First Savings Financial Group, Inc. Reports Financial Results for the Third Fiscal Quarter Ended June 30, 2025

Rhea-AI Summary

First Savings Financial Group (NASDAQ: FSFG) reported strong Q3 2025 financial results with net income of $6.2 million, or $0.88 per diluted share, compared to $4.1 million, or $0.60 per diluted share, in Q3 2024. The company demonstrated significant improvements with a 32 basis point increase in net interest margin year-over-year.

Key highlights include a 15.1% increase in net interest income to $16.7 million, solid deposit growth, and improved efficiency ratios. The SBA Lending segment achieved its second consecutive profitable quarter. Nonperforming loans decreased by $1.7 million to $15.2 million, and the company maintained a strong capital position with "well-capitalized" regulatory status.

The bank successfully executed strategic initiatives including HELOC sales and managed a decrease in total assets to $2.42 billion while maintaining strong customer deposit growth of $84.4 million.

Positive

• Net income increased 51% YoY to $6.2 million in Q3 2025
• Net interest margin improved by 32 basis points to 2.99%
• Net interest income grew 15.1% to $16.7 million
• Customer deposits increased by $84.4 million
• Nonperforming loans decreased by $1.7 million to $15.2 million
• SBA Lending segment achieved second consecutive profitable quarter

Negative

• Total assets decreased by $33.7 billion to $2.42 billion
• Net loans held for investment decreased by $68.0 million
• Net charge-offs increased to $309,000 in Q3 2025 from $105,000 in Q3 2024
• Total deposits decreased by $144.7 million due to reduction in brokered deposits

Insights

Financial Analyst

FSFG reports strong Q3 results with 51% net income growth, margin expansion, and improving SBA lending segment performance.

First Savings Financial Group delivered a 51% year-over-year increase in quarterly net income, reaching $6.2 million ($0.88 per diluted share) compared to $4.1 million ($0.60 per share) in Q3 2024. This substantial improvement stems from three key drivers: expanding net interest margin, effective expense management, and a turnaround in SBA lending.

The bank's net interest margin - the fundamental measure of banking profitability - expanded by 32 basis points year-over-year to 2.99%, driving a 15.1% increase in net interest income. This margin expansion occurred through both higher interest income and lower interest expense, a rare combination in the current rate environment that demonstrates strong asset-liability management.

Deposit growth has been robust, with customer deposits (excluding brokered funds) increasing by $84.4 million over nine months. Meanwhile, the efficiency ratio has meaningfully improved, indicating better operational performance. The company's loan portfolio restructuring strategy is yielding results, with $109.1 million in home equity line of credit (HELOC) sales during the first nine months generating $3.1 million in gains.

The SBA lending segment has achieved consecutive profitable quarters - a significant turnaround from previous challenges. Management cited a "robust" pipeline for Q4, suggesting continued momentum. Asset quality remains stable with nonperforming loans decreasing by $1.7 million to $15.2 million since September 2024.

Notably, the bank maintains strong capital ratios while actively managing its balance sheet, as evidenced by the redemption of $20 million in subordinated notes. The effective tax rate remains advantageous at 13.5% due to investment tax credits from solar projects, enhancing bottom-line results.

JEFFERSONVILLE, Ind., July 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 $6.2 million, or $0.88 per diluted share, for the quarter ended June 30, 2025, compared to net income of $4.1 million, or $0.60 per diluted share, for the quarter ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $5.7 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $0.81 (non-GAAP measure)⁽¹⁾ for the quarter ended June 30, 2025 compared to $3.5 million, or $0.52 per diluted share for the quarter ended June 30, 2024.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the third fiscal quarter performance, including the continued improvement in the net interest margin, which has increased 32 basis points from June of 2024 to June of 2025, solid growth in deposits, expense containment, and meaningful efficiency ratio improvement. The SBA Lending segment posted its second consecutive profitable quarter, which included a solid level of loans originations and sales. Additionally, the SBA Lending pipeline for the fourth fiscal quarter remains robust. 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, 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 June 30, 2025 and 2024

Net interest income increased $2.2 million, or 15.1%, to $16.7 million for the three months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended June 30, 2025 was 2.99% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to an increase of $871,000 in interest income and a decrease of $1.3 million 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 provision for credit losses for loans and unfunded lending commitments of $347,000 and $77,000, respectively, and a reversal of provision for credit losses on securities of $1,000 for the three months ended June 30, 2025, compared to a provision for credit losses for loans, unfunded lending commitments and securities of $501,000, $158,000 and $84,000, respectively, for the same period in 2024. The Company recognized $309,000 in net charge-offs recognized during the three months ended June 30, 2025, of which $216,000 was related to unguaranteed portions of SBA loans. During the three months ended June 30, 2024, the Company recognized net charge-offs of $105,000, of which $49,000 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 $1.7 million from $16.9 million at September 30, 2024 to $15.2 million at June 30, 2025.

