Want to see FNWD full AI Analyst Report?
Top Page
Finward Bancorp
(NASDAQ:FNWD)
Select Model
Select Model
Rating:69Neutral
Price Target:
$49.00
▲(9.84% Upside)
Action:Downgraded
Date:08/19/26
FNWD scores strongest on improving financial momentum and supportive technical trend (price above key moving averages with positive MACD). Positive corporate developments—especially the announced merger and removal of a prior regulatory agreement—add upside support. Offsetting these strengths, valuation is only average (P/E ~19.65 with a modest ~1.08% yield), and profitability/ROE remain below earlier-cycle levels.
Positive Factors
Revenue recovery
The return to double-digit trailing revenue growth indicates improving business momentum after the prior-year contraction. Sustained expansion in lending, deposits, and fee-generating activities could support earnings growth over the next several quarters.
Negative Factors
Moderate profitability
Although returns improved from 2025, profitability remains below earlier-cycle levels. Persistently moderate ROE and margins may limit capital generation, reduce the bank’s ability to compound shareholder value, and indicate that earnings power has not fully recovered.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery
The return to double-digit trailing revenue growth indicates improving business momentum after the prior-year contraction. Sustained expansion in lending, deposits, and fee-generating activities could support earnings growth over the next several quarters.
Read all positive factors
Finward Bancorp (FNWD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$188.49M
Dividend Yield1.1%
Average Volume (3M)34.79K
Price to Earnings (P/E)19.0
Beta (1Y)0.07
Revenue Growth0.32%
EPS Growth84.94%
CountryUS
Employees307
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.29
Shares Outstanding4,333,002
10 Day Avg. Volume17,730
30 Day Avg. Volume34,794
Financial Highlights & Ratios
PEG Ratio-0.56
Price to Book (P/B)0.86
Price to Sales (P/S)1.49
P/FCF Ratio16.61
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.64
Revenue Forecast (FY)$76.75M
Finward Bancorp Business Overview & Revenue Model
Company Description
Finward Bancorp serves as the parent entity for Peoples Bank, a financial institution offering a comprehensive suite of banking products and services. Its deposit offerings include various checking accounts, both with and without interest, alongsi...
How the Company Makes Money
Finward Bancorp primarily makes money through its banking subsidiary by earning net interest income and generating noninterest income. Net interest income is derived from the spread between (1) interest earned on loans and other interest-earning a...
Finward Bancorp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
67
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 101.74M | 101.06M | 111.83M | 96.53M | 83.54M | 66.60M |
| Gross Profit | 69.00M | 66.25M | 71.60M | 63.28M | 78.66M | 63.01M |
| EBITDA | 14.79M | 14.30M | 20.75M | 15.21M | 22.53M | 20.94M |
| Net Income | 9.82M | 8.09M | 12.13M | 8.38M | 15.08M | 14.96M |
Balance Sheet | ||||||
| Total Assets | 2.04B | 2.02B | 2.06B | 2.11B | 2.07B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 327.58M | 334.49M | 404.14M | 457.38M | 404.53M | 560.07M |
| Total Debt | 95.30M | 84.70M | 105.12M | 118.12M | 135.50M | 14.58M |
| Total Liabilities | 1.86B | 1.85B | 1.91B | 1.96B | 1.93B | 1.46B |
| Stockholders Equity | 178.29M | 174.66M | 151.41M | 147.34M | 136.39M | 156.62M |
Cash Flow | ||||||
| Free Cash Flow | 16.52M | 9.05M | 6.73M | 23.06M | 14.70M | 13.91M |
| Operating Cash Flow | 17.31M | 9.90M | 9.80M | 24.21M | 17.73M | 17.04M |
| Investing Cash Flow | 16.55M | 94.88M | 42.79M | 15.02M | -1.13M | -125.93M |
| Financing Cash Flow | -42.64M | -55.72M | -68.02M | 15.49M | -18.49M | 122.14M |
Finward Bancorp Technical Analysis
Neutral
44.61
Price Trends
39.57
Positive
36.33
Positive
36.38
Positive
Market Momentum
1.17
Positive
56.26
Neutral
6.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNWD, the sentiment is Neutral. The current price of 44.61 is above the 20-day moving average (MA) of 44.50, above the 50-day MA of 39.57, and above the 200-day MA of 36.38, indicating a neutral trend. The MACD of 1.17 indicates Positive momentum. The RSI at 56.26 is Neutral, neither overbought nor oversold. The STOCH value of 6.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FNWD.
Finward Bancorp Risk Analysis
Finward Bancorp disclosed 33 risk factors in its most recent earnings report. Finward Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Finward Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $198.58M | 13.80 | 7.20% | ― | 34.21% | ― | |
69 Neutral | $188.49M | 19.00 | 5.68% | 1.08% | 0.32% | 84.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $182.01M | 11.09 | 8.36% | 2.48% | 1.82% | 27.47% | |
45 Neutral | $158.57M | -7.89 | -5.77% | 4.73% | -17.41% | -674.10% | |
45 Neutral | $145.05M | -3.40 | -16.19% | 0.84% | -8.66% | -155.96% |
* Financial Sector Average
FNWD
Finward Bancorp
43.45
13.45
44.85%
BCBP
BCB Bancorp
8.68
0.02
0.22%
EBMT
Eagle Bancorp Montana
22.87
6.12
36.55%
FGBI
First Guaranty Bancshares
8.74
0.98
12.66%
RBKB
Rhinebeck Bancorp
12.90
3.40
35.79%
ECBK
ECB Bancorp, Inc.
20.84
3.72
21.73%
Finward Bancorp Corporate Events
Business Operations and StrategyM&A Transactions
Finward Bancorp to Merge with First Financial Bancorp
Positive
Jul 21, 2026
On July 21, 2026, Finward Bancorp agreed to merge with Ohio-based First Financial Bancorp in an all-stock deal that will fold Finward and its Peoples Bank subsidiary into First Financial’s broader Midwestern footprint. Each Finward share wil...
Business Operations and StrategyRegulatory Filings and Compliance
Finward Bancorp sees regulatory agreement with FDIC terminated
Positive
Jul 6, 2026
Finward Bancorp disclosed that on August 9, 2024, its subsidiary Peoples Bank entered into an informal administrative agreement, a memorandum of understanding, with the Federal Deposit Insurance Corporation and the Indiana Department of Financial ...
Business Operations and StrategyDividendsRegulatory Filings and Compliance
Finward Bancorp Declares Cash Dividend Amid Regulatory Constraints
Neutral
Jun 3, 2026
On June 3, 2026, Finward Bancorp’s board declared a cash dividend of $0.12 per share on its common stock, payable on June 29, 2026, to shareholders of record as of June 17, 2026. The move underscores the Bancorp’s willingness to return...
Executive/Board ChangesShareholder Meetings
Finward Bancorp Shareholders Back Directors and Governance Agenda
Positive
May 26, 2026
On May 22, 2026, Finward Bancorp held its annual meeting of shareholders virtually, with a quorum represented by 3,284,619 of 4,330,486 eligible common shares as of the March 20, 2026 record date. Shareholders elected directors Benjamin J. Bochnow...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.