First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

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FSFG reports impressive Q2 results with 12.2% higher net income, expanding margins, improving asset quality, and return to SBA lending profitability.

First Savings Financial Group delivered strong fiscal Q2 2025 results with $5.5 million in net income ($0.79 per diluted share), representing a 12.2% increase from $4.9 million ($0.72 per share) in Q2 2024. Core earnings (excluding nonrecurring items) reached $5.3 million ($0.76 per share), showing remarkable growth of 46.2% from $3.6 million ($0.52 per share) year-over-year.

The bank's fundamentals are strengthening across multiple fronts. Net interest income grew 11.6% to $16.0 million, with net interest margin expanding by 27 basis points to 2.93%. This margin expansion demonstrates the bank's improved earning power despite challenging interest rate conditions.

Asset quality metrics showed significant improvement, with nonperforming loans decreasing by $3.8 million quarter-over-quarter and the nonperforming loans ratio improving to 0.67% (down 20 basis points). The bank recorded $156,000 in net recoveries during the quarter versus net charge-offs of $110,000 in the comparable period, further confirming the strengthening loan portfolio.

The SBA Lending segment's return to profitability marks an important turnaround after multiple quarters of losses, diversifying income streams beyond traditional banking. The $357,000 reversal of loan loss provisions reflects management's confidence in asset quality.

For the six-month period, net income reached $11.7 million ($1.68 per share), up substantially from $5.8 million ($0.85 per share) in the prior-year period. The bank maintains a well-capitalized status under regulatory guidelines while effectively utilizing investment tax credits to maintain a favorable 9.7% effective tax rate.

The strategic bulk sale of $87.2 million in HELOCs during the first half of the fiscal year has reshaped the balance sheet, contributing to the $83.7 million decrease in net loans while generating $2.5 million in gains. This move has enhanced liquidity and likely improved the risk profile.

With improving core metrics and management's outlook for continued margin expansion, sustained SBA lending profitability, and stable asset quality, FSFG appears well-positioned for the remainder of fiscal 2025.

04/24/2025 - 06:18 PM

JEFFERSONVILLE, Ind., April 24, 2025 (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 $5.5 million, or $0.79 per diluted share, for the quarter ended March 31, 2025, compared to net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $5.3 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $0.76 (non-GAAP measure)⁽¹⁾ for the quarter ended March 31, 2025 compared to $3.6 million, or $0.52 per diluted share for the quarter ended March 31, 2024.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the second fiscal quarter performance, including the continued improvement in the net interest margin, which has increased eighteen and twenty-one basis points for the three and six months ended, respectively. The SBA Lending segment posted its first profitable quarter since March 2024 and posted a solid level of loans originations and sales. Asset quality improved with nonperforming loans decreasing $3.8 million from the prior quarter and the ratio of nonperforming loans to total gross loans improving to 0.67%, a decrease of twenty basis points from the prior quarter. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit (“HELOCS”), and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”

^{(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.}

Results of Operations for the Three Months Ended March 31, 2025 and 2024

Net interest income increased $1.7 million, or 11.6%, to $16.0 million for the three months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended March 31, 2025 was 2.93% as compared to 2.66% for the same period in 2024. The increase in net interest income was due to an increase of $807,000 in interest income and a decrease of $846,000 in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a reversal of provision for credit losses for loans and securities of $357,000 and $1,000, respectively, and a provision for unfunded lending commitments of $123,000 for the three months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $713,000 and $23,000, respectively, and reversal of provision for unfunded lending commitments of $259,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to a decrease in qualitative reserves and $156,000 in net recoveries recognized during the period. The $156,000 in net recoveries during the three months ended March 31, 2025 included $215,000 in net recoveries related to unguaranteed portions of SBA loans. During the three months ended March 31, 2024, the Company recognized net charge-offs of $110,000, of which $15,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $4.2 million from $16.9 million at September 30, 2024 to $12.7 million at March 31, 2025, due primary to a $4.9 million decrease in loan balances guaranteed by the SBA.

