Finward Bancorp reports Q3 EPS 3c, one estimate (9c)

The net interest margin for the three months ended June 30 was 2.54%, compared to 2.42% for the three months ended March 31. The tax-adjusted net interest margin for the three months ended June 30, 2024, was 2.67%, compared to 2.57% for the three months ended March 31 . The increased net interest margin is primarily the result of gradual improvement in earning asset yields as loans are originated or are generally repricing at higher rates, while maintaining relatively stable interest-bearing liability costs in this current interest rate environment. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.”Key operating areas saw benefits in the second quarter from previously announced strategic initiatives. Net interest margin demonstrated signs of continued stabilization during the quarter, and non-interest expense levels decreased as expected, as we believe operational efficiency will continue to improve in the second half of the year. Provision expense increased primarily as the result of new unfunded commitments as we continue to provide capital to our customers,” said Benjamin Bochnowski, chief executive officer. “Asset yields have begun to show improvement as we fund new lending opportunities in our core market. While loans balances are down, originations remain on pace with expectations for the year. Credit quality remains strong, and we are well-positioned for potential changes in the interest rate environment.”