Finward Bancorp (FNWD)
Market Price (6/20/2026): $33.72 | Market Cap: $144.2 MilSector: Financials | Industry: Regional Banks
Finward Bancorp (FNWD)
Market Price (6/20/2026): $33.72Market Cap: $144.2 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 11% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Low stock price volatilityVol 12M is 28% | Weak multi-year price returns3Y Excs Rtn is -0.2% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 17.94 Key risksFNWD key risks include [1] a five-year decline in annual earnings and [2] projected future growth that is expected to trail broader market trends. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%, FCF Yield is 11% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Low stock price volatilityVol 12M is 28% |
| Weak multi-year price returns3Y Excs Rtn is -0.2% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 17.94 |
| Key risksFNWD key risks include [1] a five-year decline in annual earnings and [2] projected future growth that is expected to trail broader market trends. |
Qualitative Assessment
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Finward Bancorp (FNWD) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Finward Bancorp missed Q1 2026 earnings per share estimates, attributed to a high-interest-rate environment. The company reported diluted earnings per share (EPS) of $0.52 for the first quarter of 2026, falling short of the consensus estimate of $0.5508 by 5.59%. This earnings shortfall was primarily impacted by the ongoing high-interest-rate environment, which continued to compress net interest margins for community banks and resulted in higher funding costs. Loan growth also likely moderated due to elevated borrowing costs for commercial and consumer borrowers.
2. The company experienced an increase in non-performing loans and significant unrealized losses on its securities portfolio. Non-performing loans at Finward Bancorp increased by $1.2 million, or 10.7%, reaching $12.4 million as of March 31, 2026, compared to $11.2 million at December 31, 2025. The ratio of non-performing loans to total loans also rose to 0.85% from 0.77% in the prior quarter. Additionally, the available-for-sale securities portfolio saw increased unrealized losses, which contributed to an increase of $4.1 million in other comprehensive loss during Q1 2026, leading to an accumulated other comprehensive loss of $45.7 million and a comprehensive loss of $1.8 million for the quarter.
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Finward Bancorp (FNWD) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Finward Bancorp missed Q1 2026 earnings per share estimates, attributed to a high-interest-rate environment. The company reported diluted earnings per share (EPS) of $0.52 for the first quarter of 2026, falling short of the consensus estimate of $0.5508 by 5.59%. This earnings shortfall was primarily impacted by the ongoing high-interest-rate environment, which continued to compress net interest margins for community banks and resulted in higher funding costs. Loan growth also likely moderated due to elevated borrowing costs for commercial and consumer borrowers.
2. The company experienced an increase in non-performing loans and significant unrealized losses on its securities portfolio. Non-performing loans at Finward Bancorp increased by $1.2 million, or 10.7%, reaching $12.4 million as of March 31, 2026, compared to $11.2 million at December 31, 2025. The ratio of non-performing loans to total loans also rose to 0.85% from 0.77% in the prior quarter. Additionally, the available-for-sale securities portfolio saw increased unrealized losses, which contributed to an increase of $4.1 million in other comprehensive loss during Q1 2026, leading to an accumulated other comprehensive loss of $45.7 million and a comprehensive loss of $1.8 million for the quarter.
3. Finward Bancorp continues to operate under a regulatory agreement, potentially limiting growth and investor actions. The bank is still subject to an August 2024 memorandum of understanding with the FDIC and Indiana DFI. This regulatory constraint mandates prior approval for cash dividends and may impose limitations or delays on the company's expansion or acquisition plans, which could restrict future growth prospects.