Noninterest income increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other income and net gain on sales of SBA loans of $565,000 and $351,000, respectively, and net gain on sales of home equity lines of credit (“HELOC”) of $617,000, partially offset by a $404,000 decrease in net unrealized gains on equity securities. The increase in other income was primarily due to a $487,000 gain recognized in connection with a lease termination. The was no gain on sales of HELOC in the 2024 period as the sale of this product commenced in fiscal 2025.

Noninterest expense increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to an increase in compensation and benefits of $904,000, which was due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance.

The Company recognized income tax expense of $963,000 for the three months ended June 30, 2025 compared to $483,000 for the same period in 2024. The increase is due primarily to higher taxable income in 2025 as compared to 2024. The effective tax rate for 2025 was 13.5% compared to 10.6% 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 Nine Months Ended June 30, 2025 and 2024

The Company reported net income of $17.9 million, or $2.57 per diluted share, for the nine months ended June 30, 2025 compared to net income of $9.9 million, or $1.45 per diluted share, for the nine months ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $15.1 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $2.16 (non-GAAP measure)⁽¹⁾ for the nine months ended June 30, 2025 compared to net income of $9.4 million and net income per diluted share of $1.37 for the nine months ended June 30, 2024. The core banking segment reported net income of $17.2 million, or $2.46 per diluted share for the nine months ended June 30, 2025 compared to net income of $13.3 million and net income per diluted share of $1.92 for the nine months ended June 30, 2024. Excluding nonrecurring items, the core banking segment reported net income of $14.4 million (non-GAAP measure)⁽¹⁾, or $2.05 per diluted share (non-GAAP measure)⁽¹⁾ for the nine months ended June 30, 2025 compared to net income of $12.9 million and net income per diluted share of $1.89 for the nine months ended June 30, 2024.

Net interest income increased $5.2 million, or 12.1%, to $48.2 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the nine months ended June 30, 2025 was 2.89% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to a $5.5 million increase in interest income, partially offset by a $279,000 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 $501,000 and $8,000, respectively, and a provision for unfunded lending commitments of $246,000 for the nine months ended June 30, 2025, compared to a provision for credit losses for loans and securities of $1.7 million and $107,000, respectively, and reversal of provision for unfunded lending commitments of $159,000 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 HELOC during the period and a decrease in qualitative reserves. The Company recognized net charge-offs totaling $271,000 for the nine months ended June 30, 2025, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $224,000 in 2024, of which $15,000 was related to unguaranteed portions of SBA loans.

Noninterest income increased $4.5 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to a $3.1 million net gain on sales of HELOC, a $403,000 net gain on sales of equity securities in 2025, and the aforementioned $487,000 gain recognized in connection with a lease termination in the 2025 period with no corresponding gain amounts for the 2024 period.

Noninterest expense increased $2.1 million for the nine months ended June 30, 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 $1.4 million and $1.1 million, respectively, partially offset by a decrease in professional fees of $412,000. The increase in compensation and benefits is primarily due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period with no corresponding amount for the 2025 period and a $405,000 accrued contingent liability associated with employee benefits recognized in the 2025 period with no corresponding amount in the 2024 period. The decrease in professional fees 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 $2.4 million for the nine months ended June 30, 2025 compared to $873,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period. The effective tax rate for 2025 was 11.8% compared to 8.1%. 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 June 30, 2025 and September 30, 2024

Total assets decreased $33.7 million, from $2.45 billion at September 30, 2024 to $2.42 billion at June 30, 2025. Net loans held for investment decreased $68.0 million during the nine months ended June 30, 2025, due primarily to $109.1 million of sales of HELOC during the nine months ended June 30, 2025, and residential mortgage loans held for sale increased $42.1 million during the same period.

