Foresight Reports First Quarter 2025 Results

Core Insights - Foresight Financial Group, Inc. reported a significant decline in net income for Q1 2025, with net income of $734 thousand, a 79% decrease from $3.51 million in Q1 2024. Diluted EPS fell 80% to $0.20 from $1.00 in the prior year [1][2][3] Financial Performance - Net interest income increased by $152 thousand to $12.26 million compared to $12.11 million in Q1 2024. The net interest margin improved by two basis points to 3.25% [2][3] - Average total loans rose by $21.2 million to $1.10 billion, while total average deposits increased by $34.4 million to $1.41 billion [2][3] - The provision for loan losses surged to $1.30 million from $64 thousand in the previous year, indicating potential impairments in the clean energy sector [3][4] Noninterest Income and Expenses - Noninterest income for Q1 2025 rose by $267 thousand to $1.94 million, driven by increased loan servicing fees and improved net gains on securities sales [4][5] - Noninterest expenses totaled $12.18 million, a $3.03 million increase from $9.15 million in Q1 2024, primarily due to an impairment charge on a green energy investment and charter consolidation expenses [5][6] Asset Quality - Total non-performing assets increased to $29.72 million as of March 31, 2025, compared to $14.72 million a year earlier [3][22] - Nonperforming loans represented 1.77% of total loans, reflecting a deterioration in asset quality [22] Stock Performance - The closing stock price was $31.50 as of April 16, 2025, with tangible book value per share increasing to $43.80 from $40.17 a year prior [6][20]