Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2021

MUNSTER, Ind., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Finward Bancorp (Nasdaq:FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), reported net income of $15.0 million, or $4.30 per share, for the twelve months ended December 31, 2021. Net income for the twelve months ended December 31, 2021, decreased by $969 thousand (6.1%), from the twelve months ended December 31, 2020, primarily due to higher noninterest expense and lower noninterest income. For the twelve months ended December 31, 2021, the return on average assets (ROA) was 0.95% and the return on average equity (ROE) was 9.61%. In connection with the acquisition of Royal Financial, Inc. (OTCQX:RYFL) (“Royal”), which will close in the first quarter of 2022, the Bancorp incurred one-time expenses of approximately $838 thousand in the year ending 2021.