Foresight Reports Third Quarter 2024 Results
FORESIGHT FINCL GRP INC (FGFH)
Company Research
Source: GlobeNewswire
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 33.3% to $3,396,000 from $2,547,000 reported in the third quarter of 2023. The increase in net income compared to the third quarter of 2023 reflects a $1,386,000 decrease in the provision for loan losses and a $312,000 increase in net interest income. These favorable changes were partially offset by a $419,000 decrease in non-interest income and a $325,000 increase in operating expenses. The decrease in non-interest income includes a $328,000 reduction in net secondary market mortgage revenue, primarily due to reduction in the fair value of servicing rights. The increase in operating expense was largely driven by increased compensation expense, reflecting ongoing talent acquisition efforts initiated earlier i
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