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Stock Movement Drivers
Fundamental Drivers
The -7.9% change in FNWD stock from 2/28/2026 to 6/19/2026 was primarily driven by a -23.4% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.11 | 34.19 | -7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 66 | 68 | 3.2% |
| Net Income Margin (%) | 12.5% | 14.5% | 16.6% |
| P/E Multiple | 19.3 | 14.8 | -23.4% |
| Shares Outstanding (Mil) | 4 | 4 | -0.1% |
| Cumulative Contribution | -7.9% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| FNWD | -7.9% | |
| Market (SPY) | 9.2% | 9.4% |
| Sector (XLF) | 4.7% | 14.9% |
Fundamental Drivers
The -9.1% change in FNWD stock from 11/30/2025 to 6/19/2026 was primarily driven by a -24.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.63 | 34.19 | -9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 66 | 68 | 3.2% |
| Net Income Margin (%) | 12.5% | 14.5% | 16.6% |
| P/E Multiple | 19.6 | 14.8 | -24.4% |
| Shares Outstanding (Mil) | 4 | 4 | -0.1% |
| Cumulative Contribution | -9.1% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| FNWD | -9.1% | |
| Market (SPY) | 9.9% | 11.2% |
| Sector (XLF) | 1.3% | 22.3% |
Fundamental Drivers
The 18.7% change in FNWD stock from 5/31/2025 to 6/19/2026 was primarily driven by a 169.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.79 | 34.19 | 18.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61 | 68 | 10.8% |
| Net Income Margin (%) | 5.4% | 14.5% | 169.7% |
| P/E Multiple | 37.2 | 14.8 | -60.2% |
| Shares Outstanding (Mil) | 4 | 4 | -0.2% |
| Cumulative Contribution | 18.7% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| FNWD | 18.7% | |
| Market (SPY) | 28.1% | 16.4% |
| Sector (XLF) | 6.7% | 26.7% |
Fundamental Drivers
The 67.8% change in FNWD stock from 5/31/2023 to 6/19/2026 was primarily driven by a 154.2% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.37 | 34.19 | 67.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 77 | 68 | -12.0% |
| Net Income Margin (%) | 19.7% | 14.5% | -26.1% |
| P/E Multiple | 5.8 | 14.8 | 154.2% |
| Shares Outstanding (Mil) | 4 | 4 | 1.5% |
| Cumulative Contribution | 67.8% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| FNWD | 67.8% | |
| Market (SPY) | 85.7% | 12.6% |
| Sector (XLF) | 77.0% | 14.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FNWD Return | 44% | -19% | -28% | 13% | 27% | -4% | 18% |
| Peers Return | 30% | -5% | -3% | 15% | 1% | 15% | 59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| FNWD Win Rate | 17% | 25% | 58% | 42% | 67% | 67% | |
| Peers Win Rate | 62% | 40% | 45% | 50% | 53% | 73% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FNWD Max Drawdown | -9% | -36% | -49% | -13% | -14% | -22% | |
| Peers Max Drawdown | -23% | -24% | -39% | -16% | -23% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HBNC, SRCE, LKFN, FRME, GABC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | FNWD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.2% | -9.5% |
| % Gain to Breakeven | 41.3% | 10.5% |
| Time to Breakeven | 258 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -43.7% | -6.7% |
| % Gain to Breakeven | 77.7% | 7.1% |
| Time to Breakeven | 877 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.0% | -33.7% |
| % Gain to Breakeven | 44.9% | 50.9% |
| Time to Breakeven | 583 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -46.5% | -53.4% |
| % Gain to Breakeven | 86.9% | 114.4% |
| Time to Breakeven | 3291 days | 1085 days |
In The Past
Finward Bancorp's stock fell -0.8% during the 2025 US Tariff Shock. Such a loss loss requires a 0.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | FNWD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.2% | -9.5% |
| % Gain to Breakeven | 41.3% | 10.5% |
| Time to Breakeven | 258 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -43.7% | -6.7% |
| % Gain to Breakeven | 77.7% | 7.1% |
| Time to Breakeven | 877 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.0% | -33.7% |
| % Gain to Breakeven | 44.9% | 50.9% |
| Time to Breakeven | 583 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -46.5% | -53.4% |
| % Gain to Breakeven | 86.9% | 114.4% |
| Time to Breakeven | 3291 days | 1085 days |
In The Past
Finward Bancorp's stock fell -0.8% during the 2025 US Tariff Shock. Such a loss loss requires a 0.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Finward Bancorp (FNWD)
Finward Bancorp (FNWD) operates as the holding company for Peoples Bank, providing a comprehensive suite of banking and financial services. Its core business focuses on traditional banking activities, catering to the needs of both individual and commercial clients within its geographic region.
