First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2024

JEFFERSONVILLE, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $6.2 million, or $0.89 per diluted share, for the quarter ended December 31, 2024, compared to net income of $920,000, or $0.13 per diluted share, for the quarter ended December 31, 2023. Excluding nonrecurring items, the Company reported net income of $4.3 million (non-GAAP measure)(1) and net income per diluted share of $0.62 (non-GAAP measure)(1) for the quarter ended December 31, 2024 compared to $920,000, or $0.13 per diluted share for the quarter ended December 31, 2023. The core banking segment reported net income of $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 quarter ended December 31, 2023. Excluding nonrecurring items, the core banking segment reported net income of $4.5 million, or $0.64 per diluted share for the quarter ended December 31, 2024 (non-GAAP measure)(1) compared to $4.0 million, or $0.59 per diluted share for the quarter ended December 31, 2023. Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the first fiscal quarter, which included a bulk sale of first lien home equity lines of credit and continued improvement in our net interest margin. The bulk sale is part of a strategic initiative to transition the first lien home equity line of credit business to an originate for sale model during fiscal 2025 in order to enhance noninterest income, moderate the loan to deposit ratio, decrease reliance on noncore funding, and generate capital. The surplus capital generated from the bulk sale and potential future flow sales may be used to retire high-cost subordinated debt and repurchase Company common shares. We are optimistic regarding the remainder of fiscal 2025 as we continue to focus on asset quality, select loan growth opportunities, and capital and liquidity management. We’ll continue to evaluate options and strategies that we believe will maximize shareholder value.” (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. Results of Operations for the Three Months Ended December 31, 2024 and 2023 Net interest income increased $1.3 million, or 9.6%, to $15.5 million for the three months ended December 31, 2024 as compared to the same period in 2023. The tax equivalent net interest margin for the three months ended December 31, 2024 was 2.75% as compared to 2.69% for the same period in 2023. The increase in net interest income was due to a $3.8 million increase in interest income, partially offset by a $2.4 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release. The Company recognized a reversal of provision for credit losses for loans and securities of $490,000 and $7,000, respectively, and a provision for unfunded lending commitments of $46,000 for the three months ended December 31, 2024, compared to a provision for credit losses for loans of $470,000 and reversal of provision for unfunded lending commitments of $58,000 for the same period in 2023. The reversal of provisions during the 2024 period was due primarily to the bulk sale of approximately $87.2 million of home equity lines of credit during the quarter ended December 31, 2024, which resulted in the reversals of $980,000 in allowance for credit losses for loans and $129,000 in allowance for unfunded lending commitments. The Company recognized net charge-offs totaling $119,000 for the three months ended December 31, 2024, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $9,000 in 2023. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $374,000 from $16.9 million at September 30, 2024 to $16.6 million at December 31, 2024. Noninterest income increased $3.3 million for the three months ended December 31, 2024 as compared to the same period in 2023. The increase was due primarily to a $2.5 million net gain on sale of loans due to the aforementioned bulk loan sale and $403,000 in net gains on equity securities during the three months ended December 31, 2024 with no corresponding gains for 2023. Noninterest expense decreased $1.1 million for the three months ended December 31, 2024 as compared to the same period in 2023. The decrease was due primarily to decreases in compensation and benefits, occupancy and equipment and professional fee