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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


	☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


	☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 1-34155

First Savings Financial Group, Inc.

(Exact name of registrant as specified in its charter)

Indiana		37-1567871
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

702 North Shore Drive, Suite 300, Jeffersonville, Indiana 47130

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 1-812-283-0724

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered pursuant to Section 12(b) of the Act:

Common stock, $0.01 par value per share		FSFG		The NASDAQ Stock Market, LLC
(Title of each class)		(Trading Symbol)		(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


	Large Accelerated Filer ☐	Accelerated Filer ☒

	Non-accelerated Filer ☐	Smaller Reporting Company ☒

	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock as of April 28, 2025 was 6,919,136.

Table of Contents

FIRST SAVINGS FINANCIAL GROUP, INC.

INDEX


		Page
Part I	Financial Information

	Item 1. Financial Statements

	Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and September 30, 2024	3

	Condensed Consolidated Statements of Income for the three and six months ended March 31, 2025 and 2024 (unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2025 and 2024 (unaudited)	5

	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended March 31, 2025 and 2024 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2025 and 2024 (unaudited)	7

	Notes to Condensed Consolidated Financial Statements (unaudited)	8-49

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	50-58

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	59-60

	Item 4. Controls and Procedures	61

Part II	Other Information

	Item 1. Legal Proceedings	62

	Item 1A. Risk Factors	62

	Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, And Issuer Purchases of Equity Securities	63

	Item 3. Defaults Upon Senior Securities	63

	Item 4. Mine Safety Disclosures	63

	Item 5. Other Information	63

	Item 6. Exhibits	64

Signatures		65

-2-

Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31,		September 30,
(In thousands, except share and per share data)	2025		2024
ASSETS
Cash and due from banks	$	20,154	$	39,393
Interest-bearing deposits with banks		8,529		12,749
Total cash and cash equivalents		28,683		52,142

Interest-bearing time deposits		490		490
Debt securities available for sale, at fair value, net of allowance for credit losses of $14 at March 31, 2025 and $21 at September 30, 2024		243,174		248,679
Debt securities held to maturity		910		1,040
Loans held for sale, residential mortgage		36,395		—
Loans held for sale, Small Business Administration		24,844		25,716
Loans, net of allowance for credit losses of $20,484 at March 31, 2025 and $21,294 at September 30, 2024		1,880,176		1,963,852
Federal Reserve Bank and Federal Home Loan Bank stock, at cost		24,986		24,986
Premises and equipment, net		26,093		26,462
Other real estate owned, held for sale		444		647
Accrued interest receivable:
Loans		9,377		9,447
Securities		1,961		1,929
Cash surrender value of life insurance		48,212		47,605
Goodwill		9,848		9,848
Core deposit intangibles		316		398
Nonresidential mortgage loan servicing rights		58		67
SBA loan servicing rights		2,686		2,687
Other assets		37,577		34,373

Total Assets	$	2,376,230	$	2,450,368

LIABILITIES
Deposits:
Noninterest-bearing	$	185,252	$	191,528
Interest-bearing		1,603,929		1,689,353
Total deposits		1,789,181		1,880,881

Federal Home Loan Bank borrowings		325,310		301,640
Other borrowings		48,682		48,603
Accrued interest payable		8,141		13,384
Advance payments by borrowers for taxes and insurance		911		931
Reserve for unfunded lending commitments		1,688		1,519
Accrued expenses and other liabilities		23,128		26,295
Total Liabilities		2,197,041		2,273,253

STOCKHOLDERS’ EQUITY
Preferred stock of $.01 par value per share; authorized 1,000,000 shares; none issued		—		—
Common stock of $.01 par value per share; authorized 20,000,000 shares; issued 7,841,948 shares (7,802,351 shares at September 30, 2024) outstanding 6,919,136 shares (6,887,106 shares at September 30, 2024)		78		78
Additional paid-in capital		28,572		27,647
Retained earnings		182,918		173,337
Accumulated other comprehensive loss		(19,385)		(11,195)
Unearned stock compensation		(862)		(901)
Treasury stock, at cost - 922,812 shares (915,245 shares at September 30, 2024)		(12,132)		(11,851)
Total Stockholders’ Equity		179,189		177,115

Total Liabilities and Stockholders’ Equity	$	2,376,230	$	2,450,368

See notes to condensed consolidated financial statements.

