Form 8-K

8-K — Finward Bancorp

Accession: 0001628280-26-027909

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000919864

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fnwd-20260428.htm (Primary)

EX-99.1 (fnwd-2026331xexx991er.htm)

GRAPHIC (finward_rgba.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fnwd-20260428.htm · Sequence: 1

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false000091986400009198642026-04-282026-04-28

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): April 28, 2026

FINWARD BANCORP

(Exact name of registrant as specified in its charter)

Indiana 001-40999 35-1927981

(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:

o 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 class Trading Symbol(s) Name of each exchange on which registered

Common stock, no par value FNWD The 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 April 28, 2026, Finward Bancorp (the “Bancorp”) issued a press release reporting its unaudited financial results for the quarter ended March 31, 2026. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

99.1

Earnings release for the quarter ended March 31, 2026

104 Cover 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: April 28, 2026

FINWARD BANCORP

By: /s/ Benjamin L. Schmitt

Name: Benjamin L. Schmitt

Title: Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: fnwd-2026331xexx991er.htm · Sequence: 2

FNWD-2026.3.31-EX-99.1 ER

Exhibit 99.1

April 28, 2026

Finward Bancorp Announces First 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 $2.2 million, or $0.52 per diluted share,

for the quarter ended March 31, 2026, as compared to $2.0 million, or $0.46 per diluted share, for the quarter ended

December 31, 2025. Selected performance metrics are as follows for the periods presented:

Performance Ratios

Quarter ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Return on equity

5.00%

4.66%

8.96%

5.66%

1.17%

Return on assets

0.44%

0.39%

0.68%

0.42%

0.09%

Net interest margin, tax-equivalent (non-GAAP)

3.35%

3.32%

3.18%

3.11%

2.95%

Non-interest income/average assets

0.48%

0.29%

0.57%

0.53%

0.43%

Non-interest expense/average assets

2.93%

2.90%

2.74%

2.90%

2.81%

Efficiency ratio

84.45%

89.50%

81.22%

88.92%

93.11%

“Results for the quarter reflect continued progress in our efforts to improve profitability, and confirm expected

improvement to our core earnings trajectory. Our focus on loan originations has built a solid loan pipeline, and along with

the repricing of existing loans, is expected to drive net interest margin expansion and further earnings improvement in the

coming quarters.” said Benjamin Bochnowski, Chief Executive Officer. “Actions taken over recent quarters are starting to

translate into stronger operating performance, and this has allowed for a renewed focus on customer growth and service as

the year progresses."

"As part of our efficiency efforts, we announced the planned closure of two branch locations expected to occur early in the

second quarter. Credit quality remains healthy, reserves are appropriate, and the organization remains well positioned to

continue on our path in the current operating environment.”

Highlights of the current period include:

•Net Interest Margin - The net interest margin for the quarter ended March 31, 2026 was 3.23% compared to 3.18%

for the quarter ended December 31, 2025. Net interest margin on a tax-equivalent basis (a non-GAAP measure) for the

quarter ended March 31, 2026 was 3.35%, as compared to 3.32% for the quarter ended December 31, 2025. Net

interest margin increased from the prior quarter primarily due to a favorable reduction in funding costs.

•Funding - As of March 31, 2026, deposits totaled $1.72 billion, a decrease of $7.9 million, or 0.5% compared with

December 31, 2025 balances, which totaled $1.73 billion. As of March 31, 2026, non-interest-bearing deposits totaled

$278.7 million, an increase of $11.3 million. Core deposits totaled $1.2 billion at both March 31, 2026 and

December 31, 2025. Core deposits include checking, savings, and money market accounts and represented 71.6% of

the Bancorp’s total deposits at March 31, 2026. As of March 31, 2026, balances for certificates of deposit totaled

$488.8 million, compared to $499.6 million on December 31, 2025, a decrease of $10.8 million or 2.2%. The decrease

in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In

addition, as of March 31, 2026, borrowings, federal funds purchased and repurchase agreements totaled $90.8 million,

an increase of $6.1 million or 7.2%, compared to December 31, 2025. The increase in borrowings was primarily

attributable to new FHLB advances during the quarter.

As of March 31, 2026, 72.0% of our deposits are fully FDIC insured, and another 7.5% 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

sources. As of March 31, 2026, the Bancorp had available liquidity of $555 million including borrowing capacity from

the FHLB and Federal Reserve facilities.

