FSFG First Savings Financial Group Inc.

First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2019

First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2019

CLARKSVILLE, Ind., Feb. 05, 2020 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $3.4 million, or $1.44 per diluted share, for the quarter ended December 31, 2019 compared to net income of $2.9 million, or $1.24 per diluted share, for the quarter ended December 31, 2018, resulting in an increase of 16.1% on a per share basis. 

Net interest income increased $1.3 million, or 13.7%, to $10.9 million for the quarter ended December 31, 2019 as compared to the same quarter in 2018.  The increase in net interest income was due to a $2.0 million increase in interest income, which was partially offset by a $650,000 increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $176.0 million, from $989.8 million for 2018 to $1.17 billion for 2019, partially offset by a decrease in the weighted average tax-equivalent yield, from 4.88% for 2018 to 4.82% for 2019.  Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $158.0 million, from $777.1 million for 2018 to $935.1 million for 2019, and an increase in the average cost of interest-bearing liabilities, from 1.15% for 2018 to 1.23% for 2019.  The increase in the average cost of interest-bearing liabilities for 2019 was due primarily to increasing market interest rates on deposits including brokered deposits.  Additional details are included in the “Summarized Consolidated Average Balance Sheets” table at the end of this release. 

The Company recognized $505,000 in provision for loan losses for the quarter ended December 31, 2019, compared to $315,000 in provision for loan losses recognized in 2018.  Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $328,000, from $5.2 million at September 30, 2019 to $5.5 million at December 31, 2019.  The Company recognized net charge-offs of $15,000 for the quarter ended December 31, 2019 compared to $18,000 for the same quarter in 2018. 

Noninterest income increased $12.3 million for the quarter ended December 31, 2019 as compared to the same quarter in 2018.  The increase was due primarily to an increase in mortgage banking income of $12.5 million partially offset by a decrease in the net gain on sale of loans guaranteed by the SBA of $203,000.  The increase in mortgage banking income is due to production from the secondary-market residential mortgage lending segment that commenced operations in April 2018.  The Bank’s SBA lending activities are performed under Q2 Business Capital, LLC (“Q2”), which specializes in the origination and servicing of SBA loans.  The Bank owns 51% of Q2 with the option to purchase the minority interest in September 2020.  Gross revenues and expenses related to Q2 are reported in the consolidated statements of income, and the net income or net loss attributable to noncontrolling interests is then subtracted from (in the case of net income) or added to (in the case of net loss) net income to arrive at net income attributable to the Company.  Additional details regarding the financial performance of the mortgage banking and SBA lending segments are included in the “Segmented Statements of Income Information” table at the end of this release. 

Noninterest expense increased $12.9 million for the quarter ended December 31, 2019 as compared to the same quarter in 2018.  The increase was due primarily to increases in compensation and benefits, advertising, and occupancy and equipment expense of $10.6 million, $1.1 million and $597,000, respectively.  The increase in compensation and benefits expense is attributable to the addition of new employees to support the growth of the Company, primarily its mortgage banking and SBA lending activities, and normal salary and benefits adjustments.  The increase in advertising is primarily due to the mortgage banking segment.  The increase in occupancy and equipment expense is primarily attributable to increases in lease and rental, depreciation and equipment, and software licensing expenses that are all primarily related to the mortgage banking segment.

The Company recognized income tax expense of $638,000 for the quarter ended December 31, 2019, for an effective tax rate of 15.0%, as compared to income tax expense of $522,000, for an effective tax rate of 14.4%, for 2018.  The increase in the effective tax rate for 2019 compared to 2018 is primarily due to an increase in taxable income and a decrease in bond tax credits.

Comparison of Financial Condition at December 31, 2019 and September 30, 2019

Total assets increased $70.0 million, from $1.22 billion at September 30, 2019 to $1.29 billion at December 31, 2019.  Net loans increased $41.0 million during the quarter ended December 31, 2019, due primarily to continued growth in the commercial real estate and SBA loan portfolios.  Residential mortgage loans held for sale also increased by $13.1 million during the quarter ended December 31, 2019 due to increased production from the mortgage banking segment.  Total liabilities increased $67.1 million primarily due to a $51.2 million increase in total deposits and a $17.0 million increase in Federal Home Loan Bank borrowings.