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Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended				Six Months Ended
	March, 31				March, 31
(In thousands, except share and per share data)	2025		2024		2025		2024

INTEREST INCOME
Loans, including fees	$	27,865	$	27,019	$	57,342	$	53,076
Securities:
Taxable		921		924		1,835		1,866
Tax-exempt		1,358		1,313		2,713		2,646
Dividend income		511		499		1,004		573
Interest-bearing deposits with banks		168		261		378		510
Total interest income		30,823		30,016		63,272		58,671

INTEREST EXPENSE
Deposits		12,069		12,547		25,675		22,536
Federal Home Loan Bank borrowings		2,001		2,298		4,618		6,067
Other borrowings		762		833		1,526		1,617
Total interest expense		14,832		15,678		31,819		30,220

Net interest income		15,991		14,338		31,453		28,451

Provision (credit) for credit losses - loans		(357)		713		(848)		1,183
Provision (credit) for unfunded lending commitments		123		(259)		169		(317)
Provision (credit) for credit losses - securities		(1)		23		(7)		23

Total provision (credit) for credit losses		(235)		477		(686)		889

Net interest income after provision (credit) for credit losses		16,226		13,861		32,139		27,562

NONINTEREST INCOME
Service charges on deposit accounts		541		387		1,108		860
ATM and interchange fees		632		585		1,297		1,034
Net unrealized gain on equity securities		47		6		125		44
Net gain on sale of equity securities		—		—		403		—
Net gain on sales of loans, Small Business Administration		1,078		951		1,789		1,785
Net gain on sales of loans, home equity lines of credit		—		—		2,492		—
Mortgage banking income		104		53		182		142
Increase in cash surrender value of life insurance		380		333		741		662
Gain on life insurance		—		—		108		—
Commission income		255		220		465		442
Real estate lease income		122		115		243		230
Net gain on premises and equipment		—		120		45		120
Other income		401		940		665		1,173
Total noninterest income		3,560		3,710		9,663		6,492

NONINTEREST EXPENSE
Compensation and benefits		8,529		7,589		17,705		17,252
Occupancy and equipment		1,698		1,673		3,334		3,714
Data processing		797		516		1,607		1,309
Advertising		439		212		791		530
Professional fees		432		501		1,126		1,580
FDIC insurance premiums		444		628		1,050		1,114
Net (gain) loss on other real estate owned		(246)		2		(244)		8
Other operating expenses		1,605		657		3,272		2,310
Total noninterest expense		13,698		11,778		28,641		27,817
Net income before income taxes		6,088		5,793		13,161		6,237
Income tax expense		589		866		1,437		390
Net Income	$	5,499	$	4,927	$	11,724	$	5,847

Net income per share:
Basic	$	0.80	$	0.72	$	1.71	$	0.86
Diluted	$	0.79	$	0.72	$	1.68	$	0.85

Weighted average shares outstanding:
Basic		6,875,826		6,832,130		6,861,061		6,828,017
Diluted		6,960,020		6,859,611		6,961,829		6,849,928

Dividends per share	$	0.16	$	0.15	$	0.31	$	0.29

See notes to consolidated financial statements.

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Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended				Six Months Ended
	March 31,				March 31,
(In thousands)	2025		2024		2025		2024

Net Income	$	5,499	$	4,927	$	11,724	$	5,847

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Unrealized gains (losses) on securities available for sale:
Unrealized holding gains (losses) arising during the period		(2,022)		(4,526)		(10,359)		15,704
Income tax (expense) benefit		427		970		2,174		(3,279)
Net of tax amount		(1,595)		(3,556)		(8,185)		12,425

Less: reclassification adjustment for provision (credit) for credit losses on securities included in net income		(1)		23		(7)		23
Income tax expense		—		(5)		2		(5)
Net of tax amount		(1)		18		(5)		18


Other Comprehensive Income (Loss)		(1,596)		(3,538)		(8,190)		12,443

Comprehensive Income	$	3,903	$	1,389	$	3,534	$	18,290

See notes to consolidated financial statements.

