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
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
Peter Q. Morrison
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
Fred Kundert
Peter Q. Morrison
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 2023 |
Core Q2 2023 results reported net income of $3.357 million, a decrease of $236 thousand over the same period last year. The decrease was driven most significantly by the valuation shift in Mortgage Servicing Rights and one-time legal related expenses, as well as margin increases in Loan Loss Provision Expense. Net interest income increased $1.345 million or 12.18% over the same quarterly period last year. The company recorded a Return on Average Common Stockholder's Equity year-to-date of 8.35% versus 9.61% for the same period last year, a 13.11% decrease year over year which represents Earnings per Common Share of $1.48 versus $1.94 for the same period last year. We expect margin compression to remain throughout the balance of the year as funding costs outpace interest income. Measured growth in our loan portfolio coupled with prudent expense management will continue to drive revenue growth in the coming quarters.
Overall core credit quality is strong with non-performing loans as a percentage of total loans at 0.67% versus 1.48% at Q2 2022. Uncertain economic conditions will persist in the coming quarters and our current credit quality monitoring measures put us in a strong position to successfully navigate these potential challenges. Past dues remain historically low, and core earnings remain strong. Our Allowance for Credit Losses at Q2 2023 stood at 1.58% of total loans with modest net Provision Expense of $502 thousand during the quarter. Ongoing progress in credit workouts provides us guarded optimism that we will recognize a significant provision reversal in fiscal 2023 which will be further accretive to income. We diligently and frequently review our Loan Loss Reserve levels and believe that these reserves are appropriate given our risk profile. We continue to exercise an elevated
level of diligence in our credit approval and review processes to assure a high level of credit quality given the uncertainty embedded in the current national economic profile. Management has been out in front of the regulatory agencies increased focus on credit portfolio concentrations, commercial real estate risk, and liquidity management.
The systemic impact of the costal bank failures earlier in the year has largely subsided with no recognizable negative trends within the consolidated bank group. Foresight nonetheless shall endeavor to closely monitor the fluid nature of the economy and the potential impact future events might have on our portfolios.
The Board of Directors has declared a quarterly cash dividend of $0.16 per share, payable to shareholders of record on August 8, 2023, and payable August 15, 2023.
Respectfully,
Peter Q. Morrison
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 | 2023 | 2022 | % Chg | 2022 | 2021 | 2020 | ||||||
Net Interest Income | $24,738 | $21,229 | 16.53% | $45,673 | $41,228 | $39,835 | ||||||
Provision for loan losses | 2,907 | (28) | 10482.14% | 552 | 756 | 3,785 | ||||||
Noninterest income | 3,309 | 4,645 | -28.76% | 8,595 | 9,671 | 9,329 | ||||||
Noninterest expense | 18,385 | 16,946 | 8.49% | 36,007 | 35,520 | 32,324 | ||||||
Income Taxes | 1,487 | 2,046 | -27.32% | 4,082 | 3,237 | 2,766 | ||||||
Net Income | $5,268 | $6,910 | -23.76% | $13,627 | $11,386 | $10,289 | ||||||
For the Six Month Period | For the Years | |||||||||||
Ended June 30, | Ended December 31, | |||||||||||
Ratios | 2023 | 2022 | % Chg | 2022 | 2021 | 2020 | ||||||
Return on Average Assets | 0.72% | 0.96% | -25.00% | 0.94% | 0.79% | 0.78% | ||||||
Return on Average Common Stockholders' Equity | 8.35% | 9.61% | -13.11% | 10.09% | 7.42% | 7.03% | ||||||
Net interest margin (tax equivalent) | 3.57% | 3.20% | 11.56% | 3.36% | 3.14% | 3.29% | ||||||
Allowance as a percent of total loans | 1.58% | 1.54% | 2.60% | 1.50% | 1.62% | 1.64% | ||||||
Dividends per common share paid | $0.32 | $0.22 | 45.45% | $0.54 | $0.42 | $0.36 | ||||||
Earnings per common share (Calculated by dividing net income by the | $1.48 | $1.94 | -23.72% | $3.83 | $3.11 | $2.76 | ||||||
weighted average number of common stock shares outstanding) | ||||||||||||
Book value per common share | $46.65 | $44.52 | 4.79% | $46.10 | $42.74 | $39.66 | ||||||
(Calculated by dividing stockholders' equity , excluding other comprehensive income or | ||||||||||||
loss by oustanding common shares) | ||||||||||||
At June 30, | At December 31, | |||||||||||
Balance Sheet | 2023 | 2022 | % Chg | 2022 | 2021 | 2020 | ||||||
Assets | $1,511,655 | $1,439,713 | 5.00% | $1,477,458 | $1,453,823 | $1,384,704 | ||||||
Investment Securities (AFS Securities at Market Value) | $369,750 | $425,608 | -13.12% | $395,407 | $444,261 | $366,999 | ||||||
Loans, net of unearned income | $1,025,452 | $903,595 | 13.49% | $969,388 | $862,085 | $835,135 | ||||||
Deposits & Repurchase (SWEEP) Agreements | $1,336,630 | $1,299,642 | 2.85% | $1,331,005 | $1,270,552 | $1,185,609 | ||||||
Short-term and other borrowings | $30,199 | $7,361 | 310.26% | $7,366 | $17,609 | $36,912 | ||||||
Subordinated Debentures | $0 | $0 | 0.00% | $0 | $0 | $0 | ||||||
Stockholders' Equity | $166,594 | $158,598 | 5.04% | $164,219 | $153,684 | $147,503 | ||||||
(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 | 2023 | 2022 | % Chg | 2022 | 2021 | 2020 | ||||||
Price/earnings ratio | 8.5 | 7.8 | 8.44% | 7.2 | 10.4 | 10.8 | ||||||
Stock Price - High | $28.25 | $34.65 | $34.65 | $32.95 | $36.00 | |||||||
Low | $25.00 | $30.36 | $27.50 | $29.10 | $20.25 | |||||||
Ending | $25.04 | $30.36 | -17.52% | $27.50 | $32.90 | $29.88 | ||||||
Book value per common share | $46.65 | $44.52 | 4.79% | $46.10 | $42.74 | $39.66 | ||||||
Price/book value per common share | 0.54 | 0.68 | -21.29% | 0.60 | 0.77 | 0.75 | ||||||
Tangible book value per common share | $36.18 | $34.70 | 4.27% | $35.67 | $43.13 | $41.24 | ||||||
Price/tangible book value per common share | 0.69 | 0.87 | -20.90% | 0.77 | 0.76 | 0.72 | ||||||
Common shares outstanding (excludes Treasury Stock Shares) | 3,571,225 | 3,562,672 | 3,562,415 | 3,595,769 | 3,719,415 |
S T A T E B A N K O F H E R S C H E R
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Disclaimer
Foresight Financial Group Inc. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2023 03:56:08 UTC.