Noninterest income decreased $150,000 for the three months ended March 31, 2025 as compared to the same period in 2024. The decrease was due primarily to a $539,000 decrease in other income, partially offset by a $154,000 increase in service charges on deposit accounts and a $127,000 increase in net gain on sales of SBA loans. The decrease in other income in 2025 was primarily due to $492,000 gain on the sale of mortgage servicing rights during the 2024 period with no corresponding amount for 2025.

Noninterest expense increased $1.9 million for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $940,000 and $948,000, respectively. The increase in compensation and benefits was primarily due to an increase in bonus and incentive accruals in 2025. The increase in other operating expenses was primarily due a $656,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period compared to a reversal of $41,000 for the same period in 2025 and an adjustment to the valuation allowance related to the sale of residential mortgage servicing rights of $247,000 in 2024 with no corresponding amount in 2025.

The Company recognized income tax expense of $589,000 for the three months ended March 31, 2025 compared to $866,000 for the same period in 2024. The decrease is due primarily to greater utilization of investment tax credits in the 2025 period. The effective tax rate for 2025 was 9.7% compared to 14.9% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

Results of Operations for the Six Months Ended March 31, 2025 and 2024

The Company reported net income of $11.7 million, or $1.68 per diluted share, for the six months ended March 31, 2025 compared to net income of $5.8 million, or $0.85 per diluted share, for the six months ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $9.4 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $1.35 (non-GAAP measure)⁽¹⁾ for the six months ended March 31, 2025 compared to net income of $4.5 million and net income per diluted share of $0.66 for the six months ended March 31, 2024. The core banking segment reported net income of $11.4 million, or $1.64 per diluted share for the six months ended March 31, 2025 compared to net income of $8.6 million and net income per diluted share of $1.25 for the six months ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $9.1 million (non-GAAP measure)⁽¹⁾, or $1.31 per diluted share (non-GAAP measure)⁽¹⁾ for the six months ended March 31, 2025 compared to net income of $7.7 million and net income per diluted share of $1.12 for the six months ended March 31, 2024.

Net interest income increased $3.0 million, or 10.6%, to $31.5 million for the six months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the six months ended March 31, 2025 was 2.84% as compared to 2.68% for the same period in 2024. The increase in net interest income was due to a $4.6 million increase in interest income, partially offset by a $1.6 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a reversal of provision for credit losses for loans and securities of $848,000 and $7,000, respectively, and a provision for unfunded lending commitments of $169,000 for the six months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $1.2 million and $23,000, respectively, and reversal of provision for unfunded lending commitments of $317,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOCS during the period and a decrease in qualitative reserves. The Company recognized net recoveries totaling $38,000 for the six months ended March 31, 2025, of which $164,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $119,000 in 2024, of which $64,000 was related to unguaranteed portions of SBA loans.

Noninterest income increased $3.2 million for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to a $2.5 million net gain on sale of HELOCs in 2025, net gains of $403,000 on the sale of equity securities in 2025 with no corresponding gains for 2024, a $248,000 increase in service charges on deposit accounts, and a $263,000 increase in ATM and interchange fees, slightly offset by a $508,000 decrease in other income due to a $495,000 gain recognized on the sale of mortgage servicing rights during 2024 with no corresponding amount for 2025.

Noninterest expense increased $824,000 for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other operating expenses and compensation and benefits of $962,000 and $453,000, respectively, partially offset by decreases in professional fees and occupancy and equipment of $454,000 and $380,000, respectively. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 compared to a reversal of $148,000 in 2025 and a $400,000 accrued contingent liability associated with employee benefits recognized in 2025 with no corresponding amount in 2024, partially offset by a decrease of $180,000 in 2025 to reverse previously accrued litigation expenses. The increase in compensation and benefits is primarily due to an increase in bonus and incentive accruals in 2025 compared to 2024. The decrease in professional fees and occupancy and equipment is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

The Company recognized income tax expense of $1.4 million for the six months ended March 31, 2025 compared to $390,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period, including the aforementioned net gain on sale of loans. The effective tax rate for 2025 was 10.9% compared to 6.3%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

Comparison of Financial Condition at March 31, 2025 and September 30, 2024

Total assets decreased $74.1 million, from $2.45 billion at September 30, 2024 to $2.38 billion at March 31, 2025. Net loans held for investment decreased $83.7 million during the six months ended March 31, 2025 due primarily to the $87.2 million bulk sale of home equity lines of credit.

