Finward Bancorp Financials

FNWD

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Finward Bancorp (FNWD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 27/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Finward Bancorp's revenue grew a modest 4.0% year-over-year to $89.2M. This slow but positive growth earns a score of 40/100.

Leverage

Finward Bancorp has elevated debt relative to equity (D/E of 12.61), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

Finward Bancorp has a free cash flow margin of 7.5%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Finward Bancorp's ROE of 8.0% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 5.7% the prior year.

Piotroski F-Score Neutral

4/9

Finward Bancorp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

0.81x

For every $1 of reported earnings, Finward Bancorp generates $0.81 in operating cash flow ($9.8M OCF vs $12.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Revenue

$89.2M

YoY+4.0%

5Y CAGR+11.3%

10Y CAGR+12.6%

Finward Bancorp generated $89.2M in revenue in fiscal year 2024. This represents an increase of 4.0% from the prior year.

EBITDA

N/A

Free Cash Flow

$6.7M

YoY-70.8%

5Y CAGR-3.2%

10Y CAGR-2.6%

Finward Bancorp generated $6.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 70.8% from the prior year.

Net Income

$12.1M

YoY+44.7%

5Y CAGR+0.1%

10Y CAGR+5.1%

Finward Bancorp reported $12.1M in net income in fiscal year 2024. This represents an increase of 44.7% from the prior year.

EPS (Diluted)

$2.84

YoY+44.9%

5Y CAGR-4.3%

10Y CAGR+0.9%

Finward Bancorp earned $2.84 per diluted share (EPS) in fiscal year 2024. This represents an increase of 44.9% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$0.48

YoY-54.3%

5Y CAGR-17.2%

10Y CAGR-6.8%

Finward Bancorp paid $0.48 per share in dividends in fiscal year 2024. This represents a decrease of 54.3% from the prior year.

Shares Outstanding

YoY+0.3%

5Y CAGR+4.6%

10Y CAGR+4.3%

Finward Bancorp had 4M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

13.6%

YoY+3.8pp

5Y CAGR-9.6pp

10Y CAGR-13.6pp

Finward Bancorp's net profit margin was 13.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.8 percentage points from the prior year.

Return on Equity

8.0%

YoY+2.3pp

5Y CAGR-1.0pp

10Y CAGR-1.7pp

Finward Bancorp's ROE was 8.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 2.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$3.1M

YoY+167.8%

5Y CAGR+0.2%

10Y CAGR+13.6%

Finward Bancorp invested $3.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 167.8% from the prior year.

FNWD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$89.2M+4.0%	$85.8M+19.1%	$72.0M+42.2%	$50.7M-1.9%	$51.6M-1.2%	$52.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$40.7M+30.4%	$31.2M+539.1%	$4.9M+134.9%	$2.1M-63.8%	$5.7M-36.9%	$9.1M
Income Tax	$1.3M+495.5%	-$335K-122.7%	$1.5M+4.5%	$1.4M-49.0%	$2.8M+57.7%	$1.8M
Net Income	$12.1M+44.7%	$8.4M-44.4%	$15.1M+0.8%	$15.0M-6.1%	$15.9M+31.7%	$12.1M
EPS (Diluted)	$2.84+44.9%	$1.96-45.6%	$3.60-16.3%	$4.30-6.5%	$4.60+30.3%	$3.53

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$23.3M+3.0%	$22.7M+1.5%	$22.3M+0.4%	$22.3M+2.2%	$21.8M+0.8%	$21.6M+7.3%	$20.1M+1.4%	$19.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$8.9M+2.0%	$8.7M-3.4%	$9.0M-5.4%	$9.5M+10.4%	$8.6M+14.1%	$7.6M+38.5%	$5.5M+79.1%	$3.1M
Income Tax	$63K+280.0%	-$35K-121.7%	$161K+145.2%	-$356K+10.6%	-$398K-506.1%	$98K-69.5%	$321K+613.3%	$45K
Net Income	$3.5M+62.6%	$2.2M+372.7%	$455K-69.9%	$1.5M-31.0%	$2.2M-10.1%	$2.4M+8.8%	$2.2M-43.4%	$4.0M
EPS (Diluted)	$0.81+62.0%	$0.50+354.5%	$0.11-70.3%	$0.37-27.5%	$0.51-10.5%	$0.57+11.8%	$0.51-46.9%	$0.96

