporated by reference from the 2024 Proxy Statement - The required information for this item is incorporated by reference from the company's 2024 Definitive Proxy Statement[518](index=518&type=chunk) [Executive Compensation](index=122&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the 2024 Proxy Statement - The required information for this item is incorporated by reference from the company's 2024 Definitive Proxy Statement[519](index=519&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=122&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2024 Proxy Statement Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Category | Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 0 | $0.00 | 224,845 | | **Total** | **0** | **$0.00** | **224,845** | [Certain Relationships and Related Transactions, and Director Independence](index=122&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2024 Proxy Statement - The required information for this item is incorporated by reference from the company's 2024 Definitive Proxy Statement[524](index=524&type=chunk) [Principal Accountant Fees and Services](index=122&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2024 Proxy Statement - The required information for this item is incorporated by reference from the company's 2024 Definitive Proxy Statement[525](index=525&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=123&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K report - This item lists all financial statements and exhibits filed with the Form 10-K, including the auditor's report, consolidated financial statements, and various corporate and compensatory agreements[527](index=527&type=chunk)[529](index=529&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission File Number: 0-26128 Finward Bancorp FORM 10-Q (Exact name of registrant as specified in its charter) (Mark One) Indiana 35-1927981 (State or other jurisdiction of incorporation or organization) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. 9204 Columbia Avenue Munster, Indiana 46321 (Address of principal executive offices) (ZIP code) For the quarterly period ended September 30, 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to ______ Commission File Number: 0-26128 Finward Bancorp (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to ______ Commission File Number: 0-26128 Finward Bancorp (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

PART I [Business Overview](index=5&type=section&id=Item%201.%20Business) Finward Bancorp, holding company for Peoples Bank, focuses on diversified lending and deposit-taking, expanding through the 2022 Royal Financial acquisition - Finward Bancorp is the holding company for Peoples Bank, an Indiana-chartered commercial bank, and NWIN Risk Management, Inc[13](index=13&type=chunk) - The Bancorp completed the acquisition of Royal Financial, Inc. on January 31, 2022, expanding its network in Illinois[16](index=16&type=chunk) RYFL Merger Consideration | Metric | Value | | :--- | :--- | | **Implied Valuation** | ~$56.7 million | | **Finward Common Stock Issued** | 795,423 shares | | **Cash Consideration Paid** | ~$18.7 million | [Lending Activities](index=8&type=section&id=Lending%20Activities) Lending activities focus on diversified growth, with total loans reaching **$1.51 billion** in 2022, primarily in real estate Loan Portfolio Composition (in thousands) | Loan Type | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Residential real estate | $484,595 | $260,134 | | Commercial real estate | $486,431 | $317,145 | | Multifamily | $251,014 | $61,194 | | Construction and land development | $108,926 | $123,822 | | Commercial business | $93,278 | $115,772 | | Other | $84,327 | $82,072 | | **Total Loans Receivable** | **$1,508,571** | **$960,139** | - The Bancorp primarily operates as a portfolio lender, selling longer-term fixed-rate loans to manage interest rate risk[27](index=27&type=chunk) - The maximum loan to a single borrower was approximately **$26.1 million** as of December 31, 2022, within regulatory limits[28](index=28&type=chunk) [Non‑Performing Assets, Asset Classification and Provision for Loan Losses](index=13&type=section&id=Non%E2%80%91Performing%20Assets%2C%20Asset%20Classification%20and%20Provision%20for%20Loan%20Losses) Non-performing assets significantly increased in 2022, with non-accrual loans reaching **$18.1 million**, and a zero provision for loan losses Non-Performing Assets (in thousands) | Category | 2022 | 2021 | | :--- | :--- | :--- | | Non-accrual loans | $18,128 | $7,056 | | Accruing loans 90+ days past due | $248 | $205 | | Troubled debt restructurings (accruing) | $2,753 | $1,422 | | **Total Non-performing Loans*** | **$18,376** | **$7,261** | | Ratio of non-performing loans to total loans | 1.21% | 0.76% | | Ratio of non-performing loans to total assets | 0.94% | 0.51% | Allowance for Loan Losses (ALL) Activity (in thousands) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Balance at beginning of period | $13,343 | $12,458 | | Net charge-offs | ($446) | ($624) | | Provision for loan losses | $0 | $1,509 | | **Balance at end of period** | **$12,897** | **$13,343** | | ALL to loans outstanding | 0.85% | 1.38% | | ALL to nonperforming loans | 70.18% | 183.76% | [Investment Activities](index=18&type=section&id=Investment%20Activities) The investment portfolio decreased to **$370.9 million** in 2022, primarily due to rising interest rates affecting fair value Investment Portfolio Composition (Carrying Value, in thousands) | Security Type | 2022 | 2021 | | :--- | :--- | :--- | | Municipal Securities | $227,718 | $332,127 | | CMOs and Mortgage-backed securities | $134,116 | $184,701 | | U.S. government sponsored agencies | $7,625 | $8,669 | | Other | $1,437 | $1,392 | | **Total** | **$370,896** | **$518,220** | - Two trust preferred securities with a cost basis of **$2.2 million** were on non-accrual status due to delayed interest payments[73](index=73&type=chunk) - Management expects the fair value of securities to recover as they approach maturity, despite current declines from interest rate changes[74](index=74&type=chunk) [Sources of Funds](index=20&type=section&id=Sources%20of%20Funds) Deposits remain the primary funding source, with average total deposits growing to **$1.82 billion** in 2022 Average Deposits and Rates Paid (in thousands) | Category | 2022 Average Balance | 2022 Average Rate | 2021 Average Balance | 2021 Average Rate | | :--- | :--- | :--- | :--- | :--- | | Noninterest bearing demand | $377,408 | - | $280,900 | - | | Interest bearing demand | $374,815 | 0.36% | $297,012 | 0.08% | | MMDA accounts | $286,155 | 0.37% | $253,468 | 0.13% | | Savings accounts | $416,898 | 0.05% | $277,839 | 0.06% | | Certificates of deposit | $368,322 | 0.26% | $271,882 | 0.46% | | **Total Deposits** | **$1,823,598** | **0.20%** | **$1,381,101** | **0.18%** | - As of December 31, 2022, the Bancorp had **$120.0 million** in FHLB advances and **$15.5 million** in repurchase agreements[75](index=75&type=chunk)[83](index=83&type=chunk) [Regulation and Supervision](index=25&type=section&id=Regulation%20and%20Supervision) The Bancorp and Peoples Bank are extensively regulated, exceeding all 'well capitalized' requirements, and preparing for CECL adoption Bank Regulatory Capital Ratios (December 31, 2022) | Ratio | Actual | Minimum for Capital Adequacy | Minimum to be Well Capitalized | | :--- | :--- | :--- | :--- | | Common equity tier 1 capital | 10.1% | 4.5% | 6.5% | | Tier 1 capital | 10.1% | 6.0% | 8.0% | | Total capital | 10.9% | 8.0% | 10.0% | | Tier 1 leverage | 7.7% | 4.0% | 5.0% | - The new CECL accounting standard, effective January 1, 2023, is expected to result in a **$3.8 million** to **$6.8 million** adjustment to the allowance for credit losses[125](index=125&type=chunk)[342](index=342&type=chunk) - The Bancorp is a financial holding company regulated by the FRB, while Peoples Bank is regulated by the FDIC and Indiana DFI[102](index=102&type=chunk)[106](index=106&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The Bancorp faces significant business, market, liquidity, and industry risks, including interest rate sensitivity and increased competition - Key business risks include credit, market, and liquidity, with **$809.7 million** (53.7%) of the loan portfolio in fixed-rate loans posing interest rate risk[160](index=160&type=chunk)[164](index=164&type=chunk) - Rising interest rates in 2022 led to approximately **$90.0 million** in unrealized losses in the investment portfolio, impacting book capital[162](index=162&type=chunk)[163](index=163&type=chunk) - Industry risks include intense competition, economic conditions in key markets, and increased customer concerns over deposit insurance following recent bank failures[192](index=192&type=chunk)[196](index=196&type=chunk)[199](index=199&type=chunk) [Properties](index=45&type=section&id=Item%202.%20Properties) The Bancorp owns its corporate office and all 26 branch locations, with a net book value of **$40.2 million** for property and equipment - The Bancorp owns its corporate office and all 26 branch locations, with 14 in Northwest Indiana and 12 in Cook County, Illinois[217](index=217&type=chunk)[218](index=218&type=chunk) - The net book value of property, premises, and equipment was **$40.2 million** as of December 31, 2022[219](index=219&type=chunk) [Legal Proceedings](index=46&type=section&id=Item%203.