First Savings Financial Group Announces Positive Financial Results for the First Quarter of Fiscal 2025

First Savings Financial Group, Inc. (NASDAQ: FSFG) recently released its financial results for the three months ended December 31, 2024. The company reported a significant increase in net income, showcasing strong performance compared to the corresponding period in the previous fiscal year. Net income for the quarter ended December 31, 2024, was $6.2 million, or $0.89 per diluted share, a notable rise from $920,000, or $0.13 per diluted share, for the same period in 2023.

The core banking segment of the company reported impressive 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 same period in 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, demonstrating a marked improvement compared to the previous year.

Larry W. Myers, President and CEO of First Savings Financial Group, expressed satisfaction with the first fiscal quarter’s performance. Myers highlighted the company’s strategic initiatives, including a bulk sale of first lien home equity lines of credit, aimed at strengthening noninterest income and enhancing overall financial performance. He emphasized a focus on asset quality, select loan growth opportunities, and capital and liquidity management to create value for shareholders.

The financial results also reflected an increase in noninterest income by $3.3 million for the quarter ended December 31, 2024, primarily driven by gains on the sale of loans and equity securities. Additionally, noninterest expenses decreased by $1.1 million during the same period, attributed to reductions in various expense categories.

The company’s performance was further buoyed by a $1.3 million increase in net interest income, with a 9.6% rise compared to the same period in 2023. The effective tax rate for 2024 was 12.0%, supported by factors such as investment tax credits related to solar projects.

Overall, for the three months ended December 31, 2024, First Savings Financial Group reported positive financial indicators, including growth in net interest income, noninterest income, and a reduction in noninterest expenses. The company remains optimistic about the remainder of fiscal 2025, focusing on maximizing shareholder value through strategic financial management and prudent decision-making.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read First Savings Financial Group’s 8K filing here.

First Savings Financial Group Company Profile

First Savings Financial Group, Inc operates as the bank holding company for First Savings Bank that provides various financial services to consumers and businesses in southern Indiana. The company operates through three segments: Core Banking, SBA Lending, and Mortgage Banking. It accepts deposits, such as checking accounts, NOW and money market accounts, regular savings accounts, and time deposits.