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Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)


							Accumulated
							Other		Unearned
	Common		Additional		Retained		Comprehensive		Stock		Treasury
(In thousands, except share and per share data)	Stock		Paid-in Capital		Earnings		Income (Loss)		Compensation		Stock		Total

Three Months Ended March 31, 2024:
Balances at January 1, 2024		78		27,319		163,753		(13,606)		(1,194)		(11,827)		164,523

Net income		—		—		4,927		—		—		—		4,927

Other comprehensive loss		—		—		—		(3,538)		—		—		(3,538)

Common stock dividends - $0.15 per share		—		—		(1,032)		—		—		—		(1,032)

Stock compensation expense		—		78		—		—		98		—		176

Balances at March 31, 2024	$	78	$	27,397	$	167,648	$	(17,144)	$	(1,096)	$	(11,827)	$	165,056


Three Months Ended March 31, 2025:
Balances at January 1, 2025		78		28,304		178,526		(17,789)		(973)		(12,119)		176,027

Net income		—		—		5,499		—		—		—		5,499

Other comprehensive loss		—		—		—		(1,596)		—		—		(1,596)

Common stock dividends - $0.16 per share		—		—		(1,107)		—		—		—		(1,107)

Stock compensation expense		—		92		—		—		111		—		203

Stock option exercises - 11,400 shares		—		176		—		—		—		—		176

Issuance of 1,800 treasury shares		—		—		—		—		—		23		23

Purchase of 1,437 treasury shares		—		—		—		—		—		(36)		(36)

Balances at March 31, 2025	$	78	$	28,572	$	182,918	$	(19,385)	$	(862)	$	(12,132)	$	179,189

Six Months Ended March 31, 2024:
Balances at October 1, 2023	$	78	$	26,986	$	166,306	$	(29,587)	$	(1,015)	$	(11,787)	$	150,981

Cumulative effect adjustment for adoption of ASU 2016-13, net of tax		—		—		(2,510)		—		—		—		(2,510)

Balances at October 1, 2023		78		26,986		163,796		(29,587)		(1,015)		(11,787)		148,471

Net income		—		—		5,847		—		—		—		5,847

Distribution to Q2 minority interest		—		(18)		—		—		—		—		(18)

Other comprehensive income		—		—		—		12,443		—		—		12,443

Common stock dividends - $0.29 per share		—		—		(1,995)		—		—		—		(1,995)

Restricted stock grants - 19,475 shares		—		294		—		—		(294)		—		—

Restricted stock forfeitures - 800 shares		—		(18)		—		—		18		—		—

Stock compensation expense		—		153		—		—		195		—		348

Purchase of 2,636 treasury shares		—		—		—		—		—		(40)		(40)

Balances at March 31, 2024	$	78	$	27,397	$	167,648	$	(17,144)	$	(1,096)	$	(11,827)	$	165,056


Six Months Ended March 31, 2025:
Balances at October 1, 2024		78		27,647		173,337		(11,195)		(901)		(11,851)		177,115

Net income		—		—		11,724		—		—		—		11,724

Other comprehensive loss		—		—		—		(8,190)		—		—		(8,190)

Common stock dividends - $0.31 per share		—		—		(2,143)		—		—		—		(2,143)

Restricted stock grants - 6,090 shares		—		177		—		—		(177)		—		—

Stock compensation expense		—		176		—		—		216		—		392

Stock option exercises - 38,307 shares		—		572		—		—		—		—		572

Issuance of 4,800 treasury shares		—		—		—		—		—		62		62

Purchase of 12,367 treasury shares		—		—		—		—		—		(343)		(343)

Balances at March 31, 2025	$	78	$	28,572	$	182,918	$	(19,385)	$	(862)	$	(12,132)	$	179,189

See notes to consolidated financial statements.