Total liabilities decreased $76.2 million due primarily to a decrease in total deposits of $91.7 million, partially offset by an increase in FHLB borrowings of $23.7 million. The decrease in total deposits was due to a decrease in brokered deposits of $112.4 million, due primarily to proceeds from the aforementioned bulk sale of home equity lines of credit and an increase in customer deposits of $20.7 million. As of March 31, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.8% of total deposits and 15.1% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Total stockholders’ equity increased $2.1 million, from $177.1 million at September 30, 2024 to $179.2 million at March 31, 2025, due primarily to a $9.6 million increase in retained net income, partially offset by a $8.2 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the six months ended March 31, 2025, which resulted in a decrease in the fair value of securities available for sale. At March 31, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

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; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company's periodic 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 release 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						Six Months Ended
OPERATING DATA:	March 31,						March 31,
(In thousands, except share and per share data)		2025			2024			2025			2024

Total interest income	$	30,823		$	30,016		$	63,272		$	58,671
Total interest expense		14,832			15,678			31,819			30,220

Net interest income		15,991			14,338			31,453			28,451

Provision (credit) for credit losses - loans		(357	)		713			(848	)		1,183
Provision (credit) for unfunded lending commitments		123			(259	)		169			(317	)
Provision (credit) for credit losses - securities		(1	)		23			(7	)		23

Total provision (credit) for credit losses		(235	)		477			(686	)		889

Net interest income after provision (credit) for credit losses		16,226			13,861			32,139			27,562

Total noninterest income		3,560			3,710			9,663			6,492
Total noninterest expense		13,698			11,778			28,641			27,817

Income before income taxes		6,088			5,793			13,161			6,237
Income tax expense		589			866			1,437			390

Net income	$	5,499		$	4,927		$	11,724		$	5,847

Net income per share, basic	$	0.80		$	0.72		$	1.71		$	0.86
Weighted average shares outstanding, basic		6,875,826			6,832,130			6,861,061			6,828,017

Net income per share, diluted	$	0.79		$	0.72		$	1.68		$	0.85
Weighted average shares outstanding, diluted		6,960,020			6,859,611			6,961,829			6,849,928


Performance ratios (annualized)
Return on average assets		0.93	%		0.84	%		0.98	%		0.50	%
Return on average equity		12.24	%		11.96	%		13.15	%		7.38	%
Return on average common stockholders' equity		12.34	%		11.96	%		13.15	%		7.38	%
Net interest margin (tax equivalent basis)		2.93	%		2.66	%		2.84	%		2.68	%
Efficiency ratio		70.06	%		65.26	%		69.66	%		79.61	%


							QTD						FYTD
FINANCIAL CONDITION DATA:	March 31,			December 31,			Increase			September 30,			Increase
(In thousands, except per share data)		2025			2024		(Decrease)				2024		(Decrease)

Total assets	$	2,376,230		$	2,388,735		$	(12,505	)	$	2,450,368		$	(74,138	)
Cash and cash equivalents		28,683			76,224			(47,541	)		52,142			(23,459	)
Investment securities		244,084			242,634			1,450			249,719			(5,635	)
Loans held for sale		61,239			24,441			36,798			25,716			35,523
Gross loans		1,900,660			1,905,199			(4,539	)		1,985,146			(84,486	)
Allowance for credit losses		20,484			20,685			(201	)		21,294			(810	)
Interest earning assets		2,219,504			2,234,258			(14,754	)		2,277,512			(58,008	)
Goodwill		9,848			9,848			-			9,848			-
Core deposit intangibles		316			357			(41	)		398			(82	)
Loan servicing rights		2,744			2,661			83			2,754			(10	)
Noninterest-bearing deposits		185,252			183,239			2,013			191,528			(6,276	)
Interest-bearing deposits (customer)		1,207,159			1,212,527			(5,368	)		1,180,196			26,963
Interest-bearing deposits (brokered)		396,770			437,008			(40,238	)		509,157			(112,387	)
Federal Home Loan Bank borrowings		325,310			295,000			30,310			301,640			23,670
Subordinated debt and other borrowings		48,682			48,642			40			48,603			79
Total liabilities		2,197,041			2,212,708			(15,667	)		2,273,253			(76,212	)
Accumulated other comprehensive loss		(19,385	)		(17,789	)		(1,596	)		(11,195	)		(8,190	)
Total stockholders' equity		179,189			176,027			3,162			177,115			2,074

