Foresight Reports Third Quarter 2024 Results
Foresight Financial Group, Inc. reported a 33.3% increase in net income for Q3 2024, rising to $3,396,000 from $2,547,000 in Q3 2023. This growth was driven by a $1,386,000 decrease in loan loss provisions and a $312,000 increase in net interest income. However, non-interest income decreased by $419,000, mainly due to reduced secondary market mortgage revenue. Year-to-date net income for 2024 increased by 30.21% to $10,171,000.
The company's balance sheet showed modest growth, with total assets up 6.5% to $1.618 billion, gross loans increasing 7.2% to $1.117 billion, and deposits rising 2.8% to $1.399 billion. Asset quality remains strong, although non-performing assets increased to $23.7 million. The stock price has risen 41% since the end of 2023, with a closing price of $33.07 on October 21, 2024. Book value per share increased to $44.30, up from $39.79 at the end of 2023.
Foresight Financial Group, Inc. ha riportato un aumento del 33,3% dell'utile netto per il terzo trimestre del 2024, passando da $2,547,000 a $3,396,000 nel terzo trimestre del 2023. Questa crescita è stata sostenuta da una riduzione delle provvigioni per perdite su prestiti di $1,386,000 e da un aumento del reddito netto da interessi di $312,000. Tuttavia, il reddito non da interessi è diminuito di $419,000, principalmente a causa della riduzione delle entrate dal mercato secondario dei mutui. L'utile netto da inizio anno per il 2024 è aumentato del 30,21% a $10,171,000.
Il bilancio dell'azienda ha mostrato una crescita modesta, con le attività totali in aumento del 6,5% a $1,618 miliardi, i prestiti lordi in crescita del 7,2% a $1,117 miliardi e i depositi in rialzo del 2,8% a $1,399 miliardi. La qualità degli attivi rimane solida, sebbene gli attivi non performanti siano aumentati a $23,7 milioni. Il prezzo delle azioni è aumentato del 41% dalla fine del 2023, con un prezzo di chiusura di $33,07 il 21 ottobre 2024. Il valore contabile per azione è aumentato a $44,30, in crescita rispetto ai $39,79 della fine del 2023.
Foresight Financial Group, Inc. informó un aumento del 33.3% en los ingresos netos para el tercer trimestre de 2024, subiendo de $2,547,000 a $3,396,000 en el tercer trimestre de 2023. Este crecimiento fue impulsado por una disminución de $1,386,000 en las provisiones para pérdidas de préstamos y un aumento de $312,000 en los ingresos netos por intereses. Sin embargo, los ingresos no por intereses disminuyeron en $419,000, principalmente debido a la reducción de los ingresos de hipotecas del mercado secundario. El ingreso neto acumulado hasta la fecha para 2024 aumentó en 30.21% a $10,171,000.
El balance de la compañía mostró un crecimiento modesto, con activos totales en aumento del 6.5% a $1.618 mil millones, préstamos brutos en aumento del 7.2% a $1.117 mil millones y depósitos en aumento del 2.8% a $1.399 mil millones. La calidad de los activos sigue siendo sólida, aunque los activos no productivos aumentaron a $23.7 millones. El precio de las acciones ha subido un 41% desde finales de 2023, con un precio de cierre de $33.07 el 21 de octubre de 2024. El valor contable por acción aumentó a $44.30, en comparación con $39.79 a finales de 2023.
Foresight Financial Group, Inc.는 2024년 3분기에 순이익이 33.3% 증가했다고 보고했으며, 이는 2023년 3분기의 $2,547,000에서 $3,396,000로 상승했습니다. 이 성장은 대출 손실 충당금의 $1,386,000 감소와 순이자수익의 $312,000 증가에 의해 촉진되었습니다. 그러나 비이자 수익은 $419,000 감소했으며, 이는 주로 2차 시장의 모기지 수익 감소 때문입니다. 2024년 현재까지의 순이익은 30.21% 증가하여 $10,171,000에 이르렀습니다.
회사의 대차대조표는 완만한 성장을 보였으며, 총 자산은 6.5% 증가하여 $1.618억 달러에 이르렀고, 총 대출은 7.2% 증가하여 $1.117억 달러, 예금은 2.8% 증가하여 $1.399억 달러로 성장했습니다. 자산 품질은 여전히 강세를 보이고 있으나, 비실행 자산은 $23.7 백만으로 증가했습니다. 주가는 2023년 말 이후 41% 상승하여 2024년 10월 21일 기준으로 $33.07에 거래되었습니다. 주당 장부가는 2023년 말의 $39.79에서 $44.30으로 증가했습니다.
