Finward Bancorp(FNWD) - 2024 Q4 - Annual Results

Financial Performance - For the twelve months ended December 31, 2024, net income available to common stockholders was $12.1 million, or $2.84 per diluted share, compared to $8.4 million, or $1.96 per diluted share for the prior year[2] - Net income for the quarter was $2,102 thousand, compared to $1,510 thousand in the same quarter last year, representing an increase of approximately 39.2%[18] - Basic earnings per share increased to $0.49 for the quarter ended December 31, 2024, compared to $0.14 in the prior quarter[14] - Basic earnings per share increased to $0.49 from $0.36 year-over-year, reflecting a growth of approximately 36.1%[18] Asset and Liability Management - Total assets as of December 31, 2024, were $2,069,310 thousand, a slight decrease from $2,070,724 thousand at the end of the previous quarter[15] - Total liabilities stood at $1,913,517 thousand, with total stockholders' equity at $155,793 thousand as of December 31, 2024[15] - Total liabilities decreased to $1,909,285 thousand from $1,960,934 thousand year-over-year, representing a decline of approximately 2.6%[17] - Total capital to risk-weighted assets ratio improved to 12.26% as of December 31, 2024, compared to 12.14% in the prior quarter[14] Loan and Deposit Activity - The Bank's aggregate loan portfolio totaled $1.5 billion as of December 31, 2024, with $59.2 million in new commercial loans originated during the quarter[4] - Total deposits as of December 31, 2024, were $1.8 billion, an increase of $11.8 million or 0.7% compared to September 30, 2024[4] - Non-performing loans totaled $13.7 million at December 31, 2024, a decrease of $68 thousand or 0.5% from September 30, 2024[5] - Net loans receivable remained stable at $1,492,065 thousand, showing a slight increase from $1,493,827 thousand year-over-year[17] Interest Income and Margin - The net interest margin for the three months ended December 31, 2024, was 2.65%, up from 2.51% for the three months ended September 30, 2024[3] - The yield on loans was 5.27% for the quarter ended December 31, 2024, compared to 5.22% in the previous quarter[14] - Year-to-date net interest income reached $48,447 thousand, up from $35,840 thousand in the previous year[16] - Total interest income for the quarter was $22,595 thousand, an increase from $22,256 thousand in the same quarter last year, reflecting a growth of about 1.5%[18] Efficiency and Cost Management - Non-interest expense as a percentage of average assets was 2.75% for the quarter ended December 31, 2024, compared to 2.80% for the previous quarter[8] - The efficiency ratio improved to 87.20% for the quarter ended December 31, 2024, from 97.32% in the previous quarter[14] - Total noninterest expense was $14,247 thousand, slightly lower than $13,517 thousand in the same quarter last year, showing a decrease of approximately 5.4%[18] Capital Ratios - The Bank's tier 1 capital to adjusted average assets ratio was 8.46% as of December 31, 2024, an improvement of 0.08% from September 30, 2024[8] - Common equity tier 1 capital to risk-weighted assets was 11.32% as of December 31, 2024, compared to 11.10% in the previous quarter[14] - Common equity tier 1 capital to risk-weighted assets ratio was 11.32%, significantly above the minimum required ratio of 4.50%[19] Stock Performance - The closing stock price was $28.11 as of December 31, 2024, down from $31.98 in the previous quarter[14] - Tangible book value per diluted share was $29.48, an increase from $28.31 year-over-year[20] Other Income and Gains - A one-time gain of $1.2 million was recognized from the dissolution of a tax credit investment partnership during the three months ended December 31, 2024[4] - Noninterest income totaled $3,732 thousand for the quarter, up from $2,735 thousand a year ago, indicating a growth of about 36.5%[18] - Total revenue for the quarter was $16.339 million, an increase from $14.873 million in the previous quarter[20]