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FNWD on Nasdaq

Finward Bancorp

Finward Bancorp is a holding company for Peoples Bank.1 It is headquartered in Munster, Indiana.1 Its shares trade on Nasdaq under the symbol FNWD.1

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Last updated Oct 21, 2026.

Overview

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  • TickerFNWD on Nasdaq1
  • IndustrySavings Institution, Federally Chartered1
  • HeadquartersMunster, Indiana1
  • Incorporated inIN2
  • Business address9204 Columbia Ave, Munster, In 463212
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Finward Bancorp, an Indiana corporation, was incorporated on January 31, 1994, and is the holding company for Peoples Bank, an Indiana-chartered commercial bank. The Bank is a wholly owned subsidiary of the Company. The Company has no other business activity other than being a holding company for the Bank and the Company’s earnings are primarily dependent upon the earnings of the Bank.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5678910$8.1M in 2025−33% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $12.1M$12.1M20192020: $15.9M$15.9M2020+32%2021: $15.0M$15.0M2021−6%2022: $15.1M$15.1M2022+1%2023: $8.4M$8.4M2023−44%2024: $12.1M$12.1M2024+45%2025: $8.1M$8.1M2025−33%

Every line of the income statement as filed: the last 2 fiscal years, latest first.10

Period ending2025-12-312024-12-31
Loans receivable$80.3M$77.5M
Securities$7.8M$8.2M
Other interest earning assets$3.6M$3.4M
Total interest income$91.8M$89.2M
Deposits$31.4M$35.2M
Federal funds purchased and repurchase agreements$1.4M$1.6M
Borrowed funds$2.2M$4.0M
Total interest expense$35.0M$40.7M
Net interest income$56.7M$48.4M
Provision for (benefit from) credit losses-$205.0K-$503.0K
Net interest income after provision for credit losses$56.9M$49.0M
Fees and service charges$5.4M$5.3M
Wealth management operations$2.7M$2.9M
Gain (loss) on tax credit investment$90.0K$1.2M
Gain (loss) on sale of loans held-for-sale, net$1.2M$1.1M
Gain (loss) on sale of securities, net-$1.6M-$531.0K
Bank owned life insurance$1.4M$812.0K
Gain (loss) on sale of property and equipment-$55.0K$11.7M
Other$122.0K$164.0K
Total non-interest income$9.3M$22.6M
Compensation and benefits$29.6M$27.7M
Occupancy and equipment$8.2M$8.2M
Data processing$5.0M$4.7M
Marketing$787.0K$799.0K
Federal deposit insurance premiums$1.7M$1.8M
Professional and outside services$4.2M$5.4M
Technology$2.1M$2.2M
Other$6.6M$7.2M
Total non-interest expense$58.1M$58.1M
Income before income tax expense$8.1M$13.5M
Income tax expense (benefit)$23.0K$1.3M
Net income$8.1M$12.1M
Basic (in dollars per share)$1.89$2.85
Diluted (in dollars per share)$1.88$2.84
Dividends declared per common share (in dollars per share)$0.36$0.48

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Corporate structure

Finward Bancorp sits at the top of its group. 9 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Finward Bancorp

