Finward Bancorp reports Q1 EPS 11c, consensus 9c

Reports Q1 total revenue $15.54M, consensus $16.25M. Reports Q1 net interest margin 2.81% vs 2.65% in Q4. Reports tax-adjusted net interest margin 2.95% vs 2.79% in Q4. Non-performing loans decreased to $12.5M or 0.84% of total loans, down from $13.7M or 0.91% last quarter. Tangible book value per share $29.55 vs $29.48 last quarter. “Margin continued to expand in the first quarter as deposits repriced lower, continuing the trend we have seen over the past year. With economic uncertainty potentially increasing, we are maintaining our focus on capital and credit quality. Non-performing loans improved in the first quarter, and our Provision for Credit Loss was driven by model-related factors that reflect the broader trends we see in the economy. Seasonal and timing factors impacted operating expense and non-interest income, and we see opportunity in both areas as the year moves forward,” said Benjamin Bochnowski, CEO.