Form 8-K - Current report

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 27, 2023

FIRST SAVINGS FINANCIAL GROUP, INC.

(Exact Name of Registrant as Specified in Charter)

Indiana	001-34155	37-1567871
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

702 North Shore Drive, Suite 300, Jeffersonville, Indiana	47130
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (812) 283-0724

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ¨

Item 2.02.

Results of Operations and Financial Condition

On July 27, 2023, First Savings Financial Group, Inc. announced its financial results for the three and nine months ended June 30, 2023. The press release announcing the financial results for the three and nine months ended June 30, 2023 is furnished as Exhibit 99.1 and incorporated herein by reference.

Item 9.01.

Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Exhibits

99.1

Press release dated July 27, 2023

104

Cover Page Interactive Data File (formatted in Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FIRST SAVINGS FINANCIAL GROUP, INC.


Date: July 27, 2023	By:	/s/ Tony A. Schoen
		Tony A. Schoen
		Chief Financial Officer

Exhibit 99.1

FIRST SAVINGS FINANCIAL GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE THIRD FISCAL QUARTER ENDED JUNE 30, 2023

Jeffersonville, Indiana — July 27, 2023. First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $2.3 million, or $0.34 per diluted share, for the quarter ended June 30, 2023 compared to net income of $2.6 million, or $0.37 per diluted share, for the quarter ended June 30, 2022.

During the June 2023 quarter, the Company repurchased $2.0 million of subordinated debt that was issued by the Company in March 2022 at a discount during the 2023 period, which resulted in a $660,000 gain. The Company used this gain as an opportunity to sell $78.5 million of available-for-sale securities during the quarter for a net loss of $540,000. The sale of these securities was a strategic initiative to improve the Company’s liquidity posture and remove an inefficient portion of the Company’s balance sheet in which the cost of funding was higher than the yield earned on the securities. The proceeds from the sale of the securities were used to reduce FHLB borrowings in the June 2023 quarter.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “This challenging environment for the banking industry will pass, but as it persists we’re active to realign the balance sheet, stabilize the margin, manage expenses and make select investments in opportunities that will be fruitful in future quarters and years. We continue to focus on core banking; asset quality; selective high-quality lending; lesser reliance on wholesale funding; improvement of liquidity, capital and interest rate sensitivity positions; and evaluation of options and opportunities to achieve such. We have acted to protect from persistently higher interest rates, which has adversely affected the current margin, while still remaining well-positioned to benefit from a potential rates-down environment. The underperformance of the mortgage banking and SBA lending segments are recognized but the macroeconomic environment for these businesses to perform well continues to improve. We are focused on managing through the remainder of this economic dislocation and positioning the company for enhanced shareholder value.”

Results of Operations for the Three Months Ended June 30, 2023 and 2022

Net interest income decreased $1.0 million, or 6.6%, to $14.9 million for the three months ended June 30, 2023 as compared to the same period 2022. The decrease in net interest income was due to a $9.4 million increase in interest expense, partially offset by an $8.3 million increase in interest income. Interest income increased due to an increase in the average balance of interest-earning assets of $372.9 million, from $1.74 billion for 2022 to $2.11 billion for 2023, and an increase in the weighted-average tax-equivalent yield, from 4.36% for 2022 to 5.20% for 2023. The increase in the average balance of interest-earning assets was primarily due to an increase in the average balance of total loans of $334.1 million. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $387.8 million, from $1.37 billion for 2022 to $1.76 billion for 2023, and an increase in the average cost of interest-bearing liabilities, from 0.75% for 2022 to 2.71% for 2023. The increase in the average cost of interest-bearing liabilities for 2023 was due primarily to higher rates paid for FHLB borrowings, brokered deposits and money market deposit accounts primarily due to the increase in market interest rates.

The Company recognized a provision for loan losses of $441,000 for the three months ended June 30, 2023 due primarily to loan portfolio growth, compared to a provision for loan losses of $532,000 for the same period in 2022. The Company recognized net charge-offs of $61,000 for the three months ended June 30, 2023, compared to net charge-offs of $27,000 in 2022.