Exhibit 99.1

•Securities Portfolio - Securities available for sale balances decreased by $8.5 million to $307.7 million as of

March 31, 2026, compared to $316.2 million as of December 31, 2025. The yield on the securities portfolio decreased

to 2.22% for the three months ended March 31, 2026 from 2.29% for the three months ended December 31, 2025. The

decrease in securities available for sale was primarily attributable to an increase in the negative fair value adjustment

to securities, as well as maturity of certain securities. The Bank did not sell any securities during the quarter.

•Lending - The Bank’s aggregate loan portfolio totaled $1.45 billion on both March 31, 2026 and December 31, 2025.

During the three months ended March 31, 2026, the Bank originated $37.4 million in new commercial loans,

compared to $45.8 million during the three months ended December 31, 2025, largely as expected given lending

seasonality. At March 31, 2026, the Bancorp’s portfolio loan balances in commercial real estate owner occupied

properties totaled $261.7 million or 18.0% of total loan balances and commercial real estate non-owner occupied

properties totaled $302.9 million or 20.8% of total loan balances. Of the $302.9 million in commercial real estate non-

owner occupied properties balances, loans collateralized by office buildings represented $41.6 million or 2.9% of total

loan balances.

•Asset Quality - At March 31, 2026, non-performing loans totaled $12.4 million, compared to $11.2 million at

December 31, 2025, an increase of $1.2 million or 10.7%. The Bank’s ratio of non-performing loans to total loans was

0.85% at March 31, 2026, compared to 0.77% at December 31, 2025. The Bank’s ratio of non-performing assets to

total assets was 0.71% at March 31, 2026 and 0.65% at December 31, 2025. 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 $17.3 million at March 31, 2026, or 1.19% of total loans

receivable, compared to $17.5 million at December 31, 2025, or 1.21% of total loans receivable, a decrease of $221

thousand or 1.26%. The Bank's unused commitment reserve, included in other liabilities, totaled $2.0 million at

March 31, 2026, compared to $1.8 million at December 31, 2025, an increase of $279 thousand or 16.0%.

For the quarter ended March 31, 2026, the Bank recorded a net provision for credit loss totaling $55 thousand based on

the reduction of certain loan segment balances and other factors within the Bank's ACL modeling. The first quarter's

provision consisted of a $224 thousand reversal for credit losses on loans, and a $279 thousand provision of credit

losses on unused commitments. For the quarter ended March 31, 2026, net loan recoveries totaled $3 thousand,

compared to net loan charge-offs of $301 thousand for the quarter ended December 31, 2025. The allowance for credit

losses as a percentage of non-performing loans, or coverage ratio, was 139.7% at March 31, 2026, compared to

156.8% at December 31, 2025.

•Operating Income and Expenses - Non-interest income as a percentage of average assets was 0.48% for the quarter

ended March 31, 2026, as compared to 0.29% for the quarter ended December 31, 2025. The increase in non-interest

income quarter over quarter was primarily attributable to the $1.6 million in realized losses on the sale of investment

securities during December 2025. Total non-interest expense decreased slightly from the prior quarter, while non-

interest expense as a percentage of average assets was 2.93% for the quarter ended March 31, 2026, as compared to

2.90% for the quarter ended December 31, 2025. The decrease in non-interest expense quarter over quarter was

primarily attributable to lower data processing and technology expenses as well as lower occupancy and equipment

costs. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions.

•Capital Adequacy - The Bank’s tier 1 leverage ratio was 9.24% as of March 31, 2026 and 8.93% as of December 31,

2025. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. §

324. The Bancorp’s tangible book value per share (non-GAAP) was $34.39 at March 31, 2026, down from $34.92 as

of December 31, 2025. Tangible common equity to tangible assets (non-GAAP) was 7.48% at March 31, 2026, down

from 7.56% as of December 31, 2025.

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 25 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: 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); the Bank’s ability to demonstrate compliance with the terms of the previously disclosed

memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”)

and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC

and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from

paying cash dividends without prior regulatory approval; 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; the inability to realize cost savings or revenues or to implement integration plans and other consequences

associated with mergers, acquisitions, and divestitures; 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

Exhibit 99.1

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.

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.