The company offers a range of deposit products, including non-interest and interest-bearing demand accounts, savings accounts, money market accounts, and certificate accounts, as well as various retirement savings plans. On the lending side, Finward Bancorp provides a diverse portfolio of loan products such as residential mortgages for purchases, refinances, and construction, commercial real estate loans, consumer loans, home equity lines of credit, and commercial business loans. They also extend loans to government entities and municipalities.
Beyond traditional banking, Finward Bancorp delivers wealth management and trust services, encompassing estate and retirement planning, guardianships, land trusts, and the management of various retirement and investment agency accounts. The company also offers insurance and annuity investments to its wealth management customers and holds real estate properties, operating as a real estate investment trust. Finward Bancorp primarily serves customers in Lake and Porter counties in Northwest Indiana and the South Chicagoland area through its 30 branch locations.
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- A local version of Bank of America for Northwest Indiana.
- A smaller, regional PNC Bank.
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- Deposit Accounts: Offers various accounts including demand, savings, money market, certificate, and retirement savings plans.
- Loan Services: Provides a diverse portfolio of loans including residential mortgages, commercial real estate, construction, consumer, commercial business, government, and municipal loans.
- Wealth Management and Trust Services: Delivers services such as estate and retirement planning, guardianships, trust management, and administering various retirement plans.
- Insurance and Annuity Products: Offers insurance and annuity investments primarily to its wealth management customers.
- Real Estate Investment Trust (REIT) Operations: Operates as a real estate investment trust, holding and managing real estate properties.
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Finward Bancorp (FNWD) sells to a diverse base of customers, primarily individuals, households, and local businesses within its operating area. Based on its services, its major customer categories include:
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Individuals and Households: This category encompasses customers seeking a wide range of personal banking services. This includes deposit products (non-interest and interest-bearing demand accounts, savings accounts, money market deposit accounts, certificate accounts, and retirement savings plans), various loan products (residential mortgage loans, consumer loans for personal, household, or family purposes, home equity lines of credit, and home improvement loans), and wealth management services (estate and retirement planning, guardianships, land trusts, IRA and Keogh accounts, investment agency accounts, and serving as personal representative or trustee for trusts).
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Businesses and Contractors: Finward Bancorp serves various commercial entities, including small to medium-sized businesses and contractors. It provides them with commercial real estate loans, commercial business loans, and construction loans. Additionally, the company offers services related to profit sharing and 401(k) retirement plans for businesses.
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Governmental and Municipal Entities: The company explicitly states it provides government loans and loans to municipalities, indicating these are specific customer segments it serves.
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Benjamin J. Bochnowski, Chief Executive Officer, President, and Chairman of the Board
Benjamin J. Bochnowski currently serves as Chief Executive Officer of Finward Bancorp, a position he assumed in 2016. He also holds the titles of President and, since June 30, 2023, Chairman of the Board. Mr. Bochnowski joined the Bancorp in 2010, progressing through leadership roles including Executive Vice President and Chief Operating Officer in 2013, and President and Chief Operating Officer in 2015. He has demonstrated leadership in the banking industry, serving as Chairman of Finward Bancorp in 2023 and as Chairman of the Indiana Bankers Association in 2024. His community involvement extends to serving on the Board of Directors of One Region, a non-profit business organization focused on population growth, and Allies for Community Business, which supports micro-lending for low-income entrepreneurs. He also volunteers with the Volunteer Income Tax Assistance (VITA) Program and mentors for the Entrepreneurship Boot Camp for Veterans at Purdue University. Academically, he holds a bachelor's degree from the University of Michigan, an MBA from the ESADE Business School in Barcelona, Spain, and a leadership certificate from the Wharton School at the University of Pennsylvania.
Benjamin L. Schmitt, Executive Vice President, Chief Financial Officer, and Treasurer
Benjamin L. Schmitt joined Finward Bancorp and Peoples Bank as Executive Vice President, Chief Financial Officer, and Treasurer in February 2024. Prior to his role at Finward Bancorp, Mr. Schmitt was the President of Rally Consulting LLC from August 2023 to February 2024, where he provided advisory services on special projects and managed strategic efforts for commercial and community banking clients. He brings a strong background in financial services investment banking, having previously served as a Managing Director at Piper Sandler Companies and Sandler O'Neill & Partners, L.P. Mr. Schmitt holds a Bachelor's degree in Finance.
