Finward Bancorp
- Open
- 43.42
- Day high
- 43.42
- Day low
- 42.92
- Prev close
- 43.35
- Volume
- 9K
- Mkt cap
- $186M
- P/E (TTM)
- 18.8
- EPS (TTM)
- $2.29
- P/B
- 1.0
- P/S
- 1.8
- Yield
- 0.84%
- Per share
- $0.36
- ▲Insiders net buying $4K over the last 3 months (6 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Finward Bancorp (FNWD) is a Financial Services company listed on NASDAQ. The stock is up 36% over the past year. Over the trailing 3 months, insiders filed 6 open-market buys and 0 sales (SEC Form 4).
Finward Bancorp (FNWD) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FNWD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.62 | $0.48 | -22.6% | $18M | -7.0% |
| Apr 28, 2026 | $0.54 | $0.52 | -2.8% | $17M | -5.2% |
| Mar 25, 2026 | $0.53 | $0.46 | -12.2% | $17M | -10.2% |
| Jul 29, 2025 | $0.26 | $0.50 | +92.3% | $17M | -1.9% |
| Apr 30, 2025 | $0.10 | $0.11 | +10.0% | $16M | -4.4% |
| Mar 31, 2025 | — | $0.49 | — | $26M | — |
| Jul 24, 2024 | $-0.09 | $0.03 | +133.3% | $15M | -4.4% |
| Jan 30, 2024 | $0.46 | $0.35 | -23.9% | $15M | -6.4% |
| Oct 25, 2023 | $0.51 | $0.52 | +2.0% | $16M | -12.0% |
| Jul 26, 2023 | $0.56 | $0.57 | +1.8% | $17M | -3.7% |
| Jul 27, 2022 | $1.19 | $1.03 | -13.4% | $21M | -2.9% |
| Jul 28, 2021 | — | $1.05 | — | $16M | — |
FNWD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Johnson Robert E. IIIdirector | Buy | 5 | $35.75 |
| Jul 2, 2026 | Johnson Robert E. IIIdirector | Grant | 372 | $32.24 |
| Jul 1, 2026 | Puntillo Anthonydirector | Buy | 7 | $35.75 |
| Jul 1, 2026 | Han Amy Wongdirector | Buy | 4 | $35.75 |
| Jul 1, 2026 | Bochnowski Benjamin Jdirector, officer: President, CEO | Buy | 6 | $36.00 |
| Jul 1, 2026 | Scheub Todd M.officer: Executive Vice President | Buy | 39 | $36.00 |
| Jul 1, 2026 | Lowry Robert Tofficer: Executive Vice President | Buy | 51 | $36.00 |
| May 29, 2026 | Evans Jenniferdirector | Grant | 372 | $32.24 |
| May 27, 2026 | Youman Robert W.director | Grant | 372 | $32.24 |
| May 27, 2026 | GORELICK JOELdirector | Grant | 372 | $32.24 |
| May 27, 2026 | Puntillo Anthonydirector | Grant | 372 | $32.24 |
| May 27, 2026 | Alwin Martin Pdirector | Grant | 372 | $32.24 |
| May 27, 2026 | Han Amy Wongdirector | Grant | 372 | $32.24 |
| Feb 27, 2026 | Lowry Robert Tofficer: Executive Vice President | Buy | 51 | $35.56 |
| Feb 27, 2026 | Lowry Robert Tofficer: Executive Vice President | Grant | 369 | $36.60 |
Source: FNWD SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full FNWD insider & 13F page →Finward Bancorp company profile
Overview
Finward Bancorp (NASDAQ:FNWD) is a regional bank holding company that operates through its primary subsidiary, Peoples Bank. Founded in 1994 and incorporated as NorthWest Indiana Bancorp before rebranding to Finward Bancorp in May 2021, the company has been publicly traded since 1998. Headquartered in Munster, Indiana, Finward serves customers across Northwest Indiana and South Chicagoland through 30 banking locations in Lake and Porter counties. The company has evolved from a traditional community bank into a diversified financial services provider offering banking, wealth management, and real estate investment services.
Business
Finward Bancorp operates in the regional banking industry, serving as a financial intermediary that accepts deposits from customers and extends loans to borrowers. The banking industry functions as the backbone of the economy by facilitating the flow of money between savers and borrowers, enabling economic growth and commerce. The company's core business revolves around traditional banking services through Peoples Bank. On the deposit side, Finward offers various account types including non-interest and interest-bearing checking accounts, savings accounts, money market deposit accounts, certificates of deposit, and retirement savings plans. These deposits provide the funding base for the bank's lending operations. Finward's lending portfolio encompasses several key areas. Residential mortgage loans represent a significant portion, helping customers purchase existing homes, refinance current mortgages, or finance new construction. The bank also provides construction loans primarily to individuals and contractors, commercial real estate loans for business properties, and various consumer loans for personal, household, or family purposes. Additionally, they offer home equity lines of credit, home improvement loans, commercial business loans, government-backed loans, and municipal lending. Beyond traditional banking, Finward operates a wealth management division that provides estate and retirement planning services, guardianships, land trusts, profit-sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts. The company also serves as personal representative of estates and acts as trustee for both revocable and irrevocable trusts. The company has diversified into real estate investment activities, holding real estate properties and operating as a real estate investment trust (REIT). This segment allows the bank to generate additional income through property investments and real estate-related services. While specific revenue breakdowns by segment are not provided in the available data, traditional banking operations (net interest income from loans and deposits) likely comprise the majority of revenue, with wealth management and real estate investment activities contributing smaller but growing portions.
