First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

JEFFERSONVILLE, Ind., April 24, 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 $5.5 million, or $0.79 per diluted share, for the quarter ended March 31, 2025, compared to net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $5.3 million (non-GAAP measure)(1) and net income per diluted share of $0.76 (non-GAAP measure)(1) for the quarter ended March 31, 2025 compared to $3.6 million, or $0.52 per diluted share for the quarter ended March 31, 2024. Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the second fiscal quarter performance, including the continued improvement in the net interest margin, which has increased eighteen and twenty-one basis points for the three and six months ended, respectively. The SBA Lending segment posted its first profitable quarter since March 2024 and posted a solid level of loans originations and sales. 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 from the prior quarter. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit (“HELOCS”), and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also 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 March 31, 2025 and 2024 Net interest income increased $1.7 million, or 11.6%, to $16.0 million for the three months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended March 31, 2025 was 2.93% as compared to 2.66% for the same period in 2024. 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. 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 $357,000 and $1,000, respectively, and a provision for unfunded lending commitments of $123,000 for the three months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $713,000 and $23,000, respectively, and reversal of provision for unfunded lending commitments of $259,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to a decrease in qualitative reserves and $156,000 in net recoveries recognized during the period. The $156,000 in net recoveries during the three months ended March 31, 2025 included $215,000 in net recoveries related to unguaranteed portions of SBA loans. During the three months ended March 31, 2024, the Company recognized net charge-offs of $110,000, of which $15,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $4.2 million from $16.9 million at September 30, 2024 to $12.7 million at March 31, 2025, due primary to a $4.9 million decrease in loan balances guaranteed by the SBA. Noninterest income decreased $150,000 for the three months ended March 31, 2025 as compared to the same period in 2024. The decrease was due primarily to a $539,000 decrease in other income, partially offset by a $154,000 increase in service charges on deposit accounts and a $127,000 increase in net gain on sales of SBA loans. The decrease in other income in 2025 was primarily due to $492,000 gain on the sale of mortgage servicing rights during the 2024 period with no corresponding amount for 2025. Noninterest expense increased $1.9 million for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $940,000 and $948,000, respectively. The increase in compensation and benefits was primarily due to an increase in bonus and incentive accruals in 2025. The increase in other operating expenses was primarily due a $656,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period compared to a reversal of $41,000 for the same period in 2025 and an adjustment to the valuation allowance related to the sale of residential mortgage servicing rights of $247,000 in 2024 with no corresponding amount in 2025. The Company recognized income tax expense of $589,000 for the three months ended March 31, 2025 compared to $866,000 for the same period in 2024. The decrease is due primarily to greater utilization of investment tax credits in the 2025 period. The effective tax rate for 2025 was 9.7% compared to 14.9% for 2024. 