expenses of $487,000, $405,000 and $385,000, respectively. These decreases were primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023. The Company recognized income tax expense of $848,000 for the three months ended December 30, 2024 as compared to income tax benefit of $476,000 for the same period in 2023. The increase is due primarily to higher taxable income in the 2024 period, due primarily to the aforementioned net gain on sale of loans. The effective tax rate for 2024 was 12.0%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2024 and 2023 periods. Comparison of Financial Condition at December 31, 2024 and September 30, 2024 Total assets decreased $61.6 million, from $2.45 billion at September 30, 2024 to $2.39 billion at December 31, 2024. Net loans held for investment decreased $79.3 million during the three months ended December 31, 2024 due primarily to the $87.2 million bulk sale of residential real estate home equity line of credit loans. Total liabilities decreased $60.5 million due primarily to decreases in total deposits of $48.1 million, which included a decrease in brokered deposits of $72.1 million and a decrease in FHLB borrowings of $6.6 million. The decrease in brokered deposits and FHLB borrowings was due primary to repayments as a result of the aforementioned bulk loan sale. As of December 31, 2024, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.1% of total deposits and 13.7% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund. Total stockholders’ equity decreased $1.1 million, from $177.1 million at September 30, 2024 to $176.0 million at December 31, 2024, due primarily to a $6.6 million increase in accumulated other comprehensive loss, partially offset by an increase in retained net income of $5.2 million. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the three months ended December 31, 2024, which resulted in a decrease in the fair value of securities available for sale. At December 31, 2024 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines. First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.” This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements. Contact: Tony A. Schoen, CPA Chief Financial Officer 812-283-0724 FIRST SAVINGS FINANCIAL GROUP, INC.CONSOLIDATED FINANCIAL HIGHLIGHTS(Unaudited) Three Months EndedOPERATING DATA:December 31,(In thousands, except share and per share data) 2024 2023 Total interest income$32,449 $28,655 Total interest expense 16,987 14,542 Net interest income 15,462 14,113 Provision (credit) for credit losses - loans (490) 470 Provision (credit) for unfunded lending commitments 46 (58)Credit for credit losses - securities (7) - Total provision (credit) for credit losses (451) 412 Net interest income after provision (credit) for credit losses 15,913 13,701 Total noninterest income 6,103 2,782 Total noninterest expense 14,943 16,039 Income before income taxes 7,073 444 Income tax expense (benefit) 848 (476) Net income$6,225 $920 Net income per share, basic$0.91 $0.13 Weighted average shares outstanding, basic 6,851,153 6,823,948 Net income per share, diluted$0.89 $0.13 Weighted average shares outstanding, diluted 6,969,223 6,839,704 Performance ratios (annualized) Return on average assets 1.02% 0.16%Return on average equity 14.07% 2.42%Return on average common stockholders' equity 14.07% 2.42%Net interest margin (tax equivalent basis) 2.75% 2.69%Efficiency ratio 69.29% 94.93% QTDFINANCIAL CONDITION DATA:December 31, September 30, Increase(In thousands, except per share data) 2024 2024 (Decrease) Total assets$2,388,735 $2,450,368 $(61,633)Cash and cash equivalents 76,224 52,142 24,082 Investment securities 242,634 249,719 (7,085)Loans held for sale 24,441 25,716 (1,275)Gross loans 1,905,199 1,985,146 (79,947)Allowance for credit losses 20,685 21,294 (609)Interest earning assets 2,234,258 2,277,512 (43,254)Goodwill 9,848 9,848 - Core deposit intangibles 357 398 (41)Loan servicing rights 2,661 2,754 (93)Noninterest-bearing deposits 183,239 191,528 (8,289)Interest-bearing deposits (retail) 1,212,527 1,180,196 32,331 Interest-bearing deposits (brokered) 437,008 509,157 (72,149)Federal Home Loan Bank borrowings 295,000 301,640 (6,640)Subordinated debt and other borrowings 48,642 