Foresight Reports Full Year and Fourth Quarter 2024 Results
Foresight Financial Group (OTCQX:FGFH) reported a decrease in net income to $12.66 million for 2024, down from $14.55 million in 2023. Diluted EPS declined 12% to $3.59, with ROE at 8.66% and ROAA at 0.79%. The decrease was primarily due to increased operating expenses.
Fourth quarter 2024 net income was $2.49 million, down from $6.73 million in Q4 2023, mainly due to a $4.04 million increase in loan loss provisions. Net interest income decreased slightly to $48.99 million, with net interest margin declining to 3.25%. Total loans grew 3% to $1.12 billion, while deposits increased 3.2% to $1.40 billion.
The company announced a charter consolidation initiative expected to complete by Q4 2025, aimed at reducing operational expenses and improving efficiency. Book value per share increased to $42.59 from $40.08 year-over-year.
Foresight Financial Group (OTCQX:FGFH) ha riportato una diminuzione del reddito netto a 12,66 milioni di dollari per il 2024, rispetto ai 14,55 milioni di dollari del 2023. L'EPS diluito è diminuito del 12% a 3,59 dollari, con un ROE dell'8,66% e un ROAA dello 0,79%. La diminuzione è stata principalmente dovuta all'aumento delle spese operative.
Il reddito netto del quarto trimestre 2024 è stato di 2,49 milioni di dollari, in calo rispetto ai 6,73 milioni di dollari nel Q4 2023, principalmente a causa di un aumento di 4,04 milioni di dollari nelle svalutazioni su crediti. Il reddito netto da interessi è leggermente diminuito a 48,99 milioni di dollari, con un margine di interesse netto che è sceso al 3,25%. I prestiti totali sono aumentati del 3% a 1,12 miliardi di dollari, mentre i depositi sono aumentati del 3,2% a 1,40 miliardi di dollari.
L'azienda ha annunciato un'iniziativa di consolidamento della licenza prevista per essere completata entro il Q4 2025, con l'obiettivo di ridurre le spese operative e migliorare l'efficienza. Il valore contabile per azione è aumentato a 42,59 dollari rispetto ai 40,08 dollari dell'anno precedente.
Foresight Financial Group (OTCQX:FGFH) reportó una disminución en el ingreso neto a 12.66 millones de dólares para 2024, bajando de 14.55 millones de dólares en 2023. El EPS diluido cayó un 12% a 3.59 dólares, con un ROE del 8.66% y un ROAA del 0.79%. La disminución se debió principalmente al aumento de los gastos operativos.
El ingreso neto para el cuarto trimestre de 2024 fue de 2.49 millones de dólares, en comparación con 6.73 millones de dólares en el Q4 2023, principalmente debido a un aumento de 4.04 millones de dólares en provisiones para pérdidas de préstamos. El ingreso neto por intereses disminuyó ligeramente a 48.99 millones de dólares, con un margen de interés neto que cayó al 3.25%. Los préstamos totales crecieron un 3% hasta 1.12 mil millones de dólares, mientras que los depósitos aumentaron un 3.2% hasta 1.40 mil millones de dólares.
La empresa anunció una iniciativa de consolidación de licencia que se espera completar para el Q4 2025, con el objetivo de reducir los gastos operativos y mejorar la eficiencia. El valor contable por acción aumentó a 42.59 dólares desde 40.08 dólares en el año anterior.
포어사이트 금융 그룹 (OTCQX:FGFH)는 2024년 순이익이 1266만 달러로 감소했다고 보고했으며, 이는 2023년 1455만 달러에서 감소한 수치입니다. 희석 주당 순이익(EPS)은 12% 감소한 3.59달러이며, 자기자본이익률(ROE)은 8.66%, 총자산이익률(ROAA)은 0.79%입니다. 감소는 주로 운영비 증가로 인한 것입니다.
2024년 4분기 순이익은 249만 달러로, 2023년 4분기 673만 달러에서 감소하였으며, 이는 404만 달러의 대출 손실 충당금 증가 때문입니다. 순 이자 수익은 약간 감소하여 4899만 달러가 되었고, 순 이자 마진은 3.25%로 하락했습니다. 총 대출은 3% 증가하여 11.2억 달러에 달했으며, 예금은 3.2% 증가하여 14.0억 달러에 이르렀습니다.
회사는 운영 비용 절감 및 효율성 향상을 목표로 하는 라이센스 통합 이니셔티브를 발표하였으며, 이는 2025년 4분기까지 완료될 것으로 예상됩니다. 주당 장부 가치는 40.08달러에서 42.59달러로 증가하였습니다.
Foresight Financial Group (OTCQX:FGFH) a signalé une diminution du revenu net à 12,66 millions de dollars pour 2024, contre 14,55 millions de dollars en 2023. Le BPA dilué a baissé de 12 % à 3,59 dollars, avec un ROE de 8,66 % et un ROAA de 0,79 %. La baisse est principalement due à une augmentation des frais d'exploitation.