Robert T. Lowry, Executive Vice President, Chief Operating Officer
Robert T. Lowry has served as Executive Vice President and Chief Operating Officer of Finward Bancorp (formerly NorthWest Indiana Bancorp) since January 1, 2021. Before assuming his current role, Mr. Lowry held the position of Chief Financial Officer of Northwest Indiana Bancorp from November 15, 2004, until January 1, 2021, and also served as its Treasurer during that period. His tenure with Peoples Bank began in 1985, where he held various positions including Assistant Controller, Internal Auditor, and Controller. Mr. Lowry is a Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA). He also contributes to the community as the board Chairman of the Food Bank of Northwest Indiana and as a volunteer for the IRS Volunteer Income Tax Assistance (VITA) program.
Todd M. Scheub, Executive Vice President, Chief Revenue Officer, and President of the Bank
Todd M. Scheub is the Executive Vice President, Chief Revenue Officer of Finward Bancorp and President of Peoples Bank. He joined the Bank in 1996 and has held various positions, including roles within the commercial lending group. In his current capacity, Mr. Scheub is responsible for overseeing the Bank's Wealth Management group, Retail Banking group, Marketing, Commercial, and Retail lending groups. He provides strategic oversight to the sales groups in wealth management, retail banking, business and retail lending, and chairs both the Senior Officer's Loan Committee and the Executive Officer's Loan Committee.
Leane E. Cerven, Executive Vice President, General Counsel, Corporate Secretary
Leane E. Cerven serves as the Executive Vice President, General Counsel, and Corporate Secretary for Finward Bancorp.
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The clear emerging threat for Finward Bancorp is the rise of digital-first financial technology (Fintech) companies and neobanks. These entities leverage technology to offer banking, lending, and wealth management services with lower overhead, streamlined digital experiences, and often more competitive rates or specialized products. They directly compete with Finward Bancorp's traditional branch-based model for deposits, various loan products (residential mortgages, consumer loans, commercial loans), and wealth management services (e.g., robo-advisors versus traditional trust and investment services), potentially attracting customers who prioritize convenience, speed, and a purely digital interaction over in-person branch services.
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- Expansion into new geographic markets: Finward Bancorp aims to replicate its past success in market development by expanding its presence in new geographic areas. This includes opening new full-service branches in high-growth Chicago-area suburbs to extend its Northeast Illinois footprint and targeting small-to-mid-sized businesses in the Indianapolis metro area with specialized commercial real estate lending.
- Growth in commercial lending: The company plans to increase its commercial loan portfolio, particularly by focusing on small-to-mid-sized businesses and commercial real estate. As of late 2024, commercial-related credits already constituted 63% of total loans.
- Enhancement and diversification of non-interest income: Finward Bancorp seeks to significantly increase its non-interest income through various initiatives. This strategy involves potentially acquiring regional insurance brokerages to move beyond its existing captive insurance structure and focusing on increasing fee income from wealth management services. In 2024, noninterest income saw a substantial increase, partly due to gains from a sale-leaseback transaction and a tax credit investment.
- Improvement in Net Interest Margin (NIM): The company is focused on improving its net interest margin by effectively managing loan portfolio yields and reducing deposit costs. Recent financial results show improvements in NIM, indicating this as a continuous effort to enhance profitability and, consequently, revenue.
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Share Repurchases
- Finward Bancorp has an authorized stock repurchase program, established on April 24, 2014, allowing for the repurchase of up to 50,000 shares of its outstanding common stock.
- The stock repurchase program does not have an expiration date and is reviewed annually by the Board of Directors.
- No shares were repurchased under this program during the year ended December 31, 2024.
Share Issuance
- In 2022, Finward Bancorp issued 795,423 shares of its common stock to former RYFL stockholders as part of an acquisition.
Outbound Investments
- Finward Bancorp completed the acquisition of RYFL in 2022, which had an implied valuation of approximately $56.7 million based on the closing price of FNWD's common stock on January 28, 2022.
- This acquisition allowed the Bank to expand its retail banking network into the South Suburban Chicagoland market.
