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Foresight Financial Group Inc (FGFH) delivers innovative financial solutions through its risk management expertise and real estate market insights. This news hub provides investors with essential updates on corporate developments shaping this diversified financial services provider.
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Foresight Financial Group (FGFH) has successfully consolidated its six community banks under a single charter, now operating as Foresight Bank. The unified entity, with $1.6 billion in total assets, brings together German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher. Each location will maintain its original name as a division of Foresight Bank.
The consolidation aims to enhance operational efficiency and service delivery while maintaining local decision-making. Customers will gain access to all 12 Foresight Bank branches following system updates scheduled for August and October 2025. The company remains the only locally headquartered and managed bank in Winnebago County, Illinois.
Foresight Financial Group (OTCQX:FGFH) reported a significant decline in Q1 2025 performance, with net income dropping 79% to $734 thousand from $3.51 million in Q1 2024. Diluted EPS decreased 80% to $0.20, while ROAE and ROAA fell to 2.18% and 0.21% respectively.
The decline was attributed to increased loan loss provisions, an impairment charge on investments, and expenses related to charter consolidation. Net interest income showed a modest increase to $12.26 million, with average total loans rising to $1.10 billion and deposits reaching $1.41 billion.
The company is proceeding with the consolidation of six banking charters, scheduled for Q2 2025, with system conversions planned between August and October 2025. Weaknesses were identified in the clean energy sector portfolio, leading to increased loan loss provisions of $1.30 million. Non-performing assets rose to $29.72 million, up from $14.72 million year-over-year.
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 announced the consolidation of its six bank charters into one, becoming the region's largest locally headquartered bank in Winnebago County. The consolidated entity will maintain market share dominance in Stephenson County with assets exceeding $1.6 billion as of September 30, 2024. The six banks will retain their unique brand names and local identities while streamlining operations. The consolidation, starting late 2024 and completing in 2025, aims to enhance operational efficiencies, increase lending limits, and provide better access to treasury management and lending services. Customers will continue working with their familiar local bankers while benefiting from improved collective capabilities.
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 (OTCQX: FGFH) has appointed William LaFever to its Board of Directors. LaFever, CEO of Bill Doran Company, brings extensive experience in business growth and financial management. Under his leadership, Bill Doran Co. has seen annual sales increase from $20 million to over $175 million. Foresight Financial Group, with $1.6 billion in assets as of June 30, 2024, is the largest deposit holder in Stephenson County, Illinois. The company operates six subsidiary banks across Northwestern Illinois, maintaining a strong local presence in the region.
Foresight Financial Group, Inc. (OTCQX: FGFH) has appointed Todd J. James as its new Chief Financial Officer, effective August 19, 2024. James will replace retiring CFO Dean Cooke, who served the company for 27 years. This appointment follows the recent addition of Jeff Hultman as Foresight President in April, demonstrating the company's commitment to strengthening its executive team.
Foresight, an Illinois-based financial holding company founded in 1986, operates fourteen offices across Northern Illinois counties. The company's CEO, Peter Q. Morrison, emphasized Foresight's position as the sole banking services organization headquartered in Winnebago County and Rockford, Illinois, highlighting their mission of 'Community Building Through Community Banking'.
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