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  4. [8-K] Finward Bancorp Reports Material Event

Finward Bancorp Q3 earnings fall to $1.4M

Merger-associated compensation adjustments totaled $1.8 million, with professional and outside services expenses of $536,000.

Filing Impact
(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Finward Bancorp (FNWD) reported net income available to common stockholders of $1.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2026, compared with $2.1 million, or $0.48 per diluted share, for the quarter ended June 30, 2026. Total revenue was $18.597 million, versus $17.578 million, and net interest income was $15.942 million, versus $15.180 million.

The pending merger with First Financial was associated with $1.8 million of compensation and benefits adjustments and $536,000 of professional and outside services expenses. Net interest margin rose to 3.39% from 3.25%; on a tax-equivalent basis it was 3.51%, versus 3.37%. The company said higher interest rates contributed to loan yields and margin, while also increasing unrealized losses in the bond portfolio.

Deposits were $1.76 billion as of September 30, 2026, up 1.5% from June 30, 2026; available liquidity was $623 million, including borrowing capacity from FHLB and Federal Reserve facilities. Non-performing loans totaled $16.8 million, compared with $16.5 million at June 30, and the Bank's capital exceeded applicable regulatory capital requirements.

1 point · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

  • Moderate pointTotal revenue: $18.597 million, versus $17.578 million in Q2.

Negative

  • Moderate pointQuarterly net income: $1.4 million, versus $2.1 million in Q2.

Filing Explained

In its October 27 third-quarter results, Finward reported tangible common book value of $31.07 per share at September 30, 2026, versus $35.75 at June 30, 2026. The filing calculates this measure after subtracting goodwill and other intangible assets from stockholders’ equity.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income available to common stockholders $1.4 million Quarter ended September 30, 2026; compared with $2.1 million for the quarter ended June 30, 2026
Diluted earnings per share $0.31 Quarter ended September 30, 2026; compared with $0.48 for the quarter ended June 30, 2026
Total revenue $18.597 million Quarter ended September 30, 2026; compared with $17.578 million for the quarter ended June 30, 2026
Net interest income $15.942 million Quarter ended September 30, 2026; compared with $15.180 million for the quarter ended June 30, 2026
Net interest margin 3.39% Quarter ended September 30, 2026; compared with 3.25% for the quarter ended June 30, 2026
Total deposits $1.76 billion As of September 30, 2026
Available liquidity $623 million As of September 30, 2026; includes borrowing capacity from FHLB and Federal Reserve facilities
net interest margin financial
"The net interest margin for the quarter ended September 30, 2026"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
non-performing loans financial
"non-performing loans totaled $16.8 million"
Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.
allowance for credit losses financial
"The allowance for credit losses (ACL) on loans totaled $17.5 million"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
core deposits financial
"Core deposits totaled $1.3 billion"
Core deposits are the stable, everyday customer balances a bank keeps—like checking and savings accounts and regular business deposits—that are unlikely to be withdrawn suddenly. Think of them as a household’s paycheck direct-deposits: predictable, low-cost funding the bank can rely on. For investors, a larger share of core deposits means steadier cash available, lower borrowing needs and interest expenses, and therefore more predictable earnings and lower risk.
tax-equivalent basis financial
"net interest margin on a tax-equivalent basis"
A tax-equivalent basis is a way to compare investments by converting a tax-free return into the taxable return you would need to receive the same after-tax income, using your marginal tax rate. It matters to investors because it lets you compare dissimilar securities — for example, a tax-exempt bond versus a taxable bond — on an equal footing, much like converting different currencies to the same money before comparing prices.
Net income available to common stockholders $1.4 million Compared with $2.1 million for the quarter ended June 30, 2026
Diluted earnings per share $0.31 Compared with $0.48 for the quarter ended June 30, 2026
Total revenue $18.597 million Compared with $17.578 million for the quarter ended June 30, 2026
Net interest margin 3.39% Compared with 3.25% for the quarter ended June 30, 2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was FNWD's net income in Q3 2026?
Net income available to common stockholders was $1.4 million, or $0.31 per diluted share, for the quarter ended September 30, 2026, compared with $2.1 million, or $0.48 per diluted share, for the quarter ended June 30, 2026.

How much available liquidity did FNWD report?
Finward Bancorp reported $623 million of available liquidity as of September 30, 2026, including borrowing capacity from FHLB and Federal Reserve facilities.

