Note 19 - Parent Company Only Statements

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 19 – Parent Company Only Statements

	(Dollars in thousands)
	Finward Bancorp
	Condensed Balance Sheets
	December 31,		December 31,
	2021		2020
Assets
Cash on deposit with Peoples Bank	$	1,183	$	805
Investment in Peoples Bank		153,772		149,695
Investment in NWIN Risk Management, Inc		1,970		1,775
Dividends receivable from Peoples Bank		1,070		1,070
Other assets		581		420
Total assets	$	158,576	$	153,765
Liabilities and stockholders’ equity
Dividends payable	$	1,079	$	1,074
Other liabilities		882		1,002
Total liabilities		1,961		2,076
Additional paid in capital		30,430		29,987
Accumulated other comprehensive (loss) income		4,276		10,441
Retained earnings		121,909		111,261
Total stockholders’ equity		156,615		151,689
Total liabilities and stockholders’ equity	$	158,576	$	153,765

	(Dollars in thousands)
	Finward Bancorp
	Condensed Statements of Income
	Year Ended December 31,
	2021			2020
Dividends from Peoples Bank	$	4,880		$	3,395
Operating expenses		448			413
Income before income taxes and equity in undistributed income of Peoples Bank		4,432			2,982
Income tax benefit		(94	)		(86	)
Income before equity in undistributed income of Peoples Bank		4,526			3,068
Equity in undistributed (distributions in excess of income) income of Peoples Bank		9,413			11,941
income of NWIN Risk Management, Inc		1,024			923
Net income	$	14,963		$	15,932

	(Dollars in thousands)
	Finward Bancorp
	Condensed Statements of Comprehensive Income
	Year Ended December 31,
	2021			2020
Net Income	$	14,963		$	15,932
Net change in net unrealized gains and losses on securities available-for-sale:
Unrealized (loss) gain arising during the period		(5,816	)		10,169
Less: reclassification adjustment for gains included in net income		(1,987	)		(2,348	)
Net securities gain during the period		(7,803	)		7,821
Tax effect		1,638			(1,641	)
Net of tax amount		(6,165	)		6,180
Comprehensive income, net of tax	$	8,798		$	22,112

	(Dollars in thousands)
	Finward Bancorp
	Condensed Statements of Cash Flows
	Year Ended December 31,
	2021			2020
Cash flows from operating activities:
Net income	$	14,963		$	15,932
Adjustments to reconcile net income to net cash provided by operating activities
Distributions in excess of income (equity in undistributed income):
Peoples Bank		(9,413	)		(11,941	)
NWIN Risk Management, Inc		(1,024	)		(923	)
Distribution from NWIN Risk Management, Inc		830			884
Stock based compensation expense		574			415
Change in other assets		(161	)		190
Change in other liabilities		(120	)		433
Net cash - operating activities		5,649			4,990
Cash flows from investing activities:
Investment in Peoples Bank		(830	)		-
Net cash - investing activities		(830	)		-
Cash flows from financing activities:
Dividends paid		(4,310	)		(4,291	)
Net surrender value of restricted stock awards		(131	)		(85	)
Net cash - financing activities		(4,441	)		(4,376	)
Net change in cash		378			614
Cash at beginning of year		805			191
Cash at end of year	$	1,183		$	805
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income taxes		2,185			1,025
Noncash activities:
Dividends declared not paid		1,079			1,074