Page 1

July 28 , 2021 FINWARD BANCORP Finward Bancorp Announces Earnings for the Quarter and Six Months Ended June 30 , 2021 MUNSTER , Ind . , July 28 , 2021 ( GLOBE NEWSWIRE ) -- Finward Bancorp ( the " Bancorp " ) , the holding company for Peoples Bank ( the “ Bank ” ) , reported record net income of $ 8.3 million , or $ 2.40 per share , for the six months ended June 30 , 2021. Net income for the six months ended June 30 , 2021 , increased by $ 79 thousand ( 1.0 % ) , from the six months ended June 30 , 2020 , primarily due to higher net interest income . For the six months ended June 30 , 2021 , the return on average assets ( ROA ) was 1.06 % and the return on average equity ( ROE ) was 10.82 % . For the quarter ended June 30 , 2021 , the Bancorp's net income totaled $ 3.7 million , or $ 1.05 per share . Net income for the quarter ended June 30 , 2021 , decreased by $ 1.4 million ( 27.8 % ) , from the quarter ended June 30 , 2020 , primarily due to higher noninterest expense and lower noninterest income . For the second quarter of 2021 , the ROA was 0.92 % and the ROE was 9.38 % . During the six months ended June 30 , 2021 , total assets increased by $ 107.4 million ( 7.2 % ) , with interest - earning assets increasing by $ 106.5 million ( 7.6 % ) . On June 30 , 2021 , interest- earning assets totaled $ 1.5 billion compared to $ 1.4 billion at December 31 , 2020. Earning assets represented 93.9 % of total assets at June 30 , 2021 , and 93.5 % of total assets at December 31 , 2020. The increase in total assets and interest earning assets for the six months was primarily the result of increased cash balances related to strong core deposit growth . " Finward Bancorp had another strong quarter as we continue to see pandemic - related economic effects ease . Macroeconomic trends increasingly point towards recovery , and while the pandemic is not over yet , we are optimistic about the operating environment . As a company , we are Back to Business - an internal effort that resulted in over 75 % of our employees vaccinated by the 4th of July , allowing us to return to normal operating conditions after the holiday . I am incredibly proud of what our team accomplished during the pandemic , and more so for how we have worked together to position ourselves for success during the recovery , " said Benjamin Bochnowski , president and CEO . “ Our loan portfolio has remained resilient , and we saw another quarter of net recoveries on loans . Our provision has been driven largely by macroeconomic factors since the start of the pandemic , and we believe with continued strength , our provisions for loan loss will more closely reflect pre - pandemic levels . " " We have learned lessons during the pandemic like everyone else , and are responding to shifting customer expectations around service . We are continuously reviewing our physical footprint needs as we work towards greater operational efficiency . We also are looking to further leverage digital investments to reduce the need for physical space as we scale , and