What portion of FNWD deposits was insured or additionally backed?
As of September 30, 2026, 71.7% of deposits were fully FDIC insured, and another 8.3% were further backed by the Indiana Public Deposit Insurance Fund.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000091986400009198642026-10-272026-10-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2026
FINWARD BANCORP
(Exact name of registrant as specified in its charter)
Indiana001-4099935-1927981
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
9204 Columbia Avenue
Munster, Indiana 46321
(Address of principal executive offices) (Zip Code)
(219) 836-4400
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueFNWDThe NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company          o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          o


Item 2.02.         Results of Operations and Financial Condition
On October 27, 2026, Finward Bancorp (the “Bancorp”) issued a press release reporting its unaudited financial results for the quarter ended September 30, 2026. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto is being “furnished” and will not, except to the extent required by applicable law or regulation, be deemed “filed” by the Bancorp for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor will any of such information or exhibits be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01.         Financial Statements and Exhibits.
(d)Exhibits.
99.1
Earnings release for the quarter ended September 30, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 27, 2026
FINWARD BANCORP
By:/s/ Benjamin L. Schmitt
Name: Benjamin L. Schmitt
Title: Executive Vice President, Chief Financial Officer and Treasurer

1
Exhibit 99.1
finward_rgb.jpg
October 27, 2026 
Finward Bancorp Announces Third Quarter 2026 Results
Munster, Indiana - Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the
“Bank”), today announced that net income available to common stockholders was $1.4 million, or $0.31 per diluted share,
for the quarter ended September 30, 2026, as compared to $2.1 million, or $0.48 per diluted share, for the quarter ended
June 30, 2026. Selected performance metrics are as follows for the periods presented:
Performance Ratios
Quarter ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Return on equity
3.10%
4.74%
5.00%
4.66%
8.96%
Return on assets
0.27%
0.42%
0.44%
0.39%
0.68%
Net interest margin, tax-equivalent  (non-GAAP)
3.51%
3.37%
3.35%
3.32%
3.18%
Non-interest income/average assets
0.52%
0.48%
0.48%
0.29%
0.57%
Non-interest expense/average assets
3.35%
2.95%
2.93%
2.90%
2.74%
Efficiency ratio (non-GAAP)
91.32%
84.52%
84.45%
89.50%
81.22%
"The third quarter was impacted by merger-related expenses related to our pending merger with First Financial, announced
earlier in the quarter.  The quarter included additional expenses in the areas of compensation and benefits, and third-party
costs associated with the merger," said Benjamin Bochnowski, Chief Executive Officer. "Credit quality remained stable, as
did our core banking business and customer base. The rapid increase in interest rates contributed positively to loan yields
and margin, although it also resulted in higher unrealized losses in the bond portfolio. We continue to make progress
toward closing our merger with First Financial, and we believe the combination of our companies will have benefits for our
shareholders, customers, communities, and employees. Throughout this process, our commitment to our customers and
communities grounds the team, and our team is working diligently to ensure a seamless transition that maximizes the
promise of the merger.”
Highlights of the current period include:
•Net Interest Margin - The net interest margin for the quarter ended September 30, 2026 was 3.39% compared to
3.25% for the quarter ended June 30, 2026. Net interest margin on a tax-equivalent basis (a non-GAAP measure) for
the quarter ended September 30, 2026 was 3.51%, as compared to 3.37% for the quarter ended June 30, 2026. Net
interest margin increased from the prior quarter primarily due to continued repricing and maturity of the existing loan
portfolio, as well as full quarterly loan yield results from new loan origination strength during the second quarter.
•Funding - As of September 30, 2026, deposits totaled $1.76 billion, an increase of $25.9 million, or 1.5% compared
with June 30, 2026 balances, which totaled $1.73 billion. As of September 30, 2026, non-interest-bearing deposits
totaled $281.5 million, an increase of $10.8 million. Core deposits totaled $1.3 billion at September 30, 2026 and $1.2
billion at June 30, 2026. Core deposits include checking, savings, and money market accounts and represented 71.9%
of the Bancorp’s total deposits at September 30, 2026. As of September 30, 2026, balances for certificates of deposit