Common stockholders’ equity increased $2.7 million, from $121.1 million at September 30, 2019 to $123.8 million at December 31, 2019, due primarily to retained net income of $3.2 million.  At December 31, 2019 and September 30, 2019, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

Prior Period Restatement

On November 19, 2019, the Company filed with the Securities and Exchange Commission (“SEC”) a Current Report on Form 8-K to report the Company’s conclusion that its interim consolidated financial statements, and related notes, contained in its Form 10-Q for the period ended June 30, 2019 should no longer be relied upon.  The accounting matters underlying this conclusion relate primarily to significant accounting assumptions used in the fair value calculations for interest rate lock commitments and mortgage loans held-for-sale relating to the Company’s mortgage banking operations segment and unrecognized accruals for incentive compensation related to such segment.  On December 4, 2019, the Company filed with the SEC an amended Form 10-Q for the period ended June 30, 2019, containing restated interim consolidated financial statements, and related noted, for the period then ended.  All financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated accordingly.

First Savings Bank has fifteen offices in the Indiana communities of Clarksville, Jeffersonville, Charlestown, Sellersburg, New Albany, Georgetown, Corydon, Lanesville, Elizabeth, English, Marengo, Salem, Odon and Montgomery.  Access to First Savings Bank accounts, including online banking and electronic bill payments, is available anywhere with Internet access through the Bank's website at .

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf.  Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:

Tony A. Schoen, CPA

Chief Financial Officer

812-283-0724

FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)
 
 Three Months Ended   
 December 31,   
OPERATING DATA:2019 2018      
(In thousands, except share and per share data) 
          
Total interest income$13,767  $11,801       
Total interest expense 2,875   2,225       
          
Net interest income 10,892   9,576       
Provision for loan losses 505   315       
          
Net interest income after provision for loan losses 10,387   9,261       
          
Total noninterest income 18,126   5,781       
Total noninterest expense 24,272   11,416       
          
Income before income taxes 4,241   3,626       
Income tax expense 638   522       
          
Net income 3,603   3,104       
          
Less: Net income attributable to noncontrolling interests 164   173       
          
Net income attributable to the Company$3,439  $2,931       
          
Net income per share, basic$1.47  $1.28       
Weighted average shares outstanding, basic 2,340,619   2,284,665       
          
Net income per share, diluted$1.44  $1.24       
Weighted average shares outstanding, diluted 2,382,754   2,371,480       
          
          
Performance ratios (three-month data annualized)     
Return on average assets 1.09%  1.11%      
Return on average common stockholders' equity 11.24%  11.82%      
Interest rate spread 3.59%  3.73%      
Net interest margin 3.83%  3.98%      
Efficiency ratio 83.64%  74.34%      
          
          
 December 31,

 September 30,

 Increase

    
FINANCIAL CONDITION DATA:2019 2019 (Decrease)

    
(In thousands, except per share data)      
        
Total assets$1,292,573  $1,222,579  $69,994     
Cash and cash equivalents 41,327   41,432   (105)    
Investment securities 179,991   179,638   353     
Loans held for sale 110,523   96,070   14,453     
Gross loans 862,230   820,698   41,532     
Allowance for loan losses 10,530   10,040   490     
Interest earning assets 1,186,149   1,130,095   56,054     
Goodwill 9,848   9,848   -     
Core deposit intangibles 1,362   1,416   (54)    
Noninterest-bearing deposits 180,321   173,072   7,249     
Interest-bearing deposits 705,277   661,312   43,965     
FHLB borrowings 239,566   222,544   17,022     
Total liabilities 1,168,395   1,101,322   67,073     
Stockholders' equity, net of noncontrolling interests 123,810   121,053   2,757     
          
Book value per share$52.52  $51.51  $1.01     
Tangible book value per share (1) 47.77   46.71   1.05     
          
Non-performing assets:       
Nonaccrual loans$5,498  $5,168  $330     
Accruing loans past due 90 days 10   12   (2)    
Total non-performing loans 5,508   5,180   328     
Foreclosed real estate -   55   (55)    
Troubled debt restructurings classified as performing loans 7,332   7,265   67     
Total non-performing assets$12,840  $12,500  $340     
          