  • AllianceBernstein Filed SCHEDULE 13G/A on Finward Bancorp, latest Nov 14, 2025 (2 filings since Nov 15, 2024)
  • David A. Bochnowski Filed SC 13D/A on Finward Bancorp, latest Nov 22, 2024 (2 filings since Feb 23, 2023)
  • Fourthstone LLC Filed SC 13G/A on Finward Bancorp, latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • PL Capital Advisors, LLC Filed SC 13D/A on Finward Bancorp, latest Sep 9, 2024 (2 filings since Mar 21, 2024)
  • Finward Bancorp Munster, Indiana
    • AJS Insurance LLC Subsidiary · Illinois, United States
    • Columbia Development, LLC Subsidiary · Indiana, United States
    • NWIN Funding Subsidiary · Maryland, United States
    • NWIN, Holdings Subsidiary · Nevada, United States
    • NWIN, Investments, Inc. Subsidiary · Nevada, United States
    • NWIN, LLC Subsidiary · Nevada, United States
    • Peoples Bank Subsidiary · Indiana, United States
    • Peoples Service Corporation Subsidiary · Indiana, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Finward Bancorp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$9.1M10 Dec 31, 2025$9.1M10 Dec 31, 20240%
Buildings and improvements$34.9M10 Dec 31, 2025$34.9M10 Dec 31, 2024−0.1%
Furniture and fixtures$20.9M10 Dec 31, 2025$20.3M10 Dec 31, 2024+2.8%
Accumulated depreciation$33.7M9 Dec 31, 2024$34.5M9 Dec 31, 2023−2.5%
Property and equipment, net$45.0M10 Dec 31, 2025$47.3M10 Dec 31, 2024−4.8%
Finance-lease assets$16.7M10 Dec 31, 2025$16.7M10 Dec 31, 20240%
Operating-lease assets (leased space)$15.1M10 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Debt securities available for sale$316.2M10 Dec 31, 2025$333.6M10 Dec 31, 2024−5.2%
Deposits held (banks)$1.7B10 Dec 31, 2025$1.8B10 Dec 31, 2024−1.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$22.4M10 Dec 31, 2025$22.4M10 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$1.2M10 Dec 31, 2025$1.9M10 Dec 31, 2024−37.0%

Properties, in its own words

The Company maintains its corporate office at 9204 Columbia Avenue, Munster, Indiana, from which it oversees the operation of the Bank’s 26 banking locations. The Company owns 100% of its single corporate office property location.

As of December 31, 2025, the Bank operated 14 banking centers in Northwest Indiana, with 13 of the banking centers located in Lake County and 1 banking center located in Porter County, Indiana, and 12 banking centers located in Illinois, 11 in Cook County and 1 in Dupage County, Illinois. The Bank owns 20 of its banking centers and leases 6 of its banking center properties under the terms of long-term leases with a third-party. All of the Bank’s banking centers are equipped with automated teller machines and have drive-through facilities. The net book value of the Bank’s property, premises and equipment totaled $45.0 million at December 31, 2025, including $16.7 million right of use asset balance associated with the Company's 2024 sale-leaseback transaction.

The rest of Item 2

On February 22, 2024, the Bank closed its previously announced sale-leaseback transaction with MountainSeed Real Estate Services, LLC, pursuant to which the Bank sold to the Buyer five properties owned and operated as branch locations for an aggregate purchase price of $17.2 million, including customary closing adjustments. Under the Sale Agreement, the Bank also entered into triple net lease agreements with the Buyer under which the Bank leases each of the Properties, and pursuant to which the Bank is responsible for the insurance, real estate taxes, and maintenance and repairs for each of the properties. Each of the Lease Agreements became effective upon the closing of the sale-leaseback transaction and have an initial term of 15 years. The Bank’s obligations under the Lease Agreements are guaranteed by the Company.

The Bank outsources its core processing activities to Fidelity National Information Services, Inc., or FIS Corporation located in Jacksonville, Florida. FIS provides real time services for loans, deposits, retail delivery systems, card solutions, digital banking, and wealth management.

Item 2 of the 10-K filed Mar 25, 2026.4

Leadership

Who has led Finward Bancorp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David A. Bochnowski2006–2016
  2. Benjamin J. Bochnowski2016–now

Chair

  1. David A. Bochnowski2006–2023

President

  1. Joel Gorelick2006–2015
  2. Benjamin J. Bochnowski2015–now

Chief financial officer

  1. Robert T. Lowry2008–2011
  2. Benjamin Louis Schmitt2024–now

Chief operating officer

  1. Benjamin J. Bochnowski2014–2016
2010201520202025
Board members and other officers (28)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AJS Insurance LLC Illinois3
  • Columbia Development, LLC Indiana3
  • NWIN Funding Maryland3
  • NWIN, Holdings Nevada3
  • NWIN, Investments, Inc. Nevada3
  • NWIN, LLC Nevada3
  • Peoples Bank Indiana3
  • Peoples Service Corporation Indiana3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • NORTHWEST INDIANA BANCORPNov 8, 1996 to May 24, 20212