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 2025 and 2024 periods. Results of Operations for the Six Months Ended March 31, 2025 and 2024 The Company reported net income of $11.7 million, or $1.68 per diluted share, for the six months ended March 31, 2025 compared to net income of $5.8 million, or $0.85 per diluted share, for the six months ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $9.4 million (non-GAAP measure)(1) and net income per diluted share of $1.35 (non-GAAP measure)(1) for the six months ended March 31, 2025 compared to net income of $4.5 million and net income per diluted share of $0.66 for the six months ended March 31, 2024. The core banking segment reported net income of $11.4 million, or $1.64 per diluted share for the six months ended March 31, 2025 compared to net income of $8.6 million and net income per diluted share of $1.25 for the six months ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $9.1 million (non-GAAP measure)(1), or $1.31 per diluted share (non-GAAP measure)(1) for the six months ended March 31, 2025 compared to net income of $7.7 million and net income per diluted share of $1.12 for the six months ended March 31, 2024. Net interest income increased $3.0 million, or 10.6%, to $31.5 million for the six months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the six months ended March 31, 2025 was 2.84% as compared to 2.68% for the same period in 2024. 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. 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 $848,000 and $7,000, respectively, and a provision for unfunded lending commitments of $169,000 for the six months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $1.2 million and $23,000, respectively, and reversal of provision for unfunded lending commitments of $317,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOCS during the period and a decrease in qualitative reserves. The Company recognized net recoveries totaling $38,000 for the six months ended March 31, 2025, of which $164,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $119,000 in 2024, of which $64,000 was related to unguaranteed portions of SBA loans. Noninterest income increased $3.2 million for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to a $2.5 million net gain on sale of HELOCs in 2025, net gains of $403,000 on the sale of equity securities in 2025 with no corresponding gains for 2024, a $248,000 increase in service charges on deposit accounts, and a $263,000 increase in ATM and interchange fees, slightly offset by a $508,000 decrease in other income due to a $495,000 gain recognized on the sale of mortgage servicing rights during 2024 with no corresponding amount for 2025. Noninterest expense increased $824,000 for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other operating expenses and compensation and benefits of $962,000 and $453,000, respectively, partially offset by decreases in professional fees and occupancy and equipment of $454,000 and $380,000, respectively. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 compared to a reversal of $148,000 in 2025 and a $400,000 accrued contingent liability associated with employee benefits recognized in 2025 with no corresponding amount in 2024, partially offset by a decrease of $180,000 in 2025 to reverse previously accrued litigation expenses. The increase in compensation and benefits is primarily due to an increase in bonus and incentive accruals in 2025 compared to 2024. The decrease in professional fees and occupancy and equipment is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023. The Company recognized income tax expense of $1.4 million for the six months ended March 31, 2025 compared to $390,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period, including the aforementioned net gain on sale of loans. The effective tax rate for 2025 was 10.9% compared to 6.3%. 