(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. The Company recognized a provision for credit losses for loans of $501,000, a provision for unfunded lending commitments of $158,000 and a provision for credit losses for securities of $84,000 for the three months ended June 30, 2024, compared to a provision for loan losses of $441,000 for the ...

Core Points - First Savings Financial Group, Inc. declared a quarterly cash dividend of $0.15 per common share, payable on or about June 28, 2024, to stockholders of record as of June 14, 2024 [1] Company Overview - First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, operating fifteen depository branches in Southern Indiana [2] - The Bank has two national lending programs focused on single-tenant net lease commercial real estate and SBA lending, primarily in the Midwest [2] - First Savings Bank is recognized as a leader in its local communities and nationally for its lending programs [2] - The Company's common shares are traded on The NASDAQ Stock Market under the symbol "FSFG" [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-34155 First Savings Financial Group, Inc. (Exact name of registrant as specified in its charter) Indiana 37-1567871 ( ...

Financial Performance Overview [Second Quarter Fiscal 2024 Financial Highlights](index=1&type=section&id=Second%20Quarter%20Fiscal%202024%20Financial%20Highlights) First Savings Financial Group reported a significant increase in net income to $4.9 million, or $0.72 per diluted share, for the second fiscal quarter of 2024, up from $3.7 million, or $0.54 per diluted share, in the prior year Net Income and Diluted EPS | Metric | Q2 2024 (GAAP) | Q2 2023 (GAAP) | Q2 2024 (Non-GAAP) | | :--- | :--- | :--- | :--- | | **Net Income** | $4.9 million | $3.7 million | $3.6 million | | **Diluted EPS** | $0.72 | $0.54 | $0.52 | - The Core Banking segment reported net income of **$4.5 million**, or **$0.66** per diluted share for the quarter[1](index=1&type=chunk) - Management's strategic focus includes reducing balance sheet and operating inefficiencies, maintaining strong asset quality, selective high-quality lending, growing deposits, and improving liquidity and capital[2](index=2&type=chunk) [Results of Operations for the Three Months Ended March 31, 2024](index=1&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024) For Q2 2024, net interest income decreased by 3.9% to $14.3 million, while noninterest income fell by $3.8 million, primarily due to the cessation of national mortgage banking operations, which was largely offset by a $6.2 million decrease in noninterest expenses - Net interest income decreased by **$574,000** due to a significant increase in interest expense on liabilities, driven by higher market rates and deposit migration to higher-yielding accounts[3](index=3&type=chunk) - The company recognized a provision for credit losses of **$477,000** (**$454,000** for loans and **$23,000** for securities) compared to a **$372,000** provision in the prior-year quarter[4](index=4&type=chunk) - Noninterest income decreased by **$3.8 million**, mainly from a **$4.1 million** drop in mortgage banking income after ceasing national operations[5](index=5&type=chunk) - Noninterest expense decreased by **$6.2 million**, primarily due to a **$2.8 million** reduction in compensation and benefits and a **$2.4 million** decrease in other operating expenses, both linked to the shutdown of the national mortgage business[6](index=6&type=chunk) [Results of Operations for the Six Months Ended March 31, 2024](index=2&type=section&id=Results%20of%20Operations%20for%20the%20Six%20Months%20Ended%20March%2031%2C%202024) For the six months ended March 31, 2024, net income was $5.8 million, a decrease from $6.6 million in the prior year, driven by an 8.7% decrease in net interest income and a $6.2 million drop in noninterest income, partially mitigated by a $7.7 million reduction in noninterest expenses Net Income and Diluted EPS | Metric | Six Months Ended Mar 31, 2024 (GAAP) | Six Months Ended Mar 31, 2023 (GAAP) | Six Months Ended Mar 31, 2024 (Non-GAAP) | | :--- | :--- | :--- | :--- | | **Net Income** | $5.8 million | $6.6 million | $4.5 million | | **Diluted EPS** | $0.85 | $0.95 | $0.65 | - Net interest income for the six-month period decreased by **$2.7 million**, as a **$13.1 million** increase in interest expense overshadowed a **$10.4 million** increase in interest income[9](index=9&type=chunk) - Nonperforming loans increased by **$1.7 million** to **$15.6 million** at March 31, 2024, from September 30, 2023[10](index=10&type=chunk) - Noninterest income decreased by **$6.2 million**, and noninterest expense decreased by **$7.7 million**, both primarily due to the cessation of national mortgage banking operations[11](index=11&type=chunk)[12](index=12&type=chunk) [Comparison of Financial Condition at March 31, 2024](index=3&type=section&id=Comparison%20of%20Financial%20Condition%20at%20March%2031%2C%202024) As of March 31, 2024, total assets grew by $76.1 million to $2.36 billion, funded by a $105.7 million increase in deposits, which allowed for a $48.2 million reduction in FHLB borrowings, while common stockholders' equity increased by $14.1 million due to falling interest rates - Total assets increased by **$76.1 million** to **$2.36 billion**, primarily due to a **$112.2 million** growth in net loans held for investment[14](index=14&type=chunk) - Residential mortgage loan servicing rights decreased by **$59.8 million** due to the sale of the entire portfolio during the period[14](index=14&type=chunk) - Total liabilities increased by **$62.1 million**, driven by a **$105.7 million** growth in deposits, which was partially offset by a **$48.2 million** decrease in FHLB borrowings[15](index=15&type=chunk) - Common stockholders' equity rose by **$14.1 million**, primarily due to a **$12.4 million** decrease in accumulated other comprehensive loss resulting from falling long-term market interest rates[16](index=16&type=chunk) Consolidated Financial Statements and Data [Consolidated Financial Highlights](index=5&type=section&id=Consolidated%20Financial%20Highlights) This section provides a comparative summary of the company's operating results and financial condition, showing Q2 2024 net income rose to $4.9 million, with ROA improving to 0.92% and total assets growing to $2.36 billion, while nonperforming loans remained stable Operating Data (in thousands) | Operating Data (in thousands) | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net interest income | $14,338 | $14,912 | | Total noninterest income | $3,710 | $7,516 | | Total noninterest expense | $11,778 | $17,999 | | **Net income** | **$4,927** | **$3,724** | Financial Condition (in thousands) | Financial Condition (in thousands) | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Total assets | $2,364,983 | $2,288,854 | | Gross loans | $1,901,850 | $1,787,143 | | Total liabilities | $2,199,927 | $2,137,873 | | Stockholders' equity | $165,056 | $150,981 | - Key performance ratios for Q2 2024 showed a Return on Average Assets (ROA) of **0.92%** and a Return on Average Equity (ROE) of **13.06%**, both improving from the prior year[22](index=22&type=chunk) [Reconciliation of GAAP and Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Measures) The company provides reconciliations for non-GAAP financial measures to offer investors a clearer understanding of core performance, adjusting GAAP net income of $4.9 million to a non-GAAP net income of $3.6 million for Q2 2024, and calculating tangible book value per share at $22.48 - For the three months ended March 31, 2024, GAAP net income of **$4.9 million** included several nonrecurring items, resulting in a non-GAAP net income of **$3.6 million** after adjustments[26](index=26&type=chunk) Per Share Data | Per Share Data | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Book value per share (GAAP) | $23.98 | $21.99 | | Tangible book value per share (non-GAAP) | $22.48 | $20.47 | [Summarized Financial Information](index=9&type=section&id=Summarized%20Financial%20Information) This section provides detailed quarterly financial data for the past five quarters, covering the consolidated balance sheet, income statement, noninterest income components, and key performance ratios, illustrating the financial impact of strategic shifts and trends in asset quality and profitability [Consolidated Balance Sheets and Income Statements](index=9&type=section&id=Consolidated%20Balance%20Sheets%20and%20Income%20Statements) The five-quarter trend shows consistent growth in total assets, primarily driven by the loan portfolio, with total deposits also growing, while the income statement reflects a significant decline in noninterest income and expense in the last two quarters following the cessation of mortgage banking operations - Total assets grew from **$2.24 billion** at March 31, 2023, to **$2.36 billion** at March 31, 2024[28](index=28&type=chunk) - Net income has been volatile over the last five quarters, with a net loss of **($747,000)** in Q4 2023 and net income of **$4.9 million** in Q2 2024[28](index=28&type=chunk) [Noninterest Income and Expense Analysis](index=10&type=section&id=Noninterest%20Income%20and%20Expense%20Analysis) A detailed five-quarter breakdown of noninterest income shows mortgage banking income dropping from $4.1 million in Q2 2023 to just $53,000 in Q2 2024, while net gain on sales of SBA loans remained a consistent contributor, and noninterest expenses related to the mortgage banking segment were eliminated in the most recent quarter Noninterest Income (in thousands) | Noninterest Income (in thousands) | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Mortgage banking income | $53 | $4,149 | | Net gain on sales of loans, SBA | $951 | $907 | | **Total noninterest income** | **$3,710** | **$7,516** | - Total noninterest expense for the Mortgage Banking segment was eliminated in Q2 2024, compared to **$4.7 million** in Q2 2023, following the cessation of operations[33](index=33&type=chunk) [Key Performance and Asset Quality Ratios](index=10&type=section&id=Key%20Performance%20and%20Asset%20Quality%20Ratios) Performance ratios over the last five quarters show a recovery in ROA and ROE in Q2 2024 after a dip in late 2023, with the efficiency ratio improving dramatically to 65.26% in Q2 2024, while asset quality ratios remained relatively stable and at low levels Performance Ratios (Annualized) | Performance Ratios (Annualized) | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Return on average assets | 0.92% | 0.16% | (0.13%) | 0.41% | 0.68% | | Net interest margin | 2.66% | 2.69% | 3.03% | 2.94% | 3.06% | | Efficiency ratio | 65.26% | 94.93% | 103.19% | 85.97% | 80.25% | Segment Performance Analysis [Segmented Income Statement Analysis](index=11&type=section&id=Segmented%20Income%20Statement%20Analysis) The Core Banking segment remains the primary earnings driver, posting $4.5 million in net income for Q2 2024, while the SBA Lending segment returned to profitability with a net income of $416,000, and the Mortgage Banking segment recorded no activity or losses after ceasing national operations Net Income (Loss) by Segment (in thousands) | Net Income (Loss) by Segment (in thousands) | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | **Core Banking** | $4,511 | $4,048 | $3,891 | | **SBA Lending** | $416 | $(470) | $97 | | **Mortgage Banking** | $0 | $(2,658) | $(264) | - National mortgage banking operations were ceased in the quarter ended December 31, 2023, with subsequent immaterial mortgage lending activity reported within the Core Banking segment[30](index=30&type=chunk) - The Core Banking segment's efficiency ratio improved to **63.06%** in Q2 2024, while the SBA Lending segment's efficiency ratio was **82.52%**[31](index=31&type=chunk) [SBA Lending Segment Key Metrics](index=14&type=section&id=SBA%20Lending%20Segment%20Key%20Metrics) The SBA Lending segment showed improved performance in Q2 2024, with the volume of guaranteed loans sold increasing to $15.1 million from $14.1 million in the prior quarter, and the weighted average net gain on these sales improving to 6.28%, contributing to the segment's return to profitability SBA Lending Data | SBA Lending Data | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Final funded loans guaranteed portion sold (in thousands) | $15,144 | $14,098 | $15,337 | | Net gain on sales of loans, SBA (in thousands) | $951 | $834 | $907 | | Weighted average net gain on sales of loans, SBA | 6.28% | 5.92% | 5.91% | Average Balance Sheet and Net Interest Margin Analysis [Average Balances, Yields, and Costs](index=15&type=section&id=Average%20Balances%2C%20Yields%2C%20and%20Costs) For Q2 2024, the tax-equivalent net interest margin compressed to 2.66% from 3.06% YoY, driven by a significant increase in the cost of interest-bearing liabilities to 3.25%, outpacing the rise in the yield on interest-earning assets to 5.48%, despite average interest-earning assets growing by approximately $200 million Net Interest Margin Metrics (Annualized) | Metric (Annualized) | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Yield on Interest-Earning Assets** | 5.48% | 5.01% | | **Cost of Interest-Bearing Liabilities** | 3.25% | 2.36% | | **Interest Rate Spread** | 2.23% | 2.65% | | **Net Interest Margin** | 2.66% | 3.06% | - Total average interest-earning assets increased to **$2.22 billion** for the quarter ended March 31, 2024, from **$2.02 billion** for the same period in 2023[36](index=36&type=chunk) - The average cost of interest-bearing deposits rose to **3.24%** in Q2 2024 from **2.00%** in Q2 2023, reflecting the higher interest rate environment[36](index=36&type=chunk)

