Finward Bank Reports Profit Dip
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Munster-based Finward Bancorp (Nasdaq: FNWD), the parent of Peoples Bank, is reporting first quarter net income of $2.1 million, compared to $4.5 million during the same period last year. Despite the dip in profit, the bank says its core earnings and net interest margin remain stable.
The bank says the acquisition of Royal Financial Inc. in January resulted in one-time expenses of about $2.5 million during the quarter.
Finward says it spent more than $250,000 during the quarter to continue development of its Salesforce platform and initiatives related to digital integration. The bank plans to continue to focus on deployment of nCino, a cloud-based banking platform, over the next few quarters.
“With the successful integration of the Royal Financial franchise, we are now delivering a better experience to our new Royal customers with Finward platforms and services,” said Benjamin Bochnowski, president and chief executive officer. “With integration expenses largely behind us, we will continue to tackle big technology investments and expenses to improve our digital user experience and operating environment throughout 2022.”
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