FNWD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.1B-2.3%	$2.1B+1.8%	$2.1B+27.7%	$1.6B+8.3%	$1.5B+12.6%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	$47.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$22.4M0.0%	$22.4M0.0%	$22.4M+101.6%	$11.1M0.0%	$11.1M0.0%	$11.1M
Total Liabilities	$1.9B-2.6%	$2.0B+1.4%	$1.9B+32.1%	$1.5B+8.9%	$1.3B+12.6%	$1.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$151.4M+2.8%	$147.3M+13.1%	$130.3M-16.8%	$156.6M+3.2%	$151.7M+13.6%	$133.5M
Retained Earnings	$139.5M+7.8%	$129.4M-1.7%	$131.7M+8.0%	$121.9M+9.6%	$111.3M+11.1%	$100.2M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$2.1B-0.3%	$2.1B+0.9%	$2.0B-3.3%	$2.1B+1.0%	$2.1B-3.4%	$2.2B+3.0%	$2.1B+1.4%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$22.4M0.0%	$22.4M0.0%	$22.4M0.0%	$22.4M0.0%	$22.4M0.0%	$22.4M0.0%	$22.4M0.0%	$22.4M
Total Liabilities	$1.9B-0.9%	$1.9B+0.8%	$1.9B-3.7%	$2.0B-0.4%	$2.0B-2.8%	$2.0B+3.3%	$2.0B+1.3%	$1.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$165.5M+7.3%	$154.3M+1.6%	$151.8M+3.0%	$147.3M+23.8%	$119.0M-12.9%	$136.8M-2.1%	$139.7M+7.3%	$130.3M
Retained Earnings	$144.5M+2.1%	$141.6M+1.2%	$139.9M+8.1%	$129.4M+0.8%	$128.4M+0.7%	$127.6M+0.9%	$126.4M-4.0%	$131.7M

FNWD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$9.8M-59.5%	$24.2M+36.6%	$17.7M+4.0%	$17.0M-13.6%	$19.7M+80.1%	$11.0M
Capital Expenditures	$3.1M+167.8%	$1.1M-62.1%	$3.0M-3.1%	$3.1M-16.3%	$3.7M+22.8%	$3.0M
Free Cash Flow	$6.7M-70.8%	$23.1M+56.9%	$14.7M+5.6%	$13.9M-13.0%	$16.0M+102.1%	$7.9M
Investing Cash Flow	$42.8M+184.9%	$15.0M+1428.1%	-$1.1M+99.1%	-$125.9M+32.0%	-$185.1M-556.8%	-$28.2M
Financing Cash Flow	-$68.0M-539.0%	$15.5M+183.8%	-$18.5M-115.1%	$122.1M-11.5%	$138.0M+191.5%	$47.3M
Dividends Paid	$2.1M-61.2%	$5.3M+5.1%	$5.1M+17.7%	$4.3M+0.4%	$4.3M+5.0%	$4.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$1.2M-74.8%	$4.8M+225.2%	-$3.8M-307.1%	$1.8M-64.8%	$5.2M-60.4%	$13.2M+234.0%	$4.0M-35.2%	$6.1M
Capital Expenditures	$152K-45.3%	$278K+51.9%	$183K-49.7%	$364K+11.7%	$326K+35.3%	$241K+11.1%	$217K-42.1%	$375K
Free Cash Flow	$1.0M-76.7%	$4.5M+212.5%	-$4.0M-370.6%	$1.5M-69.9%	$4.9M-62.2%	$13.0M+246.9%	$3.7M-34.7%	$5.7M
Investing Cash Flow	$14.3M+40.7%	$10.2M-48.3%	$19.7M+34.4%	$14.7M+29.9%	$11.3M+242.0%	-$7.9M-167.1%	-$3.0M+73.4%	-$11.2M
Financing Cash Flow	-$14.8M-191.8%	$16.1M+214.0%	-$14.1M-560.1%	-$2.1M+96.5%	-$60.5M-208.8%	$55.6M+147.0%	$22.5M+1274.9%	-$1.9M
Dividends Paid	$519K+25850.0%	$2K-99.6%	$518K-61.2%	$1.3M+0.2%	$1.3M-0.1%	$1.3M+0.1%	$1.3M0.0%	$1.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FNWD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.6%+3.8pp	9.8%-11.2pp	20.9%-8.6pp	29.5%-1.3pp	30.9%+7.7pp	23.2%
Return on Equity	8.0%+2.3pp	5.7%-5.9pp	11.6%+2.0pp	9.6%-0.9pp	10.5%+1.4pp	9.1%
Return on Assets	0.6%+0.2pp	0.4%-0.3pp	0.7%-0.2pp	0.9%-0.1pp	1.1%+0.1pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	12.61-0.7	13.31-1.5	14.85+5.5	9.35+0.5	8.86-0.1	8.95
FCF Margin	7.5%-19.3pp	26.9%+6.5pp	20.4%-7.1pp	27.5%-3.5pp	31.0%+15.8pp	15.2%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.0%+5.5pp	9.5%+7.4pp	2.0%-4.8pp	6.8%-3.3pp	10.1%-1.2pp	11.3%+0.2pp	11.1%-8.8pp	19.9%
Return on Equity	2.1%+0.7pp	1.4%+1.1pp	0.3%-0.7pp	1.0%-0.8pp	1.8%+0.1pp	1.8%+0.2pp	1.6%-1.4pp	3.0%
Return on Assets	0.2%+0.1pp	0.1%+0.1pp	0.0%-0.1pp	0.1%-0.0pp	0.1%-0.0pp	0.1%0.0pp	0.1%-0.1pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	11.40-0.9	12.34-0.1	12.44-0.9	13.31-3.2	16.54+1.7	14.80+0.8	14.02-0.8	14.85
FCF Margin	4.5%-15.3pp	19.8%+37.7pp	-17.9%-24.5pp	6.6%-15.9pp	22.5%-37.4pp	59.9%+41.4pp	18.5%-10.2pp	28.8%