FOR FURTHER INFORMATION

CONTACT SHAREHOLDER SERVICES

(219) 853-7575

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Performance Ratios

Quarter Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Return on equity

5.00%

4.66%

8.96%

5.66%

1.17%

Return on assets

0.44%

0.39%

0.68%

0.42%

0.09%

Yield on loans

5.50%

5.64%

5.49%

5.36%

5.25%

Yield on security investments

2.22%

2.29%

2.40%

2.42%

2.38%

Total yield on earning assets

4.86%

4.96%

4.91%

4.82%

4.71%

Cost of interest-bearing deposits

1.92%

2.09%

2.16%

2.12%

2.17%

Cost of federal funds purchased and repurchase agreements

2.85%

3.12%

3.37%

3.32%

3.35%

Cost of borrowed funds

3.70%

3.64%

3.91%

4.12%

Total cost of interest-bearing liabilities

2.00%

2.16%

2.25%

2.22%

2.28%

Net interest margin

3.23%

3.18%

3.04%

2.97%

2.81%

Net interest margin, tax-equivalent (non-GAAP) (1)

3.35%

3.32%

3.18%

3.11%

2.95%

Non-interest income/average assets

0.48%

0.29%

0.57%

0.53%

0.43%

Non-interest expense/average assets

2.93%

2.90%

2.74%

2.90%

2.81%

Efficiency ratio (non-GAAP) (1)

84.45%

89.50%

81.22%

88.92%

93.11%

Non-performing assets to total assets

0.71%

0.65%

0.76%

0.74%

0.69%

Non-performing loans to total loans

0.85%

0.77%

0.94%

0.91%

0.84%

Allowance for credit losses to non-performing loans

139.72%

156.84%

129.41%

133.01%

143.84%

Allowance for credit losses to loans receivable

1.19%

1.21%

1.22%

1.20%

Net charge-offs (recoveries) as a percentage of average loans receivable

0.00%

0.08%

0.07%

(0.11%)

0.01%

Basic earnings per share

$0.52

$0.46

$0.82

$0.50

$0.11

Diluted earnings per share

$0.52

$0.46

$0.81

$0.50

$0.11

Weighted average common shares outstanding—basic

4,276,530

4,273,421

4,273,022

4,271,952

4,266,976

Weighted average common shares outstanding—diluted

4,302,206

4,301,462

4,299,007

4,291,319

4,284,496

Stockholders' equity to total assets

8.56%

8.64%

8.06%

7.48%

7.44%

Tangible common equity to tangible assets (non-GAAP) (1)

7.48%

7.56%

6.99%

6.41%

6.34%

Book value per share

$39.81

$40.37

$38.24

$35.67

$35.10

Tangible common book value per share (non-GAAP) (1)

$34.39

$34.92

$32.77

$30.16

$29.55

Closing stock price

$36.30

$35.19

$32.09

$27.62

$29.10

Dividends declared per common share

$0.12

$—

(1)See the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures on pg 12.

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Average Balances, Interest, Rates

Quarter Ended

March 31, 2026

December 31, 2025

September 30, 2025

(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

$96,250

$949

3.94%

$100,035

$903

3.61%

$90,880

$991

4.36%

Federal funds sold

1,523

2.89%

1,113

3.59%

1,285

3.74%

Securities available-for-sale

318,670

1,771

2.22%

327,747

1,877

2.29%

327,030

1,965

2.40%

Loans receivable

1,445,921

19,871

5.50%

1,454,174

20,496

5.64%

1,474,324

20,246

5.49%

Federal Home Loan Bank stock

6,547

119

7.27%

6,547

126

7.70%

6,547

126

7.70%

Total interest earning assets

1,868,911

$22,721

4.86%

1,889,616

$23,412

4.96%

1,900,066

$23,340

4.91%

Cash and non-interest bearing

deposits in other financial

institutions

21,331

23,385

24,882

Allowance for credit losses

(17,608)

(18,049)

(18,243)