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Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended
	March 31,
(In thousands)	2025		2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	11,724	$	5,847
Adjustments to reconcile net income to net cash provided by (used in )
operating activities:
Provision (credit) for credit losses - loans		(848)		1,183
Provision (credit) for unfunded lending commitments		169		(317)
Provision (credit) for credit losses - securities		(7)		23
Depreciation and amortization		1,157		1,201
Amortization of premiums and accretion of discounts on securities, net		164		145
Amortization and accretion of fair value adjustments on loans, net		(532)		(631)
Loans originated for sale, residential mortgage		(39,089)		(61,979)
Loans originated for sale, Small Business Administration		(24,996)		(23,498)
Proceeds on sales of loans, residential mortgage		2,738		82,076
Proceeds on sales of loans, Small Business Administration		27,538		30,530
Net realized (gain) loss on sale of residential mortgage loans		(141)		1,368
Net realized gain on sale of SBA loans		(1,924)		(1,961)
Capitalization of loan servicing rights		(497)		(1,044)
Proceeds from sale of residential mortgage loan servicing rights		—		59,464
Loss on sale of residential mortgage loan servicing rights		—		4
Net change in value of residential loan servicing rights		—		809
Amortization and direct write offs of SBA and nonresidential mortgage loan servicing rights		507		558
Net realized and unrealized gain on other real estate owned		(248)		(5)
Increase in cash surrender value of life insurance		(741)		(662)
Gain on life insurance		(108)		—
Net gain on equity securities		(528)		(44)
Deferred income taxes		(522)		(15,382)
Stock compensation expense		392		348
Net realized gain on sale of home equity lines of credit		(2,492)		—
Net realized gain on sale of premises and equipment		(45)		(120)
Decrease (increase) in accrued interest receivable		38		(713)
(Decrease) increase in accrued interest payable		(5,243)		2,355
Change in other assets		(4,399)		(1,478)
Change in other liabilities		5,303		12,557
Net Cash Provided by (Used in) Operating Activities		(32,630)		90,634

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of securities available for sale		(11,512)		—
Principal collected and proceeds from maturities of securities available for sale		6,494		4,327
Principal collected and proceeds from maturities of securities held to maturity		130		130
Net increase in loans		(2,173)		(114,196)
Proceeds from redemption of Federal Reserve Bank and Federal Home Loan Bank stock		—		1
Purchase of Federal Reserve Bank and Federal Home Loan Bank stock		—		(48)
Proceeds from sale of home equity lines of credit		89,721		—
Proceeds from sale of premises and equipment		69		150
Proceeds from sale of other real estate		451		35
Purchase of premises and equipment		(651)		(386)
Proceeds from life insurance		242		-
Investment in partnership interests		(3,698)		(3,779)
Distribution to Q2 minority interests		—		(18)
Net Cash Provided by (Used In) Investing Activities		79,073		(113,784)

CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits		(91,700)		105,652
Net increase (decrease) in Federal Home Loan Bank line of credit		3,670		(8,183)
Proceeds from Federal Home Loan Bank advances		440,000		1,310,000
Repayment of Federal Home Loan Bank advances		(420,000)		(1,350,000)
Net decrease in advance payments by borrowers for taxes and insurance		(20)		(160)
Proceeds from exercise of stock options		572		—
Proceeds from issuance of common stock		62		—
Purchase of treasury shares		(343)		(40)
Dividends paid on common stock		(2,143)		(1,995)
Net Cash Provided by (Used In) Financing Activities		(69,902)		55,274

Net Increase (Decrease) in Cash and Cash Equivalents		(23,459)		32,124

Cash and cash equivalents at beginning of period		52,142		30,845

Cash and Cash Equivalents at End of Period	$	28,683	$	62,969

Supplemental Disclosures of Cash Flow Information:
Cash payments for:
Interest		37,062		27,865
Income taxes (net of refunds received)		2,242		6,080
Loans transferred from held for investment to held for sale		87,229		—

See notes to consolidated financial statements.

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Table of Contents

FIRST SAVINGS FINANCIAL GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	Presentation of Interim Information

First Savings Financial Group, Inc. (the “Company”) is a financial holding company and the parent of First Savings Bank (the “Bank”).