Noninterest income decreased $2.8 million for the three months ended June 30, 2023 as compared to the same period in 2022. The decrease was due primarily to a $2.4 million decrease in mortgage banking income in 2023 compared to the same period in 2022 and the aforementioned $540,000 net loss on sale of available-for-sale securities compared to a $476,000 gain recognized in 2022, partially offset by the aforementioned $660,000 gain on the repurchase of subordinated debt. The decrease in mortgage banking income was primarily due to lower origination and sales volume in 2023 compared to 2022. Mortgage loans originated for sale were $199.9 million in the three months ended June 30, 2023 as compared to $421.4 million for the same period in 2022.

Noninterest expense decreased $3.9 million for the three months ended June 30, 2023 as compared to the same period in 2022. The decrease was due primarily to a decrease in compensation and benefits of $4.1 million. The decrease in compensation and benefits expense was due primarily to a reduction in staff and incentive compensation for the Company’s mortgage banking segment as a result of decreased mortgage banking income.

The Company recognized income tax expense of $331,000 for the three months ended June 30, 2023 compared to income tax benefit of $61,000 for the same period in 2022. The effective tax rate for the 2023 period was 12.5%. The increase in the effective tax rate was primarily due to Company’s utilization of capital loss carryovers during the 2022 period with no corresponding utilization in the 2023 period.

Results of Operations for the Nine Months Ended June 30, 2023 and 2022

The Company reported net income of $8.9 million, or $1.29 per diluted share, for the nine months ended June 30, 2023 compared to net income of $14.0 million, or $1.95 per diluted share, for the nine months ended June 30, 2022.

Net interest income increased $2.2 million, or 5.0%, to $46.0 million for the nine months ended June 30, 2023 as compared to the same period 2022. The increase in net interest income was due to a $25.1 million increase in interest income, partially offset by a $22.8 million increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $429.9 million, from $1.61 billion for 2022 to $2.04 billion for 2023, and an increase in the weighted-average tax-equivalent yield, from 4.25% for 2022 to 5.03% for 2023. The increase in the average balance of interest-earning assets was primarily due to increases in the average balance of total loans and investment securities of $324.7 million and $109.7 million, respectively. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $417.2 million, from $1.27 billion for 2022 to $1.68 billion for 2023, and an increase in the average cost of interest-bearing liabilities, from 0.65% for 2022 to 2.30% for 2023. The increase in the average cost of interest-bearing liabilities for 2023 was due primarily to higher rates for FHLB borrowings, brokered deposits and money market deposit accounts as a result of increases in market interest rates.

The Company recognized a provision for loan losses of $1.8 million for the nine months ended June 30, 2023 due primarily to loan portfolio growth, compared to $1.0 million for the same period in 2022. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $851,000 from $10.9 million at September 30, 2022 to $11.7 million at June 30, 2023. The Company recognized net charge-offs of $319,000 for the nine months ended June 30, 2023, of which $264,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $349,000 in 2022, of which $218,000 was related to unguaranteed portions of SBA loans.

Noninterest income decreased $26.8 million for the nine months ended June 30, 2023 as compared to the same period in 2022. The decrease was due primarily to decreases in mortgage banking income and net gain on sale of SBA loans of $24.8 million and $1.3 million, respectively. The decrease in mortgage banking income was primarily due to lower origination and sales volume in the 2023 period compared to 2022. Mortgage loans originated for sale were $392.2 million in the nine months ended June 30, 2023 as compared to $1.42 billion in 2022. The decrease in net gain on sales of SBA loans was due primarily to decreased sales volume from the SBA lending segment and lower premiums in the secondary market.

Noninterest expense decreased $18.7 million for the nine months ended June 30, 2023 as compared to the same period in 2022. The decrease was due primarily to a decrease in compensation and benefits, advertising expense and professional fees of $17.8 million, $1.1 million and $1.0 million, respectively. The decrease in compensation and benefits expense was due primarily to a reduction in staff and incentive compensation for the Company’s mortgage banking segment as a result of decreased mortgage banking activity. The decreases in professional fees and advertising expense were related to the reduced activity and loan origination volume of the mortgage banking segment.

The Company recognized income tax expense of $747,000 for the nine months ended June 30, 2023 compared to tax expense of $2.4 million for the same period in 2022. The effective tax rate for the 2023 period was 7.7%, which was a decrease from the effective tax rate of 14.5% in 2022. The decrease was due to recognition of investment tax credits related to solar projects in 2023 and lower pre-tax income in 2023 as compared to 2022.