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 2025 and 2024 periods. Comparison of Financial Condition at March 31, 2025 and September 30, 2024 Total assets decreased $74.1 million, from $2.45 billion at September 30, 2024 to $2.38 billion at March 31, 2025. Net loans held for investment decreased $83.7 million during the six months ended March 31, 2025 due primarily to the $87.2 million bulk sale of home equity lines of credit. Total liabilities decreased $76.2 million due primarily to a decrease in total deposits of $91.7 million, partially offset by an increase in FHLB borrowings of $23.7 million. The decrease in total deposits was due to a decrease in brokered deposits of $112.4 million, due primarily to proceeds from the aforementioned bulk sale of home equity lines of credit and an increase in customer deposits of $20.7 million. As of March 31, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.8% of total deposits and 15.1% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund. Total stockholders’ equity increased $2.1 million, from $177.1 million at September 30, 2024 to $179.2 million at March 31, 2025, due primarily to a $9.6 million increase in retained net income, partially offset by a $8.2 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the six months ended March 31, 2025, which resulted in a decrease in the fair value of securities available for sale. At March 31, 2025 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 in the Company's periodic 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 release 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 Ended Six Months Ended OPERATING DATA: March 31, March 31, (In thousands, except share and per share data) 2025 2024 2025 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 Provision (credit) for credit losses - loans (357) 713 (848) 1,183 Provision (credit) for unfunded lending commitments 123 (259) 169 (317) Provision (credit) for credit losses - securities (1) 23 (7) 23 Total provision (credit) for credit losses (235) 477 (686) 889 Net interest income after provision (credit) for credit losses 16,226 13,861 32,139 27,562 Total noninterest income 3,560 3,710 9,663 6,492 Total noninterest expense 13,698 11,778 28,641 27,817 Income before income taxes 6,088 5,793 13,161 6,237 Income tax expense 589 866 1,437 390 Net income $5,499 $4,927 $11,724 $5,847 Net income per share, basic $0.80 $0.72 $1.71 $0.86 Weighted average shares outstanding, basic 6,875,826 6,832,130 6,861,061 6,828,017 Net income per share, diluted $0.79 $0.72 $1.68 $0.85 Weighted average shares outstanding, diluted 6,960,020 6,859,611 6,961,829 6,849,928 Performance ratios (annualized) Return on average assets 0.93% 0.84% 0.98% 0.50% Return on average equity 12.24% 11.96% 13.15% 7.38% Return on average common stockholders' equity 12.34% 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% QTD FYTDFINANCIAL CONDITION DATA: March 31, December 31, Increase September 30, Increase(In thousands, except per share data) 2025 2024 (Decrease) 2024 (Decrease) Total assets $2,376,230 $2,388,735 $(12,505) $2,450,368 $(74,138)Cash and cash equivalents 28,683 76,224 (47,541) 52,142 (23,459)Investment securities 244,084 242,634 1,450 249,719 (5,635)Loans held for sale 61,239 24,441 36,798 25,716 35,523 Gross loans 1,900,660 1,905,199 (4,539) 1,985,146 (84,486)Allowance for credit losses 20,484 20,685 (201) 21,294 (810)Interest earning assets 2,219,504 2,234,258 (14,754) 2,277,512 (58,008)Goodwill 9,848 9,848 - 9,848 - Core deposit intangibles 316 357 (41) 398 (82)Loan servicing rights 2,744 2,661 83 2,754 (10)Noninterest-bearing deposits 185,252 183,239 2,013 191,528 (6,276)Interest-bearing deposits (customer) 1,207,159 1,212,527 (5,368) 1,180,196 26,963 Interest-bearing deposits (brokered) 396,770 437,008 (40,238) 509,157 (112,387)Federal Home Loan Bank borrowings 325,310 295,000 30,310 301,640 23,670 Subordinated debt and other borrowings 48,682 48,642 40 48,603 79 Total liabilities 2,197,041 2,212,708 (15,667) 2,273,253 (76,212)Accumulated other comprehensive loss (19,385) (17,789) (1,596) (11,195) (8,190)Total