Timeline

  1. Sep 4, 20268-K Other events47
  2. Jul 28, 20268-K Results of operations48
  3. Jul 21, 20268-K Entered a material agreement; Regulation FD disclosure49
  4. Jul 6, 20268-K Other events50
  5. Jun 3, 20268-K Other events51
  6. May 28, 20268-K Shareholder vote52
  7. May 26, 20268-K Shareholder vote53
  8. Apr 28, 20268-K Results of operations54
  9. Mar 2, 20268-K Other events55
  10. Feb 24, 20268-K Executive or director change; Other events56
  11. Jan 27, 20268-K Results of operations57
  12. Dec 3, 20258-K Other events58
  13. Nov 10, 2016New chief executive Benjamin J. Bochnowski becomes CEO14
  14. Feb 14, 2006New chief executive David A. Bochnowski becomes CEO15

Calendar

Coming up

  1. Oct 27, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.81 a share, on Oct 28, 2025.59

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results48
  2. Apr 28, 2026Reported quarterly or annual results54
  3. Jan 27, 2026Reported quarterly or annual results57
  4. Oct 28, 2025Reported quarterly or annual results60
  5. Jul 29, 2025Reported quarterly or annual results61
  6. May 1, 2025Reported quarterly or annual results62
  7. Jan 28, 2025Reported quarterly or annual results63
  8. Oct 29, 2024Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

315 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 89 major events, 152 insider forms, 9 large holders, 45 other. The latest 20:

  1. Oct 14, 202613F-HR EDGAR
  2. Sep 28, 20264 EDGAR
  3. Sep 28, 20264 EDGAR
  4. Sep 28, 20264 EDGAR
  5. Sep 28, 20264 EDGAR
  6. Sep 28, 2026DEFM14A EDGAR
  7. Sep 4, 20268-K EDGAR
  8. Aug 14, 2026N-PX EDGAR
  9. Aug 13, 202610-Q EDGAR
  10. Jul 28, 20268-K EDGAR
  11. Jul 21, 2026425 EDGAR
  12. Jul 21, 2026425 EDGAR
  13. Jul 21, 2026425 EDGAR
  14. Jul 21, 20268-K EDGAR
  15. Jul 21, 2026425 EDGAR
  16. Jul 16, 202613F-HR EDGAR
  17. Jul 6, 20268-K EDGAR
  18. Jul 2, 20264 EDGAR
  19. Jul 1, 20264 EDGAR
  20. Jul 1, 20264 EDGAR

The 315 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

89 open-market trades by officers, directors and large owners since October 2021: 86 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Scheub Todd M.Executive Vice PresidentBuy32$43.48$1.4KForm 4
Sep 25, 2026Puntillo AnthonyDirectorBuy5$43.46$234Form 4
Sep 25, 2026Bochnowski Benjamin JPresident, CEOBuy5$43.48$224Form 4
Sep 25, 2026Lowry Robert TExecutive Vice PresidentBuy42$43.48$1.8KForm 4
Jun 30, 2026Johnson Robert E. IIIDirectorBuy5$35.75$195Form 4
Jun 30, 2026Lowry Robert TExecutive Vice PresidentBuy51$36.00$1.8KForm 4
Jun 30, 2026Han Amy WongDirectorBuy4$35.75$128Form 4
Jun 30, 2026Scheub Todd M.Executive Vice PresidentBuy39$36.00$1.4KForm 4
Jun 30, 2026Puntillo AnthonyDirectorBuy7$35.75$233Form 4
Jun 30, 2026Bochnowski Benjamin JPresident, CEOBuy6$36.00$224Form 4
Mar 31, 2026Scheub Todd M.Executive Vice PresidentBuy38$36.50$1.4KForm 4
Mar 31, 2026Bochnowski Benjamin JPresident, CEOBuy6$36.50$223Form 4
Mar 31, 2026Lowry Robert TExecutive Vice PresidentBuy50$36.50$1.8KForm 4
Dec 30, 2025Lowry Robert TExecutive Vice PresidentBuy51$35.56$1.8KForm 4
Dec 30, 2025Scheub Todd M.Executive Vice PresidentBuy39$35.56$1.4KForm 4
Dec 30, 2025Bochnowski Benjamin JPresident, CEOBuy6$35.56$222Form 4
Jun 13, 2025Schmitt Benjamin LouisChief Financial OfficerBuy500$28.99$14.5KForm 4
Jun 13, 2025Bochnowski Benjamin JPresident, CEOBuy100$29.00$2.9KForm 4
Jun 12, 2025Bochnowski Benjamin JPresident, CEOBuy260$29.75$7.7KForm 4
May 12, 2025Lowry Robert TExecutive Vice PresidentBuy59$30.52$1.8KForm 4

