First Savings Financial Group, Inc. reports increase in net income, focusing on core banking

From GlobeNewswire: 2024-10-24 19:11:00

First Savings Financial Group, Inc. reported a net income of $13.6 million for the year ended September 30, 2024, compared to $8.2 million for the previous year. The core banking segment reported net income of $16.9 million for 2024. The Company aims to enhance shareholder value by focusing on core banking and strategic opportunities.

Key enhancements actions during fiscal year 2024 included converting to a new core operating system, ceasing national mortgage banking operations, and implementing expense reduction strategies. Results for 2024 showed a 5.7% decrease in net interest income and a provision for credit losses for loans of $3.5 million. Noninterest income decreased by $12.8 million due to cessation of mortgage banking operations.

In the three months ended September 30, 2024, First Savings Financial Group, Inc. reported a net income of $3.7 million, compared to a net loss in the same period in 2023. Net interest income decreased by 3.0%, with a provision for credit losses for loans of $1.8 million. The Company remains focused on strategic growth and financial stability.



Read more at GlobeNewswire:: First Savings Financial Group, Inc. Reports Financial