The Bank, which is a wholly-owned Indiana-chartered commercial bank subsidiary of the Company, provides a variety of banking services to individuals and business customers through 16 locations in southern Indiana. The Bank attracts deposits primarily from the general public and uses those funds, along with other borrowings, primarily to originate commercial mortgage, residential mortgage, construction, commercial business and consumer loans, and to a lesser extent, to invest in mortgage-backed securities, municipal bonds and other investment securities. The Bank has three wholly-owned subsidiaries: Q2 Business Capital, LLC(“Q2”), an Indiana limited liability company that specializes in the origination and servicing of U.S. Small Business Administration (“SBA”) loans, First Savings Investments, Inc., a Nevada corporation that manages a securities portfolio, and Southern Indiana Financial Corporation, which is currently inactive.

First Savings Insurance Risk Management, Inc. (the “Captive”), which was a wholly-owned insurance subsidiary of the Company, was a Nevada corporation that provided property and casualty insurance to the Company, the Bank and the Bank’s active subsidiaries. In addition, the Captive provided reinsurance to 11 other third-party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace.Effective September 30, 2023, the Captive was dissolved and is no longer in existence.

During the three -month period ended December 31, 2023, the Bank ceased its national originate-to-sell mortgage banking operation. The Bank continues to originate residential mortgage loans in its local southern Indiana market and first-lien home equity lines of credit from its loan production office in Franklin, Tennessee.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of March 31, 2025, the results of operations for the three - and six-month periods ended March 31, 2025 and 2024, and the cash flows for the six-month periods ended March 31, 2025 and 2024. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited condensed consolidated financial statements. Interim results are not necessarily indicative of results for a full year.

The unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements, conform to general practices within the banking industry and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s audited consolidated financial statements and related notes for the year ended September 30, 2024 included in the Company’s Annual Report on Form 10-K.

The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Loans and Allowance for Credit Losses

Loans Held for Investment

Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for credit losses. Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status.

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Table of Contents

FIRST SAVINGS FINANCIAL GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

Nonaccrual Loans

The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible and the loan is well secured and in process of collection. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income on nonaccrual loans is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status.

A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months.

Loan Charge-Offs

For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, depreciation of the underlying collateral or for other reasons. A partial charge-off is recorded on a loan when the uncollectibility of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not likely be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment.

Consumer loans not secured by real estate are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 45 days past due. Charge-offs are typically recorded on loans secured by real estate when the property is foreclosed upon when the carrying value of the loan exceeds the property’s fair value, less estimated costs to sell.

Allowance for Credit Losses – Loans

The allowance for credit losses (ACL) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged off.

The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an allowance for credit losses on accrued interest receivable.

Management considers forward-looking information in estimating expected credit losses. For the contractual term that extends beyond the reasonable and supportable forecast period, the Company reverts to the long term average of historical factors using a four-quarter forecast with immediate reversion to historical losses.

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Table of Contents

FIRST SAVINGS FINANCIAL GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

Management estimates the ACL balance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimates of expected credit losses. The Company adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. The adjustments are commonly known as the Qualitative Framework. The ACL model for each segment is adjusted for (1) changes in the Company’s lending policy, (2) changes in international, national, regional and local economic conditions, (3) changes in the nature and volume of the portfolio and terms of loans, (4) changes in the experience, depth and ability of lending management, (5) changes in the volume and severity of past due loans and other similar conditions, (6) changes in the quality of the Company’s loan review system, (7) changes in the value of underlying collateral, (8) the existence and effect of any concentrations of credit and changes in the levels of such concentrations, and (9) the effect of other external factors such as competition, legal and regulatory requirements.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist utilizing a weighted average remaining maturity loss methodology.The ACL utilizes historical charge off rates that were internally calculated as well as peer charge off data. In many cases, the peer data, which showed higher loss rates, was utilized due to representing a better approximation of management’s estimate of the expected losses on the loan segments.

For loans evaluated on a pool basis, the Company applies an average historical loss rate to the pool over its estimated remaining life assuming a constant attrition rate.

Loans that do not share risk characteristics are evaluated on an individual basis. The Company maintains a net book balance threshold of $500,000 for individually evaluated loans unless further analysis in the future suggests a change is needed to this threshold based on the credit environment at that time. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. If the loan is not collateral dependent, the measurement of loss is based on the difference between the expected and contractual future cash flows of the loan.