Foresight Financial Group, Inc. a annoncé une augmentation de 33,3% de son bénéfice net pour le troisième trimestre 2024, passant de $2,547,000 à $3,396,000 au troisième trimestre 2023. Cette croissance a été soutenue par une réduction de $1,386,000 des dotations pour pertes sur prêts et une augmentation de $312,000 des revenus nets d'intérêts. Cependant, les revenus non d'intérêts ont diminué de $419,000, principalement en raison de la réduction des revenus des hypothèques sur le marché secondaire. Le bénéfice net cumulé pour 2024 a augmenté de 30,21% pour atteindre $10,171,000.
Le bilan de l'entreprise a montré une croissance modeste, avec des actifs totaux en hausse de 6,5%, atteignant $1,618 milliard, des prêts bruts en hausse de 7,2% à $1,117 milliard, et des dépôts en hausse de 2,8% à $1,399 milliard. La qualité des actifs reste solide, bien que les actifs non performants aient augmenté à $23,7 millions. Le prix de l'action a augmenté de 41% depuis la fin de 2023, avec un prix de clôture de $33,07 le 21 octobre 2024. La valeur comptable par action a augmenté à $44,30, contre $39,79 à la fin de 2023.
Foresight Financial Group, Inc. meldete einen Anstieg des Nettogewinns um 33,3% im 3. Quartal 2024, der von $2,547,000 auf $3,396,000 im 3. Quartal 2023 anstieg. Dieses Wachstum wurde durch eine Reduzierung der Rückstellungen für Kreditausfälle um $1,386,000 und einen Anstieg der Nettzins Einnahmen um $312,000 unterstützt. Der nicht-zinsliche Ertrag sank jedoch um $419,000, hauptsächlich aufgrund von geringeren Einnahmen aus dem sekundären Hypothekenmarkt. Der Nettogewinn im Jahr 2024 bis dato stieg um 30,21% auf $10,171,000.
Die Bilanz des Unternehmens zeigte ein moderates Wachstum, mit einem Anstieg der Gesamtaktiva um 6,5% auf $1,618 Milliarden, einem Anstieg der brutto Kredite um 7,2% auf $1,117 Milliarden und einem Anstieg der Einlagen um 2,8% auf $1,399 Milliarden. Die Qualität der Vermögenswerte bleibt stark, obwohl sich die notleidenden Vermögenswerte auf $23,7 Millionen erhöht haben. Der Aktienkurs ist seit Ende 2023 um 41% gestiegen und schloss am 21. Oktober 2024 bei $33,07. Der Buchwert pro Aktie stieg auf $44,30, verglichen mit $39,79 Ende 2023.
- Net income increased by 33.3% to $3,396,000 in Q3 2024
- Year-to-date net income for 2024 increased by 30.21% to $10,171,000
- Total assets grew 6.5% to $1.618 billion
- Gross loans increased 7.2% to $1.117 billion
- Stock price has risen 41% since the end of 2023
- Book value per share increased to $44.30 from $39.79 at the end of 2023
- Non-interest income decreased by $419,000 in Q3 2024
- Operating expenses increased by $325,000 in Q3 2024
- Net interest margin decreased to 3.26% from 3.35% for the first nine months
- Non-performing assets increased to $23.7 million from $21.5 million in the previous quarter
WINNEBAGO, Ill., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Foresight Financial Group, Inc., a Winnebago, IL based multi-bank holding company with fourteen offices in Stephenson, Winnebago, Boone and Kankakee counties, reported that for the third quarter of 2024, net income increased by
Net income reported for the first nine months of 2024 was
Foresight’s balance sheet has experienced modest growth during the past year with total assets increasing
Foresight’s asset quality remains strong. Non-performing assets of the Company as of September 30, 2024, totaled
Chief Executive Officer Peter Morrison stated “we are pleased with the year over year performance improvement, despite continued net interest margin challenges industrywide. FGFH stock performance has been a bright spot in 2024 as its price has increased
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, German-American State Bank, German Valley, 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.
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