First Savings Financial (FSFG) - 2025 Q2 - Quarterly Results

Executive Summary & Company Overview Second Fiscal Quarter 2025 Highlights First Savings Financial Group reported Q2 2025 GAAP net income of $5.5 million ($0.79 diluted EPS) and non-GAAP net income of $5.3 million ($0.76 diluted EPS), showing strong year-over-year growth GAAP Financial Highlights | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Change (in millions) | YoY Change (%) | | :-------------- | :------ | :------ | :--------- | :------------- | | Net Income | $5.5 | $4.9 | +$0.6 | +12.2% | | Diluted EPS | $0.79 | $0.72 | +$0.07 | +9.7% | | Non-GAAP Net Income | $5.3 | $3.6 | +$1.7 | +47.2% | | Non-GAAP Diluted EPS | $0.76 | $0.52 | +$0.24 | +46.2% | CEO Commentary CEO Larry W. Myers noted Q2 improvements in net interest margin, SBA Lending profitability, and asset quality, anticipating continued expansion and stable asset quality - Net interest margin increased eighteen and twenty-one basis points for the three and six months ended, respectively[2] - SBA Lending segment posted its first profitable quarter since March 2024, with solid loan originations and sales[2] - 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)[2] - Optimistic outlook for fiscal 2025, anticipating further net interest margin expansion, continued SBA Lending profitability, additional HELOC sales, and stable asset quality[2] Company Profile First Savings Bank is an Indiana-based community bank with fifteen branches, operating national commercial real estate and SBA lending programs, and trading on NASDAQ as "FSFG" - Headquartered in Jeffersonville, Indiana, with fifteen depository branches in Southern Indiana[17] - Operates two national lending programs: single-tenant net lease commercial real estate and SBA lending, with offices predominantly in the Midwest[17] - Common shares trade on The NASDAQ Stock Market under the symbol "FSFG."[17] Forward-Looking Statements The report contains forward-looking statements, not guarantees of future performance, subject to various economic and regulatory risks, with no obligation for the Company to update them - Forward-looking statements are based on current expectations and are not guarantees of future performance[17][18] - Risks and uncertainties include changes in general economic conditions, market interest rates, monetary and fiscal policies, and legislative/regulatory changes[18] - The Company assumes no obligation to update forward-looking statements[19] Financial Performance Analysis Results of Operations - Three Months Ended March 31, 2025 and 2024 First Savings Financial Group reported an 11.6% increase in net interest income for Q2 2025, a reversal of credit loss provisions, decreased noninterest income, and increased noninterest expense Net Interest Income Net Interest Income (Three Months Ended March 31) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change (in thousands) | YoY Change (%) | | :---------------------- | :--------------------- | :--------------------- | :------------------------ | :------------- | | Net Interest Income | $16,000 | $14,300 | +$1,700 | +11.6% | | Tax Equivalent Net Interest Margin | 2.93% | 2.66% | +0.27% | | - 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[3] Provision for Credit Losses Provision for Credit Losses (Three Months Ended March 31, in thousands) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :-------------------- | :------ | :------ | :--------- | | Provision (credit) for credit losses - loans | ($357) | $713 | ($1,070) | | Provision (credit) for unfunded lending commitments | $123 | ($259) | +$382 | | Provision (credit) for credit losses - securities | ($1) | $23 | ($24) | | Total provision (credit) for credit losses | ($235) | $477 | ($712) | - The reversal of provisions in 2025 was primarily due to a decrease in qualitative reserves and $156,000 in net recoveries, including $215,000 from unguaranteed SBA loans[4] - Nonperforming loans decreased by $4.2 million from September 