Management measures expected credit losses over the contractual term of a loan. When determining the contractual term, the Company considers expected prepayments but is precluded from considering expected extensions, renewals or modifications, unless the Company reasonably expects it will execute a loan modification with a borrower. In the event of a reasonably expected loan modification, the Company factors the reasonably-expected loan modification into the current expected credit losses estimate.

The Company has identified the following portfolio segments and measures and adjusts the ACL using the following methods:

Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. Our residential lending policies and procedures conform to the secondary market guidelines, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower’s ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. We generally offer a mix of adjustable-rate mortgage loans and fixed-rate mortgage loans with terms of 10 to 30 years.

The residential real estate ACL model is adjusted for forecasted changes in the housing price indices at both the national and local level, the Case-Schiller Home Price Index, the national unemployment rate, Consumer Price Index (“CPI”) and Real Gross Domestic Product (“Real GDP”).

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Table of Contents

FIRST SAVINGS FINANCIAL GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(Unaudited)

Commercial real estate, single tenant net lease and multifamily – The Company offers fixed and adjustable-rate mortgage loans secured by commercial real estate. Our commercial real estate loans are generally secured by small to moderately-sized office, retail and industrial properties located in our primary market area and are typically made to small business owners and professionals such as attorneys and accountants. We originate fixed-rate commercial real estate loans, generally with terms up to five years and payments based on an amortization schedule of 15 to 20 years, resulting in “balloon” balances at maturity.

The Company offers multi-family mortgage loans that are generally secured by properties in our primary market area. Multi-family loans are secured by first mortgages and generally are originated with a maximum loan-to-value ratio of 80% and generally require specified debt service coverage ratios depending on the characteristics of the project.

The Company offers single tenant net lease loans, which are derived from a commercial real estate lending program that is focused on loans to high net worth individuals and that are secured by low loan-to-value, single-tenant commercial properties that are generally leased to investment grade national-brand retailers, the borrowers and collateral properties for which are outside of our primary market area (“NNN Finance Program”). This program is designed to diversify the Company’s geographic and credit risk profile given the geographic dispersion of the loans and collateral, and the investment grade credit of the national-brand lessees. The terms of the loans are generally consistent with the aforementioned terms of in-market commercial real estate loans; however, these cannot exceed 70% loan-to-value and loan maturities cannot exceed the expiration of the underlying leases.

The commercial real estate, single tenant net lease and multi-family ACL models are adjusted for changes in the Commercial Real Estate Price Index, which is a time series of commercial property values prepared by the Board of Governors of the Federal Reserve System, and the national unemployment rate, CPI and Real GDP.

SBA commercial real estate and SBA commercial business – The Company originates SBA commercial real estate loans and SBA commercial business loans under the SBA 7(a) program. Guaranteed portions are generally sold in the secondary market.

The SBA commercial real estate ACL model is adjusted for the Commercial Real Estate Price Index. Both the SBA commercial real estate ACL model and the SBA commercial business model are adjusted for the national unemployment rate, CPI and Real GDP.

Residential and commercial construction – The Company originates construction loans for one to four family homes and commercial properties such as small industrial buildings, warehouses, retail shops and office units. Construction loans, including speculative construction loans to builders who have not identified a buyer or lessee for the completed property at the time of origination, are made to a limited group of well-established builders in our primary market area and we limit the number of projects with each builder. Construction loans are typically for a term of 12 months with monthly interest only payments and interest rates on these loans are generally tied to the prime lending rate.

The construction ACL model is adjusted for forecasted changes in the housing price indices, the Case-Schiller Home Price Index, the national unemployment rate, CPI and Real GDP.

Land and land development – On a limited basis, we originate loans to developers for the purpose of developing vacant land in our primary market area, typically for residential subdivisions. Land development loans are generally interest-only loans for a term of 18 to 24 months. We generally require a maximum loan-to-value ratio of 75% of the appraisal market value upon completion of the project.

The land and land development ACL model is adjusted for forecasted changes in the housing price indices, the Case-Schiller Home Price Index, the national unemployment rate, CPI and Real GDP.