All 89 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Benjamin J. Bochnowski45$416.1K$480.7K69
2025Todd M. Scheub$316.1K$372.2K69
2025Robert T. Lowry$275.8K$326.8K69
2025Benjamin L. Schmitt$250.2K$289.5K69
2024President and Chief Executive Officer$431.3K$508.2K69
2024Executive Vice PresidentChief Operating Officer$269.4K$373.4K69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 70. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Alliancebernstein L.P.417,190$15.1M0.0%+3,455
PL Capital Advisors, LLC395,716$14.6M4.0%No change
Vanguard Capital Management LLC162,149$6.0M0.0%−153
Finward Bancorp131,360$4.8M3.7%−200
Endeavour Capital Advisors Inc99,543$3.7M0.8%No change
Elizabeth Park Capital Advisors, Ltd.57,622$2.1M1.5%New
Wellington Management Group Llp53,656$2.0M0.0%−1,554
Raffles Associates LP53,160$2.0M0.9%+26,580
Renaissance Technologies LLC45,300$1.7M0.0%+200
Hotchkis & Wiley Capital Management LLC44,940$1.7M0.0%+300
Geode Capital Management, LLC41,970$1.5M0.0%−38,680
Caldwell Trust Co40,430$1.5M0.1%No change
Millennium Management LLC36,086$1.3M0.0%New
Fifth Third Bancorp29,805$1.1M0.0%+28,805
Dimensional Fund Advisors LP23,881$878.1K0.0%−297
Vanguard Fiduciary Trust Co23,808$875.7K0.0%+310
Fiduciary Trust Co23,330$858.1K0.0%+13,640
BlackRock, Inc.22,503$827.7K0.0%−137,740
Fourthstone LLC20,976$771.5K0.5%New
PNC Financial Services Group, Inc.20,033$736.8K0.0%−13
Aqr Capital Management LLC19,760$726.8K0.0%+3,970
State Street Corp16,520$607.6K0.0%−33,246
Citadel Advisors LLC16,110$592.5K0.0%+10,401
Old National Bancorp /in/15,999$588.4K0.0%No change
Jane Street Group, LLC15,687$577.0K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Finward Bancorp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFinward Bancorp1
  • CIK0000919864
  • Employer ID (EIN)35-19279814
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inIndiana4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6035 Savings Institution, Federally Chartered1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address9204 Columbia Ave, Munster, IN 463211
  • Phone219 836-96901
  • Shares outstanding4,333,002 as of Aug 7, 202612
  • Public float$113.8M as of Jun 30, 20254
  • AuditorForvis Mazars, LLP, Indianapolis, IN PCAOB ID 686; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 5, 19961
  • Filings1,526 in all: 4 (870), 8-K (305), 10-Q (91), DEF 14A (31), 4/A (29), 10-K (28), 425 (22), 3 (19)1
    All 38 form types