48,603 39 Total liabilities 2,212,708 2,273,253 (60,545)Accumulated other comprehensive loss (17,789) (11,195) (6,594)Total stockholders' equity 176,027 177,115 (1,088) Book value per share$25.48 $25.72 (0.24)Tangible book value per share (non-GAAP) (1) 24.00 24.23 (0.23) Non-performing assets: Nonaccrual loans - SBA guaranteed$4,444 $5,036 $(592)Nonaccrual loans 12,124 11,906 218 Total nonaccrual loans$16,568 $16,942 $(374)Accruing loans past due 90 days - - - Total non-performing loans 16,568 16,942 (374)Foreclosed real estate 444 444 - Total non-performing assets$17,012 $17,386 $(374) Asset quality ratios: Allowance for credit losses as a percent of total gross loans 1.09% 1.07% 0.01%Allowance for credit losses as a percent of nonperforming loans 124.85% 125.69% (0.84%)Nonperforming loans as a percent of total gross loans 0.87% 0.85% 0.02%Nonperforming assets as a percent of total assets 0.71% 0.71% 0.00% (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item. RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures. Three Months EndedNet IncomeDecember 31,(In thousands) 2024 2023 Net income attributable to the Company (non-GAAP)$4,308 $920 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect 1,869 - Plus: Reversal of provision for credit losses, loans, net of tax effect 735 - Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect 97 - Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect 302 Less: Adjustments to sick pay contingent liability, net of tax effect (296) Less: Compensation expense associated with loan sale, net of tax effect (790) Net income attributable to the Company (GAAP)$6,225 $920 Net Income per Share, Diluted Net income per share attributable to the Company, diluted (non-GAAP)$0.62 $0.13 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect 0.26 - Plus: Reversal of provision for credit losses, loans, net of tax effect 0.11 - Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect 0.01 - Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect 0.04 Less: Adjustments to sick pay contingent liability, net of tax effect (0.04) Less: Compensation expense associated with loan sale, net of tax effect (0.11) Net income per share, diluted (GAAP)$0.89 $0.13 Core Bank Segment Net Income (In thousands) Net income attributable to the Core Bank (non-GAAP)$4,452 $4,048 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect 1,869 - Plus: Reversal of provision for credit losses, loans, net of tax effect 735 - Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect 97 - Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect 302 - Less: Adjustments to sick pay contingent liability, net of tax effect (296) - Less: Compensation expense associated with loan sale, net of tax effect (790) - Net income attributable to the Core Bank (GAAP)$6,369 $4,048 Core Bank Segment Net Income per Share, Diluted Core Bank net income per share, diluted (non-GAAP)$0.64 $0.59 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect 0.26 - Plus: Reversal of provision for credit losses, loans, net of tax effect 0.11 - Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect 0.01 - Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect 0.04 - Less: Adjustments to sick pay contingent liability, net of tax effect (0.04) - Less: Compensation expense associated with loan sale, net of tax effect (0.11) - Core Bank net income per share, diluted (GAAP)$0.91 $0.59 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):Three Months Ended Efficiency Ratio 2024 (In thousands) 2024 2023 Net interest income (GAAP)$15,462 $14,113 Noninterest income (GAAP) 6,103 2,782 Noninterest expense (GAAP) 14,943 16,039 Efficiency ratio (GAAP) 69.29% 94.93% Noninterest income (GAAP)$6,103 $2,782 Less: Gain on sale of loans, home equity lines of credit (2,492) - Less: Gain on sale of equity securities (Visa Class B-2 shares) (403) - Noninterest income (Non-GAAP) 3,208 2,782 Noninterest expense (GAAP)$14,943 $16,039 Less: Adjustments to sick pay contingent liability (395) - Less: Compensation expense associated with loan sale (1,053) - Noninterest expense (Non-GAAP)$13,495 $16,039 Efficiency ratio (excluding nonrecurring items) (non-GAAP) 72.28% 94.93% Tangible Book Value Per ShareDecember 31, September 