totaled $493.3 million, compared to $497.4 million on June 30, 2026, a decrease of $4.1 million or 0.8%. The increase
in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In
addition, as of September 30, 2026, borrowings, federal funds purchased and repurchase agreements totaled $59.8
million, a decrease of $35.5 million or 37.2%, compared to June 30, 2026. The decrease in borrowings was primarily
attributable to a reduction in FHLB advances resulting from deposit balance strength.
As of September 30, 2026, 71.7% of our deposits are fully FDIC insured, and another 8.3% are further backed by the
Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit
customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing
2
Exhibit 99.1
sources. As of September 30, 2026, the Bancorp had available liquidity of $623 million including borrowing capacity
from the FHLB and Federal Reserve facilities.
•Securities Portfolio - Securities available for sale balances decreased by $30.3 million to $279.9 million as of
September 30, 2026, compared to $310.2 million as of June 30, 2026. The yield on the securities portfolio increased to
2.33% for the three months ended September 30, 2026 from 2.27% for the three months ended June 30, 2026. The
decrease in securities available for sale was primarily attributable to an increase in the negative fair value adjustment
to securities. The Bank did not sell any securities during the quarter.
•Lending - The Bank’s aggregate loan portfolio totaled $1.50 billion on September 30, 2026 and $1.50 billion on
June 30, 2026. During the three months ended September 30, 2026, the Bank originated $69.7 million in new
commercial loans, compared to $81.3 million during the three months ended June 30, 2026. At September 30, 2026,
the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $263.5 million or
17.6% of loans receivable and commercial real estate non-owner occupied properties totaled $332.4 million or 22.2%
of loans receivable. Of the $332.4 million in commercial real estate non-owner occupied properties balances, loans
collateralized by office buildings represented $31.5 million or 2.1% of total loan balances.
•Asset Quality - At September 30, 2026, non-performing loans totaled $16.8 million, compared to $16.5 million at
June 30, 2026, an increase of $239 thousand or 1.4%. The Bank’s ratio of non-performing loans to total loans was
1.12% at September 30, 2026, compared to 1.10% at June 30, 2026. The Bank’s ratio of non-performing assets to total
assets was 0.92% at September 30, 2026 and 0.90% at June 30, 2026. The increase in non-performers included the
addition of a $1.1 million residential real estate loan coupled with eight smaller loans averaging $89 thousand across
eight relationships. These were offset by the removal of thirteen loans totaling $1.2 million in the commercial real
estate, commercial business and residential real estate loan segments. Management maintains a vigilant oversight of
nonperforming loans through proactive relationship management. The Bank has no known credit exposures to non-
depositary financial institutions at this time.
    The allowance for credit losses (ACL) on loans totaled $17.5 million at September 30, 2026, or 1.17% of total loans
receivable, compared to $17.7 million at June 30, 2026, or 1.18% of total loans receivable, a decrease of $257
thousand or 1.49%. The Bank's unused commitment reserve, included in other liabilities, totaled $2.0 million at
September 30, 2026, compared to $1.9 million at June 30, 2026, an increase of $36 thousand or 1.8%.
      For the quarter ended September 30, 2026, the Bank recorded a net provision for credit loss totaling $124 thousand
based on quarterly growth in certain loan segment balances and other factors within the Bank's ACL modeling. The
third quarter's provision consisted of a $88 thousand provision for credit losses on loans, and a $36 thousand provision
of credit losses on unused commitments. For the quarter ended September 30, 2026, net loan charge-offs totaled $240
thousand, compared to net loan recoveries of $31 thousand for the quarter ended June 30, 2026. The allowance for
credit losses as a percentage of non-performing loans, or coverage ratio, was 104.5% at September 30, 2026, compared
to 106.9% at June 30, 2026.
•Operating Income and Expenses - Non-interest income as a percentage of average assets was 0.52% for the quarter
ended September 30, 2026 and 0.48% for the quarter ended June 30, 2026. Non-interest expense as a percentage of
average assets was 3.35% for the quarter ended September 30, 2026, as compared to 2.95% for the quarter ended
June 30, 2026. The increase in non-interest income as compared to the prior quarter was due to a $182 thousand gain
