First Savings Financial Group, Inc. Reports Financial Results for the Fiscal Year Ended September 30, 2024

Core Points - First Savings Financial Group reported a net income of $13.6 million, or $1.98 per diluted share, for the year ended September 30, 2024, compared to $8.2 million, or $1.19 per diluted share, for the year ended September 30, 2023 [1] - The core banking segment net income increased to $16.9 million, or $2.47 per diluted share, for the year ended September 30, 2024, from $14.9 million, or $2.18 per diluted share, for the previous year [1] Financial Performance - Net interest income decreased by $3.5 million, or 5.7%, to $58.1 million for the year ended September 30, 2024, due to a $22.3 million increase in interest expense, partially offset by an $18.8 million increase in interest income [4] - The tax equivalent net interest margin for the year ended September 30, 2024, was 2.68%, down from 3.10% for the prior year [4] - Noninterest income decreased by $12.8 million for the year ended September 30, 2024, primarily due to a $14.1 million decrease in mortgage banking income following the cessation of national mortgage banking operations [6] - Noninterest expense decreased by $23.2 million for the year ended September 30, 2024, attributed to reductions in compensation and benefits, data processing expenses, and other operating expenses [7] Credit Quality - The company recognized a provision for credit losses for loans of $3.5 million for the year ended September 30, 2024, compared to $2.6 million for the prior year, primarily due to loan growth and the adoption of the Current Expected Credit Loss (CECL) methodology [5] - Nonperforming loans increased by $3.0 million from $13.9 million at September 30, 2023, to $16.9 million at September 30, 2024 [5] Balance Sheet Highlights - Total assets increased by $161.5 million, from $2.29 billion at September 30, 2023, to $2.45 billion at September 30, 2024 [15] - Net loans held for investment increased by $193.6 million, driven by growth in residential real estate, residential construction, and commercial real estate loans [15] - Total liabilities increased by $135.4 million, primarily due to a $199.1 million increase in total deposits [16] - Common stockholders' equity rose by $26.1 million, from $151.0 million at September 30, 2023, to $177.1 million at September 30, 2024 [17] Future Outlook - The company aims to focus on core banking, strong asset quality, selective high-quality lending, core deposit growth, and increased SBA lending volume for fiscal 2025 [2] - The management expressed confidence in the company's positioning for improved performance in fiscal 2025 and beyond, despite challenges in the economic environment [2]