stockholders' equity 179,189 176,027 3,162 177,115 2,074 Book value per share $25.90 $25.48 0.42 $25.72 0.18 Tangible book value per share (non-GAAP) (1) 24.43 24.00 0.43 24.23 0.20 Non-performing assets: Nonaccrual loans - SBA guaranteed $123 $4,444 $(4,321) $5,036 $(4,913)Nonaccrual loans 12,597 12,124 473 11,906 691 Total nonaccrual loans $12,720 $16,568 $(3,848) $16,942 $(4,222)Accruing loans past due 90 days - - - - - Total non-performing loans 12,720 16,568 (3,848) 16,942 (4,222)Foreclosed real estate 444 444 - 444 - Total non-performing assets $13,164 $17,012 $(3,848) $17,386 $(4,222) Asset quality ratios: Allowance for credit losses as a percent of total gross loans 1.08% 1.09% (0.01%) 1.07% 0.01%Allowance for credit losses as a percent of nonperforming loans 161.04% 124.85% 36.19% 125.69% 35.35%Nonperforming loans as a percent of total gross loans 0.67% 0.87% (0.20%) 0.85% (0.18%)Nonperforming assets as a percent of total assets 0.55% 0.71% (0.16%) 0.71% (0.16%) (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 Ended Six Months Ended Net Income March 31, March 31, (In thousands) 2025 2024 2025 2024 Net income attributable to the Company (non-GAAP) $5,313 $3,561 $9,367 $4,481 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect - - 1,869 - Plus: Gain on sale of equity securities, net of tax effect - - 302 - Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect - 492 - 492 Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect - 583 - 583 Plus: Gain on sale of premises and equipment, net of tax effect 186 90 186 90 Plus: Adjustment to previous data processing contract termination accrual, net of tax effect - 117 - 117 Plus: Distribution from equity investment, net of tax effect - 85 - 85 Net income attributable to the Company (GAAP) $5,499 $4,927 $11,724 $5,847 Net Income per Share, Diluted Net income per share attributable to the Company, diluted (non-GAAP) $0.76 $0.52 $1.35 $0.65 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect - - 0.27 - Plus: Gain on sale of equity securities, net of tax effect - - 0.03 - Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect - 0.07 - 0.07 Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect - 0.08 - 0.08 Plus: Gain on sale of premises and equipment, net of tax effect 0.03 0.01 0.03 0.01 Plus: Adjustment to previous data processing contract termination accrual, net of tax effect - 0.02 - 0.02 Plus: Distribution from equity investment, net of tax effect - 0.02 - 0.02 Net income per share, diluted (GAAP) $0.79 $0.72 $1.68 $0.85 Core Bank Segment Net Income (In thousands) Net income attributable to the Core Bank (non-GAAP) $4,883 $3,637 $9,081 $7,685 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect - - 1,869 - Plus: Gain on sale of equity securities, net of tax effect - - 302 - Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect - 583 - 583 Plus: Gain on sale of premises and equipment, net of tax effect 186 90 186 90 Plus: Adjustment to previous data processing contract termination accrual, net of tax effect - 117 - 117 Plus: Distribution from equity investment, net of tax effect - 85 - 85 Net income attributable to the Core Bank (GAAP) $5,069 $4,511 $11,438 $8,559 Core Bank Segment Net Income per Share, Diluted Core Bank net income per share, diluted (non-GAAP) $0.70 $0.53 $1.31 $1.12 Plus: Gain on sale of loans, home equity lines of credit, net of tax effect - - 0.27 - Plus: Gain on sale of equity securities, net of tax effect - - 0.03 - Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect - 0.08 - 0.08 Plus: Gain on sale of premises and equipment, net of tax effect - 0.01 0.03 0.01 Plus: Adjustment to previous data processing contract termination accrual, net of tax effect 0.03 0.02 - 0.02 Plus: Distribution from equity investment, net of tax effect - 0.02 - 0.02 Core Bank net income per share, diluted (GAAP) $0.73 $0.66 $1.64 $1.25 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED): Three