FORESIGHT FINANCIAL GROUP, INC. INVESTOR FACTS
Transfer Agent
Computershare
Investor Services LLC • P.O. Box 43006
Providence, RI 02940-3006
800.368.5948
www.computershare.com/investor
Market Makers
Raymond James & Associates, Inc. 222 South Riverside Plaza • 7th Floor Chicago, IL 60606 • 800.800.4693
Monroe Securities, Inc.
100 North Riverside Plaza, Suite 1620
Chicago, IL 60606 • 312.327.2530
Corporate Information
Foresight Financial Group, Inc.
809 Cannell Puri Court, Suite 5
PO Box 339 • Winnebago, IL 61088
815.847.7500
Email: investor.relations@ffgbank.net
www.foresightfg.com
Corporate Officers
Peter Q. Morrison
Chief Executive Officer
Jeffrey Hultman
President - Chief Banking Officer
Dean E. Cooke
EVP - Chief Financial Officer
Brooke Crull
SVP - Chief Risk Officer
Nora Koehler
SVP - Director of Human Resources
Andrew LaPour
SVP - Director of Information Technology
Lori Morgan
SVP - Director of Corporate Operations
Rusti Swanson
SVP - Chief Credit Officer
Kyle Logan
SVP - Commercial Banking
Gina Caruana
SVP - Consumer Banking
Nicole McKenzie
Corporate Secretary
Directors
Robert W. Stenstrom
Chairman
John Collman
Fred Kundert
Peter Q. Morrison
John J. Morrissey
Carolyn Sluiter, D.V.M.
Daniel Stein
Jeffrey Sterling
Judd Thruman, J.D.
A publication of the | INSIGHT | |
Foresight Financial Group, Inc. | ||
Dear Shareholders, | May 2024 |
Core first quarter 2024 results reported net income of $3.509 million, an increase of $1.558 million over the same period last year. Increased Q1 2024 net income versus the same period in 2023 was driven by reduced Provision Expense of $2.341 million. The company recorded a Return on Average Common Stockholder's Equity of 10.04% versus 6.44% for the same period last year, a 55.90% increase year over year which represents Earnings per Common Share of $1.00 versus $0.55. While we anticipate margin compression throughout the remainder of 2024 as the prospect of Fed interest rate easing becoming increasingly more remote, expected growth on both sides of the balances sheet will drive revenue growth in the coming quarters.
Overall core credit quality continues to remain strong with non-performing loans as a percentage of total loans at 1.35% versus 1.48% at year-end 2023. Our current credit quality monitoring processes enable us to quickly recognize and react to negative trends and thus mitigate potential deterioration. Past dues continue to remain historically low, and core earnings remain strong.
On April 15, 2024, Foresight Financial was thrilled to announce the addition of Jeffrey Hultman as President and Chief Banking Officer at Foresight Financial. Jeff will lead the overall revenue, sales, and service activities for Foresight Financial Group and its subsidiary bank's lines of business. The last thirteen years, Jeff has been with Illinois Bank and Trust serving most recently as CEO and holding prior roles of Market President and Head of Commercial Banking, Treasury Management and Private Banking. Joining Jeff are Kyle Logan as SVP Commercial Banking, Gina Caruana as SVP Consumer Banking, Sarilyn Neiber as SVP Commercial Banker, and Eric Magnuson as VP Commercial Banker, all from Illinois Bank and Trust. Along with our existing team of exceptional bankers, this additional talent will position Foresight Financial and its member banks as the market leader in each of the communities we serve. I will continue in my role serving as CEO of the company.
The Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable to shareholders of record on May 13, 2024, and payable May 17, 2024.
Respectfully,
Peter Q. Morrison
Chief Executive Officer
Celebrating Over Thirty Five Years of Community Building Through Community Banking!
This release contains information and "forward-looking statements" that relate to matters that are not historical facts and which are usually preceded by words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target," and similar expressions. These forward-lookingstatements are subject to significant risks, assumptions and uncertainties. Because of these and other uncertainties, our actual results may be materially different from those described in these forward-looking statements. The forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to
update the forward-looking statements or to update the reasons why actual results differ from those contained in the forward-looking statements.