Capital Expenditures
- Finward Bancorp's capital expenditures were approximately -$3.07 million in fiscal year 2024.
- The company reported capital expenditures of approximately -$1.15 million in fiscal year 2023.
- Capital expenditures were approximately -$3.03 million in fiscal year 2022 and -$3.13 million in fiscal year 2021.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| With Finward Bancorp Stock Climbed 11% In A Month, How Confident Are You? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.86 |
| Mkt Cap | 1.6 |
| Rev LTM | 326 |
| Op Inc LTM | - |
| FCF LTM | 130 |
| FCF 3Y Avg | 110 |
| CFO LTM | 140 |
| CFO 3Y Avg | 118 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.8% |
| Rev Chg 3Y Avg | 1.4% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 42.5% |
| CFO/Rev 3Y Avg | 43.0% |
| FCF/Rev LTM | 40.8% |
| FCF/Rev 3Y Avg | 40.4% |
Price Behavior
| Market Price | $34.19 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -13.5% | |
| 50 Days | 200 Days | |
| DMA Price | $32.93 | $34.46 |
| DMA Trend | up | down |
| Distance from DMA | 3.8% | -0.8% |
| 3M | 1YR | |
| Volatility | 29.3% | 28.0% |
| Downside Capture | 82.11 | 22.81 |
| Upside Capture | 5.84 | 38.53 |
| Correlation (SPY) | 12.1% | 16.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.51 | 1.05 | 0.36 | 0.37 | 0.45 | 0.25 |
| Up Beta | 1.94 | 1.29 | 0.87 | 0.90 | 0.88 | 0.28 |
| Down Beta | -0.15 | 0.27 | -0.05 | -0.03 | 0.28 | 0.24 |
| Up Capture | 31% | 14% | -4% | 7% | 29% | 9% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 19 | 29 | 60 | 124 | 350 |
| Down Capture | 3% | 263% | 66% | 58% | 40% | 31% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 7 | 21 | 33 | 63 | 125 | 356 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNWD | |
|---|---|---|---|---|
| FNWD | 21.6% | 27.8% | 0.69 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 26.5% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 16.2% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 1.8% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -6.1% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 18.9% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 2.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNWD | |
|---|---|---|---|---|
| FNWD | -3.8% | 29.1% | -0.14 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 11.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 9.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 1.5% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 3.5% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 8.5% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 4.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FNWD | |
|---|---|---|---|---|
| FNWD | -3.4% | 28.0% | -0.26 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 12.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 10.3% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 2.0% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 5.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 9.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 6.8% |
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Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -3.4% | -5.2% | -0.2% |
| 1/27/2026 | -4.6% | 4.4% | 1.1% |
| 10/28/2025 | 4.1% | 4.4% | 17.1% |
| 7/29/2025 | 0.9% | -0.8% | 14.5% |
| 5/1/2025 | 0.3% | -1.1% | -5.2% |
| 1/28/2025 | 0.1% | 1.5% | 0.0% |
| 10/29/2024 | 0.0% | 2.4% | -1.0% |
| 7/24/2024 | 0.1% | -1.9% | -5.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 0.1% | 1.5% | 0.1% |
| Median Negative | -1.9% | -1.5% | -1.9% |
| Max Positive | 4.1% | 4.4% | 17.1% |
