Bank Forward

Headquarters

390 Wheat St
Hannaford, ND 58448
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.55% →
1-Year CD 0.30% 1.35% →
2-Year CD 0.75% 1.35% →
5-Year CD 1.25% 1.60% →
30-Year Mortgage N.A. 3.09% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

Bank Forward is an FDIC insured institution located in Hannaford, ND. It was founded in 1927 and has approximately $0.72 billion in assets. Customers can open an account at one of its 14 branches.

FDIC Insured Yes
FDIC Certificate # 8941
Date Established 1927
Assets $ 717.01 million
Loans $ 551.48 million
Deposits $ 603.87 million
Capital $ 73.52 million
 

For a more detailed analysis of Bank Forward's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - June 6, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $1 - Learn More
Money Market
0.15% $5,000 $99,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.20% $500 - Learn More
6 Mo CD
0.25% $500 - Learn More
12 Mo CD
0.30% $500 - Learn More
Special: 15 Mo CD
0.50% $5,000 - Learn More
18 Mo CD
0.35% $500 - Learn More
24 Mo CD
0.75% $500 - Learn More
Special: 28 Mo CD
1.00% $5,000 - Learn More
30 Mo CD
0.90% $500 - Learn More
Special: 33 Mo CD
1.00% $2,500 - Learn More
36 Mo CD
1.00% $500 - Learn More
48 Mo CD
1.10% $500 - Learn More
60 Mo CD
1.25% $500 - Learn More

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.30% $500 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
Var IRA
0.25% $1 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.05% $1 $24,999 Learn MoreShow Less

Loan Rates - June 6, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Bank Forward

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
3.998% 3.875% 1.00 $3,750 $1,176 Learn More
Rocket Mortgage
NMLS ID: 3030
3.872% 3.750% 1.00 $3,750 $1,158 Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
3.019% 3.000% 0.25 $625 $1,055 Learn More

Note to Bank Forward
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Bank Forward branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Bank Forward Locations


Financial Details

Bank Forward Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bank Forward. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Lender APR (%)? Monthly Payment? Learn More
Figure Home Equity Line
Figure Home Equity Line
0.000 %
$0 Learn More
More Info
PenFed Credit Union
PenFed Credit Union
3.750 %
$0 Learn More
More Info
People's United Bank, N.A.
People's United Bank, N.A.
4.000 %
$0 Learn More
More Info
Bank Forward U.S. Bank Average
4.76% 6.51%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2019, Bank Forward had $2,304,000 in non-current loans and $1,518,000 in owned real estate. To cover these potential losses it had $73,522,000 in equity and $6,813,000 in loans loss reserves. That gives it a Texas Ratio of 4.76%.

Return on Equity
Bank Forward U.S. Bank Average
15.83% 9.41%

Bank Forward has a Return on Equity of 15.83% versus the BestCashCow average of 9.41%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Bank Forward U.S. Bank Average
10.25% 12.82%

Bank Forward has a Capitalization of 10.25% versus the BestCashCow average of 12.82. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Bank Forward Balance Sheet Analysis

As of December 31, 2019, Bank Forward had assets of $717,012,000, loans of $551,477,000, and deposits of $603,870,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2019
ASSETS
Cash & Balances due from depository institutions $ 77.49 million
Interest-bearing balances $ 59.99 million
Total securities $ 40.48 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 551.48 million
Loan loss allowance $ 6.81 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.52 million
Goodwill and other intangibles $ 6.60 million
All other assets $ 16.61 million
     Total Assets $ 643.49 million
LIABILITIES
Total deposits $ 603.87 million
      Interest-bearing deposits $ 467.15 million
      Deposits held in domestic offices $ 603.87 million
      % insured (estimated) 79.99%
Federal funds purchased and repurchase agreements $ 1.50 million
Trading liabilities N.A.
Other borrowed funds $ 32.00 million
Subordinated debt N.A.
All other liabilities $ 6.12 million
      Total Liabilities $ 643.49 million
      Shareholders’ Equity $ 73.52 million

Summary Income Statement

December 31, 2019
INCOME AND EXPENSES
Total Interest Income $ 32.73 million
Total Interest Expense $ 6.09 million
Net interest income $ 26.64 million
Provision for loan and lease losses $ 1.50 million
Total non interest income $ 14.29 million
Total non interest expense $ 28.70 million
Pre-tax Net Operating Income $ 10.72 million

Bank Loan Profile?

The top three loan types in Bank Forward’s loan portfolio are Farm Loans, 1-4 Family Residential Loans, and Commercial Real Estate.

Compared to other banks in North Dakota, Bank Forward has a significantly higher percent of Construction and Development Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 14.10
Multifamily
Mortgages
2.37
Credit Card Loans 0.00
Consumer Auto Loans 2.19
Small Business Loans 5.37
Construction and Development Loans 6.29
Commercial Real Estate 12.00
Commercial and Industrial Loans 10.98
Farm Loans 28.93

Frequently Asked Questions About Bank Forward

Branches and Savings

Is Bank Forward FDIC insured?

Yes. It is covered under FDIC Certificate #8941.

Why does Bank Forward pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Bank Forward CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Bank Forward a commercial bank?

Yes

Where are Bank Forward locations?

See branch locations nearby.

Is Bank Forward open on Saturdays?

Is Bank Forward open on Sundays?

What time does Bank Forward open?

What time does Bank Forward close?

Are Bank Forward ATMs Open 24/7?

Do Bank Forward ATMs accept cash deposits?

Can Bank Forward customers use other ATMs?

Do Bank Forward branches have notaries?

Will Bank Forward notarize my document?

What address for Bank Forward should I put for incoming ACH transfers?

Will the Bank Forward branch print checks?

Do Bank Forward checks expire?

Does Bank Forward require US citizenship to open account?

Can Bank Forward close my account?

Does Bank Forward Report to credit bureaus?

Does Bank Forward Use Equifax?

What is Bank Forward's ACH Routing Number?

What is Bank Forward's SWIFT code?

Products

Does Bank Forward offer mortgages?

Compare mortgage rates here.

Does Bank Forward offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Bank Forward offer personal loans?

Compare personal loan rates here.

Does Bank Forward offer student loans?

Will Bank Forward cash a check?

Will Bank Forward redeem a savings bond?

Does Bank Forward cash savings bonds?

Will Bank Forward cash money orders?

Can Bank Forward issue a money order?

Does Bank Forward do currency exchange?

Background on The Bank

Who owns Bank Forward?

How long has Bank Forward been around?

Can Bank Forward transfer to other banks?

Does Bank Forward have quick pay?

Does Bank Forward accept rolled coins?

Will Bank Forward accept loose change?

Where is Bank Forward headquarters?

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