$FNWD

NORTHWEST INDIANA BANCORP

CIK:0000919864|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans receivable	$ 20,468	$ 19,940	$ 40,339	$ 39,595
Securities	1,757	1,979	3,528	3,977
Other interest earning assets	840	751	1,919	1,439
Total interest income	23,065	22,670	45,786	45,011
Interest expense:
Deposits	7,159	7,780	14,118	15,825
Federal funds purchased and repurchase agreements	233	370	505	718
Borrowed funds	493	575	912	1,210
Total interest expense	7,885	8,725	15,535	17,753
Net interest income	15,180	13,945	30,251	27,258
Provision for (benefit from) credit losses	264	(274)	319	180
Net interest income after provision for credit losses	14,916	14,219	29,932	27,078
Non-interest income:
Fees and service charges	1,331	1,330	2,626	2,439
Wealth management operations	748	696	1,409	1,315
Gain (loss) on tax credit investment	0	0	0	67
Gain (loss) on sale of loans held-for-sale, net	228	378	485	608
Bank owned life insurance	223	220	424	418
Gain (loss) on sale of property and equipment	(180)	0	(180)	0
Other	48	59	51	65
Total non-interest income	2,398	2,683	4,815	4,912
Non-interest expense:
Compensation and benefits	8,033	7,313	15,624	14,685
Occupancy and equipment	1,741	1,935	3,732	4,046
Data processing	1,176	1,341	2,281	2,380
Marketing	266	214	853	300
Federal deposit insurance premiums	347	471	728	904
Professional and outside services	1,221	1,115	2,390	2,375
Technology	516	545	1,024	999
Other	1,557	1,852	2,993	3,569
Total non-interest expense	14,857	14,786	29,625	29,258
Income before income tax expense	2,457	2,116	5,122	2,732
Income tax expense (benefit)	364	(35)	787	126
Net income	$ 2,093	$ 2,151	$ 4,335	$ 2,606
Earnings per common share:
Basic (in dollars per share)	$ 0.49	$ 0.50	$ 1.01	$ 0.61
Diluted (in dollars per share)	0.48	0.50	1.00	0.61
Dividends declared per common share (in dollars per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.12

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,335	$ 2,606
Adjustments to reconcile net income to net cash provided by operating activities:
Origination of loans for sale	(15,238)	(18,141)
Sale of loans originated for sale	15,721	19,178
Depreciation and amortization, net of accretion	2,353	3,231
Stock based compensation expense	274	229
Cash payments for lease liabilities	(814)	(800)
(Gain) loss on sale of loans held-for-sale, net	(470)	(624)
(Gain) loss on sale of property and equipment	180	0
(Gain) loss on sale of foreclosed real estate	(1)	0
(Increase) decrease of cash value of bank owned life insurance	(424)	(418)
(Gain) loss on derivatives	(15)	16
Provision for (benefit from) credit losses	319	180
Change in:
Interest receivable	110	70
Interest payable	396	(34)
Other assets	1,661	2,136
Accrued expenses and other liabilities	(17)	(6,669)
Total adjustments	4,035	(1,646)
Net cash provided by (used in) operating activities	8,370	960
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities and pay downs of securities available-for-sale	5,548	5,687
Purchase of loans	(10,312)	0
Net change in loans receivable	(43,388)	24,593
Purchase of premises and equipment	(369)	(461)
Proceeds from sale of foreclosed real estate	90	72
Net cash provided by (used in) investing activities	(48,431)	29,891
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in deposits	5,573	(5,716)
Proceeds from borrowed funds	55,000	40,000
Repayment of borrowed funds	(35,000)	(40,000)
Net surrender value of restricted stock awards	(75)	0
Change in federal funds purchased and repurchase agreements	(9,402)	8,215
Dividends paid	(1,040)	(520)
Net cash provided by (used in) financing activities	15,056	1,979
Net change in cash and cash equivalents	(25,005)	32,830
Cash and cash equivalents at beginning of period	119,647	70,584
Cash and cash equivalents at end of period	94,642	103,414
Cash paid during the period for:
Interest	16,889	17,718
Income taxes	280	0
Noncash activities:
Transfer of premises and equipment to assets held for sale	$ 103	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and non-interest bearing deposits in other financial institutions	$ 17,384	$ 18,265
Interest bearing deposits in other financial institutions	76,270	101,382
Federal funds sold	988	0
Total cash and cash equivalents	94,642	119,647
Securities available-for-sale	310,198	316,227
Loans held-for-sale	1,083	1,096
Loans receivable, net of deferred fees and costs	1,503,793	1,450,387
Less: Allowance for credit losses	(17,694)	(17,506)
Net loans receivable	1,486,099	1,432,881
Federal Home Loan Bank stock	6,547	6,547
Accrued interest receivable	7,671	7,781
Premises and equipment	43,932	44,976
Cash value of bank owned life insurance	34,010	33,586
Goodwill	22,395	22,395
Other intangible assets	984	1,172
Other assets	33,145	34,873
Total assets	2,040,706	2,021,181
Deposits:
Non-interest bearing	270,682	267,441
Interest bearing	1,461,862	1,459,530
Total	1,732,544	1,726,971
Federal funds purchased and repurchase agreements	30,301	39,703
Borrowed funds	65,000	45,000
Accrued expenses and other liabilities	34,574	34,844
Total liabilities	1,862,419	1,846,518
Commitments and contingencies
Stockholders' Equity:
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding	0	0
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: June 30, 2026 - 4,333,002 December 31, 2025 - 4,326,747	0	0
Additional paid-in capital	70,530	70,331
Accumulated other comprehensive loss	(41,532)	(41,662)
Retained earnings	149,289	145,994
Total stockholders' equity	178,287	174,663
Total liabilities and stockholders' equity	$ 2,040,706	$ 2,021,181