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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                 to                             

Commission File No. 1-34155

First Savings Financial Group, Inc.

(Exact name of registrant as specified in its charter)

Indiana

   

37-1567871

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification Number)

702 North Shore Drive, Suite 300, Jeffersonville, Indiana 47130

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 1-812-283-0724

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered pursuant to Section 12(b) of the Act:

Common stock, $0.01 par value per share

    

FSFG

    

The NASDAQ Stock Market, LLC

(Title of each class)

(Trading Symbol)

(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-accelerated Filer

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares outstanding of the registrant’s common stock as of May 2, 2024 was 6,883,160.

FIRST SAVINGS FINANCIAL GROUP, INC.

INDEX

Page

Part I

Financial Information

Item 1. Financial Statements

 

Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and September 30, 2023

3

 

Condensed Consolidated Statements of Income for the three and six months ended March 31, 2024 and 2023 (unaudited)

4

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2024 and 2023 (unaudited)

5

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended March 31, 2024 and 2023 (unaudited)

6

 

Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023 (unaudited)

7

 

Notes to Condensed Consolidated Financial Statements (unaudited)

8- 57

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

58-66

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

67

 

Item 4. Controls and Procedures

69

 

Part II

Other Information

 

Item 1. Legal Proceedings

71

 

Item 1A. Risk Factors

71

 

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, And Issuer Purchases of Equity Securities

72

 

Item 3. Defaults Upon Senior Securities

72

 

Item 4. Mine Safety Disclosures

72

 

Item 5. Other Information

72

 

Item 6. Exhibits

73

 

Signatures

74

-2-

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31,

September 30,

(In thousands, except share and per share data)

    

2024

    

2023

ASSETS

 

  

 

  

Cash and due from banks

$

16,114

$

18,014

Interest-bearing deposits with banks

 

46,855

 

12,831

Total cash and cash equivalents

 

62,969

 

30,845

Interest-bearing time deposits

 

490

 

490

Debt securities available for sale, at fair value, net of allowance for credit losses of $23 at March 31, 2024

 

238,972

 

227,739

Debt securities held to maturity

 

1,170

 

1,300

Loans held for sale, residential mortgage, at fair value

 

2,979

 

24,692

Loans held for sale, Small Business Administration

 

16,129

 

21,163

Loans, net of allowance for credit losses of $19,392 at March 31, 2024 and $16,900 at September 30, 2023

 

1,882,458

 

1,770,243

Federal Reserve Bank and Federal Home Loan Bank stock, at cost

 

24,986

 

24,939

Premises and equipment, net

 

27,177

 

27,861

Other real estate owned, held for sale

 

647

 

677

Accrued interest receivable:

 

 

Loans

 

8,951

 

7,809

Securities

 

1,923

 

2,352

Cash surrender value of life insurance

 

46,888

 

46,226

Goodwill

 

9,848

 

9,848

Core deposit intangibles

 

479

 

561

Residential mortgage loan servicing rights, at fair value

59,768

Nonresidential mortgage loan servicing rights

78

101

SBA loan servicing rights

2,950

2,950

Other assets

 

35,889

 

29,290

Total Assets

$

2,364,983

$

2,288,854

LIABILITIES

 

 

Deposits:

 

 

Noninterest-bearing

$

196,239

$

242,237

Interest-bearing

 

1,591,207

 

1,439,557

Total deposits

 

1,787,446

 

1,681,794

Federal Home Loan Bank borrowings

 

315,000

 

363,183

Other borrowings

 

48,523

 

48,444

Accrued interest payable

 

11,281

 

8,926

Advance payments by borrowers for taxes and insurance

 

867

 

1,027

Reserve for unfunded lending commitments

1,623

Accrued expenses and other liabilities

 

35,187

 

34,499

Total Liabilities

 

2,199,927

 

2,137,873

STOCKHOLDERS' EQUITY

 

  

 

  

Preferred stock of $.01 par value per share; authorized 1,000,000 shares; none issued

 

 

Common stock of $.01 par value per share; authorized 20,000,000 shares; issued 7,797,146 shares at March 31, 2024 (7,778,471 at September 30, 2023); outstanding 6,883,160 shares at March 31, 2024 (6,867,121 shares at September 30, 2023)

 

78

 

78

Additional paid-in capital

 

27,397

 

26,986

Retained earnings - substantially restricted

 

167,648

 

166,306

Accumulated other comprehensive loss

 

(17,144)

 

(29,587)

Unearned stock compensation

 

(1,096)

 

(1,015)

Less treasury stock, at cost - 913,986 shares (911,350 shares at September 30, 2023)

 

(11,827)

 

(11,787)

Total Stockholders’ Equity

 

165,056

 

150,981

Total Liabilities and Stockholders’ Equity

$

2,364,983

$

2,288,854

See notes to condensed consolidated financial statements.