Months Ended Fiscal Year Ended Efficiency Ratio March 31, March 31, (In thousands) 2025 2024 2025 2024 Net interest income (GAAP) $15,991 $14,338 $31,453 $28,451 Noninterest income (GAAP) 3,560 3,710 9,663 6,492 Noninterest expense (GAAP) 13,698 11,778 28,641 27,817 Efficiency ratio (GAAP) 70.06% 65.26% 69.66% 79.61% Noninterest income (GAAP) $3,560 $3,710 $9,663 $6,492 Less: Gain on sale of loans, home equity lines of credit - - (2,492) - Less: Gain on sale of equity securities - - (403) - Less: Gain on sale of premises and equipment (248) (120) (248) (120) Less: Adjustment to MSR valuation allowance related to sale - (530) - (530) Less: Distribution from equity investment - (113) - (113) Noninterest income (Non-GAAP) 3,312 2,947 6,520 5,729 Noninterest expense (GAAP) $13,698 $11,778 $28,641 $27,817 Plus: Adjustment to MSR valuation allowance related to sale - 247 - 247 Plus: Decrease in loss contingency for SBA-guaranteed loans - 656 - 656 Plus: Adjustment to previous data processing contract termination accrual - 156 - 156 Noninterest expense (Non-GAAP) $13,698 $12,837 $28,641 $28,876 Efficiency ratio (excluding nonrecurring items) (non-GAAP) 70.96% 74.27% 75.42% 84.48% QTD FYTDTangible Book Value Per Share March 31, December 31, Increase September 30, Increase(In thousands, except share and per share data) 2025 2024 (Decrease) 2024 (Decrease) Stockholders' equity (GAAP) $179,189 $176,027 $3,162 $177,115 $2,074 Less: goodwill and core deposit intangibles (10,164) (10,205) 41 (10,246) 82 Tangible stockholders' equity (non-GAAP) $169,025 $165,822 $3,203 $166,869 $2,156 Outstanding common shares 6,919,136 6,909,173 $9,963 6,887,106 $32,030 Tangible book value per share (non-GAAP) $24.43 $24.00 $0.43 $24.23 $0.20 Book value per share (GAAP) $25.90 $25.48 $0.42 $25.72 $0.18 SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): As ofSummarized Consolidated Balance Sheets March 31, December 31, September 30, June 30, March 31,(In thousands, except per share data) 2025 2024 2024 2024 2024 Total cash and cash equivalents $28,683 $76,224 $52,142 $42,423 $62,969 Total investment securities 244,084 242,634 249,719 238,785 240,142 Total loans held for sale 61,239 24,441 25,716 125,859 19,108 Total loans, net of allowance for credit losses 1,880,176 1,884,514 1,963,852 1,826,980 1,882,458 Loan servicing rights 2,744 2,661 2,754 2,860 3,028 Total assets 2,376,230 2,388,735 2,450,368 2,393,491 2,364,983 Customer deposits $1,392,411 $1,395,766 $1,371,724 $1,312,997 $1,239,271 Brokered deposits 396,770 437,008 509,157 399,151 548,175 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 Common stock and additional paid-in capital $28,650 $28,382 $27,725 $27,592 $27,475 Retained earnings - substantially restricted 182,918 178,526 173,337 170,688 167,648 Accumulated other comprehensive loss (19,385) (17,789) (11,195) (17,415) (17,144)Unearned stock compensation (862) (973) (901) (999) (1,096)Less treasury stock, at cost (12,132) (12,119) (11,851) (11,866) (11,827)Total stockholders' equity 179,189 176,027 177,115 168,000 165,056 Outstanding common shares 6,919,136 6,909,173 6,887,106 6,883,656 6,883,160 Three Months EndedSummarized Consolidated Statements of Income March 31, December 31, September 30, June 30, March 31,(In thousands, except per share data) 2025 2024 2024 2024 2024 Total interest income $30,823 $32,449 $32,223 $31,094 $30,016 Total interest expense 14,832 16,987 17,146 16,560 15,678 Net interest income 15,991 15,462 15,077 14,534 14,338 Provision (credit) for credit losses - loans (357) (491) 1,808 501 713 Provision (credit) for unfunded lending commitments 123 46 (262) 158 (259)Provision (credit) for credit losses - securities (1) (6) (86) 84 23 Total provision (credit) for credit losses (235) (451) 1,460 743 477 Net interest income after provision for credit losses 16,226 15,913 13,617 13,791 13,861 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 Income before income taxes 6,088 7,073 