Comparison of Financial Condition at June 30, 2023 and September 30, 2022

Total assets increased $166.7 million, from $2.09 billion at September 30, 2022 to $2.26 billion at June 30, 2023. Net loans held for investment increased $216.7 million during the nine months ended June 30, 2023 due primarily to growth in residential mortgage loans and single-tenant net lease commercial real estate loans. Available-for-sale securities decreased $68.1 million during the nine months ended June 30, 2023 due primarily to the sale of $78.5 million of securities in June 2023

Total liabilities increased $153.2 million due primarily to increases in total deposits and FHLB borrowings of $143.9 million and $37.7 million, respectively, partially offset by a $39.8 million decrease in other borrowings primarily due to the reversal of secured borrowings recorded at September 30, 2022. The increase in total deposits was primarily due to a $121.9 million increase in brokered deposits, partially offset by a $24.6 million decrease in noninterest-bearing deposits. The increases in deposits and FHLB borrowings were primarily used to fund loan growth. As of June 30, 2023, deposits exceeding the FDIC insurance limit of $250,000 per insured account were estimated to be not greater than 19.6% of total deposits. The amount is believed to be less than 19.6% of total deposits due to certain accounts being structured to achieve a level of insurance above the FDIC limit, but is difficult to quantify.

Common stockholders’ equity increased $13.5 million, from $151.6 million at September 30, 2022 to $165.1 million at June 30, 2023, due primarily to a decrease in accumulated other comprehensive loss and increase in retained net income of $9.5 million and $6.1 million, respectively. The decrease in accumulated other comprehensive loss was primarily due to decreasing long term market interest rates during the nine months ended June 30, 2023, which resulted in an increase in the fair value of the available-for-sale securities portfolio. At June 30, 2023 and September 30, 2022, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has three national lending programs, including single-tenant net lease commercial real estate, SBA lending and residential mortgage banking, with offices located throughout the United States. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:

Tony A. Schoen, CPA

Chief Financial Officer

812-283-0724

FIRST SAVINGS FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

	Three Months Ended						Nine Months Ended
OPERATING DATA:	June 30,						June 30,
(In thousands, except share and per share data)	2023			2022			2023			2022
Total interest income	$	26,798		$	18,479		$	75,092		$	50,042
Total interest expense		11,933			2,568			29,054			6,215

Net interest income		14,865			15,911			46,038			43,827
Provision for loan losses		441			532			1,797			1,028

Net interest income after provision for loan losses		14,424			15,379			44,241			42,799

Total noninterest income		7,196			10,033			19,900			46,696
Total noninterest expense		18,965			22,835			54,475			73,148

Income before income taxes		2,655			2,577			9,666			16,347
Income tax expense (benefit)		331			(61	)		747			2,369

Net income	$	2,324		$	2,638		$	8,919		$	13,978

Net income per share, basic	$	0.34		$	0.37		$	1.30		$	1.97
Weighted average shares outstanding, basic		6,816,608			7,073,204			6,858,739			7,082,034

Net income per share, diluted	$	0.34		$	0.37		$	1.29		$	1.95
Weighted average shares outstanding, diluted		6,819,748			7,145,288			6,893,766			7,166,632

Performance ratios (annualized)
Return on average assets		0.41	%		0.55	%		0.54	%		1.04	%
Return on average equity		5.60	%		6.06	%		7.41	%		10.33	%
Return on average common stockholders' equity		5.60	%		6.06	%		7.41	%		10.33	%
Net interest margin (tax equivalent basis)		2.94	%		3.77	%		3.13	%		3.73	%
Efficiency ratio		85.97	%		88.02	%		82.62	%		80.81	%

