WINNEBAGO — Foresight Financial Group released the first quarter operations results for 2020 on April 16.
The reported first quarter earnings are $3,005,000. This represents a return on average assets of 1%. The return was affected by the interest rate moves made by the Federal Open Market Committee during the quarter created an environment whereby several investment securities were called by the issuers, resulting in a realized after tax beneﬁt of $192,000 from call gains.
The characteristics of the remaining securities portfolio may produce future issuer calls that could add additional gains to the immediate earnings proﬁle but reduce longer term earnings. The second signiﬁcant event resulted in an after tax beneﬁt of $322,000 from one subsidiary bank releasing a portion of its loan loss reserve to income.
Foresight’s balance sheet in the past year saw positive changes in total assets, which were up 3.6% to $1.224 billion.
For information: 815-847-7509.