%20Legal%20Proceedings) The Bancorp is involved in routine legal proceedings, with no expected material adverse effect on its financial position - The company is involved in ordinary course legal proceedings, not expected to materially affect its financial position[220](index=220&type=chunk) [Information About Our Executive Officers](index=46&type=section&id=Item%204.5%20Information%20About%20Our%20Executive%20Officers) This section provides biographical information for the Bancorp's six executive officers, including their roles and experience - The report lists six executive officers, detailing their positions and professional backgrounds[221](index=221&type=chunk) - Executive Chairman David A. Bochnowski announced his retirement effective June 30, 2023[221](index=221&type=chunk) PART II [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The Bancorp's common stock trades on Nasdaq, with a repurchase program having **48,828** shares remaining available - The Bancorp's common stock trades on the Nasdaq Capital Market under the symbol "FNWD"[227](index=227&type=chunk) - A stock repurchase program authorized in 2014 has **48,828** shares remaining available for repurchase as of year-end 2022[228](index=228&type=chunk)[229](index=229&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total assets grew to **$2.1 billion** in 2022, driven by acquisition and loan growth, with stable net income despite increased expenses [Financial Condition](index=50&type=section&id=Financial%20Condition) Total assets grew to **$2.1 billion** in 2022, driven by loan portfolio expansion to **$1.5 billion** and increased deposits Key Balance Sheet Metrics (in thousands) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Assets | $2,070,339 | $1,620,743 | | Net Loans Receivable | $1,500,734 | $953,377 | | Total Deposits | $1,775,017 | $1,434,201 | | Total Borrowed Funds | $135,503 | $14,581 | - Nonperforming loans as a percentage of total loans increased to **1.21%** in 2022 from **0.75%** in 2021[240](index=240&type=chunk) - The ALL to total loans ratio decreased to **0.85%** in 2022 from **1.38%** in 2021, with ALL coverage for non-performing loans dropping to **70.2%**[250](index=250&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) Stockholders' equity decreased to **$136.4 million** due to unrealized losses on securities, yet the Bank remained well-capitalized - Stockholders' equity decreased by **$20.2 million** to **$136.4 million**, primarily due to **$68.6 million** in unrealized losses on securities[261](index=261&type=chunk) - Book value per share decreased to **$31.73** at December 31, 2022, from **$45.00** at year-end 2021[261](index=261&type=chunk) - The Bank's capital levels exceeded all regulatory requirements, maintaining a "well capitalized" status as of December 31, 2022[262](index=262&type=chunk)[263](index=263&type=chunk) [Results of Operations – Comparison of 2022 to 2021](index=57&type=section&id=Results%20of%20Operations%20%E2%80%93%20Comparison%20of%202022%20to%202021) Net income remained stable at **$15.1 million** in 2022, driven by increased net interest income offset by higher noninterest expenses Key Performance Metrics | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income | $15.1 million | $15.0 million | | Return on Average Assets | 0.74% | 0.95% | | Return on Average Equity | 10.47% | 9.61% | | Net Interest Income | $67.1 million | $48.6 million | | Net Interest Margin | 3.56% | 3.29% | - Noninterest income decreased by **$4.4 million** (-27.8%), mainly due to lower gains on loan and securities sales[268](index=268&type=chunk) - Noninterest expense increased by **$15.5 million** (33.2%), driven by higher compensation, data processing, and other operating costs related to the Royal acquisition[270](index=270&type=chunk)[271](index=271&type=chunk) [Financial Statements](index=61&type=section&id=Item%208.