FORESIGHT FINANCIAL GROUP, INC. INVESTOR
FACTS
Transfer Agent
Computershare
Investor Services LLC
P.O. Box 505000
Louisville, KY 40233-5000
800.368.5948
www.computershare.com/investor
Market Makers
Raymond James & Associates, Inc.
222 South Riverside Plaza
Seventh 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
Rex K. Entsminger
President/CEO
Dean E. Cooke
Chief Financial Officer
Nora Koehler
Director of Human Resources
Andrew LaPour
Director of Information Technology
Lori Morgan
Director of Corporate Operations
K. Denise Osadjan
Chief Risk Officer/Corporate Secretary
Rusti Swanson
Chief Credit Officer
Directors
Robert W. Stenstrom, Chairman
John Collman
Rex K. Entsminger
Doug Fitzgerald
Fred Kundert
John J. Morrissey
Carolyn Sluiter, D.V.M.
Jeffrey Sterling
Judd Thruman, J.D.
Douglas Wagner
A publication of the | INSIGHT | |
Foresight Financial Group, Inc. | ||
Dear Shareholders, | August 2022 |
Our Company's reported earnings for both the first and second quarter of 2022 has surpassed the budget target and significantly exceeded our expectations. The net interest margin has continued to expand and is a major reason for our financial success. Another contributor is the loan growth we have experienced thus far this year. For the six months ended June 30, 2022, reported net income was just over $6.9 million, the best financial start for our company in its history.
Our credit quality is strong as we close the first half of the year. The pipeline for new loans going forward will continue to help our future earnings as we replace lower yielding investment securities with higher yielding loans.
On July 20, 2022, we issued a press release announcing a stock purchase agreement between Foresight Financial Group and Greg Kidd, an entrepreneur focused on FinTech innovation in the payment systems area, for the sale of the State Bank of Herscher. This opportunity was brought to us by Mr. Kidd after significant research on his part indicated the State Bank of Herscher would be an ideal fit for his mission. The Foresight Board was delighted with the offer from Mr. Kidd which included an attractive premium to book value that allows our company to enhance our organization as a result of the sale. The transaction is expected to close by year end 2022 or shortly thereafter. No other bank within the Foresight group is involved in the transaction.
We continue to strive for attainment of our "Big Goal" to grow the company and obtain financial performance in the upper twenty-five percent of our banking peer group. The F2, Future Forward initiative continues to be a focus for all employees concentrated on realizing expense efficiencies and revenue enhancements aiding in achievement of the Big Goal.
The Board of Directors of Foresight declared a quarterly cash dividend of $0.16 per share reflecting an increase of over 45% from the prior quarter. Our earnings are stronger than ever, and Foresight's capital position remains solid as does our commitment to enhancing shareholder value.
Thank you for your support. Respectfully,
Rex K. Entsminger
President & CEO
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 Six Month Period | For the Years | |||||||||||
(Dollars in thousands, except per share data (Unaudited) | Ended June 30, | Ended December 31, | ||||||||||
Income Statement Data | 2022 | 2021 | % Chg | 2021 | 2020 | 2019 | ||||||
Net Interest Income | $21,229 | $19,574 | 8.46% | $41,228 | $39,835 | $38,881 | ||||||
Provision for loan losses | (28) | 744 | -103.76% | 756 | 3,785 | 1,125 | ||||||
Noninterest income | 4,645 | 4,759 | -2.40% | 9,671 | 9,329 | 7,175 | ||||||
Noninterest expense | 16,946 | 16,907 | 0.23% | 35,520 | 32,324 | 30,725 | ||||||
Income Taxes | 2,046 | 1,446 | 41.49% | 3,237 | 2,766 | 3,184 | ||||||
Net Income | 6,910 | $5,236 | 31.97% | $11,386 | $10.289 | $11,022 | ||||||
For the Six Month Period | For the Years | |||||||||||
Ended June 30, | Ended December 31, | |||||||||||
Ratios | 2022 | % Chg | 2021 | 2019 | ||||||||
2021 | 2020 | |||||||||||
Return on Average Assets | 0.96% | 0.74% | 29.73% | 0.79% | 0.78% | 0.92% | ||||||
Return on Average Common Stockholders' Equity | 9.61% | 6.96% | 38.07% | 7.42% | 7.03% | 8.18% | ||||||
Net interest margin (tax equivalent) | 3.20% | 3.04% | 5.26% | 3.14% | 3.29% | 3.59% | ||||||
Allowance as a percent of total loans | 1.54% | 1.70% | -9.41% | 1.62% | 1.64% | 1.64% | ||||||
Dividends per common share paid | $0.22 | $0.20 | 10.00% | $0.42 | $0.36 | $0.33 | ||||||
Earnings per common share (Calculated by dividing net income by the | $1.94 | $1.42 | 36.67% | $3.11 | $2.76 | $2.98 | ||||||
weighted average number of common stock shares outstanding) | ||||||||||||
Book value per common share | $44.52 | $40.98 | 8.62% | $42.74 | $39.66 | $37.33 | ||||||
(Calculated by dividing stockholders' equity , excluding other comprehensive income | ||||||||||||
or loss by oustanding common shares) | ||||||||||||
At June 30, | At December 31, | |||||||||||
Balance Sheet | 2022 | 2021 | % Chg | 2021 | 2020 | 2019 | ||||||
Assets | $1,439,713 | $1,423,271 | 1.16% | $1,453,823 | $1,384,704 | $1,213,488 | ||||||
Investment Securities (AFS Securities at Market Value) | $425,608 | $428,173 | -0.60% | $444,261 | $366,999 | $310,368 | ||||||
Loans, net of unearned income | $903,595 | $827,445 | 9.20% | $862,085 | $835,135 | $793,918 | ||||||
Deposits & Repurchase (SWEEP) Agreements | $1,299,642 | $1,240,712 | 4.75% | $1,270,552 | $1,185,609 | $1,046,690 | ||||||
Short-term and other borrowings | $7,361 | $20,480 | -64.06% | $17,609 | $36,912 | $17,417 | ||||||
Subordinated Debentures | $0 | $0 | 0.00% | $0 | $0 | $0 | ||||||
Stockholders' Equity | $158,598 | $150,584 | 5.32% | $153,684 | $147,503 | $138,681 | ||||||
(Excludes accumulated other comprehensive income or loss) | ||||||||||||
For the Six Month Period | For the Years | |||||||||||
Ended June 30, | Ended December 31, | |||||||||||
Stock Value Per Common Share Information | 2022 | % Chg | 2021 | 2019 | ||||||||
2021 | 2020 | |||||||||||
Price/earnings ratio | 7.8 | 11.1 | -29.18% | 10.4 | 10.8 | 12.2 | ||||||
Stock Price - High | $34.65 | $32.90 | $32.95 | $36.00 | $36.90 | |||||||
Low | $30.36 | $29.10 | $29.10 | $20.25 | $32.87 | |||||||
Ending | $30.36 | $31.50 | -3.62% | $32.90 | $29.88 | $36.10 | ||||||
Book value per common share | $44.52 | $40.98 | 8.62% | $42.74 | $39.66 | $37.33 | ||||||
Price/book value per common share | 0.68 | 0.77 | -11.27% | 0.77 | 0.75 | 0.97 | ||||||
Common shares outstanding (excludes Treasury Stock Shares) | 3,562,672 | 3,674,187 | 3,595,769 | 3,719,415 | 3,714,962 |
S T A T E B A N K O F H E R S C H E R
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Foresight Financial Group Inc. published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 19:35:03 UTC.