Book value per share	$	25.90		$	25.48			0.42		$	25.72			0.18
Tangible book value per share (non-GAAP) (1)		24.43			24.00			0.43			24.23			0.20

Non-performing assets:
Nonaccrual loans - SBA guaranteed	$	123		$	4,444		$	(4,321	)	$	5,036		$	(4,913	)
Nonaccrual loans		12,597			12,124			473			11,906			691
Total nonaccrual loans	$	12,720		$	16,568		$	(3,848	)	$	16,942		$	(4,222	)
Accruing loans past due 90 days		-			-			-			-			-
Total non-performing loans		12,720			16,568			(3,848	)		16,942			(4,222	)
Foreclosed real estate		444			444			-			444			-
Total non-performing assets	$	13,164		$	17,012		$	(3,848	)	$	17,386		$	(4,222	)

Asset quality ratios:
Allowance for credit losses as a percent of total gross loans		1.08	%		1.09	%		(0.01	%)		1.07	%		0.01	%
Allowance for credit losses as a percent of nonperforming loans		161.04	%		124.85	%		36.19	%		125.69	%		35.35	%
Nonperforming loans as a percent of total gross loans		0.67	%		0.87	%		(0.20	%)		0.85	%		(0.18	%)
Nonperforming assets as a percent of total assets		0.55	%		0.71	%		(0.16	%)		0.71	%		(0.16	%)

^{(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.

	Three Months Ended						Six Months Ended
Net Income	March 31,						March 31,
(In thousands)		2025			2024			2025			2024

Net income attributable to the Company (non-GAAP)	$	5,313		$	3,561		$	9,367		$	4,481
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		-			-			1,869			-
Plus: Gain on sale of equity securities, net of tax effect		-			-			302			-
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		-			492			-			492
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		-			583			-			583
Plus: Gain on sale of premises and equipment, net of tax effect		186			90			186			90
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		-			117			-			117
Plus: Distribution from equity investment, net of tax effect		-			85			-			85
Net income attributable to the Company (GAAP)	$	5,499		$	4,927		$	11,724		$	5,847

Net Income per Share, Diluted

Net income per share attributable to the Company, diluted (non-GAAP)	$	0.76		$	0.52		$	1.35		$	0.65
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		-			-			0.27			-
Plus: Gain on sale of equity securities, net of tax effect		-			-			0.03			-
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		-			0.07			-			0.07
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		-			0.08			-			0.08
Plus: Gain on sale of premises and equipment, net of tax effect		0.03			0.01			0.03			0.01
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		-			0.02			-			0.02
Plus: Distribution from equity investment, net of tax effect		-			0.02			-			0.02
Net income per share, diluted (GAAP)	$	0.79		$	0.72		$	1.68		$	0.85

Core Bank Segment Net Income
(In thousands)

Net income attributable to the Core Bank (non-GAAP)	$	4,883		$	3,637		$	9,081		$	7,685
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		-			-			1,869			-
Plus: Gain on sale of equity securities, net of tax effect		-			-			302			-
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		-			583			-			583
Plus: Gain on sale of premises and equipment, net of tax effect		186			90			186			90
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		-			117			-			117
Plus: Distribution from equity investment, net of tax effect		-			85			-			85
Net income attributable to the Core Bank (GAAP)	$	5,069		$	4,511		$	11,438		$	8,559

Core Bank Segment Net Income per Share, Diluted

Core Bank net income per share, diluted (non-GAAP)	$	0.70		$	0.53		$	1.31		$	1.12
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		-			-			0.27			-
Plus: Gain on sale of equity securities, net of tax effect		-			-			0.03			-
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		-			0.08			-			0.08
Plus: Gain on sale of premises and equipment, net of tax effect		-			0.01			0.03			0.01
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		0.03			0.02			-			0.02
Plus: Distribution from equity investment, net of tax effect		-			0.02			-			0.02
Core Bank net income per share, diluted (GAAP)	$	0.73		$	0.66		$	1.64		$	1.25


RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):	Three Months Ended						Fiscal Year Ended
Efficiency Ratio	March 31,						March 31,
(In thousands)		2025			2024			2025			2024

Net interest income (GAAP)	$	15,991		$	14,338		$	31,453		$	28,451

Noninterest income (GAAP)		3,560			3,710			9,663			6,492

Noninterest expense (GAAP)		13,698			11,778			28,641			27,817

Efficiency ratio (GAAP)		70.06	%		65.26	%		69.66	%		79.61	%

Noninterest income (GAAP)	$	3,560		$	3,710		$	9,663		$	6,492
Less: Gain on sale of loans, home equity lines of credit		-			-			(2,492	)		-
Less: Gain on sale of equity securities		-			-			(403	)		-
Less: Gain on sale of premises and equipment		(248	)		(120	)		(248	)		(120	)
Less: Adjustment to MSR valuation allowance related to sale		-			(530	)		-			(530	)
Less: Distribution from equity investment		-			(113	)		-			(113	)
Noninterest income (Non-GAAP)		3,312			2,947			6,520			5,729

Noninterest expense (GAAP)	$	13,698		$	11,778		$	28,641		$	27,817
Plus: Adjustment to MSR valuation allowance related to sale		-			247			-			247
Plus: Decrease in loss contingency for SBA-guaranteed loans		-			656			-			656
Plus: Adjustment to previous data processing contract termination accrual		-			156			-			156
Noninterest expense (Non-GAAP)	$	13,698		$	12,837		$	28,641		$	28,876

Efficiency ratio (excluding nonrecurring items) (non-GAAP)		70.96	%		74.27	%		75.42	%		84.48	%


							QTD						FYTD
Tangible Book Value Per Share	March 31,			December 31,			Increase			September 30,			Increase
(In thousands, except share and per share data)		2025			2024		(Decrease)				2024		(Decrease)

Stockholders' equity (GAAP)	$	179,189		$	176,027		$	3,162		$	177,115		$	2,074
Less: goodwill and core deposit intangibles		(10,164	)		(10,205	)		41			(10,246	)		82
Tangible stockholders' equity (non-GAAP)	$	169,025		$	165,822		$	3,203		$	166,869		$	2,156

Outstanding common shares		6,919,136			6,909,173		$	9,963			6,887,106		$	32,030

Tangible book value per share (non-GAAP)	$	24.43		$	24.00		$	0.43		$	24.23		$	0.20

Book value per share (GAAP)	$	25.90		$	25.48		$	0.42		$	25.72		$	0.18


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)		2025			2024			2024			2024			2024

Total cash and cash equivalents	$	28,683		$	76,224		$	52,142		$	42,423		$	62,969
Total investment securities		244,084			242,634			249,719			238,785			240,142
Total loans held for sale		61,239			24,441			25,716			125,859			19,108
Total loans, net of allowance for credit losses		1,880,176			1,884,514			1,963,852			1,826,980			1,882,458
Loan servicing rights		2,744			2,661			2,754			2,860			3,028
Total assets		2,376,230			2,388,735			2,450,368			2,393,491			2,364,983

Customer deposits	$	1,392,411		$	1,395,766		$	1,371,724		$	1,312,997		$	1,239,271
Brokered deposits		396,770			437,008			509,157			399,151			548,175
Total deposits		1,789,181			1,832,774			1,880,881			1,712,148			1,787,446
Federal Home Loan Bank borrowings		325,310			295,000			301,640			425,000			315,000

Common stock and additional paid-in capital	$	28,650		$	28,382		$	27,725		$	27,592		$	27,475
Retained earnings - substantially restricted		182,918			178,526			173,337			170,688			167,648
Accumulated other comprehensive loss		(19,385	)		(17,789	)		(11,195	)		(17,415	)		(17,144	)
Unearned stock compensation		(862	)		(973	)		(901	)		(999	)		(1,096	)
Less treasury stock, at cost		(12,132	)		(12,119	)		(11,851	)		(11,866	)		(11,827	)
Total stockholders' equity		179,189			176,027			177,115			168,000			165,056

