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First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2024
FSFGFirst Savings Financial (FSFG) Newsfilter·2025-01-29 02:21

Core Financial Performance - The company reported net income of 6.2million,or6.2 million, or 0.89 per diluted share, for the quarter ended December 31, 2024, compared to 920,000,or920,000, or 0.13 per diluted share, for the same quarter in 2023, indicating a significant increase in profitability [1][14] - Excluding nonrecurring items, the company reported a non-GAAP net income of 4.3million,or4.3 million, or 0.62 per diluted share, for the quarter ended December 31, 2024, compared to 920,000,or920,000, or 0.13 per diluted share, for the same period in 2023 [1][17] - The core banking segment net income was 6.4million,or6.4 million, or 0.91 per diluted share, for the quarter ended December 31, 2024, compared to 4.0million,or4.0 million, or 0.59 per diluted share, for the same quarter in 2023 [1][18] Revenue and Income Analysis - Net interest income increased by 1.3million,or9.61.3 million, or 9.6%, to 15.5 million for the three months ended December 31, 2024, compared to the same period in 2023 [3][14] - The tax equivalent net interest margin for the quarter was 2.75%, up from 2.69% in the same period last year [3][25] - Noninterest income rose by 3.3millionforthethreemonthsendedDecember31,2024,primarilyduetoa3.3 million for the three months ended December 31, 2024, primarily due to a 2.5 million net gain on the sale of loans from the bulk loan sale [5][14] Expense Management - Noninterest expense decreased by 1.1millionforthethreemonthsendedDecember31,2024,attributedtoreductionsincompensationandbenefits,occupancyandequipment,andprofessionalfees[6][14]−Theefficiencyratioimprovedto69.291.1 million for the three months ended December 31, 2024, attributed to reductions in compensation and benefits, occupancy and equipment, and professional fees [6][14] - The efficiency ratio improved to 69.29% for the quarter, down from 94.93% in the same period last year, reflecting better cost management [14][25] Asset Quality and Credit Losses - The company recognized a reversal of provision for credit losses of 490,000 for loans and 7,000forsecuritiesforthequarterendedDecember31,2024,comparedtoaprovisionforcreditlossesof7,000 for securities for the quarter ended December 31, 2024, compared to a provision for credit losses of 470,000 for loans in the same period last year [4][14] - Nonperforming loans decreased by 374,000from374,000 from 16.9 million at September 30, 2024, to 16.6millionatDecember31,2024[4][15]BalanceSheetOverview−Totalassetsdecreasedby16.6 million at December 31, 2024 [4][15] Balance Sheet Overview - Total assets decreased by 61.6 million, from 2.45billionatSeptember30,2024,to2.45 billion at September 30, 2024, to 2.39 billion at December 31, 2024, primarily due to a 79.3milliondecreaseinnetloansheldforinvestment[8][15]−Totalliabilitiesdecreasedby79.3 million decrease in net loans held for investment [8][15] - Total liabilities decreased by 60.5 million, mainly due to a 48.1milliondecreaseintotaldeposits[9][15]−Totalstockholders′equitydecreasedby48.1 million decrease in total deposits [9][15] - Total stockholders' equity decreased by 1.1 million, from 177.1millionatSeptember30,2024,to177.1 million at September 30, 2024, to 176.0 million at December 31, 2024 [10][15]