First Savings Financial Group, Inc. reported a net income of $5.5 million, or $0.79 per diluted share, for the three months ended March 31, 2025, marking an increase from $4.9 million, or $0.72 per diluted share, in the same period last year. For the six-month period, net income rose to $11.7 million, or $1.68 per diluted share, compared to $5.8 million, or $0.85 per diluted share, in the prior year. The company's total interest income for the quarter increased to $30.8 million, up from $30.0 million, driven by a rise in average interest-earning assets and a higher yield on those assets.
The company experienced a decrease in total assets, which fell to $2.38 billion as of March 31, 2025, down from $2.45 billion at the end of the previous fiscal year. This decline was primarily attributed to a reduction in net loans, which decreased by $83.7 million to $1.88 billion, largely due to the sale of residential real estate home equity line of credit loans. Conversely, loans held for sale increased significantly by $35.5 million, reflecting a strategic shift towards residential mortgage loans.
In terms of operational metrics, total deposits decreased by $91.7 million to $1.79 billion, with a notable drop in brokered deposits. However, there were increases in money market accounts and interest-bearing demand deposits. The company’s Federal Home Loan Bank borrowings rose to $325.3 million, up from $301.6 million, as the company sought to replace the declining brokered deposits. Stockholders' equity increased slightly to $179.2 million, supported by retained earnings, despite a rise in accumulated other comprehensive losses.
Looking ahead, First Savings Financial Group remains focused on maintaining its capital adequacy, with the Bank classified as "well-capitalized" under regulatory guidelines. The company is also navigating market conditions, including interest rate fluctuations, which could impact its net interest income. Management has indicated that they will continue to monitor these factors closely while pursuing growth opportunities in both core banking and SBA lending segments.
About First Savings Financial Group, Inc.
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