UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ (Mark One) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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) incorporation or o ...

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 September 30, 2021 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 jurisdictio ...

[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) This section presents the unaudited financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for Finward Bancorp [Unaudited Financial Statements and Notes](index=3&type=section&id=Item%201.%20Unaudited%20Financial%20Statements%20and%20Notes) This section presents Finward Bancorp's unaudited condensed consolidated financial statements and detailed notes for the periods ended June 30, 2021, including the pending acquisition of Royal Financial, Inc [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Finward Bancorp's total assets grew to $1.60 billion by June 30, 2021, driven by increased cash and securities, with total liabilities and equity also rising Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$1,603,513** | **$1,496,292** | | Total cash and cash equivalents | $68,625 | $19,922 | | Securities available-for-sale | $473,927 | $410,669 | | Net loans receivable | $955,852 | $952,688 | | **Total Liabilities** | **$1,447,944** | **$1,344,603** | | Total deposits | $1,395,096 | $1,302,339 | | **Total Stockholders' Equity** | **$155,569** | **$151,689** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income for Q2 2021 decreased to $3.6 million due to lower noninterest income and higher expenses, while six-month net income slightly increased to $8.1 million Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | 6 Months 2021 | 6 Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $11,872 | $11,415 | $23,918 | $22,086 | | Provision for loan losses | $576 | $508 | $1,154 | $1,022 | | Total Noninterest Income | $3,680 | $5,046 | $7,993 | $8,592 | | Total Noninterest Expense | $11,010 | $10,013 | $21,503 | $20,105 | | **Net Income** | **$3,571** | **$4,851** | **$8,114** | **$7,964** | | **Diluted EPS** | **$1.03** | **$1.40** | **$2.33** | **$2.30** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, revisions, portfolio breakdowns, and the pending acquisition of Royal Financial, Inc., along with upcoming accounting standards - On May 24, 2021, the company's name was changed from "NorthWest Indiana Bancorp" to "Finward Bancorp"[20](index=20&type=chunk) - Previously issued financial statements were revised for immaterial errors related to deferred costs for the manufactured home loan product, resulting in a **$291 thousand understatement of net income** for the six months ended June 30, 2020[22](index=22&type=chunk)[23](index=23&type=chunk)[26](index=26&type=chunk) - The upcoming credit loss guidance (CECL) under ASU No. 2016-13 will be effective for the Bancorp's year ending December 31, 2023, with management evaluating its impact[87](index=87&type=chunk) - On July 28, 2021, Finward entered into a merger agreement to acquire Royal Financial, Inc. (RYFL) for approximately **$52.9 million**, with closing expected in Q1 2022[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Finward Bancorp's financial condition, including asset growth, stable loans, credit quality, and the Royal Financial merger, alongside operational results for the periods ended June 30, 2021 Key Performance Metrics (as of June 30, 2021) | Metric | Q2 2021 | 6 Months 2021 | | :--- | :--- | :--- | | Net Income | $3.6 million | $8.1 million | | Diluted EPS | $1.03 | $2.33 | | ROA | 0.90% | 1.04% | | ROE | 9.17% | 10.54% | - Total assets increased by **$107.2 million (7.2%)** during the first six months of 2021, primarily due to strong core deposit growth which increased cash balances[128](index=128&type=chunk) - The Bancorp is set to acquire Royal Financial, Inc. (RYFL) in a deal valued at approximately **$52.9 million**, expected to close in Q1 2022, forming a combined entity with approximately **$2.1 billion in assets**[115](index=115&type=chunk)[117](index=117&type=chunk)[111](index=111&type=chunk) - The Bancorp participated in both rounds of the Paycheck Protection Program (PPP), approving **1,202 loans for $129.0 million**, with a remaining PPP loan balance of **$50.3 million** as of June 30, 2021[127](index=127&type=chunk) [Financial Condition](index=42&type=section&id=Financial%20Condition) Total assets reached $1.6 billion, driven by interest-earning assets and strong deposit growth, while non-performing loans decreased to 1.26% of total loans Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2021 | % of Total | | :--- | :--- | :--- | | Commercial real estate | $315,087 | 32.6% | | Residential real estate | $268,649 | 27.8% | | Commercial business | $149,414 | 15.5% | | Construction and land development | $104,154 | 10.8% | | Other | $127,773 | 13.3% | | **Total Loans Receivable** | **$965,077** | **100.0%** | Credit Quality Ratios | Ratio | June 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Nonperforming loans to total loans | 1.26% | 1.49% | | Allowance for loan losses to total loans | 1.41% | 1.29% | | Allowance to non-performing loans | 111.1% | 86.7% | - Total deposits grew by **$92.8 million (7.1%)** in the first six months of 2021, primarily