Other non-interest bearing assets

143,452

146,675

152,135

Total assets

$2,016,086

$2,041,627

$2,058,840

LIABILITIES AND

STOCKHOLDERS' EQUITY

Interest-bearing deposits

$1,447,994

$6,959

1.92%

$1,458,748

$7,605

2.09%

$1,478,543

$7,996

2.16%

Federal funds purchased and

repurchase agreements

38,113

272

2.85%

40,968

317

3.10%

46,498

392

3.37%

Borrowed funds

45,334

419

3.70%

48,089

448

3.73%

55,904

509

3.64%

Total interest bearing liabilities

1,531,441

$7,650

2.00%

1,547,805

$8,370

2.16%

1,580,945

$8,897

2.25%

Non-interest bearing deposits

270,626

288,073

285,347

Other non-interest bearing

liabilities

34,588

35,588

36,397

Total liabilities

1,836,655

1,871,466

1,902,689

Total stockholders' equity

179,431

170,161

156,151

Total liabilities and

stockholders' equity

$2,016,086

$2,041,627

$2,058,840

Net interest income

$15,071

$15,042

$14,443

Return on average assets

0.44%

0.39%

0.68%

Return on average equity

5.00%

4.66%

8.96%

Net interest margin

3.23%

3.18%

3.04%

Net interest margin, tax-equivalent

(non-GAAP)(1)

3.35%

3.32%

3.18%

Net interest spread

2.86%

2.80%

2.66%

Ratio of interest-earning assets to

interest-bearing liabilities

1.22x

1.20x

(1)See the reconciliation of non-GAAP measures to the most directly comparable GAAP measures on pg 12.

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Consolidated Balance Sheets

As of

(Dollars in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

ASSETS

Cash and non-interest bearing deposits in other financial institutions

$15,758

$18,265

$19,458

$23,027

$18,563

Interest bearing deposits in other financial institutions

102,997

101,382

84,157

79,976

52,829

Federal funds sold

563

411

975

Total cash and cash equivalents

118,755

119,647

104,178

103,414

72,367

Securities available-for-sale

307,686

316,227

335,150

327,845

330,127

Loans held-for-sale

1,096

2,641

834

2,849

Loans receivable, net of deferred fees and costs

1,455,118

1,450,387

1,473,774

1,484,278

1,491,696

Less: allowance for credit losses

(17,285)

(17,506)

(17,977)

(18,184)

(17,955)

Net loans receivable

1,437,833

1,432,881

1,455,797

1,466,094

1,473,741

Federal Home Loan Bank stock

6,547

Accrued interest receivable

7,700

7,781

7,585

7,651

7,821

Premises and equipment

44,315

44,976

45,544

46,179

46,680

Cash value of bank owned life insurance

33,786

33,586

33,843

33,932

33,712

Goodwill

22,395

Other intangible assets

1,076

1,172

1,273

1,414

1,635

Other assets

35,063

34,873

37,771

41,606

41,840

Total assets

$2,015,156

$2,021,181

$2,052,724

$2,057,911

$2,039,714

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Non-interest bearing

$278,705

$267,441

$280,296

$271,172

$281,461

Interest bearing

1,440,366

1,459,530

1,470,350

1,483,678

1,468,923

Total

1,719,071

1,726,971

1,750,646

1,754,850

1,750,384

Federal funds purchased and repurchase agreements

40,815

39,703

48,426

48,331

45,053

Borrowed funds

50,000

45,000

55,000

65,000

56,657

Accrued expenses and other liabilities

32,870

34,844

33,157

35,477

35,813

Total liabilities

1,842,756

1,846,518

1,887,229

1,903,658

1,887,907

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

70,397

70,331

70,233

70,263

70,132

Accumulated other comprehensive loss

(45,713)

(41,662)

(49,266)

(57,560)

(58,244)

Retained earnings

147,716

145,994

144,528

141,550

139,919

Total stockholders' equity

172,400

174,663

165,495

154,253

151,807

Total liabilities and stockholders' equity

$2,015,156

$2,021,181

$2,052,724

$2,057,911

$2,039,714

(1) Shares of common stock issued and outstanding were 4,330,486 at 3/31/2026; 4,326,747 at 12/31/2025; 4,327,511 at 9/30/2025; 4,324,889 at

6/30/2025; and 4,324,485 at 3/31/2025.