							QTD						FYTD
FINANCIAL CONDITION DATA:	June 30,			March 31,			Increase			September 30,			Increase
(In thousands, except per share data)	2023			2023			(Decrease)			2022			(Decrease)
Total assets	$	2,260,421		$	2,239,606		$	20,815		$	2,093,725		$	166,696
Cash and cash equivalents		42,475			41,810			665			41,665			810
Investment securities		249,788			336,317			(86,529	)		318,075			(68,287	)
Loans held for sale		63,142			48,783			14,359			60,462			2,680
Gross loans		1,708,127			1,614,898			93,229			1,489,904			218,223
Allowance for loan losses		16,838			16,458			380			15,360			1,478
Interest earning assets		2,048,891			2,032,610			16,281			1,898,051			150,840
Goodwill		9,848			9,848			-			9,848			-
Core deposit intangibles		614			668			(54	)		775			(161	)
Loan servicing rights		64,139			65,045			(906	)		67,194			(3,055	)
Noninterest-bearing deposits		315,602			318,869			(3,267	)		340,172			(24,570	)
Interest-bearing deposits (1)		1,344,163			1,224,013			120,150			1,175,662			168,501
Federal Home Loan Bank borrowings		345,000			437,795			(92,795	)		307,303			37,697
Subordinated debt and other borrowings, net of issuance costs		48,387			50,330			(1,943	)		88,206			(39,819	)
Total liabilities		2,095,353			2,072,708			22,645			1,942,160			153,193
Accumulated other comprehensive income (loss)		(17,565	)		(14,199	)		(3,366	)		(27,079	)		9,514
Stockholders' equity, net of noncontrolling interests		165,068			166,898			(1,830	)		151,565			13,503

Book value per share	$	24.04		$	24.31		$	(0.27	)	$	21.74		$	2.30
Tangible book value per share (2)		22.52			22.78			(0.26	)		20.22			2.30

Non-performing assets:
Nonaccrual loans - SBA guaranteed	$	5,753		$	5,456		$	297		$	5,474		$	279
Nonaccrual loans - unguaranteed		5,954			6,993			(1,039	)		5,382			572
Total nonaccrual loans	$	11,707		$	12,449		$	(742	)	$	10,856		$	851
Accruing loans past due 90 days		-			-			-			-			-
Total non-performing loans		11,707			12,449			(742	)		10,856			851
Foreclosed real estate		30			-			30			-			30
Troubled debt restructurings classified as performing loans		2,373			2,446			(73	)		2,714			(341	)
Total non-performing assets	$	14,110		$	14,895		$	(785	)	$	13,570		$	540

Asset quality ratios:
Allowance for loan losses as a percent of total gross loans		0.99	%		1.02	%		(0.03	%)		1.03	%		(0.04	%)
Allowance for loan losses as a percent of nonperforming loans		143.83	%		132.20	%		11.63	%		141.49	%		2.34	%
Nonperforming loans as a percent of total gross loans		0.69	%		0.77	%		(0.09	%)		0.73	%		(0.04	%)
Nonperforming assets as a percent of total assets		0.62	%		0.67	%		(0.04	%)		0.65	%		(0.03	%)

(1)

Includes $414.2 million, $337.0 million and $292.5 million of brokered certificates of deposit at June 30, 2023, March 31, 2023 and September 30, 2022, respectively.

(2)

See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):

The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.

							QTD						FYTD
Tangible Book Value Per Share	June 30,			March 31,			Increase			September 30,			Increase
(In thousands, except share and per share data)	2023			2023			(Decrease)			2023			(Decrease)
Stockholders' equity, net of noncontrolling interests (GAAP)	$	165,068		$	166,898		$	(1,830	)	$	151,565		$	13,503
Less: goodwill and core deposit intangibles		(10,462	)		(10,516	)		54			(10,623	)		161
Tangible equity (non-GAAP)	$	154,606		$	156,382		$	(1,776	)	$	140,942		$	13,664

Outstanding common shares		6,865,921			6,865,921			-			6,970,631			(104,710	)

Tangible book value per share (non-GAAP)	$	22.52		$	22.78		$	(0.26	)	$	20.22		$	2.30

Book value per share (GAAP)	$	24.04		$	24.31		$	(0.27	)	$	21.74		$	2.30

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	2023			2023			2022			2022			2022
Total cash and cash equivalents	$	42,475		$	41,810		$	38,278		$	41,665		$	37,468
Total investment securities		249,788			336,317			330,683			318,075			309,027
Total loans held for sale		63,142			48,783			44,281			60,462			188,031
Total loans, net of allowance for loan losses		1,691,289			1,598,440			1,582,940			1,474,544			1,267,816
Loan servicing rights		64,139			65,045			65,598			67,194			69,039
Total assets		2,260,421			2,239,606			2,196,919			2,093,725			2,006,666