-3-

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

    

Three Months Ended

Six Months Ended

March 31,

March 31,

(In thousands, except share and per share data)

2024

    

2023

    

2024

    

2023

INTEREST INCOME

 

Loans, including fees

$

27,019

$

21,297

$

53,076

$

41,482

Securities:

Taxable

 

924

 

957

 

1,866

 

1,912

Tax-exempt

 

1,313

 

2,001

 

2,646

 

3,980

Dividend income

 

499

 

364

 

573

 

584

Interest-bearing deposits with banks

 

261

 

192

 

510

 

336

Total interest income

 

30,016

 

24,811

 

58,671

 

48,294

INTEREST EXPENSE

Deposits

 

12,547

 

6,265

 

22,536

 

10,423

Federal Home Loan Bank borrowings

2,298

2,915

6,067

4,834

Other borrowings

 

833

 

719

 

1,617

 

1,864

Total interest expense

 

15,678

 

9,899

 

30,220

 

17,121

Net interest income

 

14,338

 

14,912

 

28,451

 

31,173

Provision for credit losses - loans

 

713

 

372

 

1,183

 

1,356

Credit for unfunded lending commitments

(259)

(317)

Provision for credit losses - securities

23

23

Net interest income after provision for credit losses

 

13,861

 

14,540

 

27,562

 

29,817

NONINTEREST INCOME

Service charges on deposit accounts

 

387

 

471

 

860

 

1,029

ATM and interchange fees

 

585

 

586

 

1,034

 

1,325

Net unrealized gain on equity securities

6

21

44

35

Other than temporary impairment loss on securities

(28)

Net gain on sales of loans, Small Business Administration

951

907

1,785

1,682

Mortgage banking income

 

53

 

4,149

 

142

 

6,645

Increase in cash surrender value of life insurance

 

333

 

266

 

662

 

491

Commission income

 

220

 

189

 

442

 

317

Real estate lease income

 

115

 

117

 

230

 

234

Net gain on premises and equipment

120

29

120

29

Other income

 

940

 

781

 

1,173

 

945

Total noninterest income

 

3,710

 

7,516

 

6,492

 

12,704

NONINTEREST EXPENSE

Compensation and benefits

 

7,589

 

10,407

 

17,252

 

21,092

Occupancy and equipment

 

1,673

 

1,920

 

3,714

 

3,780

Data processing

 

516

 

983

 

1,309

 

1,760

Advertising

 

212

 

519

 

530

 

937

Professional fees

 

501

 

778

 

1,580

 

1,571

FDIC insurance premiums

 

628

 

369

 

1,114

 

677

Net loss on other real estate owned

2

8

Other operating expenses

 

657

 

3,023

 

2,310

 

5,693

Total noninterest expense

 

11,778

 

17,999

 

27,817

 

35,510

Net income before income taxes

 

5,793

 

4,057

 

6,237

 

7,011

Income tax expense

 

866

 

333

 

390

 

416

Net Income

$

4,927

$

3,724

$

5,847

$

6,595

Net income per share:

Basic

$

0.72

$

0.54

$

0.86

$

0.96

Diluted

$

0.72

$

0.54

$

0.85

$

0.95

Weighted average shares outstanding:

 

 

 

 

Basic

 

6,832,130

 

6,842,897

 

6,828,017

 

6,879,805

Diluted

 

6,859,611

 

6,881,496

 

6,849,928

 

6,926,277

Dividends per share

$

0.15

$

0.14

$

0.29

$

0.27

See notes to condensed consolidated financial statements.

-4-

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

    

Six Months Ended

March 31,

March 31,

(In thousands)

    

2024

    

2023

    

2024

    

2023

Net Income

$

4,927

$

3,724

$

5,847

$

6,595

OTHER COMPREHENSIVE INCOME, NET OF TAX

 

 

 

 

Unrealized gains (losses) on securities available for sale:

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

(4,526)

 

6,077

 

15,704

 

16,276

Income tax (expense) benefit

 

970

 

(1,276)

 

(3,279)

 

(3,418)

Net of tax amount

(3,556)

4,801

12,425

12,858

Less: reclassification adjustment for provision for credit losses on securities included in net income

23

23

Income tax expense

(5)

(5)

Net of tax amount

 

18

 

 

18

 

Less: reclassification adjustment for other-than-temporary impairment loss on securities included in net income

28

Income tax benefit

(6)

Net of tax amount

22

Other Comprehensive Income (Loss)

 

(3,538)

 

4,801

 

12,443

 

12,880

Comprehensive Income

$

1,389

$

8,525

$

18,290

$

19,475

See notes to condensed consolidated financial statements.

-5-

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

Other

Unearned

Common

Additional

Retained

Comprehensive

Stock

&