Finward Bancorp 10-K

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   The Bancorp’s Common Stock is not listed on any national securities exchange, but rather is quoted in the over-the-market on the OTC Pink Marketplace, which is maintained by OTC Markets Group, Inc., under the symbol “NWIN.” The Bancorp’s stock is not actively traded. As of March 22, 2021, the Bancorp had 3,478,921 shares of common stock outstanding and 636 stockholders of record. This does not reflect the number of persons or entities who may hold their stock in nominee or “street” name through brokerage firms. Any over-the-counter market quotations reflect inter-dealer prices without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.   On April 24, 2014, the Bancorp’s Board of Directors authorized a stock repurchase program to repurchase up to 50,000 shares of the Bancorp’s outstanding common stock, from time to time and subject to market conditions, on the open market or in privately negotiated transactions. The stock repurchase program does not expire and is only limited by the number of shares that can be purchased. The stock repurchase program will be reviewed annually by the Board of Directors. No shares were repurchased during the twelve months ended December 31, 2020 under the stock repurchase program.   Period Total Number of Shares Purchased   Average Price Paid per Share   Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs   Maximum Number of Shares That May Yet Be Purchased Under the Program(1) January 1, 2020 – January 31, 2020 -    N/A    -   48,828 February 1, 2020 – February 28, 2020 -    N/A    -   48,828 March 1, 2020 – March 31, 2020 -    N/A    -   48,828 April 1, 2020 – April 30, 2020 -    N/A    -   48,828 May 1, 2020 – May 31, 2020 -    N/A    -   48,828 June 1, 2020 – June 30, 2020 -    N/A    -   48,828 July 1, 2020 – July 31, 2020 -    N/A    -   48,828 August 1, 2020 – August 31, 2020 -    N/A    -   48,828 September 1, 2020 – September 30, 2020 -   N/A   -   48,828 October 1, 2020 –October 31, 2020 -   N/A   -   48,828 November 1, 2020 – November 30, 2020 -   N/A   -   48,828 December 1, 2020 – December 31, 2020 -   N/A   -   48,828   -   N/A   -   48,828   (1) The stock repurchase program was announced on April 24, 2014, whereby the Bancorp is authorized to repurchase up to 50,000 shares of the Bancorp’s common stock outstanding. There is no express expiration date for this program.   Page 49 of 117     Item 6. Selected Financial Data   Fiscal Year Ended   December 31,     December 31,     December 31,     December 31,     December 31,       2020     2019     2018     2017     2016   Statement of Income:                                                                                   Total interest income   $ 51,621     $ 52,250     $ 39,450     $ 33,358     $ 32,399   Total interest expense     5,740       9,092       5,091       2,592       2,345   Net interest income     45,881       43,158       34,359       30,766       30,054   Provision for loan losses     3,687       2,584       1,308       1,200       1,268   Net interest income after provision for loan losses     42,194       40,574       33,051       29,566       28,786   Noninterest income     18,148       10,670       9,099       7,752       7,613   Noninterest expense     40,846       37,388       31,383       25,488       24,709   Net noninterest expense     22,698       26,718       22,284       17,736       17,096   Income tax expenses     2,892       1,759       1,430       2,869       2,548   Net income   $ 16,604     $ 12,097     $ 9,337     $ 8,961     $ 9,142                                             Basic earnings per common share   $ 4.80     $ 3.53     $ 3.17     $ 3.13     $ 3.20   Diluted earnings per common share   $ 4.80     $ 3.53     $ 3.17     $ 3.13     $ 3.20   Cash dividends declared per common share   $ 1.24     $ 1.23     $ 1.19     $ 1.15     $ 1.11           December 31,     December 31,     December 31,     December 31,     December 31,       2020     2019     2018     2017     2016   Balance Sheet:                                                                                   Total assets   $ 1,497,525     $ 1,328,722     $ 1,096,158     $ 927,259     $ 913,626   Loans receivable     966,578       906,869       764,400       620,211       583,650   Investment securities     410,669       277,219       241,768       244,490       233,625   Deposits     1,302,339       1,154,370       929,786       793,004       779,771   Borrowed funds     19,860       25,499       54,628       32,181       39,826   Total stockholders' equity     152,922       134,103       101,464       92,060       84,108           December 31,     December 31,     December 31,     December 31,     December 31,       2020     2019     2018     2017     2016   Interest Rate Spread During Period:                                                                                   Average effective yield on loans and investment securities     3.91 %     4.43 %     4.23 %     3.91 %     3.89 % Average effective cost of deposits and borrowings     0.45 %     0.80 %     0.57 %     0.32 %     0.30 % Interest rate spread     3.46 %     3.63 %     3.65 %     3.59 %     3.59 %                                           Net interest margin     3.47 %     3.66 %     3.68 %     3.61 %     3.61 % Return on average assets     1.16 %     0.94 %     0.93 %     0.98 %     1.03 % Return on average equity     11.51 %     9.54 %     9.88 %     9.90 %     10.65 %         December 31,     December 31,     December 31,     December 31,     December 31,       2020     2019     2018     2017     2016                                             Common equity tier 1 capital to risk-weighted assets     12.8 %     11.8 %     11.6 %     12.9 %     13.1 % Tier 1 capital to risk-weighted assets     12.8 %     11.8 %     11.6 %     12.9 %     13.1 % Total capital to risk-weighted assets     14.0 %     12.7 %     12.6 %     14.0 %     14.3 % Tier 1 capital to adjusted average assets     8.5 %     8.5 %     8.6 %     9.6 %     9.2 %                                           Allowance for loan losses to total loans     1.29 %     0.99 %     1.04 %     1.21 %     1.32 % Allowance for loan losses to non-performing loans     86.72 %     122.05 %     115.12 %     143.26 %     126.10 % Non-performing loans to total loans     1.49 %     0.81 %     0.90 %     0.84 %     1.05 %                                                                                     Total loan accounts     8,126       7,272       6,176       5,680       5,655   Total deposit accounts     42,713       43,116       36,039       31,080       31,175   Total branches (all full service)     22       22       19       16       16     Page 50 of 117