Asset quality ratios:        
Allowance for loan losses as a percent of total gross loans 1.22%  1.22%  0.00%    
Allowance for loan losses as a percent of nonperforming loans 191.18%  193.82%  -2.65%    
Nonperforming loans as a percent of total gross loans 0.64%  0.63%  0.01%    
Nonperforming assets as a percent of total assets 0.99%  1.02%  -0.03%    
          
(1) See reconciliation of GAAP and Non-GAAP financial measures for additional information relating to calculation of this item
          
          
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
          
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's
performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to
evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the
Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
          
          
 December 31,

 September 30,

     
Tangible Book Value Per Share2019 2019      
(In thousands, except share and per share data)     
          
Stockholders' equity, net of noncontrolling interests (GAAP)$123,810  $121,053       
Less: goodwill and core deposit intangibles (11,210)  (11,264)      
Tangible equity (non-GAAP)$112,600  $109,789       
          
Outstanding common shares 2,357,369   2,350,229       
          
Tangible book value per share (non-GAAP)$47.77  $46.71       
          
Book value per share (GAAP)$52.52  $51.51       
          
          
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):   
          
 As of
Summarized Consolidated Balance SheetsDecember 31,

 September 30,

 June 30,

 March 31,

 December 31,

(In thousands, except per share data)2019 2019 2019 2019 2018
Total cash and cash equivalents$41,327  $41,432  $65,105  $40,442  $36,344 
Total investment securities 179,991   179,638   182,421   193,547   188,830 
Total loans, net of allowance for loan losses 851,700   810,658   796,994   762,661   734,061 
Total assets 1,292,573   1,222,579   1,228,953   1,129,722   1,073,989 
          
Total deposits 885,598   834,384   888,145   824,770   832,073 
Total borrowings from the Federal Home Loan Bank 239,566   222,544   189,255   160,938   107,019 
          
Stockholders' equity, net of noncontrolling interests 123,810   121,053   114,971   108,688   102,968 
Noncontrolling interests in subsidiary 368   204   176   1,241   1,593 
Total equity 124,178   121,257   115,147   109,929   104,561 
          
Outstanding common shares 2,357,369   2,350,229   2,350,229   2,344,836   2,304,310 
          
          
 Three Months Ended
Summarized Consolidated Statements of IncomeDecember 31,

 September 30,

 June 30,

 March 31,

 December 31,

(In thousands, except per share data)2019 2019 2019 2019 2018
Total interest income$13,767  $13,829  $13,058  $12,307  $11,801 
Total interest expense 2,875   3,069   3,166   2,446   2,225 
Net interest income 10,892   10,760   9,892   9,861   9,576 
Provision for loan losses 505   471   337   340   315 
Net interest income after provision for loan losses 10,387   10,289   9,555   9,521   9,261 
          
Total noninterest income 18,126   18,340   12,644   7,089   5,781 
Total noninterest expense 24,272   21,606   16,488   12,880   11,416 
Income before income taxes 4,241   7,023   5,711   3,730   3,626 
Income tax expense 638   1,359   748   466   522 
Net income 3,603   5,664   4,963   3,264   3,104 
Less: net income (loss) attributable to noncontrolling interests 164   343   571   (269)  173 
Net income attributable to the Company$3,439  $5,321  $4,392  $3,533  $2,931 
          
          
Net income per share, basic$1.47  $2.28  $1.88  $1.53  $1.28 
Weighted average shares outstanding, basic 2,340,619   2,337,472   2,333,502   2,307,155   2,284,665 
          
Net income per share, diluted$1.44  $2.24  $1.85  $1.50  $1.24 
Weighted average shares outstanding, diluted 2,382,754   2,378,221   2,373,578   2,360,004   2,371,480 
          
          
          
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
          
 Three Months Ended
 December 31,

 September 30,

 June 30,

 March 31,

 December 31,

Consolidated Performance Ratios (Annualized)2019 2019 2019 2019 2018
Return on average assets 1.09%  1.75%  1.50%  1.28%  1.11%
Return on average equity 11.76%  19.28%  17.95%  12.34%  12.35%
Return on average common stockholders' equity 11.24%  18.12%  15.90%  13.55%  11.82%
Net interest margin (tax equlivalent basis) 3.83%  3.92%  3.72%  3.92%  3.98%
Efficiency ratio 83.64%  74.25%  73.16%  75.99%  74.34%
          