Total liabilities decreased $40.4 million due primarily to a decrease in total deposits and other borrowings of $144.7 and $19.9 million, respectively, partially offset by an increase in FHLB borrowings of $133.3 million. The decrease in total deposits was due to a decrease in brokered deposits of $229.1 million, which was due primarily to proceeds from the aforementioned sales of HELOC and greater utilization of FHLB borrowings, partially offset by an increase in customer deposits of $84.4 million. The decrease in other borrowings is due to the redemption of $20.0 million of subordinated notes during the quarter ended June 30, 2023. As of June 30, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 35.0% of total deposits and 14.3% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Total stockholders’ equity increased $6.7 million, from $177.1 million at September 30, 2024 to $183.8 million at June 30, 2025, due primarily to a $14.6 million increase in retained net income, partially offset by a $8.9 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 nine months ended June 30, 2025, which resulted in a decrease in the fair value of securities available for sale. At June 30, 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								Nine Months Ended
OPERATING DATA:	June 30,								June 30,
(In thousands, except share and per share data)		2025				2024				2025				2024
Total interest income	$	31,965			$	31,094			$	95,237			$	89,765
Total interest expense		15,240				16,560				47,059				46,780
Net interest income		16,725				14,534				48,178				42,985
Provision (credit) for credit losses - loans		347				501				(501	)			1,684
Provision (credit) for unfunded lending commitments		77				158				246				(159	)
Provision (credit) for credit losses - securities		(1	)			84				(8	)			107
Total provision (credit) for credit losses		423				743				(263	)			1,632
Net interest income after provision (credit) for credit losses		16,302				13,791				48,441				41,353
Total noninterest income		4,520				3,196				14,183				9,688
Total noninterest expense		13,693				12,431				42,334				40,248
Income before income taxes		7,129				4,556				20,290				10,793
Income tax expense		963				483				2,400				873
Net income	$	6,166			$	4,073			$	17,890			$	9,920
Net income per share, basic	$	0.90			$	0.60			$	2.60			$	1.45
Weighted average shares outstanding, basic		6,881,077				6,832,452				6,867,734				6,829,490
Net income per share, diluted	$	0.88			$	0.60			$	2.57			$	1.45
Weighted average shares outstanding, diluted		6,977,674				6,834,784				6,967,742				6,851,145
Performance ratios (annualized)
Return on average assets		1.02	%			0.69	%			0.99	%			0.57	%
Return on average equity		13.66	%			9.86	%			13.32	%			8.23	%
Return on average common stockholders' equity		13.66	%			9.86	%			13.32	%			8.23	%
Net interest margin (tax equivalent basis)		2.99	%			2.67	%			2.89	%			2.67	%
Efficiency ratio		64.45	%			70.11	%			67.89	%			76.41	%
									QTD								FYTD
FINANCIAL CONDITION DATA:	June 30,				March 31,				Increase				September 30,				Increase
(In thousands, except per share data)		2025				2025			(Decrease)					2024			(Decrease)
Total assets	$	2,416,675			$	2,376,230			$	40,445			$	2,450,368			$	(33,693	)
Cash and cash equivalents		52,123				28,683				23,440				52,142				(19	)
Investment securities		244,284				244,084				200				249,719				(5,435	)
Loans held for sale		60,970				61,239				(269	)			25,716				35,254
Gross loans		1,916,343				1,900,660				15,683				1,985,146				(68,803	)
Allowance for credit losses		20,522				20,484				38				21,294				(772	)
Interest earning assets		2,260,099				2,219,504				40,595				2,277,512				(17,413	)
Goodwill		9,848				9,848				-				9,848				-
Core deposit intangibles		275				316				(41	)			398				(123	)
Noninterest-bearing deposits		202,649				185,252				17,397				191,528				11,121
Interest-bearing deposits (customer)		1,253,525				1,207,159				46,366				1,180,196				73,329
Interest-bearing deposits (brokered)		280,020				396,770				(116,750	)			509,157				(229,137	)