driven by a **$66.5 million increase in checking accounts**[147](index=147&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The Bancorp maintained strong liquidity with a $48.7 million increase in cash and exceeded all regulatory capital requirements, with a Tier 1 capital ratio of 13.0% - Cash and cash equivalents increased by **$48.7 million** in the first six months of 2021, funded by **$95.1 million** in net cash from financing activities, offset by **$60.0 million** used in investing activities[151](index=151&type=chunk) Bancorp Regulatory Capital Ratios | Ratio | June 30, 2021 | Minimum Required | | :--- | :--- | :--- | | Common equity tier 1 capital | 13.0% | 4.5% | | Tier 1 capital | 13.0% | 6.0% | | Total capital | 14.2% | 8.0% | | Tier 1 leverage | 8.3% | 4.0% | - The Bancorp's ability to pay dividends depends on the Bank, which can declare dividends in 2021 up to its 2021 net profits plus **$4.7 million** without prior regulatory approval[162](index=162&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Q2 2021 net income decreased to $3.6 million due to lower noninterest income and higher expenses, while six-month net income slightly increased to $8.1 million with a compressed net interest margin Quarterly Performance Comparison (Q2 2021 vs Q2 2020) | Metric | Q2 2021 | Q2 2020 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $11.9M | $11.4M | +4.0% | | Noninterest Income | $3.7M | $5.0M | -27.1% | | Noninterest Expense | $11.0M | $10.0M | +10.0% | | Net Income | $3.6M | $4.9M | -26.4% | Six-Month Performance Comparison (2021 vs 2020) | Metric | 6M 2021 | 6M 2020 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $23.9M | $22.1M | +8.3% | | Noninterest Income | $8.0M | $8.6M | -7.0% | | Noninterest Expense | $21.5M | $20.1M | +7.0% | | Net Income | $8.1M | $8.0M | +1.9% | - The net interest margin for Q2 2021 was **3.22%**, down from **3.48%** in Q2 2020, driven by a decline in the average yield on interest-earning assets to **3.38%** from **3.93%**[165](index=165&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section on quantitative and qualitative disclosures about market risk is not applicable for the current reporting period - The company states that this section is not applicable[187](index=187&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the Bancorp's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Bancorp's disclosure controls and procedures were effective as of June 30, 2021[188](index=188&type=chunk) - There were no material changes to the Bancorp's internal control over financial reporting during the six months ended June 30, 2021[189](index=189&type=chunk) [PART II. Other Information](index=60&type=section&id=PART%20II.%20Other%20Information) This section covers legal proceedings, unregistered sales of equity securities, and a list of exhibits filed with the report [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The Bancorp is involved in routine legal proceedings not expected to have a material adverse effect on its financial position - The company is involved in ordinary course legal proceedings which are not expected to have a material adverse effect on its financial condition[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the Bancorp's stock repurchase program during the first six months of 2021, with 48,828 shares remaining available - No shares were repurchased under the company's stock repurchase program during the six months ended June 30, 2021[193](index=193&type=chunk) Stock Repurchase Program Status | Period | Total Shares Purchased | Maximum Shares Remaining | | :--- | :--- | :--- | | Jan 1 - Jun 30, 2021 | 0 | 48,828 | [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and the XBRL Interactive Data File - Exhibits filed include CEO/CFO certifications and the XBRL Interactive Data File[195](index=195&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 March 31, 2021 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 NorthWest Indiana Bancorp (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 NorthWest Indiana Bancorp (Exact name of registrant as specified in its charter) Indiana ...

(Mark One) FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified in its charter) Indiana 35-1927981 (State or other jurisdiction of incorporation or organization) 9204 Columbia Avenue Munster, Indiana 46321 (Address of principal executive offices) (ZIP code) Registrant's telephone number, including area code: (219) 836-4400 N/A (Former name, former add ...

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, 2020 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 NorthWest Indiana Bancorp (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

Commission File Number: 0-26128 NorthWest Indiana Bancorp ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to ______ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) (State or other jurisdicti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 NorthWest Indiana Bancorp (Exact name of registrant as specified in its charter) Indiana ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2019 or Registrant's telephone number, including area code: (219) 836-4400 N/A (Former name, former address and former fiscal year, if changed since last report) [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period ...