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First Savings Financial Group Inc. (FSFG-1.14%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements showing total assets of $2.45 billion, an increase from $2.29 billion the previous year. Cash and cash equivalents were $52.1 million, up from $30.8 million.
Net loans increased to $1.96 billion from $1.77 billion, with residential mortgage loans totaling $670 million, and commercial real estate loans at $1.01 billion.
Deposits rose to $1.88 billion from $1.68 billion, with a significant increase in retail time deposits.
Net income for the year was $13.6 million, compared to $8.2 million in the previous year. The increase was attributed to a decrease in noninterest expense and a decrease in noninterest income.
The company reported an allowance for credit losses of $21.3 million, up from $16.9 million the previous year, reflecting changes in the credit loss methodology.
Noninterest income decreased by 50.6% to $12.5 million, primarily due to a decline in mortgage banking income following the wind down of the national mortgage banking operations.
Noninterest expenses fell by 30.5% to $52.9 million, largely due to reduced compensation and benefits expenses and lower data processing costs.
The company’s net interest income decreased by 5.7% to $58.1 million, with a decrease in the net interest margin from 3.10% to 2.68%.
The filing also notes that the company adopted the Current Expected Credit Loss (CECL) methodology during the year, impacting the calculation of the allowance for credit losses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Savings Financial Group Inc. annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.