30, Increase(In thousands, except share and per share data) 2024 2024 (Decrease) Stockholders' equity (GAAP)$176,027 $177,115 $(1,088)Less: goodwill and core deposit intangibles (10,205) (10,246) 41 Tangible stockholders' equity (non-GAAP)$165,822 $166,869 $(1,047) Outstanding common shares 6,909,173 6,887,106 $22,067 Tangible book value per share (non-GAAP)$24.00 $24.23 $(0.23) Book value per share (GAAP)$25.48 $25.72 $(0.24) SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):As ofSummarized Consolidated Balance SheetsDecember 31, September 30, June 30, March 31, December 31,(In thousands, except per share data) 2024 2024 2024 2024 2023 Total cash and cash equivalents$76,224 $52,142 $42,423 $62,969 $33,366 Total investment securities 242,634 249,719 238,785 240,142 246,801 Total loans held for sale 24,441 25,716 125,859 19,108 22,866 Total loans, net of allowance for credit losses 1,884,514 1,963,852 1,826,980 1,882,458 1,841,953 Loan servicing rights 2,661 2,754 2,860 3,028 3,711 Total assets 2,388,735 2,450,368 2,393,491 2,364,983 2,308,092 Retail deposits$1,395,766 $1,371,724 $1,312,997 $1,239,271 $1,180,951 Brokered deposits 437,008 509,157 399,151 548,175 502,895 Total deposits 1,832,774 1,880,881 1,712,148 1,787,446 1,683,846 Federal Home Loan Bank borrowings 295,000 301,640 425,000 315,000 356,699 Common stock and additional paid-in capital$28,382 $27,725 $27,592 $27,475 $27,397 Retained earnings - substantially restricted 178,526 173,337 170,688 167,648 163,753 Accumulated other comprehensive loss (17,789) (11,195) (17,415) (17,144) (13,606)Unearned stock compensation (973) (901) (999) (1,096) (1,194)Less treasury stock, at cost (12,119) (11,851) (11,866) (11,827) (11,827)Total stockholders' equity 176,027 177,115 168,000 165,056 164,523 Outstanding common shares 6,909,173 6,887,106 6,883,656 6,883,160 6,883,160 Three Months EndedSummarized Consolidated Statements of IncomeDecember 31, September 30, June 30, March 31, December 31,(In thousands, except per share data) 2024 2024 2024 2024 2023 Total interest income$32,449 $32,223 $31,094 $30,016 $28,655 Total interest expense 16,987 17,146 16,560 15,678 14,542 Net interest income 15,462 15,077 14,534 14,338 14,113 Provision (credit) for credit losses - loans (490) 1,808 501 713 470 Provision (credit) for unfunded lending commitments 46 (262) 158 (259) (58)Provision (credit) for credit losses - securities (7) (86) 84 23 - Total provision (credit) for credit losses (451) 1,460 743 477 412 Net interest income after provision for credit losses 15,913 13,617 13,791 13,861 13,701 Total noninterest income 6,103 2,842 3,196 3,710 2,782 Total noninterest expense 14,943 12,642 12,431 11,778 16,039 Income before income taxes 7,073 3,817 4,556 5,793 444 Income tax expense (benefit) 848 145 483 866 (476)Net income 6,225 3,672 4,073 4,927 920 Net income per share, basic$0.91 $0.54 $0.60 $0.72 $0.13 Weighted average shares outstanding, basic 6,851,153 6,832,626 6,832,452 6,832,130 6,823,948 Net income per share, diluted$0.89 $0.53 $0.60 $0.72 $0.13 Weighted average shares outstanding, diluted 6,969,223 6,894,532 6,842,336 6,859,611 6,839,704 SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months EndedNoninterest Income DetailDecember 31, September 30, June 30, March 31, December 31,(In thousands) 2024 2024 2024 2024 2023 Service charges on deposit accounts$567 $552 $538 $387 $473 ATM and interchange fees 665 642 593 585 449 Net unrealized gain on equity securities 78 28 419 6 38 Net gain on equity securities 403 - - - - Net gain on sales of loans, Small Business Administration 711 647 581 951 834 Net gain on sales of loans, home equity lines of credit 2,492 - - - - Mortgage banking income 78 6 49 53 89 Increase in cash surrender value of life insurance 361 363 353 333 329 Gain on life insurance 108 - - - - Commission income 210 294 220 220 222 Real estate lease income 121 122 154 115 115 Net gain (loss) on premises and equipment 45 (4) - 120 - Other income 264 192 289 940 233 Total noninterest income$6,103 $2,842 $3,196 $3,710 $2,782 Three Months Ended December 31, September 30, June 30, March 31, December 31,Consolidated Performance Ratios (Annualized) 2024 2024 2024 2024 2023 Return on average assets 1.02% 