Financial Performance - The Company reported net income of $6.2 million, or $0.89 per diluted share, for Q1 2025, compared to $920,000, or $0.13 per diluted share, for Q1 2024, representing a significant increase in profitability[1] - Net income attributable to the Company (GAAP) for Q4 2024 was $6,225,000, a significant increase from $920,000 in Q4 2023[19] - Diluted net income per share (GAAP) rose to $0.89 in Q4 2024, compared to $0.13 in Q4 2023[19] - Core Bank segment net income (GAAP) increased to $6,369,000 in Q4 2024 from $4,048,000 in Q4 2023[19] - Total noninterest income for Q4 2024 was $6,103,000, significantly higher than $2,782,000 in Q4 2023[21] - Total noninterest income for the three months ended December 31, 2024, was $6,103,000, significantly up from $2,782,000 in the same period of 2023, representing a year-over-year increase of 119%[22] - Net income for the Core Banking Segment was $6,369,000 for the three months ended December 31, 2024, compared to $4,048,000 in the same period of 2023, marking a year-over-year increase of 57.3%[23] - Total net income per share, basic, increased to $0.91 in Q4 2024 from $0.54 in Q3 2024, reflecting a growth of 68.5%[24] Interest Income and Margin - Net interest income increased by $1.3 million, or 9.6%, to $15.5 million for the three months ended December 31, 2024, driven by a $3.8 million increase in interest income[3] - The tax equivalent net interest margin improved to 2.75% for Q1 2025, up from 2.69% in Q1 2024[3] - Total interest income for Q4 2024 was $32,449,000, compared to $28,655,000 in Q4 2023[21] - Net interest income for the Core Banking Segment was $13,756,000 for the three months ended December 31, 2024, compared to $13,113,000 for the same period in 2023, reflecting a growth of 4.9%[23] - The weighted average yield on total interest-earning assets was 5.68% in September 2024, compared to 5.37% in December 2023, indicating an increase of 31 basis points[27] - The net interest margin (tax equivalent basis) was 2.75% in September 2024, compared to 2.69% in December 2023, indicating an improvement of 6 basis points[27] Assets and Liabilities - Total assets decreased by $61.6 million, from $2.45 billion at September 30, 2024, to $2.39 billion at December 31, 2024[8] - Total liabilities decreased by $60.5 million, primarily due to a $48.1 million decrease in total deposits[9] - Total assets as of December 31, 2024, were $2,388,735,000, compared to $2,308,092,000 as of December 31, 2023[21] - Total loans, net of allowance for credit losses, were $1,884,514,000 as of December 31, 2024, up from $1,841,953,000 a year earlier[21] - Total deposits increased to $1,832,774,000 as of December 31, 2024, from $1,683,846,000 in the previous year[21] - The total interest-bearing liabilities increased to $2,035,355 thousand in September 2024, up from $1,878,628 thousand in December 2023, reflecting a growth of 8.4%[27] Equity and Capital Management - Total stockholders' equity decreased by $1.1 million, from $177.1 million at September 30, 2024, to $176.0 million at December 31, 2024[10] - The Company plans to use surplus capital generated from the bulk sale to retire high-cost subordinated debt and repurchase common shares, focusing on maximizing shareholder value[2] Efficiency and Operational Metrics - Efficiency ratio (GAAP) improved to 69.29% in Q4 2024, down from 94.93% in Q4 2023[20] - The return on average assets increased to 1.02% for the three months ended December 31, 2024, up from 0.16% in the same period of 2023[22] - The efficiency ratio improved to 69.29% for the three months ended December 31, 2024, compared to 94.93% in the same period of 2023, indicating enhanced operational efficiency[22] - Core Banking's efficiency ratio improved to 66.15% in Q4 2024 from 64.50% in Q3 2024[24] Credit Quality - The Company recognized a reversal of provision for credit losses of $490,000 for loans, compared to a provision of $470,000 in the same period last year, primarily due to a bulk sale of approximately $87.2 million of home equity lines of credit[4] - Nonperforming loans as a percentage of total loans slightly increased to 0.87% as of December 31, 2024, from 0.83% in the same period of 2023[22] - The allowance for credit losses as a percentage of total loans was 1.09% as of December 31, 2024, compared to 1.01% in the same period of 2023, indicating a slight increase in provisions[22] Segment Performance - The SBA Lending Segment reported a net loss of $144,000 for the three months ended December 31, 2024, compared to a net loss of $470,000 in the same period of 2023, showing improvement[23] - The net gain on sales of loans in the Small Business Administration segment was $711,000 for the three months ended December 31, 2024, compared to $834,000 in the same period of 2023[22] - The company ceased its national mortgage banking operations in the quarter ended December 31, 2023, with subsequent immaterial mortgage lending activity reported within the Core Banking segment[23]
First Savings Financial (FSFG) - 2025 Q1 - Quarterly Results