associated with the sale of one of the Bancorp's branch locations. The increase in non-interest expense quarter over
quarter was primarily attributable to one-time compensation and benefits adjustments totaling $1.8 million and
professional and outside services expenses totaling $536 thousand, both associated with the Bancorp's pending merger.
•Capital Adequacy - The Bank’s tier 1 leverage ratio was 9.29% as of September 30, 2026 and 9.31% as of June 30,
2026. The Bank’s capital continues to exceed all applicable regulatory capital requirements. The Bancorp’s tangible
book value per share (non-GAAP) was $31.07 at September 30, 2026, down from $35.75 as of June 30, 2026.
Tangible common equity to tangible assets (non-GAAP) was 6.76% at September 30, 2026, down from 7.68% as of
June 30, 2026.
3
Exhibit 99.1
Disclosures Regarding Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain
financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which
consists of tangible common equity, tangible book value per share, tangible common equity/tangible assets, net interest
margin on a tax-equivalent basis, and efficiency ratio which can vary from period to period, provides a better comparison
of period to period operating performance. The net interest income and net interest margin on a tax-equivalent basis
measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on
tax-exempt securities and loans are presented using the current federal corporate income tax rate of 21%. Management
believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully
tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp
believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and,
therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial
results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be
presented by other companies. Refer to the "Reconciliation of non-GAAP Financial Measures" below for more
information.
About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana,
whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of
personal, business, electronic and wealth management financial services from its 24 locations in Lake and Porter Counties
in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC
under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services,
and Finward Bancorp’s investor relations.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth
and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for
forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this
communication should be considered in conjunction with the other information available about the Bancorp, including the
information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or
forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on
management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are
typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and
similar expressions in connection with any discussion of future operating or financial performance.
Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual
results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause
actual results to differ materially include: the ability of First Financial Bancorp ("First Financial") and the Bancorp to
complete the proposed merger; the effects of the pendency of the proposed merger with First Financial on the Bancorp and
its business; changes in domestic and international trade policies, including tariffs and other non-tariff barriers, and the
effects of such changes on the Bank and its customers; risks related to the development and use of artificial intelligence
(AI); changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates,
market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins;
inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio,
whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services;
customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction,
withdrawal, success, and timing of business initiatives; competitive conditions; economic conditions; and the impact,
extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit
Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board
and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially
from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the
SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters
attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary
statements above. Except as required by law, the Bancorp does not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
4
Exhibit 99.1
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends
or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts
of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that
our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will
repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or
dividends.
Important Additional Information About the Transaction and Where to Find It
In connection with the proposed merger transaction between First Financial and the Bancorp (the “Merger”), First
Financial has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares
of First Financial common stock to be issued in connection with the proposed transaction. The Registration Statement
includes a proxy statement of the Bancorp and a prospectus of First Financial (the “Proxy Statement/Prospectus”), and First
Financial and the Bancorp may file with the SEC other relevant documents concerning the proposed transaction. First
Financial and the Bancorp have mailed the definitive Proxy Statement/Prospectus to shareholders of the Bancorp (which
mailings were first made on or about September 28, 2026. BEFORE MAKING ANY VOTING OR INVESTMENT
DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT
AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION IN THEIR ENTIRETY
AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
FIRST FINANCIAL, THE BANCORP AND THE PROPOSED TRANSACTION AND RELATED MATTERS.
A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about
First Financial and the Bancorp, may be obtained, free of charge, at the SEC’s website (www.sec.gov). Copies of
documents filed with the SEC by First Financial will be made available free of charge in the “Investor Relations” section of
First Financial’s website, https://www.bankatfirst.com/about/investor-relations.html. Copies of documents filed with the
SEC by the Bancorp will be made available free of charge in the “Investor Relations” section of the Bancorp’s website,
https://investorrelations.ibankpeoples.com/. The information on First Financial’s and the Bancorp’s websites is not, and
shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the
SEC.
Participants in Solicitation
The Bancorp and its directors, executive officers, management and employees may be deemed to be participants in the
solicitation of proxies in respect of the Merger. Information concerning the Bancorp’s participants is set forth in the Proxy
Statement, dated April 3, 2026, for the Company’s 2026 annual meeting of shareholders as filed with the SEC on Schedule
14A. Additional information regarding the participants in the solicitation of proxies in respect of the proposed transaction
and interests of the participants of the Bancorp in the solicitation of proxies in respect of the Merger are included in the
Registration Statement and Proxy Statement/Prospectus on file with the SEC. Free copies of these documents may be
obtained as described in the preceding paragraph. 
FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575
5
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Performance Ratios
Quarter Ended
Nine Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
Return on equity
3.10%
4.74%
5.00%
4.66%
8.96%
4.29%
5.27%
Return on assets
0.27%
0.42%
0.44%
0.39%
0.68%
0.38%
0.40%
Yield on loans
5.73%
5.55%
5.50%
5.64%
5.49%
5.60%
5.37%
Yield on security investments
2.33%
2.27%
2.22%
2.29%
2.40%
2.28%
2.40%
Total yield on earning assets
5.10%
4.93%
4.86%
4.96%
4.91%
4.97%
4.82%
Cost of interest-bearing deposits
2.04%
1.98%
1.92%
2.09%
2.16%
1.98%
2.15%
Cost of federal funds purchased and repurchase
agreements
2.85%
2.82%
2.85%
3.12%
3.37%
2.84%
3.35%
Cost of borrowed funds
3.90%
3.80%
3.70%
3.70%
3.64%
3.80%
3.90%
Total cost of interest-bearing liabilities
2.11%
2.06%
2.00%
2.16%
2.25%
2.06%
2.25%
Net interest margin
3.39%
3.25%
3.23%
3.18%
3.04%
3.29%
2.94%
Net interest margin, tax-equivalent (non-GAAP) (1)
3.51%
3.37%
3.35%
3.32%
3.18%
3.41%
3.08%
Non-interest income/average assets
0.52%
0.48%
0.48%
0.29%
0.57%
0.49%
0.51%
Non-interest expense/average assets
3.35%
2.95%
2.93%
2.90%
2.74%
3.08%
2.81%
Efficiency ratio (non-GAAP) (1)
91.32%
84.52%
84.45%
89.50%
81.22%
86.85%
87.54%
Non-performing assets to total assets
0.92%
0.90%
0.71%
0.65%
0.76%
0.92%
0.76%
Non-performing loans to total loans
1.12%
1.10%
0.85%
0.77%
0.94%
1.12%
0.94%
Allowance for credit losses to non-performing loans
104.49%
106.92%
139.72%
156.84%
129.41%
104.49%
129.41%
Allowance for credit losses to loans receivable
1.17%
1.18%
1.19%
1.21%
1.22%
1.17%
1.22%
Net charge-offs (recoveries) as a percentage of average
loans receivable
0.06%
(0.01%)
0.00%
0.08%
0.07%
(0.01)%
(0.01)%
Basic earnings per share
$0.32
$0.49
$0.52
$0.46
$0.82
$1.33
$1.43
Diluted earnings per share
$0.31
$0.48
$0.52
$0.46
$0.81
$1.32
$1.42
Weighted average common shares outstanding—basic
4,283,138
4,280,844
4,276,530
4,273,421
4,273,022
4,280,195
4,270,652
Weighted average common shares outstanding—diluted
4,325,700
4,319,052
4,302,206
4,301,462
4,299,007
4,318,918
4,291,171
Stockholders' equity to total assets