FINANCIAL HIGHLIGHTS | ||||||||||||
For the Three Month Period | For the Years | |||||||||||
(Dollars in thousands, except per share data (Unaudited) | Ended March 31, | Ended December 31, | ||||||||||
Income Statement Data | 2024 | 2023 | % Chg | 2023 | 2022 | 2021 | ||||||
Net Interest Income | $12,111 | $12,353 | -1.96% | $49,268 | $45,673 | $41,228 | ||||||
Provision for loan losses | 64 | 2,405 | -97.34% | 1,105 | 552 | 756 | ||||||
Noninterest income | 1,641 | 1,721 | -4.65% | 7,644 | 8,595 | 9,671 | ||||||
Noninterest expense | 9,108 | 9,249 | -1.52% | 36,687 | 36,007 | 35,520 | ||||||
Income Taxes | 1,071 | 469 | 128.36% | 4,574 | 4,082 | 3,237 | ||||||
Net Income | $3,509 | $1,951 | 79.86% | $14,546 | $13,627 | $11,386 | ||||||
For the Three Month Period | For the Years | |||||||||||
Ended March 31, | Ended December 31, | |||||||||||
Ratios | 2024 | 2023 | % Chg | 2023 | 2022 | 2021 | ||||||
Return on Average Assets | 0.90% | 0.55% | 63.64% | 0.96% | 0.94% | 0.79% | ||||||
Return on Average Common Stockholders' Equity | 10.04% | 6.44% | 55.90% | 11.37% | 10.09% | 7.42% | ||||||
Net interest margin (tax equivalent) | 3.26% | 3.51% | -7.06% | 3.34% | 3.36% | 3.14% | ||||||
Allowance as a percent of total loans | 1.33% | 1.53% | -13.37% | 1.31% | 1.50% | 1.62% | ||||||
Dividends per common share paid | $0.18 | $0.16 | 12.50% | $0.64 | $0.54 | $0.42 | ||||||
Earnings per common share (Calculated by dividing net income by the | $1.00 | $0.55 | 83.36% | $4.08 | $3.82 | $3.11 | ||||||
weighted average number of common stock shares outstanding) | ||||||||||||
Book value per common share | $50.49 | $45.91 | 9.96% | $49.38 | $46.10 | $42.74 | ||||||
(Calculated by dividing stockholders' equity , excluding other comprehensive income or | ||||||||||||
loss by oustanding common shares) | ||||||||||||
At December 31, | At December 31, | |||||||||||
Balance Sheet | 2024 | 2023 | % Chg | 2023 | 2022 | 2021 | ||||||
Assets | $1,579,862 | $1,535,327 | 2.90% | $1,574,729 | $1,477,458 | $1,453,823 | ||||||
Investment Securities (AFS Securities at Market Value) | $366,037 | $378,067 | -3.18% | $369,217 | $395,407 | $444,261 | ||||||
Loans, net of unearned income | $1,074,628 | $1,031,999 | 4.13% | $1,084,636 | $969,388 | $862,085 | ||||||
Deposits & Repurchase (SWEEP) Agreements | $1,389,284 | $1,381,307 | 0.58% | $1,389,111 | $1,331,005 | $1,270,552 | ||||||
Short-term and other borrowings | $34,616 | $11,356 | 204.83% | $27,108 | $7,366 | $17,609 | ||||||
Subordinated Debentures | $0 | $0 | 0.00% | $0 | $0 | $0 | ||||||
Stockholders' Equity | $174,994 | $163,572 | 6.98% | $173,373 | $164,219 | $153,684 | ||||||
(Excludes accumulated other comprehensive income or loss) | ||||||||||||
For the Three Month Period | For the Years | |||||||||||
Ended March 31, | Ended December 31, | |||||||||||
Stock Value Per Common Share Information | 2024 | 2023 | % Chg | 2023 | 2022 | 2021 | ||||||
Price/earnings ratio | 7.2 | 12.3 | -41.75% | 5.8 | 7.2 | 10.4 | ||||||
Stock Price - High | $29.00 | $28.25 | $28.25 | $34.65 | $32.95 | |||||||
Low | $24.83 | $26.11 | $22.70 | $27.50 | $29.10 | |||||||
Ending | $29.00 | $26.93 | -7.69% | $23.90 | $27.50 | $32.90 | ||||||
Book value per common share | $50.49 | $45.91 | 9.96% | $49.38 | $46.10 | $42.74 | ||||||
Price/book value per common share | 0.57 | 0.59 | -2.06% | 0.48 | 0.60 | 0.77 | ||||||
Tangible book value per common share | $40.17 | $35.77 | 12.30% | $40.08 | $35.67 | $43.13 | ||||||
Price/tangible book value per common share | 0.72 | 0.75 | -4.11% | 0.60 | 0.77 | 0.76 | ||||||
Common shares outstanding (excludes Treasury Stock Shares) | 3,466,225 | 3,562,575 | 3,511,225 | 3,562,415 | 3,595,769 |
S T A T E B A N K O F H E R S C H E R
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Foresight Financial Group Inc. published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 13:28:04 UTC.