Similar Companies

Bcb Bancorp BCBP

$146.0M

Eagle Bancorp EBMT

$178.5M

Sb Finl Group Inc SBFG

$133.2M

Rhinebeck Bancorp Inc RBKB

$171.1M

Richmond Mut Bancorporation RMBI

$136.8M

Frequently Asked Questions

What is Finward Bancorp's annual revenue?

Finward Bancorp (FNWD) reported $89.2M in total revenue for fiscal year 2024. This represents a 4.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Finward Bancorp's revenue growing?

Finward Bancorp (FNWD) revenue grew by 4% year-over-year, from $85.8M to $89.2M in fiscal year 2024.

Is Finward Bancorp profitable?

Yes, Finward Bancorp (FNWD) reported a net income of $12.1M in fiscal year 2024, with a net profit margin of 13.6%.

What is Finward Bancorp's earnings per share (EPS)?

Finward Bancorp (FNWD) reported diluted earnings per share of $2.84 for fiscal year 2024. This represents a 44.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Finward Bancorp's net profit margin?

Finward Bancorp (FNWD) had a net profit margin of 13.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Finward Bancorp pay dividends?

Yes, Finward Bancorp (FNWD) paid $0.48 per share in dividends during fiscal year 2024.

What is Finward Bancorp's return on equity (ROE)?

Finward Bancorp (FNWD) has a return on equity of 8.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Finward Bancorp's free cash flow?

Finward Bancorp (FNWD) generated $6.7M in free cash flow during fiscal year 2024. This represents a -70.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Finward Bancorp's operating cash flow?

Finward Bancorp (FNWD) generated $9.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Finward Bancorp's total assets?

Finward Bancorp (FNWD) had $2.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Finward Bancorp's capital expenditures?

Finward Bancorp (FNWD) invested $3.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Finward Bancorp have outstanding?

Finward Bancorp (FNWD) had 4M shares outstanding as of fiscal year 2024.

What is Finward Bancorp's debt-to-equity ratio?

Finward Bancorp (FNWD) had a debt-to-equity ratio of 12.61 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Finward Bancorp's return on assets (ROA)?

Finward Bancorp (FNWD) had a return on assets of 0.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Finward Bancorp's Piotroski F-Score?

Finward Bancorp (FNWD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Finward Bancorp's earnings high quality?

Finward Bancorp (FNWD) has an earnings quality ratio of 0.81x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Finward Bancorp?

Finward Bancorp (FNWD) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.