7.84%
8.74%
8.56%
8.64%
8.06%
7.84%
8.06%
Tangible common equity to tangible assets (non-GAAP)
(1)
6.76%
7.68%
7.48%
7.56%
6.99%
6.76%
6.99%
Book value per share
$36.45
$41.15
$39.81
$40.37
$38.24
$36.45
$38.24
Tangible common book value per share (non-GAAP) (1)
$31.07
$35.75
$34.39
$34.92
$32.77
$31.07
$32.77
Closing stock price
$41.65
$36.78
$36.30
$35.19
$32.09
$41.65
$32.09
Dividends declared per common share
$0.12
$0.12
$0.12
$0.12
$0.12
$0.36
$0.24
(1)See the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures on pg 13.
6
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Average Balances, Interest, Rates
Quarter Ended
September 30, 2026
June 30, 2026
March 31, 2026
(Dollars in thousands)
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/Rate
ASSETS
Interest bearing deposits in other
financial institutions
$75,192
$683
3.63%
$78,886
$718
3.64%
$96,250
$949
3.94%
Federal funds sold
1,276
9
2.82%
1,046
8
3.06%
1,523
11
2.89%
Securities available-for-sale
303,374
1,768
2.33%
309,251
1,757
2.27%
318,670
1,771
2.22%
Loans receivable
1,495,817
21,438
5.73%
1,474,063
20,468
5.55%
1,445,921
19,871
5.50%
Federal Home Loan Bank stock
6,547
119
7.27%
6,547
114
6.97%
6,547
119
7.27%
Total interest earning assets
1,882,206
$24,017
5.10%
1,869,793
$23,065
4.93%
1,868,911
$22,721
4.86%
Cash and non-interest bearing
deposits in other financial
institutions
15,864
15,504
21,331
Allowance for credit losses
(17,541)
(17,418)
(17,608)
Other non-interest bearing assets
144,816
143,484
143,452
Total assets
$2,025,345
$2,011,363
$2,016,086
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing deposits
$1,462,769
$7,478
2.04%
$1,446,072
$7,159
1.98%
$1,447,994
$6,959
1.92%
Federal funds purchased and
repurchase agreements
26,852
191
2.85%
33,076
233
2.82%
38,113
272
2.85%
Borrowed funds
41,630
406
3.90%
51,925
493
3.80%
45,334
419
3.70%
Total interest bearing liabilities
1,531,251
$8,075
2.11%
1,531,073
$7,885
2.06%
1,531,441
$7,650
2.00%
Non-interest bearing deposits
282,313
268,540
270,626
Other non-interest bearing
liabilities
36,373
35,243
34,588
Total liabilities
1,849,937
1,834,856
1,836,655
Total stockholders' equity
175,408
176,507
179,431
Total liabilities and
stockholders' equity
$2,025,345
$2,011,363
$2,016,086
Net interest income
$15,942
$15,180
$15,071
Return on average assets
0.27%
0.42%
0.44%
Return on average equity
3.10%
4.74%
5.00%
Net interest margin
3.39%
3.25%
3.23%
Net interest margin, tax-equivalent
(non-GAAP)(1)
3.51%
3.37%
3.35%
Net interest spread
2.99%
2.87%
2.86%
Ratio of interest-earning assets to
interest-bearing liabilities
1.23x
1.22x
1.22x
(1)See the reconciliation of non-GAAP measures to the most directly comparable GAAP measures on pg 13.
7
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Consolidated Balance Sheets
As of
(Dollars in thousands)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
ASSETS
Cash and non-interest bearing deposits in other financial institutions
$16,630
$17,384
$15,758
$18,265
$19,458
Interest bearing deposits in other financial institutions
74,978
76,270
102,997
101,382
84,157
Federal funds sold
1,051
988
-
-
563
Total cash and cash equivalents
92,659
94,642
118,755
119,647
104,178
Securities available-for-sale
279,869
310,198
307,686
316,227
335,150
Loans held-for-sale
2,181
1,083
-
1,096
2,641
Loans receivable, net of deferred fees and costs
1,499,222
1,503,793
1,455,118
1,450,387
1,473,774
Less: allowance for credit losses
(17,542)
(17,694)
(17,285)
(17,506)
(17,977)
Net loans receivable
1,481,680
1,486,099
1,437,833
1,432,881
1,455,797
Federal Home Loan Bank stock
6,547
6,547
6,547
6,547
6,547
Accrued interest receivable
7,802
7,671
7,700
7,781
7,585
Premises and equipment
43,499
43,932
44,315
44,976
45,544
Cash value of bank owned life insurance
34,225
34,010
33,786
33,586
33,843
Goodwill
22,395
22,395
22,395
22,395
22,395
Other intangible assets
896
984
1,076
1,172
1,273
Other assets
42,372
33,145
35,063
34,873
37,771
Total assets
$2,014,125
$2,040,706
$2,015,156
$2,021,181
$2,052,724
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing
$281,477
$270,682
$278,705
$267,441
$280,296
Interest bearing
1,476,980
1,461,862
1,440,366
1,459,530
1,470,350
Total
1,758,457
1,732,544
1,719,071
1,726,971
1,750,646
Federal funds purchased and repurchase agreements
24,849
30,301
40,815
39,703
48,426
Borrowed funds
35,000
65,000
50,000
45,000
55,000
Accrued expenses and other liabilities
37,977
34,574
32,870
34,844
33,157
Total liabilities
1,856,283
1,862,419
1,842,756
1,846,518
1,887,229
Stockholders' Equity:
Preferred stock, no par or stated value; 10,000,000 shares authorized,
none outstanding
-
-
-
-
-
Common stock, no par or stated value; 10,000,000 shares
authorized(1)
-
-
-
-
-
Additional paid-in capital
71,232
70,530
70,397
70,331
