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1. Company Snapshot

1.a. Company Description

Finward Bancorp operates as the holding company for Peoples Bank that provides various banking products and services.The company's deposit products include non-interest and interest bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans.Its loan products portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primarily to individuals and contractors; commercial real estate loans; consumer loans to individuals for personal, household, or family purposes; home equity line of credit; home improvement loans and equity loans; commercial business loans; government loans; and loans to municipalities.


The company also offers estate and retirement planning services, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts, as well as serves as the personal representative of estates, and acts as trustee for revocable and irrevocable trusts.In addition, it provides insurance and annuity investments to wealth management customers; holds real estate properties; and operates as a real estate investment trust.As of March 2, 2022, the company operated through 30 locations in Lake and Porter counties in Northwest Indiana and South Chicagoland.


The company was formerly known as NorthWest Indiana Bancorp and changed its name to Finward Bancorp in May 2021.Finward Bancorp was incorporated in 1994 and is headquartered in Munster, Indiana.

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1.b. Last Insights on FNWD

Finward Bancorp's recent performance was negatively impacted by a decline in net income available to common stockholders, which increased only 44% year-over-year to $12.1 million, or $2.84 per diluted share, for the twelve months ended December 31, 2024. Additionally, the company's net income for the three months ended December 31, 2024, totaled $2.1 million, or $0.49 per diluted share, which is a mere 40% increase from the same period last year. The Bancorp's selected performance metrics also indicate a slowdown in growth, which may be a concern for investors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Finward Bancorp Announces Dividend

Dec -03

Source: businesswire.com

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Finward Bancorp Announces Dividend

Aug -15

Source: businesswire.com

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Finward Bancorp Announces Second Quarter 2025 Results

Jul -29

Source: businesswire.com

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Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2025

Apr -30

Source: globenewswire.com

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FINWARD BANCORP ANNOUNCES DIVIDEND

Apr -10

Source: globenewswire.com

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3 Small-Cap Financial Services Stocks to Buy Amid Tariff Uncertainty

Mar -10

Source: zacks.com

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Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2024

Jan -28

Source: globenewswire.com

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Finward Bancorp Announces Fourth Quarter Dividend

Dec -20

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.77%)

6. Segments

Banking and Related Activities

Expected Growth: 4.77%

Finward Bancorp's 4.77% growth in Banking and Related Activities is driven by increasing demand for digital banking services, strategic expansion into new markets, and a focus on customer acquisition and retention. Additionally, the company's investment in technology and process improvements has enhanced operational efficiency, contributing to the growth.

7. Detailed Products

Commercial Banking

Finward Bancorp's commercial banking services provide cash management, lending, and treasury management solutions to businesses of all sizes.

Consumer Banking

Finward Bancorp's consumer banking services offer personal banking, credit cards, and loan products to individuals.

Wealth Management

Finward Bancorp's wealth management services provide investment, trust, and estate planning solutions to individuals and families.

Mortgage Banking

Finward Bancorp's mortgage banking services offer residential and commercial mortgage lending solutions.

Treasury Management

Finward Bancorp's treasury management services provide cash management, foreign exchange, and risk management solutions to businesses.

Capital Markets

Finward Bancorp's capital markets services provide investment banking, equity and fixed income sales, and trading solutions to corporations and institutional investors.

8. Finward Bancorp's Porter Forces

Forces Ranking

Threat Of Substitutes

Finward Bancorp operates in a highly competitive industry, and customers have various alternatives to choose from. However, the company's strong brand reputation and customer loyalty programs help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Finward Bancorp's customers have significant bargaining power due to the availability of alternative banking services. The company needs to focus on providing excellent customer service and competitive pricing to retain its customer base.

Bargaining Power Of Suppliers

Finward Bancorp has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's strong financial position also gives it the ability to negotiate favorable terms with its suppliers.

Threat Of New Entrants

While there are barriers to entry in the banking industry, new entrants can still pose a threat to Finward Bancorp. The company needs to focus on innovation and differentiation to maintain its competitive advantage.

Intensity Of Rivalry

The banking industry is highly competitive, and Finward Bancorp faces intense rivalry from established players. The company needs to focus on differentiating itself through its products and services to gain a competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.50%
Debt Cost 6.66%
Equity Weight 55.50%
Equity Cost 6.66%
WACC 6.66%
Leverage 80.17%

11. Quality Control: Finward Bancorp passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 7.0

Yield: 4.0

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Volatility: 7.0

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Quality: 5.0

Yield: 8.0

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Finward

A-Score: 5.1/10

Value: 5.2

Growth: 3.6

Quality: 3.8

Yield: 4.0

Momentum: 5.5

Volatility: 8.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.56$

Current Price

38.56$

Potential

-0.00%

Expected Cash-Flows