FINWARD BANCORP ANNOUNCES FOURTH QUARTER DIVIDEND
26 Diciembre 2023 - 3:23PM
Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”), the
holding company for Peoples Bank (the “Bank”), today announced that
on December 22, 2023 the Board of Directors of Finward declared a
dividend of $0.12 per share on Finward’s common stock payable on
February 5, 2024 to shareholders of record at the close of business
on January 23, 2024.
“Finward’s Board of Directors has announced a dividend of $0.12
per share for the fourth quarter of 2023,” said Benjamin
Bochnowski, chairman and chief executive officer. “While this is
lower than the dividend for the third quarter, we understand the
importance of the dividend to our shareholders. Based on careful
evaluation, the Board determined it is appropriate and prudent to
lower the dividend at this time to accelerate the build-up of
capital, strengthen our company, and expand optionality to further
improve our balance sheet.”
The Board’s decision on the dividend level for the current
quarter came following a thorough review of the Bank’s capital
position. Bochnowski continued that, “Peoples Bank continues to be
a well-capitalized bank and places a high value on maintaining a
strong capital base. The Board of Directors is committed to
building shareholder value and believes the action taken to reduce
the dividend is consistent with this commitment. The Board will
continue to review the Bancorp’s dividend policy from time to time
in a careful and holistic manner and consider future adjustments to
the policy as conditions warrant.”
Dividends to the Bancorp’s shareholders are determined by the
Bancorp’s Board of Directors based on a disciplined evaluation of
the Bancorp’s and the Bank’s current and anticipated operating
results, capital position, financial condition, regulatory and
legal requirements, and other factors it deems relevant. The Board
continually evaluates the factors that go into dividend decisions,
consistent with the long-term best interests of the Bancorp and its
shareholders. The Bancorp has no current plans to raise equity
capital.
About
Finward Bancorp
Finward Bancorp is a locally managed and independent financial
holding company headquartered in Munster, Indiana, whose activities
are primarily limited to holding the stock of Peoples Bank. Peoples
Bank provides a wide range of personal, business, electronic and
wealth management financial services from its 26 locations in Lake
and Porter Counties in Northwest Indiana and the Chicagoland area.
Finward Bancorp’s common stock is quoted on the The NASDAQ Stock
Market, LLC under the symbol FNWD. The website ibankpeoples.com
provides information on Peoples Bank’s products and services, and
Finward Bancorp’s investor relations.
Forward Looking Statements
This press release may contain forward-looking statements
regarding the financial performance, business prospects, growth,
and operating strategies of the Bancorp. For these statements, the
Bancorp claims the protections of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Statements in this communication
should be considered in conjunction with the other information
available about the Bancorp, including the information in the
filings the Bancorp makes with the Securities and Exchange
Commission (“SEC”). Forward-looking statements provide current
expectations or forecasts of future events and are not guarantees
of future performance. The forward-looking statements are based on
management’s expectations and are subject to a number of risks and
uncertainties. Forward-looking statements are typically identified
by using words such as “anticipate,” “estimate,” “project,”
“intend,” “plan,” “believe,” “will” and similar expressions in
connection with any discussion of future operating or financial
performance.
Although management believes that the expectations reflected in
such forward-looking statements are reasonable, actual results may
differ materially from those expressed or implied in such
statements. Risks and uncertainties that could cause actual results
to differ materially include: the Bank’s ability to demonstrate
compliance with the terms of the previously disclosed consent order
and memorandum of understanding entered into between the Bank and
the Federal Deposit Insurance Corporation (“FDIC”) and Indiana
Department of Financial Institutions (“DFI”), or to demonstrate
compliance to the satisfaction of the FDIC and/or DFI within
prescribed time frames; the Bank’s agreement under the memorandum
of understanding to refrain from paying cash dividends without
prior regulatory approval; changes in asset quality and credit
risk; the inability to sustain revenue and earnings growth; changes
in interest rates and capital markets; inflation; customer
acceptance of the Bancorp’s products and services; customer
borrowing, repayment, investment, and deposit practices; customer
disintermediation; the introduction, withdrawal, success, and
timing of business initiatives; competitive conditions; the
inability to realize cost savings or revenues or to implement
integration plans and other consequences associated with mergers,
acquisitions, and divestitures; economic conditions; and the
impact, extent, and timing of technological changes, capital
management activities, and other actions of the Federal Reserve
Board and legislative and regulatory actions and reforms.
Additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in the Bancorp’s reports (such as the Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports
on Form 8-K) filed with the SEC and available at the SEC’s Internet
website (www.sec.gov). All subsequent written and oral
forward-looking statements concerning the Bancorp or any person
acting on its behalf are expressly qualified in their entirety by
the cautionary statements above. Except as required by law, the
Bancorp does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that
occur after the date the forward-looking statement is
made.
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FOR FURTHER INFORMATION
CONTACT INVESTOR RELATIONS
(219) 853-7575
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