%20Financial%20Statements) This section presents the audited consolidated financial statements for 2022 and 2021, including key audit matters like ALLL valuation and acquisition accounting - The independent auditor's report from FORVIS, LLP provides an unqualified opinion on the fair presentation of financial statements[285](index=285&type=chunk) - Critical audit matters include the valuation of the Allowance for Loan Losses (ALLL) and the accounting for the Royal Financial, Inc. acquisition[291](index=291&type=chunk)[293](index=293&type=chunk) [Consolidated Financial Statements](index=64&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets grew to **$2.07 billion**, net loans to **$1.50 billion**, and deposits to **$1.78 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Assets | $2,070,339 | $1,620,743 | | Net Loans Receivable | $1,500,734 | $953,377 | | Goodwill | $22,395 | $11,109 | | Total Deposits | $1,775,017 | $1,434,201 | | Total Liabilities | $1,933,946 | $1,464,128 | | Total Stockholders' Equity | $136,393 | $156,615 | Consolidated Income Statement Highlights (in thousands) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Net Interest Income | $67,149 | $48,575 | | Provision for Loan Losses | $0 | $1,509 | | Noninterest Income | $11,509 | $15,947 | | Noninterest Expense | $62,100 | $46,636 | | **Net Income** | **$15,080** | **$14,963** | | Diluted EPS | $3.60 | $4.30 | [Notes to Consolidated Financial Statements](index=69&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed accounting policies, Royal Financial acquisition details, loan portfolio breakdown, and investment securities with **$84.6 million** in unrealized losses - The Royal Financial, Inc. acquisition on January 31, 2022, for approximately **$56.7 million**, resulted in **$11.3 million** goodwill and **$3.2 million** core deposit intangibles[350](index=350&type=chunk)[353](index=353&type=chunk) - The available-for-sale investment securities portfolio had **$84.6 million** in gross unrealized losses as of December 31, 2022[358](index=358&type=chunk) - The allowance for loan losses decreased to **$12.9 million** at year-end 2022, with no provision recorded during the year[363](index=363&type=chunk) [Controls and Procedures](index=110&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - The CEO and CFO concluded that the Bancorp's disclosure controls and procedures were effective as of December 31, 2022[448](index=448&type=chunk) - Management determined the Bancorp's internal control over financial reporting was effective as of December 31, 2022, based on the COSO framework[451](index=451&type=chunk) PART III [Items 10-14](index=112&type=section&id=Items%2010-14) This section incorporates information from the 2023 Proxy Statement, covering directors, executive compensation, security ownership, and related party transactions - Information on directors, executive officers, corporate governance, executive compensation, security ownership, related party transactions, and accountant fees is incorporated by reference from the 2023 Proxy Statement[456](index=456&type=chunk)[457](index=457&type=chunk)[458](index=458&type=chunk)[462](index=462&type=chunk)[463](index=463&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2022) | Plan Category | Securities to be issued upon exercise | Weighted-average exercise price | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 0 | $0 | 224,845 | PART IV [Exhibits and Financial Statement Schedules](index=113&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, including the Royal Financial merger agreement and corporate documents - This section lists all financial statements and exhibits filed with the Form 10-K, including the merger agreement and corporate governance documents[465](index=465&type=chunk)[470](index=470&type=chunk)

PART I. Financial Information [Unaudited Financial Statements and Notes](index=3&type=section&id=Item%201.Unaudited%20Financial%20Statements%20and%20Notes) This section presents Finward Bancorp's unaudited consolidated financial statements and notes for the period ended September 30, 2022, detailing the financial position and performance, significantly impacted by the Royal Financial acquisition [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) Total assets increased to **$2.05 billion** by September 30, 2022, primarily from loan growth funded by deposits, while stockholders' equity decreased due to comprehensive losses Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 (unaudited, in thousands) | December 31, 2021 (in thousands) | | :--- | :--- | :--- | | Total cash and cash equivalents | $38,296 | $33,176 | | Securities available-for-sale | $359,035 | $526,889 | | Net loans receivable | $1,489,298 | $953,377 | | Goodwill | $22,615 | $11,109 | | **Total assets** | **$2,052,986** | **$1,620,743** | | Total deposits | $1,832,964 | $1,434,201 | | Borrowed funds | $56,174 | $- | | **Total liabilities** | **$1,934,963** | **$1,464,128** | | Accumulated other comprehensive (loss) income | $(79,839) | $4,276 | | **Total stockholders' equity** | **$118,023** | **$156,615** | | **Total liabilities and stockholders' equity** | **$2,052,986** | **$1,620,743** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q3 