30, 2024, to $12.7 million at March 31, 2025, mainly due to a $4.9 million decrease in SBA-guaranteed loan balances[4] Noninterest Income Noninterest Income (Three Months Ended March 31, in thousands) | Metric | Q2 2025 | Q2 2024 | YoY Change | YoY Change (%) | | :-------------------- | :------ | :------ | :--------- | :------------- | | Total Noninterest Income | $3,560 | $3,710 | ($150) | -4.0% | - The decrease in other income in 2025 was primarily due to a $492,000 gain on the sale of mortgage servicing rights during the 2024 period with no corresponding amount for 2025[5] Noninterest Expense Noninterest Expense (Three Months Ended March 31, in thousands) | Metric | Q2 2025 | Q2 2024 | YoY Change | YoY Change (%) | | :-------------------- | :------ | :------ | :--------- | :------------- | | Total Noninterest Expense | $13,698 | $11,778 | +$1,920 | +16.3% | - Increase in compensation and benefits primarily due to higher bonus and incentive accruals in 2025[6] - Increase in other operating expenses primarily due to a $656,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 compared to a $41,000 reversal in 2025, and a $247,000 adjustment to the MSR valuation allowance in 2024 with no 2025 equivalent[6] Income Tax Expense Income Tax Expense (Three Months Ended March 31, in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | YoY Change (in thousands) | YoY Change (%) | | :------------- | :--------------------- | :--------------------- | :------------------------ | :------------- | | Income Tax Expense | $589 | $866 | ($277) | -32.0% | | Effective Tax Rate | 9.7% | 14.9% | -5.2% | | - The decrease in income tax expense is primarily due to greater utilization of investment tax credits in 2025, related to solar projects[7] Results of Operations - Six Months Ended March 31, 2025 and 2024 First Savings Financial Group reported substantial increases in GAAP and non-GAAP net income and diluted EPS for the six months ended March 31, 2025, driven by 10.6% net interest income growth, credit loss provision reversal, and significant noninterest income gains Net Income Overview GAAP Financial Highlights (Six Months Ended March 31) | Metric | 6 Months 2025 (in millions) | 6 Months 2024 (in millions) | YoY Change (in millions) | YoY Change (%) | | :-------------- | :------------ | :------------ | :--------- | :------------- | | Net Income | $11.7 | $5.8 | +$5.9 | +101.7% | | Diluted EPS | $1.68 | $0.85 | +$0.83 | +97.6% | | Non-GAAP Net Income | $9.4 | $4.5 | +$4.9 | +108.9% | | Non-GAAP Diluted EPS | $1.35 | $0.66 | +$0.69 | +104.5% | Core Banking Segment GAAP Financial Highlights (Six Months Ended March 31) | Metric | 6 Months 2025 (in millions) | 6 Months 2024 (in millions) | YoY Change (in millions) | YoY Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :------------- | | Net Income | $11.4 | $8.6 | +$2.8 | +32.6% | | Diluted EPS | $1.64 | $1.25 | +$0.39 | +31.2% | Net Interest Income Net Interest Income (Six Months Ended March 31, in thousands) | Metric | 6 Months 2025 | 6 Months 2024 | YoY Change | YoY Change (%) | | :---------------------- | :------------ | :------------ | :--------- | :------------- | | Net Interest Income | $31,500 | $28,500 | +$3,000 | +10.6% | | Tax Equivalent Net Interest Margin | 2.84% | 2.68% | +0.16% | | - 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[9] Provision for Credit Losses Provision for Credit Losses (Six Months Ended March 31, in thousands) | Metric | 6 Months 2025 | 6 Months 2024 | YoY Change | | :-------------------- | :------------ | :------------ | :--------- | | Provision (credit) for credit losses - loans | ($848) | $1,200 | ($2,048) | | Provision (credit) for unfunded lending commitments | $169 | ($317) | +$486 | | Provision (credit) for credit losses - securities | ($7) | $23 | ($30) | | Total provision (credit) for credit losses | ($686) | $889 | ($1,575) | - The reversal of provisions in 2025 was primarily due to the bulk sale of approximately $87.2 million of HELOCs and a decrease