| Max Negative | -5.3% | -11.1% | -14.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -3.4% | -5.2% | -0.2% |
| 1/27/2026 | -4.6% | 4.4% | 1.1% |
| 10/28/2025 | 4.1% | 4.4% | 17.1% |
| 7/29/2025 | 0.9% | -0.8% | 14.5% |
| 5/1/2025 | 0.3% | -1.1% | -5.2% |
| 1/28/2025 | 0.1% | 1.5% | 0.0% |
| 10/29/2024 | 0.0% | 2.4% | -1.0% |
| 7/24/2024 | 0.1% | -1.9% | -5.7% |
| 4/24/2024 | -1.4% | -1.5% | -1.0% |
| 1/30/2024 | 1.3% | 2.1% | -2.3% |
| 10/25/2023 | -2.7% | -6.3% | 6.6% |
| 7/26/2023 | -2.3% | -5.7% | -11.9% |
| 4/26/2023 | -0.2% | -1.2% | -14.8% |
| 1/25/2023 | 1.4% | 2.2% | 0.1% |
| 10/25/2022 | -0.4% | -1.5% | -1.5% |
| 7/27/2022 | -1.1% | -0.6% | -0.4% |
| 4/27/2022 | -5.3% | -11.1% | -12.8% |
| 1/26/2022 | 1.7% | -0.3% | -0.5% |
| 11/9/2021 | -0.5% | -2.5% | 4.1% |
| 7/28/2021 | 0.0% | 0.0% | 0.0% |
| 4/28/2021 | 0.0% | 0.0% | 0.0% |
| 1/27/2021 | 0.0% | 0.0% | 0.0% |
| 10/27/2020 | 0.0% | 0.0% | 0.0% |
| 7/29/2020 | 0.0% | 0.0% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 0.1% | 1.5% | 0.1% |
| Median Negative | -1.9% | -1.5% | -1.9% |
| Max Positive | 4.1% | 4.4% | 17.1% |
| Max Negative | -5.3% | -11.1% | -14.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/25/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/25/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/22/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Scheub, Todd M | Executive Vice President | Profit Sharing | Buy | 4012026 | 36.50 | 38 | 1,398 | 426,602 | Form |
| 2 | Bochnowski, Benjamin J | President, CEO | Profit Sharing | Buy | 4012026 | 36.50 | 6 | 223 | 67,968 | Form |
| 3 | Lowry, Robert T | Executive Vice President | Profit Sharing | Buy | 4012026 | 36.50 | 50 | 1,817 | 554,565 | Form |
| 4 | Lowry, Robert T | Executive Vice President | Profit Sharing | Buy | 2272026 | 35.56 | 51 | 1,811 | 538,512 | Form |
| 5 | Scheub, Todd M | Executive Vice President | Profit Sharing | Buy | 2272026 | 35.56 | 39 | 1,393 | 414,254 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Scheub, Todd M | Executive Vice President | Profit Sharing | Buy | 4012026 | 36.50 | 38 | 1,398 | 426,602 | Form |
| 2 | Bochnowski, Benjamin J | President, CEO | Profit Sharing | Buy | 4012026 | 36.50 | 6 | 223 | 67,968 | Form |
| 3 | Lowry, Robert T | Executive Vice President | Profit Sharing | Buy | 4012026 | 36.50 | 50 | 1,817 | 554,565 | Form |
| 4 | Lowry, Robert T | Executive Vice President | Profit Sharing | Buy | 2272026 | 35.56 | 51 | 1,811 | 538,512 | Form |
| 5 | Scheub, Todd M | Executive Vice President | Profit Sharing | Buy | 2272026 | 35.56 | 39 | 1,393 | 414,254 | Form |
| 6 | Bochnowski, Benjamin J | President, CEO | Profit Sharing | Buy | 2272026 | 35.56 | 6 | 222 | 66,001 | Form |
| 7 | Schmitt, Benjamin Louis | Chief Financial Officer | Direct | Buy | 6172025 | 28.98 | 500 | 14,492 | 161,647 | Form |
| 8 | Bochnowski, Benjamin J | President, CEO | Direct | Buy | 6162025 | 29.00 | 100 | 2,900 | 869,681 | Form |
| 9 | Bochnowski, Benjamin J | President, CEO | Direct | Buy | 6162025 | 29.75 | 260 | 7,735 | 889,198 | Form |
| 10 | Lowry, Robert T | Executive Vice President | Profit Sharing | Buy | 5152025 | 30.52 | 59 | 1,798 | 458,923 | Form |
| 11 | Scheub, Todd M | Executive Vice President | Profit Sharing | Buy | 5142025 | 30.52 | 45 | 1,383 | 353,029 | Form |
| 12 | Bochnowski, Benjamin J | President, CEO | Profit Sharing | Buy | 5142025 | 30.52 | 7 | 220 | 56,246 | Form |
| 13 | Scheub, Todd M | Executive Vice President | Direct | Sell | 5142025 | 30.92 | 375 | 11,595 | 202,495 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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