Outstanding common shares		6,919,136			6,909,173			6,887,106			6,883,656			6,883,160


	Three Months Ended
Summarized Consolidated Statements of Income	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)		2025			2024			2024			2024			2024

Total interest income	$	30,823		$	32,449		$	32,223		$	31,094		$	30,016
Total interest expense		14,832			16,987			17,146			16,560			15,678
Net interest income		15,991			15,462			15,077			14,534			14,338
Provision (credit) for credit losses - loans		(357	)		(491	)		1,808			501			713
Provision (credit) for unfunded lending commitments		123			46			(262	)		158			(259	)
Provision (credit) for credit losses - securities		(1	)		(6	)		(86	)		84			23
Total provision (credit) for credit losses		(235	)		(451	)		1,460			743			477

Net interest income after provision for credit losses		16,226			15,913			13,617			13,791			13,861

Total noninterest income		3,560			6,103			2,842			3,196			3,710
Total noninterest expense		13,698			14,943			12,642			12,431			11,778
Income before income taxes		6,088			7,073			3,817			4,556			5,793
Income tax expense (benefit)		589			848			145			483			866
Net income		5,499			6,225			3,672			4,073			4,927


Net income per share, basic	$	0.80		$	0.91		$	0.54		$	0.60		$	0.72
Weighted average shares outstanding, basic		6,875,826			6,851,153			6,832,626			6,832,452			6,832,130

Net income per share, diluted	$	0.79		$	0.89		$	0.53		$	0.60		$	0.72
Weighted average shares outstanding, diluted		6,960,020			6,969,223			6,894,532			6,842,336			6,859,611


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Income Detail	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024

Service charges on deposit accounts	$	541		$	567		$	552		$	538		$	387
ATM and interchange fees		632			665			642			593			585
Net unrealized gain on equity securities		47			78			28			419			6
Net gain on equity securities		-			403			-			-			-
Net gain on sales of loans, Small Business Administration		1,078			711			647			581			951
Net gain on sales of loans, home equity lines of credit		-			2,492			-			-			-
Mortgage banking income		104			78			6			49			53
Increase in cash surrender value of life insurance		380			361			363			353			333
Gain on life insurance		-			108			-			-			-
Commission income		255			210			294			220			220
Real estate lease income		122			121			122			154			115
Net gain (loss) on premises and equipment		-			45			(4	)		-			120
Other income		401			264			192			289			940
Total noninterest income	$	3,560		$	6,103		$	2,842		$	3,196		$	3,710


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Consolidated Performance Ratios (Annualized)		2025			2024			2024			2024			2024

Return on average assets		0.93	%		1.02	%		0.61	%		0.69	%		0.92	%
Return on average equity		12.24	%		14.07	%		8.52	%		9.86	%		13.06	%
Return on average common stockholders' equity		12.34	%		14.07	%		8.52	%		9.86	%		13.06	%
Net interest margin (tax equivalent basis)		2.93	%		2.75	%		2.72	%		2.67	%		2.66	%
Efficiency ratio		70.06	%		69.29	%		70.55	%		70.11	%		65.26	%


	As of or for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Consolidated Asset Quality Ratios		2025			2024			2024			2024			2024

Nonperforming loans as a percentage of total loans		0.67	%		0.87	%		0.85	%		0.91	%		0.82	%
Nonperforming assets as a percentage of total assets		0.55	%		0.71	%		0.71	%		0.72	%		0.68	%
Allowance for credit losses as a percentage of total loans		1.08	%		1.09	%		1.07	%		1.07	%		1.02	%
Allowance for credit losses as a percentage of nonperforming loans		161.04	%		124.85	%		125.69	%		118.12	%		124.01	%
Net charge-offs to average outstanding loans		-0.01	%		0.01	%		0.02	%		0.01	%		0.01	%