in qualitative reserves[10] - The Company recognized net recoveries totaling $38,000 for the six months ended March 31, 2025, compared to net charge-offs of $119,000 in 2024[10] Noninterest Income Noninterest Income (Six Months Ended March 31, in thousands) | Metric | 6 Months 2025 | 6 Months 2024 | YoY Change | YoY Change (%) | | :-------------------- | :------------ | :------------ | :--------- | :------------- | | Total Noninterest Income | $9,663 | $6,492 | +$3,171 | +48.8% | - The decrease in other income was due to a $495,000 gain recognized on the sale of mortgage servicing rights during 2024 with no corresponding amount for 2025[11] Noninterest Expense Noninterest Expense (Six Months Ended March 31, in thousands) | Metric | 6 Months 2025 | 6 Months 2024 | YoY Change | YoY Change (%) | | :-------------------- | :------------ | :------------ | :--------- | :------------- | | Total Noninterest Expense | $28,641 | $27,817 | +$824 | +3.0% | - Increase in other operating expenses primarily due to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 (compared to $148,000 in 2025) and a $400,000 accrued contingent liability for employee benefits in 2025[12] - Decreases in professional fees and occupancy/equipment are primarily due to the cessation of national mortgage banking operations in Q4 2023[12] Income Tax Expense Income Tax Expense (Six Months Ended March 31, in thousands) | Metric | 6 Months 2025 (in thousands) | 6 Months 2024 (in thousands) | YoY Change (in thousands) | YoY Change (%) | | :------------- | :--------------------------- | :--------------------------- | :------------------------ | :------------- | | Income Tax Expense | $1,400 | $390 | +$1,010 | +259.0% | | Effective Tax Rate | 10.9% | 6.3% | +4.6% | | - The increase in income tax expense is primarily due to higher taxable income in 2025, including the net gain on sale of loans[13] - The effective tax rate remains below the statutory rate due to investment tax credits related to solar projects[13] Financial Condition Balance Sheet Comparison (March 31, 2025 and September 30, 2024) First Savings Financial Group's total assets and liabilities decreased from September 2024 to March 2025, driven by a HELOC bulk sale and reduced brokered deposits, while stockholders' equity increased Assets Assets (in thousands) | Metric | March 31, 2025 | September 30, 2024 | Change (Decrease) | | :-------------------- | :------------- | :----------------- | :---------------- | | Total Assets | $2,376,230 | $2,450,368 | ($74,138) | - The decrease in net loans held for investment was primarily due to the $87.2 million bulk sale of home equity lines of credit[14] Liabilities and Deposits Liabilities and Deposits (in thousands) | Metric | March 31, 2025 | September 30, 2024 | Change (Decrease) | | :-------------------- | :------------- | :----------------- | :---------------- | | Total Liabilities | $2,197,041 | $2,273,253 | ($76,212) | - The decrease in total deposits was due to a decrease in brokered deposits, primarily from proceeds of the HELOC bulk sale, partially offset by an increase in customer deposits[15] - Deposits exceeding the FDIC insurance limit were 31.8% of total deposits (15.1% excluding public funds insured by Indiana Public Deposit Insurance Fund) as of March 31, 2025[15] Stockholders' Equity Stockholders' Equity (in thousands) | Metric | March 31, 2025 | September 30, 2024 | Change (Increase) | | :-------------------- | :------------- | :----------------- | :---------------- | | Total Stockholders' Equity | $179,189 | $177,115 | +$2,074 | - The increase in accumulated other comprehensive loss was primarily due to increasing long-term market interest rates, which decreased the fair value of securities available for sale[16] - The Bank was considered "well-capitalized" under regulatory guidelines at both March 31, 2025, and September 30, 2024[16] Supplemental Financial Information Consolidated Financial Highlights Consolidated financial highlights present operating