Federal Home Loan Bank borrowings		434,924				325,310				109,614				301,640				133,284
Subordinated debt and other borrowings		28,722				48,682				(19,960	)			48,603				(19,881	)
Total liabilities		2,232,853				2,197,041				35,812				2,273,253				(40,400	)
Accumulated other comprehensive loss		(20,061	)			(19,385	)			(676	)			(11,195	)			(8,866	)
Total stockholders' equity		183,822				179,189				4,633				177,115				6,707
Book value per share	$	26.35			$	25.90				0.45			$	25.72				0.63
Tangible book value per share (non-GAAP) (1)		24.90				24.43				0.47				24.23				0.67
Non-performing assets:
Nonaccrual loans - SBA guaranteed	$	2,713			$	123			$	2,590			$	5,036			$	(2,323	)
Nonaccrual loans		12,502				12,597				(95	)			11,906				596
Total nonaccrual loans	$	15,215			$	12,720			$	2,495			$	16,942			$	(1,727	)
Accruing loans past due 90 days		-				-				-				-				-
Total non-performing loans		15,215				12,720				2,495				16,942				(1,727	)
Foreclosed real estate		1,113				444				669				444				669
Total non-performing assets	$	16,328			$	13,164			$	3,164			$	17,386			$	(1,058	)
Asset quality ratios:
Allowance for credit losses as a percent of total gross loans		1.07	%			1.08	%			(0.01	%)			1.07	%			(0.00	%)
Allowance for credit losses as a percent of nonperforming loans		134.88	%			161.04	%			(26.16	%)			125.69	%			9.19	%
Nonperforming loans as a percent of total gross loans		0.79	%			0.67	%			0.12	%			0.85	%			(0.06	%)
Nonperforming assets as a percent of total assets		0.68	%			0.55	%			0.13	%			0.71	%			(0.03	%)
(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								Fiscal Year Ended
Net Income	June 30,								June 30,
(In thousands)		2025				2024				2025				2024
Net income attributable to the Company (non-GAAP)	$	5,691			$	3,534			$	15,057			$	9,381
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		-				-				1,869				-
Plus: Gain on life insurance, net of tax effect		110				-				110				-
Plus: Gain on lease termination, net of tax effect		365				-				365				-
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		-				212				-				212
Plus: Gain on sale of premises and equipment, net of tax effect		-				-				186				-
Plus: Recording of Visa Class C shares, net of tax		-				327				-				327
Net income attributable to the Company (GAAP)	$	6,166			$	4,073			$	17,890			$	9,920
Net Income per Share, Diluted
Net income per share attributable to the Company, diluted (non-GAAP)	$	0.81			$	0.52			$	2.16			$	1.37
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		-				-				0.27				-
Plus: Gain on life insurance, net of tax effect		0.02				-				0.02				-
Plus: Gain on lease termination, net of tax effect		0.05				-				0.05				-
Plus: Gain on sale of equity securities, net of tax effect		-				-				0.04				-
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		-				0.03				-				0.03
Plus: Gain on sale of premises and equipment, net of tax effect		-				-				0.03				-
Plus: Recording of Visa Class C shares, net of tax		-				0.05				-				0.05
Net income per share, diluted (GAAP)	$	0.88			$	0.60			$	2.57			$	1.45
Core Bank Segment Net Income
(In thousands)
Net income attributable to the Core Bank (non-GAAP)	$	5,299			$	4,176			$	14,379			$	12,947
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		-				-				1,869				-
Plus: Gain on life insurance, net of tax effect		110				-				110				-
Plus: Gain on lease termination, net of tax effect		365				-				365				-
Plus: Gain on sale of equity securities, net of tax effect		-				-				302				-
Plus: Gain on sale of premises and equipment, net of tax effect		-				-				186				-
Plus: Recording of Visa Class C shares, net of tax		-				327				-				327
Net income attributable to the Core Bank (GAAP)	$	5,774			$	4,503			$	17,212			$	13,274
Core Bank Segment Net Income per Share, Diluted
Core Bank net income per share, diluted (non-GAAP)	$	0.75			$	0.64			$	2.05			$	1.89
Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect		-				-				0.27				-