          
 As of or for the Three Months Ended
 December 31,

 September 30,

 June 30,

 March 31,

 December 31,

Consolidated Asset Quality Ratios2019 2019 2019 2019 2018
Nonperforming loans as a percentage of total loans 0.64%  0.63%  0.63%  0.70%  0.62%
Nonperforming assets as a percentage of total assets 1.00%  1.02%  1.09%  1.23%  1.28%
Allowance for loan losses as a percentage of total loans 1.22%  1.22%  1.19%  1.29%  1.29%
Allowance for loan losses as a percentage of nonperforming loans 191.18%  193.82%  188.29%  184.96%  208.77%
Net charge-offs (recoveries) to average outstanding loans 0.00%  0.01%  0.08%  0.00%  0.00%
          
          
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): 
          
 Three Months Ended
Segmented Statements of Income InformationDecember 31,

 September 30,

 June 30,

 March 31,

 December 31,

(In thousands, except per share data)2019 2019 2019 2019 2018
Net interest income - Core Banking$9,188  $9,178  $8,739  $8,817  $8,574 
Net interest income - SBA Lending (Q2) 1,217   1,237   1,066   934   908 
Net interest income - Mortgage Banking 487   345   87   110   94 
Total net interest income$10,892  $10,760  $9,892  $9,861  $9,576 
          
Provision for loan losses - Core Banking$520  $104  $162  $(492) $(16)
Provision for loan losses - SBA Lending (Q2) (15)  367   175   832   331 
Provision for loan losses - Mortgage Banking -   -   -   -   - 
Total provision for loan losses$505  $471  $337  $340  $315 
          
Net interest income after provision for loan losses - Core Banking$8,668  $9,074  $8,577  $9,309  $8,590 
Net interest income after provision for loan losses - SBA Lending (Q2) 1,232   870   891   102   577 
Net interest income after provision for loan losses - Mortgage Banking 487   345   87   110   94 
Total net interest income after provision for loan losses$10,387  $10,289  $9,555  $9,521  $9,261 
          
Noninterest income - Core Banking$1,391  $1,582  $1,351  $1,337  $1,380 
Noninterest income - SBA Lending (Q2) 929   1,715   1,658   673   1,137 
Noninterest income - Mortgage Banking 15,806   15,043   9,635   5,079   3,264 
Total noninterest income$18,126  $18,340  $12,644  $7,089  $5,781 
          
Noninterest expense - Core Banking$7,545  $7,521  $7,576  $6,995  $6,586 
Noninterest expense - SBA Lending (Q2) 1,825   1,883   1,385   1,322   1,362 
Noninterest expense - Mortgage Banking 14,902   12,202   7,527   4,563   3,468 
Total noninterest expense$24,272  $21,606  $16,488  $12,880  $11,416 
          
Income before income taxes - Core Banking$2,514  $3,135  $2,352  $3,651  $3,384 
Income (loss) before income taxes - SBA Lending (Q2) 336   702   1,164   (547)  352 
Income (loss) before income taxes - Mortgage Banking 1,391   3,186   2,195   626   (110)
Total income before income taxes$4,241  $7,023  $5,711  $3,730  $3,626 
          
Income tax expense (benefit) - Core Banking$247   472   51   379   505 
Income tax expense (benefit) - SBA Lending (Q2) 43   90   148   (70)  45 
Income tax expense (benefit) - Mortgage Banking 348   797   549   157   (28)
Total income tax expense$638  $1,359  $748  $466  $522 
          
Net income - Core Banking$2,267  $2,663  $2,301  $3,272  $2,879 
Net income (loss) - SBA Lending (Q2) 293   612   1,016   (477)  307 
Net income (loss) - Mortgage Banking 1,043   2,389   1,646   469   (82)
Total net income$3,603  $5,664  $4,963  $3,264  $3,104 
          
