Finward Bancorp (FNWD) AI Stock Analysis

• Market Cap: $128.06M
• Dividend Yield: 1.62%
• Average Volume (3M): 60.00K
• Price to Earnings (P/E): 24.0
• Beta (1Y): 0.13
• Revenue Growth: -7.40%
• EPS Growth: -59.70%
• Country: US
• Employees: 293
• Sector: Financial
• Sector Strength: 64
• Industry: Banks - Regional
• EPS (TTM): 0.50
• Shares Outstanding: 4,324,889
• 10 Day Avg. Volume: 69,401
• 30 Day Avg. Volume: 59,996
• PEG Ratio: 0.22
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 1.07
• P/FCF Ratio: 17.84
• Enterprise Value/Market Cap: 1.63
• Enterprise Value/Revenue: 2.07
• Enterprise Value/Gross Profit: 3.40
• Enterprise Value/Ebitda: 19.00
• 1Y Price Target: $31.00
• Price Target Upside: 4.69% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 69 Neutral
• Price Target: $31.00 ▲(4.69% Upside)

Finward Bancorp's overall score is driven by stable financial performance and positive corporate events. However, mixed technical indicators and a high P/E ratio suggest caution. The termination of the Consent Order is a significant positive factor.

Finward Bancorp Business Overview & Revenue Model

Company Description

Finward Bancorp operates as the holding company for Peoples Bank that provides various banking products and services. The company's deposit products include non-interest and interest bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans. Its loan products portfolio comprises residential mortgage loans that enable borrowers to purchase existing homes, refinance existing homes, or construct new homes; construction loans primarily to individuals and contractors; commercial real estate loans; consumer loans to individuals for personal, household, or family purposes; home equity line of credit; home improvement loans and equity loans; commercial business loans; government loans; and loans to municipalities. The company also offers estate and retirement planning services, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, and investment agency accounts, as well as serves as the personal representative of estates, and acts as trustee for revocable and irrevocable trusts. In addition, it provides insurance and annuity investments to wealth management customers; holds real estate properties; and operates as a real estate investment trust. As of March 2, 2022, the company operated through 30 locations in Lake and Porter counties in Northwest Indiana and South Chicagoland. The company was formerly known as NorthWest Indiana Bancorp and changed its name to Finward Bancorp in May 2021. Finward Bancorp was incorporated in 1994 and is headquartered in Munster, Indiana.

How the Company Makes Money

Finward Bancorp generates revenue mainly through the interest income from its loan portfolio, which includes various types of loans such as mortgages, personal loans, and commercial loans. The company also earns income from fees associated with banking services, including account maintenance fees, transaction fees, and service charges. Additionally, investment income from securities and other financial instruments contributes to its revenue. The bank's strategic partnerships with local businesses and community organizations enhance its market presence and customer base, further supporting its revenue growth. Overall, the company's financial health is closely tied to the interest rate environment, loan demand, and its ability to manage operational costs effectively.

Finward Bancorp Financial Statement Overview

Summary

Finward Bancorp maintains a stable financial position with solid profitability and operational efficiency. However, revenue fluctuations and a higher reliance on debt financing are areas of concern.

Income Statement

Finward Bancorp's income statement reveals a solid gross profit margin and an acceptable net profit margin. The revenue growth rate has been inconsistent, with recent periods showing a decline. EBIT and EBITDA margins are stable, offering a positive outlook on operational efficiency despite fluctuations in revenue.

Balance Sheet

The balance sheet displays a moderate debt-to-equity ratio, indicating a balanced capital structure. The return on equity is reasonable, reflecting decent profitability relative to shareholder equity. However, the equity ratio is slightly lower, suggesting a higher reliance on debt financing.