Plus: Gain on life insurance, net of tax effect		0.02				-				0.02				-
Plus: Gain on lease termination, net of tax effect		0.05				-				0.05				-
Plus: Gain on sale of equity securities, net of tax effect		-				-				0.04				-
Plus: Gain on sale of premises and equipment, net of tax effect		-				-				-				0.03
Plus: Recording of Visa Class C shares, net of tax		-				0.05				0.03				-
Core Bank net income per share, diluted (GAAP)	$	0.82			$	0.69			$	2.46			$	1.92
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):	Three Months Ended								Fiscal Year Ended
Efficiency Ratio	June 30,								June 30,
(In thousands)		2025				2024				2025				2024
Net interest income (GAAP)	$	16,725			$	14,534			$	48,178			$	42,985
Noninterest income (GAAP)		4,520				3,196				14,183				9,688
Noninterest expense (GAAP)		13,693				12,431				42,334				40,248
Efficiency ratio (GAAP)		64.45	%			70.11	%			67.89	%			76.41	%
Noninterest income (GAAP)	$	4,520			$	3,196			$	14,183			$	9,688
Less: Gain on bulk sale of loans, home equity lines of credit		-				-				(2,492	)			-
Less: Gain on life insurance		(147	)			-				(147	)			-
Less: Gain on lease termination		(487	)			-				(487	)			-
Less: Gain on sale of equity securities		-				-				(403	)			-
Less: Gain on sale of premises and equipment		-				-				(140	)			-
Less: Recording of Visa Class C shares		-				(245	)			-				(245	)
Noninterest income (Non-GAAP)		3,886				2,951				10,515				9,443
Noninterest expense (GAAP)	$	13,693			$	12,431			$	42,334			$	40,248
Plus: Decrease in loss contingency for SBA-guaranteed loans		-				283				-				283
Noninterest expense (Non-GAAP)	$	13,693			$	12,714			$	42,334			$	40,531
Efficiency ratio (excluding nonrecurring items) (non-GAAP)		66.44	%			72.71	%			72.13	%			77.31	%
									QTD								FYTD
Tangible Book Value Per Share	June 30,				March 31,				Increase				September 30,				Increase
(In thousands, except share and per share data)		2025				2025			(Decrease)					2024			(Decrease)
Stockholders' equity (GAAP)	$	183,822			$	179,189			$	4,633			$	177,115			$	6,707
Less: goodwill and core deposit intangibles		(10,123	)			(10,164	)			41				(10,246	)			123
Tangible stockholders' equity (non-GAAP)	$	173,699			$	169,025			$	4,674			$	166,869			$	6,830
Outstanding common shares		6,976,558				6,919,136			$	57,422				6,887,106			$	89,452
Tangible book value per share (non-GAAP)	$	24.90			$	24.43			$	0.47			$	24.23			$	0.67
Book value per share (GAAP)	$	26.35			$	25.90			$	0.45			$	25.72			$	0.63
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands, except per share data)		2025				2025				2024				2024				2024
Total cash and cash equivalents	$	52,123			$	28,683			$	76,224			$	52,142			$	42,423
Total investment securities		244,284				244,084				242,634				249,719				238,785
Total loans held for sale		60,970				61,239				24,441				25,716				125,859
Total loans, net of allowance for credit losses		1,895,821				1,880,176				1,884,514				1,963,852				1,826,980
Loan servicing rights		2,869				2,744				2,661				2,754				2,860
Total assets		2,416,675				2,376,230				2,388,735				2,450,368				2,393,491
Customer deposits	$	1,456,174			$	1,392,411			$	1,395,766			$	1,371,724			$	1,312,997
Brokered deposits		280,020				396,770				437,008				509,157				399,151
Total deposits		1,736,194				1,789,181				1,832,774				1,880,881				1,712,148
Federal Home Loan Bank borrowings		434,924				325,310				295,000				301,640				425,000
Common stock and additional paid-in capital	$	30,090			$	28,650			$	28,382			$	27,725			$	27,592
Retained earnings - substantially restricted		187,969				182,918				178,526				173,337				170,688
Accumulated other comprehensive loss		(20,061	)			(19,385	)			(17,789	)			(11,195	)			(17,415	)
Unearned stock compensation		(2,005	)			(862	)			(973	)			(901	)			(999	)
Less treasury stock, at cost		(12,171	)			(12,132	)			(12,119	)			(11,851	)			(11,866	)
Total stockholders' equity		183,822				179,189				176,027				177,115				168,000
Outstanding common shares		6,976,558				6,919,136				6,909,173				6,887,106				6,883,656