    SC 13G/A (17), ARS (16), 5 (13), CORRESP (9), DEFA14A (9), 13F-HR (8), 8-K/A (6), SC 13D/A (6), UPLOAD (6), 424B3 (5), SC 13G (5), EFFECT (3), S-4 (3), S-4/A (3), S-8 (3), 10-K405 (2), 10-Q/A (2), N-PX (2), SC 13D (2), 10-K/A (1), 3/A (1), 8-A12B (1), ARS/A (1), CERT (1), DEFM14A (1), DEFR14A (1), S-3D (1), S-8 POS (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 3, 2026
    Latest 8-K (8-K) Sep 4, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, no par valueFNWDNASDAQ

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Finward Bancorp names in Item 1A of its 10-K filed Mar 25, 2026: 31 risks under these headings, as written.4

  • Risks Related to Our Business
  • As a financial institution, the Company is subject to a number of risks relating to its daily business.
  • The Company is subject to liquidity risk in its operations, which could adversely affect the ability to fund various obligations.
  • Unrealized losses in the Company’s investment portfolio could affect liquidity.
  • Above average interest rate risk associated with fixed-rate loans may have an adverse effect on our financial position or results of operations.
  • Higher loan losses could require the Company to increase its allowance for credit losses through a charge to earnings.
  • Commercial business lending may expose the Company to increased lending risks.
  • Commercial real estate lending may expose the Company to increased lending risks.
  • Our mortgage lending profitability could be significantly reduced if we are not able to resell mortgages at a reasonable gain on sale or experience other problems with the secondary market process or we are unable to retain our mortgage loan sales force due to regulatory changes.
  • Our mortgage lending profitability could be significantly reduced as changes in interest rates could affect mortgage origination volume and pricing for selling mortgages on the secondary market.
  • Our information systems may experience an interruption or breach in security.
  • We are subject to certain operational risks, including, but not limited to, customer or employee fraud and data processing system failures and errors.
The other 20 risks
  • We depend on outside third parties for processing and handling of our records and data.
  • We continually encounter technological change.
  • We may not be able to attract and retain skilled people.
  • Loss of key employees may disrupt relationships with certain customers.
  • We may need to raise additional capital in the future, and such capital may not be available when needed or at all.
  • We may be exposed to risk of environmental liabilities with respect to real property to which we take title.
  • We are exposed to intangible asset risk in that our goodwill may become impaired.
  • Damage to our reputation could damage our business.
  • The Company and Bank are subject to extensive regulation and oversight, including with respect to the MOU.
  • Risks Related to the Banking Industry
  • Our business may be adversely affected by conditions in the financial markets and economic conditions generally.
  • We face strong competition in all phases of our business from other banks, financial institutions, and non-banks.
  • Due to the development of new technologies and regulatory actions encouraging the use of these technologies, consumers may decide not to use banks to complete their financial transactions.
  • We are subject to federal regulations that seek to protect the Deposit Insurance Fund and the depositors and borrowers of the Bank, and our federal regulators may impose restrictions on our operations that are detrimental to holders of the Company’s common stock.
  • The soundness of other financial institutions could adversely affect us.
  • The use of, or inability to use, artificial intelligence by us, our customers, and our shareholders presents risks and challenges that may adversely impact our business and operating results or the business and operating results of our customers and vendors.
  • Risks Related to the Company’s Common Stock
  • The price of our common stock may fluctuate, sometimes significantly, and this may make it difficult for you to resell our common stock at times or at prices you find attractive.
  • The trading volume in the Company’s common stock is less than that of other larger financial institutions.
  • The Company’s Articles of Incorporation, Indiana law, and certain banking laws may have an anti-takeover effect.
  • The Company may issue additional securities, which could dilute the ownership percentage of holders of the Company’s common stock.
  • We may not be able to pay dividends in the future in accordance with past practice.

Legal proceedings

The Company and its subsidiaries, from time to time, are involved in legal proceedings in the ordinary course of business against its debtors and are defendants in legal actions arising from normal business activities. Management, after consultation with legal counsel believes that the ultimate liabilities, if any, resulting from these actions will not have a material adverse effect on the financial position of the Bank or on the consolidated financial position of the Company.

The opening of Item 3, Legal Proceedings.4

Sources

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