Le revenu net du quatrième trimestre 2024 était de 2,49 millions de dollars, en baisse par rapport à 6,73 millions de dollars au Q4 2023, principalement en raison d'une augmentation de 4,04 millions de dollars des provisions pour pertes sur prêts. Le revenu d'intérêts net a légèrement diminué à 48,99 millions de dollars, avec une marge d'intérêt nette en baisse à 3,25 %. Les prêts totaux ont augmenté de 3 % pour atteindre 1,12 milliard de dollars, tandis que les dépôts ont augmenté de 3,2 % pour atteindre 1,40 milliard de dollars.
La société a annoncé une initiative de consolidation des licences dont l'achèvement est prévu d'ici le Q4 2025, visant à réduire les frais d'exploitation et à améliorer l'efficacité. La valeur comptable par action a augmenté à 42,59 dollars contre 40,08 dollars l'année précédente.
Foresight Financial Group (OTCQX:FGFH) berichtete von einem Rückgang des Nettoergebnisses auf 12,66 Millionen Dollar für 2024, im Vergleich zu 14,55 Millionen Dollar im Jahr 2023. Der verwässerte EPS sank um 12% auf 3,59 Dollar, wobei die Eigenkapitalrendite (ROE) bei 8,66% und die Gesamtkapitalrendite (ROAA) bei 0,79% lag. Der Rückgang war hauptsächlich auf gestiegene Betriebskosten zurückzuführen.
Das Nettoergebnis für das vierte Quartal 2024 betrug 2,49 Millionen Dollar, ein Rückgang von 6,73 Millionen Dollar im Q4 2023, hauptsächlich aufgrund eines Anstiegs der Rückstellungen für Kreditausfälle um 4,04 Millionen Dollar. Der Nettozinsüberschuss fiel leicht auf 48,99 Millionen Dollar, während die Nettozinsmarge auf 3,25% gesunken ist. Die Gesamtdarlehen stiegen um 3% auf 1,12 Milliarden Dollar, während die Einlagen um 3,2% auf 1,40 Milliarden Dollar zunahmen.
Das Unternehmen kündigte eine Initiative zur Konsolidierung der Lizenz an, die bis zum Q4 2025 abgeschlossen sein soll, mit dem Ziel, die Betriebskosten zu senken und die Effizienz zu verbessern. Der Buchwert pro Aktie stieg im Jahresvergleich von 40,08 Dollar auf 42,59 Dollar.
- Total loans grew 3% to $1.12 billion
- Deposits increased 3.2% to $1.40 billion
- Book value per share increased by $2.51 to $42.59
- Charter consolidation expected to provide significant cost savings
- Net income decreased by $1.89 million to $12.66 million
- Diluted EPS declined 12% to $3.59
- Operating expenses increased 6.2% to $38.96 million
- Non-performing assets increased to $28.41 million from $16.05 million YoY
- Net interest margin declined to 3.25% from 3.34%
- Noninterest income decreased by $393 thousand to $7.25 million
WINNEBAGO, Ill., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Foresight Financial Group, Inc. (OTCQX:FGFH) reported net income
Net income for the fourth quarter of 2024 equaled
Net interest income for the full year 2024 decreased by
The provision for loan losses for 2024 of
Noninterest income for the full year 2024 was
Operating expenses for 2024 totaled
Foresight’s balance sheet experienced modest growth during 2024. Total loans grew by
Foresight CEO Peter Q. Morrison stated “2024 was a year of exciting changes for the organization including the addition of the Rockford banking team as well as the announcement of the charter consolidation initiative. We anticipate the legal consolidation to occur in the second quarter of 2025 followed by the conversions to a single data processing platform to be layered in between August and October of 2025. When fully implemented, the consolidation will provide significant savings via the reduction of duplicative operational expenses and well as efficiencies gained by operating under one functional banking platform rather than six, all of which are expected to be accretive to shareholder return.”
The closing price for the Company’s stock was
About Foresight Financial
Foresight Financial is a multi-bank holding company located in Northern Illinois, its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, Foresight Bank in Pecatonica (fka German American State Bank), Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.
Forward-Looking Statements
When used in this communication, the words "believes," "expects," "likely", "would", and similar expressions are intended to identify forward-looking statements. The Company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company's markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.
| FOR INFORMATION CONTACT: | ||
| Peter Morrison President & CEO (815) 847-7500 | Todd James Chief Financial Officer (815) 847-7500 | |
FAQ
What was Foresight Financial Group's (FGFH) net income for full year 2024?
How much did FGFH's EPS decline in 2024?
What is the timeline for FGFH's charter consolidation initiative?
How much did FGFH's loan portfolio grow in 2024?
What was FGFH's book value per share at the end of 2024?