Net income attributable to the Company - Core Banking$2,267  $2,663  $2,301  $3,272  $2,879 
Net income (loss) attributable to the Company - SBA Lending (Q2) 129   269   445   (208)  134 
Net income (loss) attributable to the Company - Mortgage Banking 1,043   2,389   1,646   469   (82)
Total net income attributable to the Company$3,439  $5,321  $4,392  $3,533  $2,931 
          
Net income per share, basic - Core Banking$0.96  $1.14  $0.98  $1.42  $1.26 
Net income (loss) per share, basic - SBA Lending (Q2) 0.06   0.12   0.19   (0.09)  0.06 
Net income (loss) per share, basic - Mortgage Banking 0.45   1.02   0.71   0.20   (0.04)
Total net income per share, basic$1.47  $2.28  $1.88  $1.53  $1.28 
          
Net income per share, diluted - Core Banking$0.95  $1.13  $0.97  $1.39  $1.21 
Net income (loss) per share, diluted - SBA Lending (Q2) 0.05   0.11   0.19   (0.09)  0.06 
Net income (loss) per share, diluted - Mortgage Banking 0.44   1.00   0.69   0.20   (0.03)
Total net income per share, diluted$1.44  $2.24  $1.85  $1.50  $1.24 
          
          
          
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
          
 Three Months Ended
 December 31,

 September 30,

 June 30,

 March 31,

 December 31,

 2019 2019 2019 2019 2018
Noninterest Expense Detail by Segment     
Compensation - Core Banking$4,451  $4,427  $4,694  $3,957  $3,735 
Occupancy - Core Banking 1,200   1,140   1,105   988   941 
Advertising - Core Banking 147   183   151   166   151 
Other - Core Banking 1,747   1,771   1,626   1,884   1,759 
Total Noninterest Expense - Core Banking$7,545  $7,521  $7,576  $6,995  $6,586 
          
Compensation - SBA Lending (Q2)$1,469  $1,403  $1,045  $985  $1,069 
Occupancy - SBA Lending (Q2) 89   88   80   88   76 
Advertising - SBA Lending (Q2) 5   8   10   4   6 
Other - SBA Lending (Q2) 262   384   250   245   211 
Total Noninterest Expense - SBA Lending (Q2)$1,825  $1,883  $1,385  $1,322  $1,362 
          
Compensation - Mortgage Banking$11,900  $9,866  $5,966  $3,298  $2,453 
Occupancy - Mortgage Banking 633   549   387   344   308 
Advertising - Mortgage Banking 1,314   871   566   397   239 
Other - Mortgage Banking 1,055   916   608   524   468 
Total Noninterest Expense - Mortgage Banking$14,902  $12,202  $7,527  $4,563  $3,468 
          
 Three Months Ended
 December 31,

 September 30,

 June 30,

 March 31,

 December 31,

Mortgage Banking Noninterest Expense Fixed vs. Variable2019 2019 2019 2019 2018
          
Noninterest Expense - Fixed Expenses$5,466  $4,603  $3,589  $2,833  $2,440 
Noninterest Expense - Variable Expenses (2) 9,436   7,599   3,938   1,730   1,028 
Total Noninterest Expense$14,902  $12,202  $7,527  $4,563  $3,468 
          
 Three Months Ended
SBA Lending (Q2) DataDecember 31,

 September 30,

 June 30,

 March 31,

 December 31,

(In thousands, except percentage data)2019 2019 2019 2019 2018
Final funded loans guaranteed portion sold, SBA$10,830  $19,471  $22,310  $9,133  $12,943 
          
Gross gain on sales of loans, SBA$1,066  $2,138  $2,085  $977  $1,203 
Weighted average gross gain on sales of loans, SBA 9.84%  10.98%  9.35%  10.70%  9.29%
          
Net gain on sales of loans, SBA (3)$761  $1,569  $1,515  $521  $964 
Weighted average net gain on sales of loans, SBA 7.03%  8.06%  6.79%  5.70%  7.45%
          
          
 Three Months Ended
Mortgage Banking DataDecember 31,

 September 30,

 June 30,

 March 31,

 December 31,

(In thousands, except percentage data)2019 2019 2019 2019 2018
          
Mortgage originations for sale in the secondary market 542,568   447,616   258,743   110,680   66,046 
          