	Three Months Ended
Summarized Consolidated Statements of Income	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands, except per share data)		2025				2025				2024				2024				2024
Total interest income	$	31,965			$	30,823			$	32,449			$	32,223			$	31,094
Total interest expense		15,240				14,832				16,987				17,146				16,560
Net interest income		16,725				15,991				15,462				15,077				14,534
Provision (credit) for credit losses - loans		347				(357	)			(491	)			1,808				501
Provision (credit) for unfunded lending commitments		77				123				46				(262	)			158
Provision (credit) for credit losses - securities		(1	)			(1	)			(6	)			(86	)			84
Total provision (credit) for credit losses		423				(235	)			(451	)			1,460				743
Net interest income after provision for credit losses		16,302				16,226				15,913				13,617				13,791
Total noninterest income		4,520				3,560				6,103				2,842				3,196
Total noninterest expense		13,693				13,698				14,943				12,642				12,431
Income before income taxes		7,129				6,088				7,073				3,817				4,556
Income tax expense (benefit)		963				589				848				145				483
Net income		6,166				5,499				6,225				3,672				4,073
Net income per share, basic	$	0.90			$	0.80			$	0.91			$	0.54			$	0.60
Weighted average shares outstanding, basic		6,881,077				6,875,826				6,851,153				6,832,626				6,832,452
Net income per share, diluted	$	0.88			$	0.79			$	0.89			$	0.53			$	0.60
Weighted average shares outstanding, diluted		6,977,674				6,960,020				6,969,223				6,894,532				6,842,336
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Income Detail	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2025				2025				2024				2024				2024
Service charges on deposit accounts	$	537			$	541			$	567			$	552			$	538
ATM and interchange fees		648				632				665				642				593
Net unrealized gain on equity securities		15				47				78				28				419
Net gain on equity securities		-				-				403				-				-
Net gain on sales of loans, Small Business Administration		932				1,078				711				647				581
Net gain on sales of loans, home equity lines of credit		617				-				2,492				-				-
Mortgage banking income		96				104				78				6				49
Increase in cash surrender value of life insurance		358				380				361				363				353
Gain on life insurance		147				-				108				-				-
Commission income		184				255				210				294				220
Real estate lease income		132				122				121				122				154
Net gain (loss) on premises and equipment		-				-				45				(4	)			-
Other income		854				401				264				192				289
Total noninterest income	$	4,520			$	3,560			$	6,103			$	2,842			$	3,196
	Three Months Ended
	June 30,				March 31,				December 31,				September 30,				June 30,
Consolidated Performance Ratios (Annualized)		2025				2025				2024				2024				2024
Return on average assets		1.02	%			0.93	%			1.02	%			0.61	%			0.69	%
Return on average equity		13.66	%			12.24	%			14.07	%			8.52	%			9.86	%
Return on average common stockholders' equity		13.66	%			12.34	%			14.07	%			8.52	%			9.86	%
Net interest margin (tax equivalent basis)		2.99	%			2.93	%			2.75	%			2.72	%			2.67	%
Efficiency ratio		64.45	%			70.06	%			69.29	%			70.55	%			70.11	%
	As of or for the Three Months Ended
	June 30,				March 31,				December 31,				September 30,				June 30,
Consolidated Asset Quality Ratios		2025				2025				2024				2024				2024
Nonperforming loans as a percentage of total loans		0.79	%			0.67	%			0.87	%			0.85	%			0.91	%
Nonperforming assets as a percentage of total assets		0.68	%			0.55	%			0.71	%			0.71	%			0.72	%
Allowance for credit losses as a percentage of total loans		1.07	%			1.08	%			1.09	%			1.07	%			1.07	%
Allowance for credit losses as a percentage of nonperforming loans		134.88	%			161.04	%			124.85	%			125.69	%			118.12	%
Net charge-offs to average outstanding loans		0.02	%			-0.01	%			0.01	%			0.02	%			0.01	%
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2025				2025				2024				2024				2024
Core Banking Segment:
Net interest income	$	15,086			$	14,259			$	13,756			$	14,083			$	13,590