70,233
Accumulated other comprehensive loss
(63,520)
(41,532)
(45,713)
(41,662)
(49,266)
Retained earnings
150,130
149,289
147,716
145,994
144,528
Total stockholders' equity
157,842
178,287
172,400
174,663
165,495
Total liabilities and stockholders' equity
$2,014,125
$2,040,706
$2,015,156
$2,021,181
$2,052,724
(1) Shares of common stock issued and outstanding were 4,330,893 at 9/30/2026; 4,333,002 at 6/30/2026; 4,330,486 at 3/31/2026; 4,326,747 at
12/31/2025; and 4,327,511 at 9/30/2025. 
8
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Consolidated Statements of Income
Quarter Ended
(Dollars in thousands, except per share data)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Interest income:
Loans
$21,438
$20,468
$19,871
$20,496
$20,246
Securities & short-term investments
2,579
2,597
2,850
2,916
3,094
Total interest income
24,017
23,065
22,721
23,412
23,340
Interest expense:
Deposits
7,478
7,159
6,959
7,605
7,996
Borrowings
597
726
691
765
901
Total interest expense
8,075
7,885
7,650
8,370
8,897
Net interest income
15,942
15,180
15,071
15,042
14,443
Provision for (benefit from) credit losses
124
264
55
(84)
(301)
Net interest income after provision for credit losses
15,818
14,916
15,016
15,126
14,744
Non-interest income:
Fees and service charges
1,251
1,331
1,295
1,485
1,463
Wealth management operations
725
748
661
659
759
Gain (loss) on tax credit investment
-
-
-
-
23
Gain (loss) on sale of loans held-for-sale, net
281
228
257
346
265
Gain (loss) on sale of securities, net
-
-
-
(1,577)
-
Bank owned life insurance
215
223
201
522
439
Gain (loss) on sale of property and equipment
182
(180)
-
1
(56)
Other
1
48
3
37
20
Total non-interest income
2,655
2,398
2,417
1,473
2,913
Non-interest expense:
Compensation and benefits
9,735
8,033
7,591
7,573
7,330
Occupancy and equipment
1,693
1,741
1,991
2,111
2,004
Data processing
1,210
1,176
1,105
1,465
1,116
Federal deposit insurance premiums
383
347
381
417
399
Marketing
399
266
587
230
257
Professional and outside services
1,614
1,221
1,169
906
945
Technology
594
516
508
521
549
Other
1,355
1,557
1,436
1,558
1,497
Total non-interest expense
16,983
14,857
14,768
14,781
14,097
Income before income taxes
1,490
2,457
2,665
1,818
3,560
Income tax expenses (benefit)
129
364
423
(166)
63
Net income
$1,361
$2,093
$2,242
$1,984
$3,497
Earnings per common share:
Basic
$0.32
$0.49
$0.52
$0.46
$0.82
Diluted
$0.31
$0.48
$0.52
$0.46
$0.81
9
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Consolidated Statements of Income (cont'd)
Nine Months Ended
(Dollars in thousands, except per share data)
9/30/2026
9/30/2025
Interest income:
Loans
$61,777
$59,841
Securities & short-term investments
8,026
8,510
Total interest income
69,803
68,351
Interest expense:
Deposits
21,596
23,821
Borrowings
2,014
2,829
Total interest expense
23,610
26,650
Net interest income
46,193
41,701
Provision for (benefit from) credit losses
443
(121)
Net interest income after provision for credit losses
45,750
41,822
Non-interest income:
Fees and service charges
3,877
3,902
Wealth management operations
2,134
2,074
Gain on tax credit investment
—
90
Gain on sale of loans held-for-sale, net
766
873
Bank owned life insurance
639
857
Gain (loss) on sale of property and equipment
2
(56)
Other
52
85
Total non-interest income
7,470
7,825
Non-interest expense:
Compensation and benefits
25,359
22,015
Occupancy and equipment
5,425
6,050
Data processing
3,491
3,496
Federal deposit insurance premiums
1,111
1,303
Marketing
1,252
557
Professional and outside services
4,004
3,320
Technology
1,618
1,548
Other
4,348
5,066
Total non-interest expense
46,608
43,355
Income before income taxes
6,612
6,292
Income tax expenses
916
189
Net income
$5,696
$6,103
Earnings per common share:
Basic
$1.33
$1.43
Diluted
$1.32
$1.42
10
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Loans
As of
(Dollars in thousands)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026 vs
6/30/2026
9/30/2026 vs
9/30/2025
Residential real estate
$454,668
$455,882
$445,097
$442,443
$450,007
$(1,214)
(0.3)%
$4,661
1.0%
Home equity
53,180
55,601
53,855
53,497
51,813
(2,421)
(4.4)%
1,367
2.6%
Commercial real estate
595,850
597,364
564,613
555,594
564,558
(1,514)
(0.3)%
31,292
5.5%
Construction and land development
86,646
77,710
76,582
77,208
79,678
8,936
11.5%
6,968
8.7%
Multifamily
173,382
180,148
185,824
183,902
192,698
(6,766)
(3.8)%
(19,316)
(10.0)%
Commercial business
105,513
103,281
94,160
99,304
96,192
2,232
2.2%
9,321
9.7%
Consumer
278
2,036
310
870
348
(1,758)
(86.3)%
(70)
(20.1)%
Manufactured homes
21,318
22,050
22,981
23,708
24,372
(732)
(3.3)%
(3,054)
(12.5)%
Government
7,640
9,818
9,998
12,298
12,298
(2,178)
(22.2)%
(4,658)
(37.9)%
Loans receivable
1,498,475
1,503,890
1,453,420
1,448,824
1,471,964
(5,415)
(0.4)%
26,511
1.8%