Mortgage sales 529,344   447,819   204,565   102,022   60,409 
          
Gross gain on sales of loans, mortgage banking 13,411   14,244   7,335   3,715   2,071 
Weighted average gross gain on sales of loans, mortgage banking 2.53%  3.18%  3.59%  3.64%  3.43%
          
Net mortgage banking income (4) 15,817   15,033   9,611   5,074   3,289 
          
          
(2) Variable expenses include incentive compensation and advertising expenses  
          
(3) Net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment, and inclusive of gains on servicing assets
          
(4) Net of lender credits and other investor expenses, and inclusive of loan fees, fair value adjustments and gains (losses) on derivative instruments
          
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
          
          
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): 
          
 Three Months Ended
Summarized Consolidated Average Balance SheetsDecember 31,

 September 30,

 June 30,

 March 31,

 December 31,

(In thousands)2019 2019 2019 2019 2018
          
Interest-earning assets       
Average balances:        
Interest-bearing deposits with banks$46,296  $52,736  $38,332  $36,317  $30,271 
Loans 935,211   891,477   859,525   802,652   763,637 
Investment securities 157,093   156,070   163,185   161,170   156,570 
Agency mortgage-backed securities 13,057   15,178   21,993   24,682   29,133 
FRB and FHLB stock 14,149   13,020   12,505   10,196   10,171 
Total interest-earning assets$1,165,806  $1,128,481  $1,095,540  $1,035,017  $989,782 
          
Interest income (tax equlivalent basis):      
Interest-bearing deposits with banks$205  $277  $205  $221  $153 
Loans 11,830   11,788   10,924   10,227   9,828 
Investment securities 1,780   1,762   1,877   1,819   1,783 
Agency mortgage-backed securities 83   105   152   179   193 
FRB and FHLB stock 154   184   196   142   121 
Total interest income (tax equivalent basis)$14,052  $14,116  $13,354  $12,588  $12,078 
          
Weighted average yield (tax equlivalent basis, annualized):    
Interest-bearing deposits with banks 1.77%  2.10%  2.14%  2.43%  2.02%
Loans 5.06%  5.29%  5.08%  5.10%  5.15%
Investment securities 4.53%  4.52%  4.60%  4.51%  4.56%
Agency mortgage-backed securities 2.54%  2.77%  2.76%  2.90%  2.65%
FRB and FHLB stock 4.35%  5.65%  6.27%  5.57%  4.76%
Total interest-earning assets 4.82%  5.00%  4.88%  4.86%  4.88%
          
Interest-bearing liabilities       
Average balances:        
Interest-bearing deposits$707,518  $712,692  $684,736  $693,127  $651,060 
Repurchase agreements -   250   1,354   1,353   1,352 
Fed funds purchased -   130   -   -   - 
Borrowings from Federal Home Loan Bank 207,851   175,912   178,707   114,044   104,999 
Other borrowings 19,735   19,718   19,701   19,684   19,667 
Total interest-bearing liabilities$935,104  $908,702  $884,498  $828,208  $777,078 
          
Interest expense:        
Interest-bearing deposits$1,749  $1,965  $1,948  $1,607  $1,424 
Repurchase agreements -   -   1   1   1 
Fed funds purchased -   1   -   -   - 
Borrowings from Federal Home Loan Bank 808   785   898   520   478 
Other borrowings 318   318   319   318   322 
Total interest expense$2,875  $3,069  $3,166  $2,446  $2,225 
          
Weighted average cost (annualized):      
Interest-bearing deposits 0.99%  1.10%  1.14%  0.93%  0.87%
Repurchase agreements 0.00%  0.00%  0.30%  0.30%  0.30%
Fed funds purchased 0.00%  3.08%  0.00%  0.00%  0.00%
Borrowings from Federal Home Loan Bank 1.55%  1.78%  2.01%  1.82%  1.82%
Other borrowings 6.45%  6.45%  6.48%  6.46%  6.55%
Total interest-bearing liabilities 1.23%  1.35%  1.43%  1.18%  1.15%
          
Interest rate spread (tax equlivalent basis, annualized) 3.59%  3.65%  3.45%  3.68%  3.73%
          
Net interest margin (tax equlivalent basis, annualized) 3.83%  3.92%  3.72%  3.92%  3.98%
          
          
          
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
          
EN
05/02/2020

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