Provision (credit) for credit losses - loans		420				(540	)			(745	)			1,339				320
Provision (credit) for unfunded lending commitments		32				35				(75	)			78				64
Provision (credit) for credit losses - securities		(1	)			(1	)			(7	)			(86	)			84
Total provision (credit) for credit losses		451				(506	)			(827	)			1,331				468
Net interest income after provision (credit) for credit losses		14,635				14,765				14,583				12,752				13,122
Noninterest income		3,340				2,242				5,253				2,042				2,474
Noninterest expense		11,366				11,486				12,574				10,400				10,192
Income before income taxes		6,609				5,521				7,262				4,394				5,404
Income tax expense		835				452				893				301				689
Net income	$	5,774			$	5,069			$	6,369			$	4,093			$	4,715
SBA Lending Segment (Q2):
Net interest income	$	1,639			$	1,732			$	1,706			$	994			$	944
Provision (credit) for credit losses - loans		(73	)			183				255				469				181
Provision (credit) for unfunded lending commitments		45				88				121				(340	)			94
Total provision (credit) for credit losses		(28	)			271				376				129				275
Net interest income after provision for credit losses		1,667				1,461				1,330				865				669
Noninterest income		1,180				1,318				850				800				722
Noninterest expense		2,327				2,212				2,369				2,242				2,239
Income (loss) before income taxes		520				567				(189	)			(577	)			(848	)
Income tax expense (benefit)		128				137				(45	)			(156	)			(206	)
Net income (loss)	$	392			$	430			$	(144	)		$	(421	)		$	(642	)
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands, except percentage data)		2025				2025				2024				2024				2024
Net Income (Loss) Per Share by Segment
Net income per share, basic - Core Banking	$	0.84			$	0.74			$	0.93			$	0.60			$	0.69
Net income (loss) per share, basic - SBA Lending (Q2)		0.06				0.06				(0.02	)			(0.06	)			(0.09	)
Total net income (loss) per share, basic	$	0.90			$	0.80			$	0.91			$	0.54			$	0.60
Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted - Core Banking	$	0.82			$	0.73			$	0.91			$	0.59			$	0.69
Net income (loss) per share, diluted - SBA Lending (Q2)		0.06				0.06				(0.02	)			(0.06	)			(0.09	)
Total net income per share, diluted	$	0.88			$	0.79			$	0.89			$	0.53			$	0.60
Return on Average Assets by Segment (annualized) (3)
Core Banking		1.01	%			0.90	%			1.09	%			0.71	%			0.83	%
SBA Lending		1.36	%			1.58	%			(0.55	%)			(1.71	%)			(2.91	%)
Efficiency Ratio by Segment (annualized) (3)
Core Banking		61.68	%			69.61	%			66.15	%			64.50	%			63.45	%
SBA Lending		82.55	%			72.52	%			92.68	%			124.97	%			134.39	%
	Three Months Ended
Noninterest Expense Detail by Segment	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2025				2025				2024				2024				2024
Core Banking Segment:
Compensation	$	6,470			$	6,637			$	7,245			$	5,400			$	5,587
Occupancy		1,533				1,648				1,577				1,554				1,573
Advertising		437				429				338				399				253
Other		2,926				2,772				3,414				3,047				2,779
Total Noninterest Expense	$	11,366			$	11,486			$	12,574			$	10,400			$	10,192
SBA Lending Segment (Q2):
Compensation	$	1,914			$	1,892			$	1,931			$	1,854			$	1,893
Occupancy		92				50				59				55				51
Advertising		17				10				14				17				12
Other		304				260				365				316				283
Total Noninterest Expense	$	2,327			$	2,212			$	2,369			$	2,242			$	2,239
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
SBA Lending (Q2) Data	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands, except percentage data)		2025				2025				2024				2024				2024
Final funded loans guaranteed portion sold, SBA	$	18,019			$	15,716			$	10,785			$	10,880			$	7,515
Gross gain on sales of loans, SBA	$	1,548			$	1,508			$	1,141			$	1,029			$	811
Weighted average gross gain on sales of loans, SBA		8.59	%			9.60	%			10.58	%			9.46	%			10.79	%
Net gain on sales of loans, SBA (2)	$	932			$	1,078			$	711			$	647			$	581
Weighted average net gain on sales of loans, SBA		5.17	%			6.86	%			6.59	%			5.95	%			7.73	%
(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 Ended