Commercial business – The Company typically offer commercial business loans to small businesses located in our primary market area. Commercial business loans are generally secured by equipment and general business assets. Key loan terms and covenants vary depending on the collateral, the borrower’s financial condition, credit history and other relevant factors, and personal guarantees are typically required as part of the loan commitment.

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The commercial business ACL model is adjusted for changes in the national unemployment level, CPI and Real GDP.

Consumer – The Company offers a variety of consumer loans. The consumer loan portfolio consists primarily of home equity loans, both fixed rate amortizing term loans with terms up to 15 years and adjustable rate lines of credit with interest rates equal to a margin above the prime lending rate. We also offer auto and truck loans, personal loans and small boat loans. Consumer loans typically have shorter maturities and higher interest rates than traditional one-to four-family lending. We typically do not make home equity loans with loan-to-value ratios exceeding 90%, including any first mortgage loan balance.

The ACL model for consumer loans is adjusted for forecasted changes in the housing price indices, the Case-Schiller Home Price Index, the national unemployment rate, CPI and Real GDP.

Allowance for Credit Losses – Unfunded Commitments

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated lives consistent with the Company’s ACL methodology for loans.

Collateral Dependent Loans

Loans on nonaccrual status which management believes the likely source of repayment to be operation or sale of the collateral are considered collateral dependent. Factors considered by management in determining collateral dependency include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Individually evaluated loans are measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.

Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, estimated costs to complete unfinished or repair damaged property, and other known defects. New appraisals are generally obtained for all significant properties when a loan is identified as collateral dependent. Generally, a property is considered significant if the value of the property is estimated to exceed $250,000. Subsequent appraisals are obtained as needed or if management believes there has been a significant change in the market value of a collateral property securing a collateral dependent loan. In instances where it is not deemed necessary to obtain a new appraisal, management would base its allowance for credit loss on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and management’s inspection of the property.

Financial Difficulty Modifications

Financial difficulty modifications (FDMs) may result when a borrower is in financial distress, and may be in the form of principal forgiveness, an interest rate reduction, a term extension a payment delay that is other-than-insignificant or any combination thereof. The Company’s credit department evaluates modifications and identifies any FDMs on a quarterly basis.

Allowance for Credit Losses – Held to Maturity (HTM) Securities

The Company measures expected credit losses on HTM securities on a collective basis by major security type with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the condensed consolidated balance sheets. See Note 2 – Investment Securities, for additional information related the Company’s allowance for credit losses on HTM securities.

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Allowance for Credit Losses – Available for Sale (AFS) Securities

For AFS securities in an unrealized loss position, the Company first evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis, which may be at maturity. If either of these criteria regarding intent or requirement to sell is met, the AFS security amortized cost basis is written down to fair value through income. If the criteria is not met, the Company is required to assess whether the decline in fair value has resulted from credit related factors. If the assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit loss is recorded through income as a component of provision for credit loss expense. If the assessment indicates that a credit loss does not exist, the Company records the decline in fair value through other comprehensive income, net of related income tax effects. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the condensed consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. See Note 2 – Investment Securities, for additional information related to the Company’s allowance for credit losses on AFS securities.

2.	Investment Securities

U.S. agency bonds and notes, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include treasury notes issued by the U.S. government; securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency; and securities issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Bank (“FHLB”), which are U.S. government sponsored enterprises. The Company holds municipal bonds issued by municipal governments within the U.S. The Company also holds pass-through asset-backed securities guaranteed by the SBA representing participating interests in pools of long term debentures issued by state and local development companies certified by the SBA. Privately issued CMO and asset-backed securities (“ABS”) are complex securities issued by non-government special purpose entities that are collateralized by residential mortgage loans and residential home equity loans. The Company also holds subordinated debt of a regional financial institution.

Investment securities have been classified as either available for sale or held to maturity according to management’s intent.

At this time, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, debt securities in an unrealized loss position prior to maturity or recovery of the recorded value. The Company recorded a $1,000 and $7,000 credit for credit losses on investment securities for the three - and six-month periods ended March 31, 2025, respectively. The Company recorded a $23,000 provision for credit losses on investment securities for the three - and six-month periods ended March 31, 2024.