2022 increased to **$4.6 million** due to higher net interest income, while nine-month net income slightly declined to **$11.1 million** due to noninterest income and expense changes Quarterly and Nine-Month Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2022 (in thousands) | Q3 2021 (in thousands) | Nine Months 2022 (in thousands) | Nine Months 2021 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $17,507 | $12,200 | $50,340 | $36,118 | | Provision for loan losses | $- | $139 | $- | $1,293 | | Total noninterest income | $2,630 | $4,146 | $8,670 | $12,139 | | Total noninterest expense | $15,010 | $12,401 | $46,455 | $33,904 | | **Net income** | **$4,556** | **$3,538** | **$11,122** | **$11,652** | | Diluted EPS | $1.07 | $1.02 | $2.67 | $3.35 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, financial components, and the significant **Royal Financial, Inc. (RYFL) acquisition**, along with upcoming accounting standard changes like CECL - On January 31, 2022, Finward completed its acquisition of Royal Financial, Inc. (RYFL), issuing **795,423 shares** of common stock and paying approximately **$18.7 million** in cash, for an implied transaction value of about **$56.7 million**[20](index=20&type=chunk)[22](index=22&type=chunk) - The acquisition resulted in the recording of approximately **$11.5 million** in goodwill and a **$3.2 million** core deposit intangible[23](index=23&type=chunk)[25](index=25&type=chunk) - The Bancorp will adopt ASU No. 2016-13 (CECL) for measuring credit losses on financial instruments effective January 1, 2023, with management currently evaluating its impact[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Bancorp's financial condition and results, emphasizing the **Royal Financial acquisition's impact** on asset growth, loan portfolio, asset quality, and capital, alongside quarterly and nine-month performance - The acquisition of Royal Financial, Inc. (RYFL) on January 31, 2022, was a key event, expanding the Bank's network in Cook and DuPage counties, Illinois[117](index=117&type=chunk) - Total assets increased by **$432.2 million (26.7%)** during the first nine months of 2022, primarily due to the RYFL acquisition[120](index=120&type=chunk) - Stockholders' equity decreased by **$38.6 million (24.6%)** in the first nine months of 2022, mainly due to an **$84.1 million** other comprehensive loss from market value changes in the securities portfolio[155](index=155&type=chunk) [Financial Condition](index=41&type=section&id=Financial%20Condition) Total assets grew to **$2.1 billion** by September 30, 2022, driven by the RYFL acquisition and loan growth, while the investment portfolio decreased due to unrealized losses Loan Portfolio Composition (in thousands) | Loan Type | Sept 30, 2022 (in thousands) | % of Total | Dec 31, 2021 (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Residential real estate | $471,565 | 31.5% | $260,134 | 33.0% | | Commercial real estate | $452,852 | 30.3% | $317,145 | 31.2% | | Multifamily | $258,377 | 17.3% | $61,194 | 5.7% | | Commercial business | $95,372 | 6.4% | $115,772 | 11.4% | | Other | $218,821 | 14.5% | $143,232 | 18.7% | | **Total Loans Receivable** | **$1,496,387** | **100.0%** | **$960,139** | **100.0%** | - The securities portfolio, all available-for-sale, decreased by **$167.9 million (31.9%)** to **$359.0 million**, attributed to increased unrealized losses from rising interest rates and using cash flows to fund loan growth[141](index=141&type=chunk) - Total deposits increased by **$398.8 million (27.8%)** to **$1.83 billion**, largely due to the RYFL acquisition and efforts to grow core deposits[146](index=146&type=chunk)[148](index=148&type=chunk) [Asset Quality](index=43&type=section&id=Asset%20Quality) Asset quality metrics, including nonperforming and substandard loans, increased due to the RYFL acquisition, while the allowance for loan losses remained stable with no new provision Asset Quality Summary (in thousands) | Metric | Sept 30, 2022 (in thousands) | Dec 31, 2021 (in thousands) | | :--- | :--- | :--- | | Nonperforming loans | $10,925 | $7,261 | | Substandard loans | $17,922 | $8,687 | | Special mention loans | $21,153 | $21,123 | | Impaired loans | $13,006 | $5,808 | | Allowance for loan losses (ALL) | $13,398 | $13,343 | | ALL to Total Loans | 0.90% | 1.38% | - The increase in substandard and impaired loans is primarily the result of loans acquired through the RYFL acquisition[127](index=127&type=chunk)[132](index=132&type=chunk) - No provision for loan losses was recorded for the nine months ended September 30, 