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First Savings Financial Group, Inc. has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, indicating a decrease in net loans receivable to $1.88 billion from $1.96 billion at the end of the previous quarter. This decrease is primarily due to a bulk sale of residential real estate home equity line of credit loans.
Total deposits decreased to $1.83 billion from $1.88 billion, with significant reductions in brokered deposits and noninterest-bearing deposits.
Net interest income for the quarter was $15.46 million, an increase from $14.11 million in the same quarter the previous year. The increase is attributed to higher average balances of interest-earning assets.
The company reported net income of $6.23 million for the quarter, compared to $920,000 in the previous year. The increase in net income is due to higher net interest income and noninterest income.
Noninterest income increased significantly due to a $2.5 million net gain on the sale of loans and $403,000 in net gains on the sale of Visa Class B equity securities.
Noninterest expense decreased by $1.1 million, primarily due to reductions in compensation and benefits, occupancy and equipment, and professional fee expenses.
The company recognized a credit for credit losses of $491,000 for the quarter, compared to a provision for credit losses of $470,000 in the previous year.
Cash and cash equivalents increased to $76.2 million, and securities available for sale decreased to $241.6 million, reflecting market interest rate changes.
The filing also details the company's liquidity management and capital resources, with the bank maintaining compliance with all regulatory capital requirements as of December 31, 2024.
First Savings Financial Group, Inc. continues to focus on managing interest rate risk and maintaining adequate levels of funding and liquidity.
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. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.