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024

Core Banking Segment:
Net interest income	$	14,259		$	13,756		$	14,083		$	13,590		$	13,469
Provision (credit) for credit losses - loans		(540	)		(745	)		1,339			320			909
Provision (credit) for unfunded lending commitments		35			(75	)		78			64			(259	)
Provision (credit) for credit losses - securities		(1	)		(7	)		(86	)		84			23
Net interest income after provision (credit) for credit losses		14,765			14,583			12,752			13,122			12,796
Noninterest income		2,242			5,253			2,042			2,474			2,537
Noninterest expense		11,486			12,574			10,400			10,192			10,093
Income before income taxes		5,521			7,262			4,394			5,404			5,240
Income tax expense		452			893			301			689			729
Net income	$	5,069		$	6,369		$	4,093		$	4,715		$	4,511

SBA Lending Segment (Q2):
Net interest income	$	1,732		$	1,706		$	994		$	944		$	869
Provision (credit) for credit losses - loans		183			255			469			181			(196	)
Provision (credit) for unfunded lending commitments		88			121			(340	)		94			-
Net interest income after provision for credit losses		1,461			1,330			865			669			1,065
Noninterest income		1,318			850			800			722			1,173
Noninterest expense		2,212			2,369			2,242			2,239			1,685
Income (loss) before income taxes		567			(189	)		(577	)		(848	)		553
Income tax expense (benefit)		137			(45	)		(156	)		(206	)		137
Net income (loss)	$	430		$	(144	)	$	(421	)	$	(642	)	$	416


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except percentage data)		2025			2024			2024			2024			2024

Net Income (Loss) Per Share by Segment
Net income per share, basic - Core Banking	$	0.74		$	0.93		$	0.60		$	0.69		$	0.66
Net income (loss) per share, basic - SBA Lending (Q2)		0.06			(0.02	)		(0.06	)		(0.09	)		0.06
Total net income (loss) per share, basic	$	0.80		$	0.91		$	0.54		$	0.60		$	0.72

Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted - Core Banking	$	0.73		$	0.91		$	0.59		$	0.69		$	0.66
Net income (loss) per share, diluted - SBA Lending (Q2)		0.06			(0.02	)		(0.06	)		(0.09	)		0.06
Total net income (loss) per share, diluted	$	0.79		$	0.89		$	0.53		$	0.60		$	0.72

Return on Average Assets by Segment (annualized) (3)
Core Banking		0.90	%		1.09	%		0.71	%		0.83	%		0.80	%
SBA Lending		1.58	%		(0.55	%)		(1.71	%)		(2.91	%)		1.81	%

Efficiency Ratio by Segment (annualized) (3)
Core Banking		69.61	%		66.15	%		64.50	%		63.45	%		63.06	%
SBA Lending		72.52	%		92.68	%		124.97	%		134.39	%		82.52	%


	Three Months Ended
Noninterest Expense Detail by Segment	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024

Core Banking Segment:
Compensation	$	6,637		$	7,245		$	5,400		$	5,587		$	5,656
Occupancy		1,648			1,577			1,554			1,573			1,615
Advertising		429			338			399			253			205
Other		2,772			3,414			3,047			2,779			2,617
Total Noninterest Expense	$	11,486		$	12,574		$	10,400		$	10,192		$	10,093

SBA Lending Segment (Q2):
Compensation	$	1,892		$	1,931		$	1,854		$	1,893		$	1,933
Occupancy		50			59			55			51			58
Advertising		10			14			17			12			7
Other		260			365			316			283			(313	)
Total Noninterest Expense	$	2,212		$	2,369		$	2,242		$	2,239		$	1,685


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
SBA Lending (Q2) Data	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except percentage data)		2025			2024			2024			2024			2024

Final funded loans guaranteed portion sold, SBA	$	15,716		$	10,785		$	10,880		$	7,515		$	15,144

Gross gain on sales of loans, SBA	$	1,508		$	1,141		$	1,029		$	811		$	1,443
Weighted average gross gain on sales of loans, SBA		9.60	%		10.58	%		9.46	%		10.79	%		9.53	%

Net gain on sales of loans, SBA (2)	$	1,078		$	711		$	647		$	581		$	951
Weighted average net gain on sales of loans, SBA		6.86	%		6.59	%		5.95	%		7.73	%		6.28	%


