Core Financial Performance - The company reported net income of $6.2 million, or $0.89 per diluted share, for the quarter ended December 31, 2024, compared to $920,000, 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 $4.3 million, or $0.62 per diluted share, for the quarter ended December 31, 2024, compared to $920,000, or $0.13 per diluted share, for the same period in 2023 [1][17] - The core banking segment net income was $6.4 million, or $0.91 per diluted share, for the quarter ended December 31, 2024, compared to $4.0 million, or $0.59 per diluted share, for the same quarter in 2023 [1][18] Revenue and Income Analysis - Net interest income increased by $1.3 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 $3.3 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 $1.1 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 $7,000 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 $374,000 from $16.9 million at September 30, 2024, to $16.6 million at December 31, 2024 [4][15] Balance Sheet Overview - Total assets decreased by $61.6 million, from $2.45 billion at September 30, 2024, to $2.39 billion at December 31, 2024, primarily due to a $79.3 million decrease in net loans held for investment [8][15] - Total liabilities decreased by $60.5 million, mainly due to a $48.1 million decrease in total deposits [9][15] - 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][15]
First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2024