Retail deposits	$	1,245,534		$	1,206,154		$	1,211,677		$	1,223,330		$	1,186,582
Brokered deposits		414,231			336,728			326,164			292,504			159,125
Total deposits		1,659,765			1,542,882			1,537,841			1,515,834			1,345,707
Federal Home Loan Bank borrowings		345,000			437,795			377,643			307,303			404,098

Common stock and additional paid-in capital	$	27,518		$	27,443		$	27,425		$	26,848		$	27,236
Retained earnings - substantially restricted		168,015			166,652			163,890			161,927			161,438
Accumulated other comprehensive income (loss)		(17,565	)		(14,199	)		(19,000	)		(27,079	)		(12,560	)
Unearned stock compensation		(1,113	)		(1,211	)		(1,361	)		(969	)		(1,075	)
Less treasury stock, at cost		(11,787	)		(11,787	)		(10,810	)		(9,162	)		(5,826	)
Total stockholders' equity		165,068			166,898			160,144			151,565			169,213

Outstanding common shares		6,865,921			6,865,921			6,917,921			6,970,631			7,110,706

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Statements of Income	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	2023			2023			2022			2022			2022
Total interest income	$	26,798		$	24,811		$	23,483		$	21,152		$	18,479
Total interest expense		11,933			9,899			7,222			4,327			2,568
Net interest income		14,865			14,912			16,261			16,825			15,911
Provision for loan losses		441			372			984			880			532
Net interest income after provision for loan losses		14,424			14,540			15,277			15,945			15,379

Total noninterest income		7,196			7,516			5,188			4,531			10,033
Total noninterest expense		18,965			17,999			17,511			19,514			22,835
Income before income taxes		2,655			4,057			2,954			962			2,577
Income tax expense (benefit)		331			333			83			(446	)		(61	)
Net income	$	2,324		$	3,724		$	2,871		$	1,408		$	2,638


Net income per share, basic	$	0.34		$	0.54		$	0.42		$	0.20		$	0.37
Weighted average shares outstanding, basic		6,816,608			6,842,897			6,915,909			6,988,873			7,073,204

Net income per share, diluted	$	0.34		$	0.54		$	0.41		$	0.20		$	0.37
Weighted average shares outstanding, diluted		6,819,748			6,881,496			6,972,055			7,056,138			7,145,288

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
Consolidated Performance Ratios (annualized)	2023			2023			2022			2022			2022
Return on average assets		0.41	%		0.68	%		0.54	%		0.28	%		0.55	%
Return on average equity		5.60	%		9.15	%		7.50	%		3.30	%		6.06	%
Return on average common stockholders' equity		5.60	%		9.15	%		7.50	%		3.30	%		6.06	%
Net interest margin (tax equivalent basis)		2.94	%		3.06	%		3.41	%		3.75	%		3.77	%
Efficiency ratio		85.97	%		80.25	%		81.64	%		91.37	%		88.02	%

	As of or for the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
Consolidated Asset Quality Ratios	2023			2023			2022			2022			2022
Nonperforming loans as a percentage of total loans		0.69	%		0.77	%		0.72	%		0.73	%		0.77	%
Nonperforming assets as a percentage of total assets		0.62	%		0.67	%		0.64	%		0.65	%		0.63	%
Allowance for loan losses as a percentage of total loans		0.99	%		1.02	%		1.01	%		1.03	%		1.17	%
Allowance for loan losses as a percentage of nonperforming loans		143.83	%		132.20	%		139.55	%		141.49	%		151.59	%
Net charge-offs to average outstanding loans		0.00	%		0.00	%		0.02	%		0.03	%		0.00	%

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	2023			2023			2022			2022			2022
Core Banking Segment:
Net interest income	$	13,407		$	13,632		$	15,008		$	14,994		$	13,848
Provision for loan losses		880			422			701			769			910
Net interest income after provision for loan losses		12,527			13,210			14,307			14,225			12,938
Noninterest income		1,965			1,733			1,928			1,808			2,379
Noninterest expense		11,010			10,651			9,797			10,499			10,187
Income before income taxes		3,482			4,292			6,438			5,534			5,130
Income tax expense		561			401			946			735			568
Net income	$	2,921		$	3,891		$	5,492		$	4,799		$	4,562