Summarized Consolidated Average Balance Sheets	June 30,				March 31,				December 31,				September 30,				June 30,
(In thousands)		2025				2025				2024				2024				2024
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	15,889			$	11,851			$	21,102			$	16,841			$	26,100
Loans		1,992,567				1,946,338				2,010,082				1,988,997				1,943,716
Investment securities - taxable		104,169				102,744				101,960				99,834				101,350
Investment securities - nontaxable		162,017				161,579				160,929				158,917				157,991
FRB and FHLB stock		24,993				24,986				24,986				24,986				24,986
Total interest-earning assets	$	2,299,635			$	2,247,498			$	2,319,059			$	2,289,575			$	2,254,143
Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	145			$	168			$	210			$	209			$	324
Loans		29,214				27,998				29,617				29,450				28,155
Investment securities - taxable		947				921				914				910				918
Investment securities - nontaxable		1,733				1,719				1,715				1,685				1,665
FRB and FHLB stock		416				511				493				471				519
Total interest income (tax equivalent basis)	$	32,455			$	31,317			$	32,949			$	32,725			$	31,581
Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		3.65	%			5.67	%			3.98	%			4.96	%			4.97	%
Loans		5.86	%			5.75	%			5.89	%			5.92	%			5.79	%
Investment securities - taxable		3.64	%			3.59	%			3.59	%			3.65	%			3.62	%
Investment securities - nontaxable		4.28	%			4.26	%			4.26	%			4.24	%			4.22	%
FRB and FHLB stock		6.66	%			8.18	%			7.89	%			7.54	%			8.31	%
Total interest-earning assets		5.65	%			5.57	%			5.68	%			5.72	%			5.60	%
Interest-bearing liabilities
Interest-bearing deposits	$	1,537,248			$	1,653,058			$	1,671,156			$	1,563,258			$	1,572,871
Federal Home Loan Bank borrowings		437,371				266,975				315,583				378,956				351,227
Subordinated debt and other borrowings		35,070				48,656				48,616				48,576				48,537
Total interest-bearing liabilities	$	2,009,689			$	1,968,689			$	2,035,355			$	1,990,790			$	1,972,635
Interest expense:
Interest-bearing deposits	$	10,601			$	12,069			$	13,606			$	12,825			$	12,740
Federal Home Loan Bank borrowings		4,149				2,001				2,617				3,521				3,021
Subordinated debt and other borrowings		489				762				764				800				799
Total interest expense	$	15,239			$	14,832			$	16,987			$	17,146			$	16,560
Weighted average cost (annualized):
Interest-bearing deposits		2.76	%			2.92	%			3.26	%			3.28	%			3.24	%
Federal Home Loan Bank borrowings		3.79	%			3.00	%			3.32	%			3.72	%			3.44	%
Subordinated debt and other borrowings		5.58	%			6.26	%			6.29	%			6.59	%			6.58	%
Total interest-bearing liabilities		3.03	%			3.01	%			3.34	%			3.45	%			3.36	%
Net interest income (taxable equivalent basis)	$	17,216			$	16,485			$	15,962			$	15,579			$	15,021
Less: taxable equivalent adjustment		(491	)			(494	)			(500	)			(502	)			(487	)
Net interest income	$	16,725			$	15,991			$	15,462			$	15,077			$	14,534
Interest rate spread (tax equivalent basis, annualized)		2.62	%			2.56	%			2.34	%			2.27	%			2.24	%
Net interest margin (tax equivalent basis, annualized)		2.99	%			2.93	%			2.75	%			2.72	%			2.67	%

FAQ

What were FSFG's Q3 2025 earnings per share?

First Savings Financial Group reported earnings of $0.88 per diluted share for Q3 2025, compared to $0.60 per diluted share in Q3 2024.

How did First Savings Financial Group's net interest margin perform in Q3 2025?

The company's net interest margin increased by 32 basis points from June 2024 to June 2025, reaching 2.99%.

What was FSFG's total net income for Q3 2025?

FSFG reported net income of $6.2 million for Q3 2025, a significant increase from $4.1 million in Q3 2024.

How did First Savings Financial Group's deposit base change in Q3 2025?

While total deposits decreased by $144.7 million due to reduced brokered deposits, customer deposits grew by $84.4 million.

What was FSFG's asset quality status as of Q3 2025?

Nonperforming loans decreased to $15.2 million from $16.9 million, and the bank maintained its 'well-capitalized' regulatory status.