Foresight Financial Group, Inc. Announces Earnings Results for the Full Year of 2016
January 16, 2017
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Foresight Financial Group, Inc. announced earnings results for the year of 2016. For the year, the company’s net income decreased by 6% to $9,933,000 from record earnings of $10,544,000 reported in the year 2015. Net income for 2015 included a non-taxable Discount Purchase Gain of $1,133,000 resultant from the company's acquisition of the State Bank of Herscher in July 2015. A comparison of core net operating income (excluding 2015 Discount Purchase Gain) reflects an improvement in 2016 earnings of 5.5% or $522,000 over 2015. Basic earnings per common share was $2.73, a decline of $0.18 from that reported for 2015. Basic earnings per common share was $2.91 reported in 2015 included a $0.31 benefit from the company's recorded Discount Purchase Gain. Return on average assets for 2016 was 0.90%, and return on stockholders' equity was 9.21%.
Foresight Financial Group, Inc. is a financial holding company. The Company and its wholly owned subsidiaries (Banks) provide a variety of banking services to individuals and businesses through its facilities in the Rockford, Freeport, German Valley, Davis, Lena, Winnebago, Pecatonica, Seward, Bradley, Kankakee, Loves Park, Machesney Park, Belvidere, and Herscher, Illinois areas. The Companyâs subsidiaries include German American State Bank located in German Valley, Pecatonica, and Winnebago; State Bank of Davis located in Davis and Kankakee; State Bank located in Freeport; Lena State Bank located in Lena; Northwest Bank located in Rockford, Loves Park and Machesney Park; and State Bank of Herscher located in Herscher and Kankakee. The Banks primary deposit products are demand deposits and certificates of deposit and its primary lending products are agriculture, agribusiness, commercial, real estate, and installment loans.