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Consolidated Statements of Income

Quarter Ended

(Dollars in thousands, except per share data)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Interest income:

Loans

$19,871

$20,496

$20,246

$19,940

$19,655

Securities & short-term investments

2,850

2,916

3,094

2,730

2,686

Total interest income

22,721

23,412

23,340

22,670

22,341

Interest expense:

Deposits

6,959

7,605

7,996

7,780

8,045

Borrowings

691

765

901

945

983

Total interest expense

7,650

8,370

8,897

8,725

9,028

Net interest income

15,071

15,042

14,443

13,945

13,313

Provision for (benefit from) credit losses

(84)

(301)

(274)

454

Net interest income after provision for credit losses

15,016

15,126

14,744

14,219

12,859

Non-interest income:

Fees and service charges

1,295

1,485

1,463

1,330

1,109

Wealth management operations

661

659

759

696

619

Gain (loss) on tax credit investment

Gain (loss) on sale of loans held-for-sale, net

257

346

265

378

230

Gain (loss) on sale of securities, net

(1,577)

Bank owned life insurance

201

522

439

220

198

Gain (loss) on sale of property and equipment

(56)

Other

Total non-interest income

2,417

1,473

2,913

2,683

2,229

Non-interest expense:

Compensation and benefits

7,591

7,573

7,330

7,313

7,372

Occupancy and equipment

1,991

2,111

2,004

1,935

2,111

Data processing

1,105

1,465

1,116

1,341

1,039

Marketing

587

230

257

214

Federal deposit insurance premiums

381

417

399

471

433

Professional and outside services

1,169

906

945

1,115

1,260

Technology

508

521

549

545

454

Other

1,436

1,558

1,497

1,852

1,717

Total non-interest expense

14,768

14,781

14,097

14,786

14,472

Income before income taxes

2,665

1,818

3,560

2,116

616

Income tax expenses (benefit)

423

(166)

(35)

161

Net income

$2,242

$1,984

$3,497

$2,151

$455

Earnings per common share:

Basic

$0.52

$0.46

$0.82

$0.50

$0.11

Diluted

$0.52

$0.46

$0.81

$0.50

$0.11

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Loans

As of

(Dollars in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

3/31/2026 vs

12/31/2025

3/31/2026 vs

3/31/2025

Residential real estate

$445,097

$442,443

$450,007

$457,248

$458,424

$2,654

0.6%

$(13,327)

(2.9)%

Home equity

53,855

53,497

51,813

51,112

49,752

358

0.7%

4,103

8.2%

Commercial real estate

564,613

555,594

564,558

551,091

554,866

9,019

1.6%

9,747

1.8%

Construction and land development

76,582

77,208

79,678

74,795

86,728

(626)

(0.8)%

(10,146)

(11.7)%

Multifamily

185,824

183,902

192,698

200,440

204,964

1,922

1.0%

(19,140)

(9.3)%

Commercial business

94,160

99,304

96,192

105,636

99,519

(5,144)

(5.2)%

(5,359)

(5.4)%

Consumer

310

870

348

2,347

504

(560)

(64.4)%

(194)

(38.5)%

Manufactured homes

22,981

23,708

24,372

25,146

25,762

(727)

(3.1)%

(2,781)

(10.8)%

Government

9,998

12,298

14,628

9,279

(2,300)

(18.7)%

719

7.7%

Loans receivable

1,453,420

1,448,824

1,471,964

1,482,443

1,489,798

4,596

0.3%

(36,378)

(2.4)%

Net deferred loan origination costs

1,723

1,606

1,719

2,012

2,209

117

7.3%

(486)

(22.0)%

Loan clearing funds

(25)

(43)

(177)

(311)

(41.9)%

286

(92.0)%

Loans receivable, net

$1,455,118

$1,450,387

$1,473,774

$1,484,278

$1,491,696

$4,731

0.3%

$(36,578)

(2.5)%

Deposits

As of

(Dollars in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

3/31/2026 vs

12/31/2025

3/31/2026 vs

3/31/2025

Checking

$587,575

$592,214

$579,760

$593,471

$589,403

$(4,639)

(0.8)%

$(1,828)

(0.3)%

Savings

253,408

254,055

257,058

266,070

274,028

(647)

(0.3)%

(20,620)

(7.5)%

Money market

389,274

381,111

377,155

352,616

342,106

8,163

2.1%

47,168

13.8%

Certificates of deposit

488,814

499,591

536,673

542,693

544,847

(10,777)

(2.2)%

(56,033)

(10.3)%

Total deposits

$1,719,071

$1,726,971

$1,750,646

$1,754,850

$1,750,384

$(7,900)

(0.5)%

$(31,313)

(1.8)%

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Asset Quality

As of and for the Quarter Ended

(Dollars in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Non-accruing loans