Cash Flow

The cash flow statement shows variable free cash flow growth, with some periods experiencing reductions. The operating cash flow to net income ratio is strong, indicating effective cash generation relative to net income. However, the free cash flow to net income ratio suggests potential inefficiencies in capital expenditure management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	100.94M	111.83M	96.53M	83.54M	66.60M	69.77M
Gross Profit	61.43M	71.60M	63.28M	78.66M	63.01M	60.34M
EBITDA	11.00M	20.75M	15.21M	22.53M	20.94M	21.91M
Net Income	3.31M	12.13M	8.38M	15.08M	14.96M	15.93M
Balance Sheet
Total Assets	2.04B	2.06B	2.11B	2.07B	1.62B	1.50B
Cash, Cash Equivalents and Short-Term Investments	71.39M	404.14M	457.38M	404.63M	560.07M	430.59M
Total Debt	45.05M	105.12M	118.12M	135.50M	14.58M	19.86M
Total Liabilities	1.89B	1.91B	1.96B	1.93B	1.46B	1.34B
Stockholders Equity	151.81M	151.41M	147.34M	136.39M	156.62M	151.69M
Cash Flow
Free Cash Flow	3.48M	6.73M	23.06M	14.70M	13.91M	16.00M
Operating Cash Flow	6.02M	9.80M	24.21M	17.73M	17.04M	19.74M
Investing Cash Flow	23.25M	42.79M	15.02M	-1.13M	-125.93M	-185.06M
Financing Cash Flow	-28.68M	-68.02M	15.49M	-18.49M	122.14M	137.99M

Finward Bancorp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 29.61
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNWD, the sentiment is Positive. The current price of 29.61 is above the 20-day moving average (MA) of 28.06, above the 50-day MA of 28.13, and above the 200-day MA of 28.83, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 64.37 is Neutral, neither overbought nor oversold. The STOCH value of 74.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FNWD.

Finward Bancorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UNB	75 Outperform	$124.25M	13.50	13.63%	5.27%	11.90%	-8.37%
CZWI	73 Outperform	$154.77M	12.66	6.93%	2.30%	-0.96%	-7.38%
RMBI	71 Outperform	$147.32M	14.99	7.23%	4.10%	9.70%	18.24%
FNWD	69 Neutral	$128.06M	23.96	3.51%	1.62%	-7.40%	-59.70%
EBMT	68 Neutral	$131.61M	10.28	7.19%	3.46%	6.74%	49.28%
Sector *	68 Neutral	$17.52B	11.65	10.45%	3.85%	9.69%	1.92%

Finward Bancorp Corporate Events

Finward Bancorp Declares Dividend Amid Regulatory Challenges

On August 15, 2025, Finward Bancorp‘s Board of Directors declared a dividend of $0.12 per share on its common stock, payable on September 12, 2025, to shareholders of record on August 29, 2025. This announcement is significant as it reflects the company’s financial strategy and its compliance challenges with regulatory bodies such as the FDIC and Indiana DFI, which may impact its ability to pay dividends without prior approval. The announcement also highlights the potential risks and uncertainties affecting the company’s financial performance and strategic initiatives.

The most recent analyst rating on (FNWD) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Finward Bancorp stock, see the FNWD Stock Forecast page.

Finward Bancorp’s Consent Order Terminated by Regulators

On August 6, 2025, the Federal Deposit Insurance Corporation and the Indiana Department of Financial Institutions terminated the Consent Order issued to Peoples Bank, a subsidiary of Finward Bancorp. The Consent Order, effective since November 7, 2023, was related to compliance with the Bank Secrecy Act. The termination follows the successful resolution of deficiencies in the Bank’s compliance and anti-money laundering program. This development reflects Finward Bancorp’s commitment to strong compliance and sound banking practices, as emphasized by its CEO, Benjamin J. Bochnowski.

The most recent analyst rating on (FNWD) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Finward Bancorp stock, see the FNWD Stock Forecast page.

Finward Bancorp Approves 2025 Omnibus Equity Incentive Plan

Finward Bancorp‘s shareholders approved the 2025 Omnibus Equity Incentive Plan during the Annual Meeting on May 22, 2025. This plan aims to align the interests of participants with shareholders, encourage employment, and improve operations by offering various stock-based incentives. The plan includes a maximum of 265,174 shares available for issuance and will be administered by the Bancorp’s Compensation and Benefits Committee. Additionally, the meeting saw the election of four directors, approval of auditors, and an advisory vote on executive compensation.

The most recent analyst rating on (FNWD) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Finward Bancorp stock, see the FNWD Stock Forecast page.

Finward Bancorp Holds Virtual Annual Shareholders Meeting

Finward Bancorp announced its Annual Meeting of Shareholders to be held virtually on May 22, 2025, where it will present financial and strategic information. The company is navigating several challenges, including compliance with regulatory requirements and managing risks related to market conditions and interest rates. The Bancorp is focused on improving profitability, optimizing funding, and managing balance sheet risks while expanding its capital ratios. The company has also refreshed its board with independent directors to enhance corporate governance.

The most recent analyst rating on (FNWD) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Finward Bancorp stock, see the FNWD Stock Forecast page.