^{(2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.}


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	11,851		$	21,102		$	16,841		$	26,100		$	24,587
Loans		1,946,338			2,010,082			1,988,997			1,943,716			1,914,609
Investment securities - taxable		102,744			101,960			99,834			101,350			102,699
Investment securities - nontaxable		161,579			160,929			158,917			157,991			157,960
FRB and FHLB stock		24,986			24,986			24,986			24,986			24,986
Total interest-earning assets	$	2,247,498		$	2,319,059		$	2,289,575		$	2,254,143		$	2,224,841

Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	168		$	210		$	209		$	324		$	261
Loans		27,998			29,617			29,450			28,155			27,133
Investment securities - taxable		921			914			910			918			923
Investment securities - nontaxable		1,719			1,715			1,685			1,665			1,662
FRB and FHLB stock		511			493			471			519			499
Total interest income (tax equivalent basis)	$	31,317		$	32,949		$	32,725		$	31,581		$	30,478

Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		5.67	%		3.98	%		4.96	%		4.97	%		4.25	%
Loans		5.75	%		5.89	%		5.92	%		5.79	%		5.67	%
Investment securities - taxable		3.59	%		3.59	%		3.65	%		3.62	%		3.59	%
Investment securities - nontaxable		4.26	%		4.26	%		4.24	%		4.22	%		4.21	%
FRB and FHLB stock		8.18	%		7.89	%		7.54	%		8.31	%		7.99	%
Total interest-earning assets		5.57	%		5.68	%		5.72	%		5.60	%		5.48	%

Interest-bearing liabilities
Interest-bearing deposits	$	1,653,058		$	1,671,156		$	1,563,258		$	1,572,871		$	1,549,012
Federal Home Loan Bank borrowings		266,975			315,583			378,956			351,227			333,275
Subordinated debt and other borrowings		48,656			48,616			48,576			48,537			48,497
Total interest-bearing liabilities	$	1,968,689		$	2,035,355		$	1,990,790		$	1,972,635		$	1,930,784

Interest expense:
Interest-bearing deposits	$	12,069		$	13,606		$	12,825		$	12,740		$	12,546
Federal Home Loan Bank borrowings		2,001			2,617			3,521			3,021			2,298
Subordinated debt and other borrowings		762			764			800			799			833
Total interest expense	$	14,832		$	16,987		$	17,146		$	16,560		$	15,677

Weighted average cost (annualized):
Interest-bearing deposits		2.92	%		3.26	%		3.28	%		3.24	%		3.24	%
Federal Home Loan Bank borrowings		3.00	%		3.32	%		3.72	%		3.44	%		2.76	%
Subordinated debt and other borrowings		6.26	%		6.29	%		6.59	%		6.58	%		6.87	%
Total interest-bearing liabilities		3.01	%		3.34	%		3.45	%		3.36	%		3.25	%

Net interest income (taxable equivalent basis)	$	16,485		$	15,962		$	15,579		$	15,021		$	14,801
Less: taxable equivalent adjustment		(494	)		(500	)		(502	)		(487	)		(463	)
Net interest income	$	15,991		$	15,462		$	15,077		$	14,534		$	14,338

Interest rate spread (tax equivalent basis, annualized)		2.56	%		2.34	%		2.27	%		2.24	%		2.23	%

Net interest margin (tax equivalent basis, annualized)		2.93	%		2.75	%		2.72	%		2.67	%		2.66	%

FAQ

What was FSFG's earnings per share for Q2 2025?

FSFG reported earnings of $0.79 per diluted share for Q2 2025, or $0.76 per share excluding nonrecurring items.

How did FSFG's net interest margin perform in Q2 2025?

FSFG's net interest margin improved to 2.93% in Q2 2025, up from 2.66% in Q2 2024.

What was the impact of FSFG's HELOC sale in 2025?

FSFG completed a bulk sale of $87.2 million in home equity lines of credit, contributing to a decrease in net loans held for investment.

How did FSFG's asset quality change in Q2 2025?

Asset quality improved with nonperforming loans decreasing by $4.2 million to $12.7 million, and the nonperforming loans ratio improving to 0.67%.

What was FSFG's total stockholders' equity as of March 31, 2025?

FSFG's total stockholders' equity was $179.2 million as of March 31, 2025, an increase of $2.1 million from September 30, 2024.

First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

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First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

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