Revenue model
Finward Bancorp generates revenue primarily through the traditional banking model of net interest income - the difference between interest earned on loans and interest paid on deposits. When the bank accepts deposits from customers, it pays them a relatively low interest rate, then lends those funds to borrowers at higher interest rates, capturing the spread as profit. This interest rate spread is the fundamental driver of banking profitability. The company also generates non-interest income through various fee-based services. Wealth management services produce fees from estate planning, trust administration, and investment management. The bank earns fees from loan origination, account maintenance, overdraft charges, and other banking services. The real estate investment trust operations contribute rental income and potential capital appreciation from property holdings. Paying customers include individual consumers seeking personal banking services, homebuyers requiring mortgages, businesses needing commercial loans and banking services, contractors requiring construction financing, municipalities seeking government loans, and wealthy individuals utilizing wealth management services. Several factors significantly impact Finward's profitability margins. Interest rate environment is crucial - rising rates generally benefit banks by widening net interest margins, while falling rates compress margins. The bank's asset quality directly affects profitability, as loan defaults require provisions that reduce earnings. Competition from other regional banks, credit unions, and fintech companies can pressure both deposit rates and loan pricing. Regulatory compliance costs represent a significant expense burden for regional banks. Economic conditions in the Northwest Indiana and South Chicagoland markets affect loan demand and credit quality. The bank's operational efficiency, measured by the efficiency ratio of non-interest expenses to revenue, impacts profitability. Finally, deposit mix matters significantly - demand deposits (checking accounts) are cheaper funding sources than certificates of deposit or money market accounts.
Competitive moat
Finward Bancorp operates with a modest competitive moat typical of community and regional banks. The company's primary defensive characteristics stem from its established local market presence and customer relationships built over decades of operation in Northwest Indiana and South Chicagoland. The bank benefits from geographic concentration and local market knowledge, allowing it to better assess credit risks and serve community-specific needs that larger national banks might overlook. Long-standing customer relationships create some switching costs, as businesses and individuals often prefer banking with institutions that understand their local market dynamics. However, Finward's moat faces significant challenges. The banking industry is highly competitive with low barriers to entry for well-capitalized competitors. Large national banks can offer more competitive rates and broader service offerings due to their scale advantages. Credit unions compete aggressively with favorable tax treatment and member-focused pricing. Fintech disruption threatens traditional banking relationships, particularly in payments, lending, and deposit gathering. The company's wealth management services provide some differentiation and higher-margin revenue streams, but these services face competition from dedicated wealth management firms, robo-advisors, and larger banks with more sophisticated platforms. Regulatory burden disproportionately affects smaller banks like Finward, as compliance costs don't scale efficiently. This creates ongoing pressure that benefits larger institutions with better economies of scale. Overall, while Finward maintains some local market advantages, its moat is relatively narrow and faces persistent competitive pressures from multiple directions. The bank's success depends heavily on execution, local market conditions, and maintaining cost discipline rather than any sustainable competitive advantages.
Risks & safety
Finward Bancorp presents a moderate margin of safety with reasonable financial stability but some areas of concern. **Cash and Liquidity Position:** • Cash and short-term investments of $18.6 million as of Q1 2025, down significantly from $69.9 million in Q4 2024 • Operating cash flow turned negative at -$3.8 million in Q1 2025, compared to positive $10.8 million in Q4 2024 • Free cash flow similarly negative at -$3.8 million in Q1 2025 **Debt and Solvency:** • Total assets of $2.04 billion with total liabilities of $1.89 billion • Debt-to-equity ratio of 0.0 as of Q1 2025, indicating minimal formal debt • However, bank liabilities primarily consist of customer deposits, which represent operational obligations rather than traditional debt **Valuation Metrics:** • Price-to-earnings ratio of 67.96 based on Q1 2025 results, indicating expensive valuation on current earnings • Price-to-book ratio of 0.82, suggesting trading below book value • Full-year 2024 P/E ratio of 9.90 shows more reasonable historical valuation • Return on equity of 8.01% for 2024, declining to 0.30% in Q1 2025 **Other Considerations:** • Significant quarterly earnings volatility, with Q1 2025 net income of $455K versus Q4 2024 of $2.1 million • Current ratio concerns due to banking industry structure where deposits (liabilities) typically exceed liquid assets
Recent development
Based on the available financial data, Finward Bancorp has undergone several significant developments in recent years, though detailed strategic information is limited due to the absence of earnings call transcripts. The most notable strategic move was the corporate rebranding from NorthWest Indiana Bancorp to Finward Bancorp in May 2021, signaling a broader strategic repositioning of the company's identity and market approach. Financial performance has shown considerable volatility over the recent periods. The company achieved strong profitability in 2022 with net income of $15.1 million and revenue of $78.7 million. However, 2024 showed mixed results with full-year net income of $12.1 million on revenue of $71.1 million, indicating some pressure on both top-line growth and profitability. Quarterly performance variability has been particularly pronounced, with Q1 2025 showing significantly reduced profitability at just $455,000 in net income compared to $2.1 million in Q4 2024. This suggests the bank may be experiencing operational challenges or market pressures affecting its core banking operations. The company's balance sheet management has shown some concerning trends, particularly in cash management. Cash and short-term investments dropped dramatically from $69.9 million in Q4 2024 to $18.6 million in Q1 2025, while operating cash flow turned negative. This suggests potential liquidity management challenges or strategic deployment of cash into higher-yielding assets. Asset quality and growth metrics indicate the bank has maintained relatively stable total assets around $2.06-2.08 billion range, suggesting steady but not aggressive growth in the loan portfolio and deposit base.
FNWD company profile · for informational purposes only — not investment advice.
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