First Savings Financial (FSFG) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20.93%. A quarter ago, it was expected that this bank holding company would post earnings of $0.55 per share when it actually produced earnings of $0.59, delivering a surprise of 7.27%.Over the last four qu ...

JEFFERSONVILLE, Ind., April 25, 2024 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ:FSFG) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024 compared to net income of $3.7 million, or $0.54 per diluted share, for the quarter ended March 31, 2023. Excluding nonrecurring items, the Company reported net income of $3.6 million (non-GAAP measure)(1) and net income pe ...

First Savings Financial Group Inc. (FSFG) announced a quarterly cash dividend of 15 cents per share, implying a 7.1% increase from the previous figure. This dividend will be paid out on Mar 29, 2024, to shareholders of record as of Mar 15.Prior to this, FSFG had raised its dividend by 7.7% to 14 cents per share on Nov 30, 2022. It has increased its dividend rate eight times in the past five years. The company has a five-year annualized dividend growth rate of 31.25%. Currently, the company’s payout ratio is ...

JEFFERSONVILLE, Ind., Feb. 28, 2024 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ:FSFG) (the "Company"), the holding company for First Savings Bank (the "Bank"), announced that its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about March 29, 2024 to stockholders of record as of the close of business March 15, 2024.   The Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-34155 First Savings Financial Group, Inc. (Exact name of registrant as specified in its charter) Indiana 37-156787 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 1-34155 FIRST SAVINGS FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) | Indiana | | 37-1567871 | | --- | --- ...