3,817 4,556 5,793 Income tax expense (benefit) 589 848 145 483 866 Net income 5,499 6,225 3,672 4,073 4,927 Net income per share, basic $0.80 $0.91 $0.54 $0.60 $0.72 Weighted average shares outstanding, basic 6,875,826 6,851,153 6,832,626 6,832,452 6,832,130 Net income per share, diluted $0.79 $0.89 $0.53 $0.60 $0.72 Weighted average shares outstanding, diluted 6,960,020 6,969,223 6,894,532 6,842,336 6,859,611 SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months EndedNoninterest Income Detail March 31, December 31, September 30, June 30, March 31,(In thousands) 2025 2024 2024 2024 2024 Service charges on deposit accounts $541 $567 $552 $538 $387 ATM and interchange fees 632 665 642 593 585 Net unrealized gain on equity securities 47 78 28 419 6 Net gain on equity securities - 403 - - - Net gain on sales of loans, Small Business Administration 1,078 711 647 581 951 Net gain on sales of loans, home equity lines of credit - 2,492 - - - Mortgage banking income 104 78 6 49 53 Increase in cash surrender value of life insurance 380 361 363 353 333 Gain on life insurance - 108 - - - Commission income 255 210 294 220 220 Real estate lease income 122 121 122 154 115 Net gain (loss) on premises and equipment - 45 (4) - 120 Other income 401 264 192 289 940 Total noninterest income $3,560 $6,103 $2,842 $3,196 $3,710 Three Months Ended March 31, December 31, September 30, June 30, March 31,Consolidated Performance Ratios (Annualized) 2025 2024 2024 2024 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%Return on average common stockholders' equity 12.34% 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% As of or for the Three Months Ended March 31, December 31, September 30, June 30, March 31,Consolidated Asset Quality Ratios 2025 2024 2024 2024 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% SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months EndedSegmented Statements of Income Information March 31, December 31, September 30, June 30, March 31,(In thousands) 2025 2024 2024 2024 2024 Core Banking Segment: Net interest income $14,259 $13,756 $14,083 $13,590 $13,469 Provision (credit) for credit losses - loans (540) (745) 1,339 320 909 Provision (credit) for unfunded lending commitments 35 (75) 78 64 (259)Provision (credit) for credit losses - securities (1) (7) (86) 84 23 Net interest income after provision (credit) for credit losses 14,765 14,583 12,752 13,122 12,796 Noninterest income 2,242 5,253 2,042 2,474 2,537 Noninterest expense 11,486 12,574 10,400 10,192 10,093 Income before income taxes 5,521 7,262 4,394 5,404 5,240 Income tax expense 452 893 301 689 729 Net income $5,069 $6,369 $4,093 $4,715 $4,511 SBA Lending Segment (Q2): Net interest income $1,732 $1,706 $994 $944 $869 Provision (credit) for credit losses - loans 183 255 469 181 (196)Provision (credit) for unfunded lending commitments 88 121 (340) 94 - Net interest income after provision for credit losses 1,461 1,330 865 669 1,065 Noninterest income 1,318 850 800 722 1,173 Noninterest expense 2,212 2,369 2,242 2,239 1,685 Income (loss) before income taxes 567 (189) (577) (848) 553 Income tax expense (benefit) 137 (45) (156) (206) 137 Net income (loss) $430 $(144) $(421) $(642) $416 SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months EndedSegmented Statements of Income Information March 31, December 31, September 30, June 30, March 31,(In thousands, except percentage data) 2025 2024 2024 2024 2024 Net Income (Loss) Per Share by Segment Net income per share, basic - Core Banking $0.74 $0.93 $0.60 $0.69 $0.66 Net income (loss) per share, basic - SBA Lending (Q2) 0.06 (0.02) (0.06) (0.09) 0.06 Total net income (loss) per share, basic $0.80 $0.91 $0.54 $0.60 $0.72 Net Income (Loss) Per Diluted Share by Segment Net income per share, diluted - Core Banking $0.73 $0.91 $0.59 $0.69 $0.66 Net income (loss) per share, diluted - SBA Lending (Q2) 0.06 (0.02) (0.06) (0.09) 0.06 Total net income (loss) per share, diluted $0.79 $0.89 $0.53 $0.60 $0.72 Return on Average Assets by Segment (annualized) (3) Core Banking 0.90% 1.09% 0.71% 0.83% 0.80%SBA Lending 1.58% (0.55%) (1.71%) (2.91%) 1.81% Efficiency Ratio by Segment (annualized) (3) Core Banking 69.61% 66.15% 64.50% 63.45% 63.06%SBA Lending 72.52% 92.68% 124.97% 134.39% 82.52% Three Months EndedNoninterest Expense Detail by Segment March 31, December 31, September 30, June 30, March 31,(In thousands) 2025 2024 2024 2024 2024 Core Banking Segment: Compensation $6,637 $7,245 $5,400 $5,587 $5,656 Occupancy 1,648 1,577 1,554 1,573 1,615 Advertising 429 338 399 253 205 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 (Q2): Compensation $1,892 $1,931 $1,854 $1,893 $1,933 Occupancy 50 59 55 51 58 Advertising 10 14 17 12 7 Other 260 365 316 283 (313)Total Noninterest Expense $2,212 $2,369 $2,242 $2,239 $1,685 SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months EndedSBA Lending (Q2) Data March 31, December 31, September 30, June 30, March 31,(In thousands, except percentage data) 2025 2024 2024 2024 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 (2) $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% (2) 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 Sheets March 31, December 31, September 30, June 30, March 31,(In thousands) 2025 2024 2024 2024 2024 Interest-earning assets Average balances: Interest-bearing deposits with banks $11,851 $21,102 $16,841 $26,100 $24,587 Loans 1,946,338 2,010,082 1,988,997 1,943,716 1,914,609 Investment securities - taxable 102,744 101,960 99,834 101,350 102,699 Investment securities - nontaxable 161,579 160,929 158,917 157,991 157,960 FRB and FHLB stock 24,986 24,986 24,986 24,986 24,986 Total interest-earning assets $2,247,498 $2,319,059 $2,289,575 $2,254,143 $2,224,841 Interest income (tax equivalent basis): Interest-bearing deposits with banks $168 $210 $209 $324 $261 Loans 27,998 29,617 29,450 28,155 27,133 Investment securities - taxable 921 914 910 918 923 Investment securities - nontaxable 1,719 1,715 1,685 1,665 1,662 FRB and FHLB stock 511 493 471 519 499 Total interest income (tax equivalent basis) $31,317 $32,949 $32,725 $31,581 $30,478 Weighted average yield (tax equivalent basis, annualized): Interest-bearing deposits with banks 5.67% 3.98% 4.96% 4.97% 4.25%Loans 5.75% 5.89% 5.92% 5.79% 5.67%Investment securities - taxable 3.59% 3.59% 3.65% 3.62% 3.59%Investment securities - nontaxable 4.26% 4.26% 4.24% 4.22% 4.21%FRB and FHLB stock 8.18% 7.89% 7.54% 8.31% 7.99%Total interest-earning assets 5.57% 5.68% 5.72% 5.60% 5.48% Interest-bearing liabilities Interest-bearing deposits $1,653,058 $1,671,156 $1,563,258 $1,572,871 $1,549,012 Federal Home Loan Bank borrowings 266,975 315,583 378,956 351,227 333,275 Subordinated debt and other borrowings 48,656 48,616 48,576 48,537 48,497 Total interest-bearing liabilities $1,968,689 $2,035,355 $1,990,790 $1,972,635 $1,930,784 Interest expense: Interest-bearing deposits $12,069 $13,606 $12,825 $12,740 $12,546 Federal Home Loan Bank borrowings 2,001 2,617 3,521 3,021 2,298 Subordinated debt and other borrowings 762 764 800 799 833 Total interest expense $14,832 $16,987 $17,146 $16,560 $15,677 Weighted average cost (annualized): Interest-bearing deposits 2.92% 3.26% 3.28% 3.24% 3.24%Federal Home Loan Bank borrowings 3.00% 3.32% 3.72% 3.44% 2.76%Subordinated debt and other borrowings 6.26% 6.29% 6.59% 6.58% 6.87%Total interest-bearing liabilities 3.01% 3.34% 3.45% 3.36% 3.25% Net interest income (taxable equivalent basis) $16,485 $15,962 $15,579 $15,021 $14,801 Less: taxable equivalent adjustment (494) (500) (502) (487) (463)Net interest income $15,991 $15,462 $15,077 $14,534 $14,338 Interest rate spread (tax equivalent basis, annualized) 2.56% 2.34% 2.27% 2.24% 2.23% Net interest margin (tax equivalent basis, annualized) 2.93% 2.75% 2.72% 2.67% 2.66%

First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

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