2022, compared to a provision of **$1.3 million** for the same period in 2021[137](index=137&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved with increased cash, but stockholders' equity decreased due to unrealized securities losses, though capital ratios remain well above regulatory minimums Bank Capital Ratios | Ratio | Sept 30, 2022 | Minimum for Capital Adequacy | | :--- | :--- | :--- | | Common equity tier 1 capital to risk weighted assets | 11.8% | 4.5% | | Tier 1 capital to risk-weighted assets | 11.8% | 6.0% | | Total capital to risk-weighted assets | 12.8% | 8.0% | | Tier 1 capital to adjusted average assets | 8.1% | 4.0% | - The Bancorp's ability to pay dividends depends on the Bank's ability to pay dividends to the Bancorp, which is subject to regulatory limits by the DFI and FDIC[162](index=162&type=chunk) - No shares were repurchased under the stock repurchase program during the first nine months of 2022[155](index=155&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) For Q3 2022, net income rose to **$4.6 million** driven by net interest income, while nine-month net income fell to **$11.1 million** due to a **$3.5 million** drop in noninterest income and a **$12.6 million** rise in noninterest expense Quarterly Results of Operations (in thousands) | Metric | Q3 2022 (in thousands) | Q3 2021 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $17,507 | $12,200 | 43.5% | | Noninterest Income | $2,630 | $4,146 | -36.6% | | Noninterest Expense | $15,010 | $12,401 | 21.0% | | Net Income | $4,556 | $3,538 | 28.8% | Nine-Month Results of Operations (in thousands) | Metric | Nine Months 2022 (in thousands) | Nine Months 2021 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $50,340 | $36,118 | 39.4% | | Noninterest Income | $8,670 | $12,139 | -28.6% | | Noninterest Expense | $46,455 | $33,904 | 37.0% | | Net Income | $11,122 | $11,652 | -4.5% | - The increase in noninterest expense for the nine-month period was driven by the Royal acquisition, talent management, wage inflation, and investments in technology like Salesforce and nCino[186](index=186&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This item is marked as 'Not applicable', indicating no new or materially changed quantitative and qualitative disclosures about market risk for this period - The report states this item is not applicable for this filing[193](index=193&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the Bancorp's disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal controls identified - The Chief Executive Officer and Chief Financial Officer concluded that the Bancorp's disclosure controls and procedures were effective as of September 30, 2022[194](index=194&type=chunk) - There were no changes in internal control over financial reporting during the nine months ended September 30, 2022, that materially affected or are likely to materially affect the controls[195](index=195&type=chunk) PART II. Other Information [Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The Bancorp is involved in routine legal proceedings, with management expecting no material adverse financial impact from ultimate liabilities - The company is involved in routine legal proceedings, but management does not expect any material adverse financial impact[198](index=198&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the Bancorp's existing stock repurchase program during the nine months ended September 30, 2022 - No shares were repurchased under the existing stock repurchase program during the nine months ended September 30, 2022[200](index=200&type=chunk) Share Repurchase Activity (Jan - Sep 2022) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares That May Yet Be Purchased | | :--- | :--- | :--- | :--- | | Jan - Sep 2022 | - | N/A | 48,828 | [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and the Inline XBRL Interactive Data File - Filed exhibits include CEO and CFO certifications as required by Sarbanes-Oxley Act rules[202](index=202&type=chunk)[203](index=203&type=chunk) - The filing includes an Inline XBRL Interactive Data File containing tagged financial statements and notes[203](index=203&type=chunk)[204](index=204&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to ______ Commission File Number: 0-26128 Finward Bancorp (Exact name of registrant as specified in its charter) Indiana 35-1927981 (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2022 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to ______ Commission File Number: 0-26128 Finward Bancorp (Exact name of registrant as specified in its charter) Indiana 35-1927981 (State or other j ...