0.61% 0.69% 0.92% 0.16%Return on average equity 14.07% 8.52% 9.86% 13.06% 2.42%Return on average common stockholders' equity 14.07% 8.52% 9.86% 13.06% 2.42%Net interest margin (tax equivalent basis) 2.75% 2.72% 2.67% 2.66% 2.69%Efficiency ratio 69.29% 70.55% 70.11% 65.26% 94.93% As of or for the Three Months Ended December 31, September 30, June 30, March 31, December 31,Consolidated Asset Quality Ratios 2024 2024 2024 2024 2023 Nonperforming loans as a percentage of total loans 0.87% 0.85% 0.91% 0.82% 0.83%Nonperforming assets as a percentage of total assets 0.71% 0.71% 0.72% 0.68% 0.69%Allowance for credit losses as a percentage of total loans 1.09% 1.07% 1.07% 1.02% 1.01%Allowance for credit losses as a percentage of nonperforming loans 124.85% 125.69% 118.12% 124.01% 121.16%Net charge-offs to average outstanding loans 0.01% 0.02% 0.01% 0.01% 0.00% SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months EndedSegmented Statements of Income InformationDecember 31, September 30, June 30, March 31, December 31,(In thousands) 2024 2024 2024 2024 2023 Core Banking Segment: Net interest income$13,756 $14,083 $13,590 $13,469 $13,113 Provision (credit) for credit losses - loans (745) 1,339 320 909 (49)Provision (credit) for unfunded lending commitments (75) 78 64 (259) - Provision (credit) for credit losses - securities (7) (86) 84 23 - Net interest income after provision for credit losses 14,583 12,752 13,122 12,796 13,162 Noninterest income 5,253 2,042 2,474 2,537 1,679 Noninterest expense 12,574 10,400 10,192 10,093 10,252 Income before income taxes 7,262 4,394 5,404 5,240 4,589 Income tax expense 893 301 689 729 541 Net income$6,369 $4,093 $4,715 $4,511 $4,048 SBA Lending Segment (Q2): Net interest income$1,706 $994 $944 $869 $1,003 Provision (credit) for credit losses - loans 255 469 181 (196) 461 Provision (credit) for unfunded lending commitments 121 (340) 94 - - Net interest income after provision for credit losses 1,330 865 669 1,065 542 Noninterest income 850 800 722 1,173 1,003 Noninterest expense 2,369 2,242 2,239 1,685 2,146 Income (loss) before income taxes (189) (577) (848) 553 (601)Income tax expense (benefit) (45) (156) (206) 137 (131)Net income (loss)$(144) $(421) $(642) $416 $(470) Mortgage Banking Segment: (2) Net interest income (loss)$- $- $- $- $(3)Provision for credit losses - loans - - - - - Provision for unfunded lending commitments - - - - - Net interest income (loss) after provision for credit losses - - - - (3)Noninterest income - - - - 100 Noninterest expense - - - - 3,641 Loss before income taxes - - - - (3,544)Income tax benefit - - - - (886)Net loss$- $- $- $- $(2,658) (2) National mortgage banking operations were ceased in the quarter ended December 31, 2023 and subsequent immaterial mortgage lending activity is reported within the Core Banking segment. SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months EndedSegmented Statements of Income InformationDecember 31, September 30, June 30, March 31, December 31,(In thousands, except percentage data) 2024 2024 2024 2024 2023 Net Income (Loss) Per Share by Segment Net income per share, basic - Core Banking$0.93 $0.60 $0.69 $0.66 $0.59 Net income (loss) per share, basic - SBA Lending (Q2) (0.02) (0.06) (0.09) 0.06 (0.07)Net loss per share, basic - Mortgage Banking 0.00 0.00 0.00 0.00 (0.40)Total net income (loss) per share, basic$0.91 $0.54 $0.60 $0.72 $0.12 Net Income (Loss) Per Diluted Share by Segment Net income per share, diluted - Core Banking$0.91 $0.59 $0.69 $0.66 $0.59 Net income (loss) per share, diluted - SBA Lending (Q2) (0.02) (0.06) (0.09) 0.06 (0.07)Net loss per share, diluted - Mortgage Banking 0.00 0.00 0.00 0.00 (0.40)Total net income (loss) per share, diluted$0.89 $0.53 $0.60 $0.72 $0.12 Return on Average Assets by Segment (annualized) (3) Core Banking 1.09% 0.71% 0.83% 0.80% 0.73%SBA Lending (0.55%) (1.71%) (2.91%) 1.81% (2.11%) Efficiency Ratio by Segment (annualized) (3) Core Banking 66.15% 64.50% 63.45% 63.06% 69.31%SBA Lending 92.68% 124.97% 134.39% 82.52% 106.98% Three Months EndedNoninterest Expense Detail by SegmentDecember 31, September 30, June 30, March 31, December 31,(In thousands) 2024 2024 2024 2024 2023 Core Banking Segment: Compensation$7,245 $5,400 $5,587 $5,656 $5,691 Occupancy 1,577 1,554 1,573 1,615 1,481 Advertising 338 399 253 205 189 Other 3,414 3,047 2,779 2,617 2,891 Total Noninterest Expense$12,574 $10,400 $10,192 $10,093 $10,252 SBA Lending Segment (Q2): Compensation$1,931 $1,854 $1,893 $1,933 $1,826 Occupancy 59 55 51 58 91 Advertising 14 17 12 7 10 Other 365 316 283 (313) 219 Total Noninterest Expense$2,369 $2,242 $2,239 $1,685 $2,146 Mortgage Banking Segment: (2) Compensation$- $- $- $- $2,146 Occupancy - - - - 469 Advertising - - - - 119 Other - - - - 907 Total Noninterest Expense$- $- $- $- $3,641 (3) Ratios for Mortgage Banking Segment are not considered meaningful due to cessation of national mortgage banking operations in the quarter ended December 31, 2023. SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months EndedSBA Lending (Q2) DataDecember 31, September 30, June 30, March 31, December 31,(In thousands, except percentage data)2024 2024 2024 2024 2023 Final funded loans guaranteed portion sold, SBA$ 10,785 $ 10,880 $ 7,515 $ 15,144 $ 14,098 Gross gain on sales of loans, SBA$ 1,141 $ 1,029 $ 811 $ 1,443 $ 1,303 Weighted average gross gain on sales of loans, SBA10.58% 9.46% 10.79% 9.53% 9.24% Net gain on sales of loans, SBA (4)$ 711 $ 647 $ 581 $ 951 $ 834 Weighted average net gain on sales of loans, SBA6.59% 5.95% 7.73% 6.28% 5.92% (4) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment. SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):Three Months EndedSummarized Consolidated Average Balance SheetsDecember 31, September 30, June 30, March 31, December 31,(In thousands) 2024 2024 2024 2024 2023 Interest-earning assets Average balances: Interest-bearing deposits with banks$21,102 $16,841 $26,100 $24,587 $20,350 Loans 2,010,082 1,988,997 1,943,716 1,914,609 1,857,654 Investment securities - taxable 101,960 99,834 101,350 102,699 103,728 Investment securities - nontaxable 160,929 158,917 157,991 157,960 159,907 FRB and FHLB stock 24,986 24,986 24,986 24,986 24,968 Total interest-earning assets$2,319,059 $2,289,575 $2,254,143 $2,224,841 $2,166,607 Interest income (tax equivalent basis): Interest-bearing deposits with banks$210 $209 $324 $261 $249 Loans 29,617 29,450 28,155 27,133 26,155 Investment securities - taxable 914 910 918 923 942 Investment securities - nontaxable 1,715 1,685 1,665 1,662 1,687 FRB and FHLB stock 493 471 519 499 74 Total interest income (tax equivalent basis)$32,949 $32,725 $31,581 $30,478 $29,107 Weighted average yield (tax equivalent basis, annualized): Interest-bearing deposits with banks 3.98% 4.96% 4.97% 4.25% 4.89%Loans 5.89% 5.92% 5.79% 5.67% 5.63%Investment securities - taxable 3.59% 3.65% 3.62% 3.59% 3.63%Investment securities - nontaxable 4.26% 4.24% 4.22% 4.21% 4.22%FRB and FHLB stock 7.89% 7.54% 8.31% 7.99% 1.19%Total interest-earning assets 5.68% 5.72% 5.60% 5.48% 5.37% Interest-bearing liabilities Interest-bearing deposits$1,671,156 $1,563,258 $1,572,871 $1,549,012 $1,389,384 Federal Home Loan Bank borrowings 315,583 378,956 351,227 333,275 440,786 Subordinated debt and other borrowings 48,616 48,576 48,537 48,497 48,458 Total interest-bearing liabilities$2,035,355 $1,990,790 $1,972,635 $1,930,784 $1,878,628 Interest expense: Interest-bearing deposits$13,606 $12,825 $12,740 $12,546 $9,989 Federal Home Loan Bank borrowings 2,617 3,521 3,021 2,298 3,769 Subordinated debt and other borrowings 764 800 799 833 784 Total interest expense$16,987 $17,146 $16,560 $15,677 $14,542 Weighted average cost (annualized): Interest-bearing deposits 3.26% 3.28% 3.24% 3.24% 2.88%Federal Home Loan Bank borrowings 3.32% 3.72% 3.44% 2.76% 3.42%Subordinated debt and other borrowings 6.29% 6.59% 6.58% 6.87% 6.47%Total interest-bearing liabilities 3.34% 3.45% 3.36% 3.25% 3.10% Net interest income (taxable equivalent basis)$15,962 $15,579 $15,021 $14,801 $14,565 Less: taxable equivalent adjustment (500) (502) (487) (463) (452)Net interest income$15,462 $15,077 $14,534 $14,338 $14,113 Interest rate spread (tax equivalent basis, annualized) 2.34% 2.27% 2.24% 2.23% 2.27% Net interest margin (tax equivalent basis, annualized) 2.75% 2.72% 2.67% 2.66% 2.69%

First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2024

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