Net deferred loan origination costs
745
1,006
1,723
1,606
1,719
(261)
(25.9)%
(974)
(56.7)%
Loan clearing funds
2
(1,103)
(25)
(43)
91
1,105
(100.2)%
(89)
(97.8)%
Loans receivable, net
$1,499,222
$1,503,793
$1,455,118
$1,450,387
$1,473,774
$(4,571)
(0.3)%
$25,448
1.7%
Deposits
As of
(Dollars in thousands)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026 vs
6/30/2026
9/30/2026 vs
9/30/2025
Checking
$590,974
$584,901
$587,575
$592,214
$579,760
$6,073
1.0%
$11,214
1.9%
Savings
241,412
247,054
253,408
254,055
257,058
(5,642)
(2.3)%
(15,646)
(6.1)%
Money market
432,725
403,140
389,274
381,111
377,155
29,585
7.3%
55,570
14.7%
Certificates of deposit
493,346
497,449
488,814
499,591
536,673
(4,103)
(0.8)%
(43,327)
(8.1)%
Total deposits
$1,758,457
$1,732,544
$1,719,071
$1,726,971
$1,750,646
$25,913
1.5%
$7,811
0.4%
11
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Asset Quality
As of and for the Quarter Ended
(Dollars in thousands)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Non-accruing loans
$16,788
$16,549
$12,371
$11,162
$13,892
Securities in non-accrual
1,708
1,909
1,891
1,882
1,616
Foreclosed real estate
-
-
89
89
-
Total nonperforming assets
$18,496
$18,458
$14,351
$13,133
$15,508
Allowance for credit losses (ACL):
ACL specific allowances for collateral
dependent loans
$155
$147
$-
$263
$912
ACL general allowances for loan portfolio
17,387
17,547
17,285
17,243
17,065
Total ACL
$17,542
$17,694
$17,285
$17,506
$17,977
Allowance for Credit Losses
As of and for the Quarter Ended
(Dollars in thousands)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Beginning allowance for credit losses
$17,694
$17,285
$17,506
$17,977
$18,184
Provision for (benefit from) loan losses
88
378
(224)
(170)
61
Net (charge-offs) recoveries
(240)
31
3
(301)
(268)
Ending allowance for credit losses
$17,542
$17,694
$17,285
$17,506
$17,977
12
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Bank-Level Regulatory Capital Requirements
September 30, 2026
Actual (1)
Minimum Required For
Capital Adequacy
Purposes
Minimum Required To Be
Well Capitalized Under Prompt
Corrective Action Regulations
(Dollars in thousands)
Amount
Ratio
Amount
Ratio
Amount
Ratio
Common equity tier 1 capital to risk-
weighted assets
$191,109
11.74%
$73,249
4.50%
$105,805
6.50%
Tier 1 capital to risk-weighted assets
$191,109
11.74%
$97,666
6.00%
$130,221
8.00%
Total capital to risk-weighted assets
$210,604
12.94%
$130,221
8.00%
$162,777
10.00%
Tier 1 leverage ratio
$191,109
9.29%
$82,312
4.00%
$102,891
5.00%
(1) Current quarter ratios are estimated.
13
Finward Bancorp    Exhibit 99.1
Third Quarter 2026 Financial Results (unaudited)
Reconciliation of Non-GAAP Performance Measures
Quarter Ended
(Dollars in thousands, except per share amounts)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Tangible Common Ratios
Stockholder's equity (GAAP)
$157,842
$178,287
$172,400
$174,663
$165,495
Less: Goodwill (GAAP)
(22,395)
(22,395)
(22,395)
(22,395)
(22,395)
Less: Other intangibles (GAAP)
(896)
(984)
(1,076)
(1,172)
(1,273)
Tangible common equity (non-GAAP)
$134,551
$154,908
$148,929
$151,096
$141,827
Total assets (GAAP)
$2,014,125
$2,040,706
$2,015,156
$2,021,181
$2,052,724
Less: Goodwill (GAAP)
(22,395)
(22,395)
(22,395)
(22,395)
(22,395)
Less: Other intangibles (GAAP)
(896)
(984)
(1,076)
(1,172)
(1,273)
Tangible assets (non-GAAP)
$1,990,834
$2,017,327
$1,991,685
$1,997,614
$2,029,056
Shares outstanding - end of quarter
4,330,893
4,333,002
4,330,486
4,326,747
4,327,511
Common book value per share (GAAP)
$36.45
$41.15
$39.81
$40.37
$38.24
Tangible common book value per share (non-GAAP)
$31.07
$35.75
$34.39
$34.92
$32.77
Total equity to total assets (GAAP)
7.84%
8.74%
8.56%
8.64%
8.06%
Tangible common equity to tangible assets (non-GAAP)
6.76%
7.68%
7.48%
7.56%
6.99%
Calculation of net interest margin, taxable-equivalent basis
Net interest income (GAAP)
$15,942
$15,180
$15,071
$15,042
$14,443
Tax-equivalent adjustment on securities and loans (1)
575
580
582
629
663
Net interest income (tax-equivalent basis)
$16,517
$15,760
$15,653
$15,671
$15,106
Total average earning assets
$1,882,206
$1,869,793
$1,868,911
$1,889,616
$1,900,066
Net interest margin
3.39%
3.25%
3.23%
3.18%
3.04%
Net interest margin (tax-equivalent basis)
3.51%
3.37%
3.35%
3.32%
3.18%
Efficiency ratio
Total non-interest expense
$16,983
$14,857
$14,768
$14,781
$14,097
Total revenue
18,597
17,578
17,488
16,515
17,356
Efficiency ratio
91.32%
84.52%
84.45%
89.50%
81.22%
(1) The tax equivalent adjustment represents the increase in net interest income needed to reflect the tax-exempt income from certain investment securities
and loans on tax-equivalent basis using a federal statutory corporate rate of 21%.

Source: View Original Filing on SEC EDGAR

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