data, financial condition, and key performance and asset quality ratios, showing improvements in net income, diluted EPS, net interest margin, and asset quality Operating Data (in thousands, except per share data) | Metric | 3 Months Ended Mar 31, 2025 | 3 Months Ended Mar 31, 2024 | 6 Months Ended Mar 31, 2025 | 6 Months Ended Mar 31, 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 | | Total provision (credit) for credit losses | ($235) | $477 | ($686) | $889 | | Total noninterest income | $3,560 | $3,710 | $9,663 | $6,492 | | Total noninterest expense | $13,698 | $11,778 | $28,641 | $27,817 | | Net income | $5,499 | $4,927 | $11,724 | $5,847 | | Net income per share, diluted | $0.79 | $0.72 | $1.68 | $0.85 | Performance Ratios (Annualized) | Metric | 3 Months Ended Mar 31, 2025 | 3 Months Ended Mar 31, 2024 | 6 Months Ended Mar 31, 2025 | 6 Months Ended Mar 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Return on average assets (%) | 0.93% | 0.84% | 0.98% | 0.50% | | Return on average equity (%) | 12.24% | 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% | Financial Condition Data (in thousands) | Metric | March 31, 2025 | September 30, 2024 | Change (Decrease) | | :------------------------------------ | :------------- | :----------------- | :---------------- | | Total assets | $2,376,230 | $2,450,368 | ($74,138) | | Gross loans | $1,900,660 | $1,985,146 | ($84,486) | | Total liabilities | $2,197,041 | $2,273,253 | ($76,212) | | Total stockholders' equity | $179,189 | $177,115 | $2,074 | | Total non-performing loans | $12,720 | $16,942 | ($4,222) | | Nonperforming loans as a percent of total gross loans (%) | 0.67% | 0.85% | (0.18%) | Reconciliation of GAAP and Non-GAAP Financial Measures This section reconciles GAAP to non-GAAP financial measures, including net income, diluted EPS, and tangible book value per share, by excluding nonrecurring items for core operational performance Net Income Reconciliation (in thousands) | Metric | 3 Months Ended Mar 31, 2025 | 3 Months Ended Mar 31, 2024 | 6 Months Ended Mar 31, 2025 | 6 Months Ended Mar 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income attributable to the Company (non-GAAP) | $5,313 | $3,561 | $9,367 | $4,481 | | Plus: Gain on sale of loans, HELOC, net of tax | - | - | $1,869 | - | | Plus: Gain on sale of equity securities, net of tax | - | - | $302 | - | | Net income attributable to the Company (GAAP) | $5,499 | $4,927 | $11,724 | $5,847 | Efficiency Ratio Reconciliation | Metric | 3 Months Ended Mar 31, 2025 | 3 Months Ended Mar 31, 2024 | Fiscal Year Ended Mar 31, 2025 | Fiscal Year Ended Mar 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Efficiency ratio (GAAP) (%) | 70.06% | 65.26% | 69.66% | 79.61% | | Efficiency ratio (excluding nonrecurring items) (non-GAAP) (%) | 70.96% | 74.27% | 75.42% | 84.48% | Tangible Book Value Per Share Reconciliation (in thousands, except per share data) | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | | :------------------------------------ | :------------- | :---------------- | :----------------- | | Stockholders' equity (GAAP) | $179,189 | $176,027 | $177,115 | | Less: goodwill and core deposit intangibles | ($10,164) | ($10,205) | ($10,246) | | Tangible stockholders' equity (non-GAAP) | $169,025 | $165,822 | $166,869 | | Tangible book value per share (non-GAAP) | $24.43 | $24.00 | $24.23 | | Book value per share (GAAP) | $25.90 | $25.48 | $25.72 | Summarized Consolidated Financial Information (Quarterly Trends) This section details quarterly trends for consolidated balance sheets, income statements, noninterest income, performance, asset quality, and segmented income statements, offering a granular view of financial evolution and segment-specific profitability Balance Sheets Summarized Consolidated Balance Sheets (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Total assets | $2,376,230 | $2,388,735 | $2,450,368 | $2,393,491 | $2,364,983 | | Total loans, net of allowance for credit losses | $1,880,176 | $1,884,514 | $1,963,852 | $1,826,980 | $1,882,458 | | 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 | | Total stockholders' equity | $179,189 | $176,027 | $177,115 | $168,000 | $165,056 | Statements of Income Summarized Consolidated Statements of Income (in thousands, except per share data) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $15,991 | $15,462 | $15,077 | $14,534 | $14,338 | | Total provision (credit) for credit losses | ($235) | ($451) | $1,460 | $743 | $477 | | 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 | | Net income | $5,499 | $6,225 | $3,672 | $4,073 | $4,927 | | Net income per share, diluted | $0.79 | $0.89 | $0.53 | $0.60 | $0.72 | Noninterest Income Detail Noninterest Income Detail (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Service charges on deposit accounts | $541 | $567 | $552 | $538 | $387 | | ATM and interchange fees | $632 | $665 | $642 | $593 | $585 | | Net gain on sales of loans, SBA | $1,078 | $711 | $647 | $581 | $951 | | Net gain on sales of loans, home equity lines of credit | - | $2,492 | - | - | - | | Other income | $401 | $264 | $192 | $289 | $940 | Performance Ratios Consolidated Performance Ratios (Annualized) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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% | | 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% | Asset Quality Ratios Consolidated Asset Quality Ratios | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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% | Segmented Statements of Income Core Banking Segment (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $14,259 | $13,756 | $14,083 | $13,590 | $13,469 | | Net income | $5,069 | $6,369 | $4,093 | $4,715 | $4,511 | | Net income per share, diluted | $0.73 | $0.91 | $0.59 | $0.69 | $0.66 | | Return on Average Assets (annualized) (%) | 0.90% | 1.09% | 0.71% | 0.83% | 0.80% | | Efficiency Ratio (annualized) (%) | 69.61% | 66.15% | 64.50% | 63.45% | 63.06% | SBA Lending Segment (Q2) (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Net interest income | $1,732 | $1,706 | $994 | $944 | $869 | | Net income (loss) | $430 | ($144) | ($421) | ($642) | $416 | | Net income (loss) per share, diluted | $0.06 | ($0.02) | ($0.06) | ($0.09) | $0.06 | | Return on Average Assets (annualized) (%) | 1.58% | (0.55%) | (1.71%) | (2.91%) | 1.81% | | Efficiency Ratio (annualized) (%) | 72.52% | 92.68% | 124.97% | 134.39% | 82.52% | Noninterest Expense Detail by Segment Core Banking Segment Noninterest Expense (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Compensation | $6,637 | $7,245 | $5,400 | $5,587 | $5,656 | | Occupancy | $1,648 | $1,577 | $1,554 | $1,573 | $1,615 | | 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 Noninterest Expense (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Compensation | $1,892 | $1,931 | $1,854 | $1,893 | $1,933 | | Other | $260 | $365 | $316 | $283 | ($313) | | Total Noninterest Expense | $2,212 | $2,369 | $2,242 | $2,239 | $1,685 | SBA Lending Data SBA Lending (Q2) Data (in thousands, except percentage data) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 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 | $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% | Summarized Consolidated Average Balance Sheets Summarized Consolidated Average Balance Sheets (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Total interest-earning assets | $2,247,498 | $2,319,059 | $2,289,575 | $2,254,143 | $2,224,841 | | Total interest income (tax equivalent basis) | $31,317 | $32,949 | $32,725 | $31,581 | $30,478 | | Total interest-bearing liabilities | $1,968,689 | $2,035,355 | $1,990,790 | $1,972,635 | $1,930,784 | | Total interest expense | $14,832 | $16,987 | $17,146 | $16,560 | $15,677 | | Net interest income (taxable equivalent basis) | $16,485 | $15,962 | $15,579 | $15,021 | $14,801 | | Net interest margin (tax equivalent basis, annualized) (%) | 2.93% | 2.75% | 2.72% | 2.67% | 2.66% |