The Company’s held to maturity (“HTM”) debt securities consist of two agency mortgage-backed securities and two municipal bonds. The agency mortgage-backed securities carry an explicit and/or implicit guarantee of the U.S. government, are widely considered as “risk free” and have a long history of zero credit loss. The two HTM municipal bonds are unrated, but have performed as agreed and are not considered to be credit impaired. The carrying value of HTM debt securities totaled $910,000 at March 31, 2025. There were no HTM securities on nonaccrual status or past due as of March 31, 2025 or September 30, 2024. Therefore, the Company did not record an allowance for credit losses for these securities as of March 31, 2025 or September 30, 2024.

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Debt Securities Available for Sale and Held to Maturity

The following tables provide a summary of debt securities available for sale and held to maturity:


			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for Credit		Fair
	Cost		Gain		Losses		Losses		Value

	(In thousands)
March 31, 2025:
Debt securities available for sale:

U.S. Treasury notes	$	29,390	$	—	$	3,142	$	—	$	26,248
Agency mortgage-backed		27,344		3		2,947		—		24,400
Agency CMO		23,680		76		867		—		22,889
Privately-issued CMO		272		3		7		14		254
Privately-issued ABS		249		9		—		—		258
SBA certificates		10,930		—		107		—		10,823
Municipal bonds		173,866		95		17,559		—		156,402
Other		2,000		—		100		—		1,900

Total debt securities available for sale	$	267,731	$	186	$	24,729	$	14	$	243,174

Debt securities held to maturity:

Agency mortgage-backed	$	26	$	—	$	—	$	—	$	26
Municipal bonds		884		6		—		—		890

Total debt securities held to maturity	$	910	$	6	$	—	$	—	$	916

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			Gross		Gross		Allowance
	Amortized		Unrealized		Unrealized		for Credit		Fair
	Cost		Gain		Losses		Losses		Value

	(In thousands)
September 30, 2024:
Debt securities available for sale:

U.S. Treasury notes	$	30,031	$	—	$	2,620	$	—	$	27,411
Agency mortgage-backed		28,425		8		2,157		—		26,276
Agency CMO		15,700		—		774		—		14,926
Privately-issued CMO		295		2		16		21		260
Privately-issued ABS		301		12		—		—		313
SBA certificates		11,993		—		67		—		11,926
Municipal bonds		174,132		1,048		9,493		—		165,687
Other		2,000		—		120		—		1,880

Total debt securities available for sale	$	262,877	$	1,070	$	15,247	$	21	$	248,679

Debt securities held to maturity:

Agency mortgage-backed	$	29	$	—	$	—	$	—	$	29
Municipal bonds		1,011		12		—		—		1,023

Total debt securities held to maturity	$	1,040	$	12	$	—	$	—	$	1,052

The amortized cost and fair value of investment securities as of March 31, 2025 by contractual maturity are shown below. CMO, ABS, SBA certificates, and mortgage-backed securities which do not have a single maturity date are shown separately.


	Available for Sale				Held to Maturity
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value

	(In thousands)
Due within one year	$	1,289	$	1,302	$	224	$	225
Due after one year through five years		8,439		8,331		519		523
Due after five years through ten years		42,882		39,275		141		142
Due after ten years		152,646		135,642		—		—
Agency mortgage-backed		27,344		24,400		26		26
Agency CMO		23,680		22,889		—		—
Privately-issued CMO		272		254		—		—
Privately-issued ABS		249		258		—		—
SBA certificates		10,930		10,823		—		—

	$	267,731	$	243,174	$	910	$	916

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The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:


	Number of			Gross
	Investment	Fair		Unrealized
	Positions	Value		Losses

	(Dollars in thousands)
March 31, 2025:
Debt securities available for sale:
Continuous loss position less than twelve months:
Agency mortgage-backed	5	$	2,021	$	59
Agency CMO	3		5,857		47
SBA certificates	1		990		9
Municipal bonds	54		50,410		1,656

First Savings Financial Group, Inc. 10-Q