$12,371

$11,162

$13,892

$13,526

$12,483

Accruing loans delinquent more than 90 days

145

Securities in non-accrual

1,891

1,882

1,616

1,630

Total nonperforming assets

$14,262

$13,044

$15,508

$15,287

$14,113

Allowance for Credit Losses

As of and for the Quarter Ended

(Dollars in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Beginning allowance for credit losses

$17,506

$17,977

$18,184

$17,955

$16,911

Provision for (benefit from) loan losses

(224)

(170)

(185)

1,077

Net (charge-offs) recoveries

(301)

(268)

414

(33)

Ending allowance for credit losses

$17,285

$17,506

$17,977

$18,184

$17,955

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Bank-Level Regulatory Capital Requirements

March 31, 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

$188,161

11.78%

$71,907

4.50%

$103,865

6.50%

Tier 1 capital to risk-weighted assets

$188,161

11.78%

$95,875

6.00%

$127,834

8.00%

Total capital to risk-weighted assets

$207,477

13.00%

$127,834

8.00%

$159,792

10.00%

Tier 1 leverage ratio

$188,161

9.24%

$81,448

4.00%

$101,810

5.00%

(1) Current quarter ratios are estimated.

Finward Bancorp Exhibit 99.1

First Quarter 2026 Financial Results (unaudited)

Reconciliation of Non-GAAP Performance Measures

Quarter Ended

(Dollars in thousands, except per share amounts)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Tangible Common Ratios

Stockholder's equity (GAAP)

$172,400

$174,663

$165,495

$154,253

$151,807

Less: Goodwill (GAAP)

(22,395)

Less: Other intangibles (GAAP)

(1,076)

(1,172)

(1,273)

(1,414)

(1,635)

Tangible common equity (non-GAAP)

$148,929

$151,096

$141,827

$130,444

$127,777

Total assets (GAAP)

$2,015,156

$2,021,181

$2,052,724

$2,057,911

$2,039,714

Less: Goodwill (GAAP)

(22,395)

Less: Other intangibles (GAAP)

(1,076)

(1,172)

(1,273)

(1,414)

(1,635)

Tangible assets (non-GAAP)

$1,991,685

$1,997,614

$2,029,056

$2,034,102

$2,015,684

Shares outstanding - end of quarter

4,330,486

4,326,747

4,327,511

4,324,889

4,324,485

Common book value per share (GAAP)

$39.81

$40.37

$38.24

$35.67

$35.10

Tangible common book value per share (non-GAAP)

$34.39

$34.92

$32.77

$30.16

$29.55

Total equity to total assets (GAAP)

8.56%

8.64%

8.06%

7.50%

7.44%

Tangible common equity to tangible assets (non-GAAP)

7.48%

7.56%

6.99%

6.41%

6.34%

Calculation of net interest margin, taxable-equivalent basis

Net interest income (GAAP)

$15,071

$15,042

$14,443

$13,945

$13,313

Tax-equivalent adjustment on securities and loans (1)

582

629

663

674

670

Net interest income (tax-equivalent basis)

$15,653

$15,671

$15,106

$14,619

$13,983

Total average earning assets

$1,868,911

$1,889,616

$1,900,066

$1,879,892

$1,895,847

Net interest margin

3.23%

3.18%

3.04%

2.97%

2.81%

Net interest margin (tax-equivalent basis)

3.35%

3.32%

3.18%

3.11%

2.95%

Efficiency ratio

Total non-interest expense

$14,768

$14,781

$14,097

$14,786

$14,472

Total revenue

17,488

16,515

17,356

16,628

15,542

Efficiency ratio

84.45%

89.50%

81.22%

88.92%

93.11%

(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%.

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v3.26.1

Cover Page

Apr. 28, 2026

Cover [Abstract]

Entity Registrant Name

FINWARD BANCORP

Document Type

8-K

Document Period End Date

Apr. 28, 2026

Entity Incorporation, State or Country Code

Entity File Number

001-40999

Entity Tax Identification Number

35-1927981

Entity Address, Address Line One

9204 Columbia Avenue

Entity Address, City or Town

Munster

Entity Address, State or Province

Entity Address, Postal Zip Code

46321

City Area Code

219

Local Phone Number

836-4400

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Trading Symbol

FNWD

Security Exchange Name

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