SBA Lending Segment (Q2):
Net interest income	$	1,098		$	1,093		$	995		$	1,182		$	1,449
Provision (credit) for loan losses		(439	)		(50	)		283			111			(378	)
Net interest income after provision (credit) for loan losses		1,537			1,143			712			1,071			1,827
Noninterest income		580			1,636			754			480			584
Noninterest expense		2,107			2,662			1,924			1,891			2,341
Income (loss) before income taxes		10			117			(458	)		(340	)		70
Income tax expense (benefit)		(21	)		20			(107	)		(123	)		26
Net income (loss)	$	31		$	97		$	(351	)	$	(217	)	$	44

Mortgage Banking Segment:
Net interest income		360		$	187		$	258		$	649		$	614
Provision for loan losses		-			-			-			-			-
Net interest income after provision for loan losses		360			187			258			649			614
Noninterest income		4,651			4,147			2,506			2,243			7,070
Noninterest expense		5,848			4,686			5,790			7,124			10,307
Loss before income taxes		(837	)		(352	)		(3,026	)		(4,232	)		(2,623	)
Income tax benefit		(209	)		(88	)		(756	)		(1,058	)		(655	)
Net loss	$	(628	)	$	(264	)	$	(2,270	)	$	(3,174	)	$	(1,968	)

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	2023			2023			2022			2022			2022
Net Income (Loss) Per Share by Segment
Net income per share, basic - Core Banking	$	0.43		$	0.57		$	0.80		$	0.68		$	0.64
Net income (loss) per share, basic - SBA Lending (Q2)		-			0.01			(0.05	)		(0.03	)		0.01
Net loss per share, basic - Mortgage Banking		(0.09	)		(0.04	)		(0.33	)		(0.45	)		(0.28	)
Total net income per share, basic	$	0.34		$	0.54		$	0.42		$	0.20		$	0.37

Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted - Core Banking	$	0.43		$	0.57		$	0.79		$	0.68		$	0.64
Net income (loss) per share, diluted - SBA Lending (Q2)		-			0.01			(0.05	)		(0.03	)		0.01
Net loss per share, diluted - Mortgage Banking		(0.09	)		(0.04	)		(0.33	)		(0.45	)		(0.28	)
Total net income per share, diluted	$	0.34		$	0.54		$	0.41		$	0.20		$	0.37

Return on Average Assets by Segment (annualized)
Core Banking		0.61	%		0.85	%		1.17	%		1.08	%		1.12	%
SBA Lending		0.15	%		0.42	%		(1.38	%)		(0.85	%)		0.17	%
Mortgage Banking		(2.24	%)		(1.14	%)		(9.31	%)		(9.44	%)		(4.50	%)

Efficiency Ratio by Segment (annualized)
Core Banking		71.62	%		69.32	%		57.85	%		62.49	%		62.78	%
SBA Lending		125.57	%		97.54	%		110.01	%		113.78	%		115.15	%
Mortgage Banking		116.70	%		108.12	%		209.48	%		246.33	%		134.14	%

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Expense Detail by Segment	June 30,		March 31,		December 31,		September 30,		June 30,
(In thousands)	2023		2023		2022		2022		2022
Core Banking Segment:
Compensation (3)	$	4,978	$	5,578	$	5,275	$	4,444	$	5,995
Occupancy		1,738		1,401		1,443		1,374		1,412
Advertising		334		298		213		272		284
Other		3,960		3,374		2,866		4,409		2,496
Total Noninterest Expense	$	11,010	$	10,651	$	9,797	$	10,499	$	10,187

SBA Lending Segment (Q2):
Compensation	$	1,803	$	1,800	$	1,622	$	1,690	$	1,619
Occupancy		70		70		54		41		60
Advertising		11		8		2		8		3
Other		223		784		246		152		659
Total Noninterest Expense	$	2,107	$	2,662	$	1,924	$	1,891	$	2,341

Mortgage Banking Segment:
Compensation (3)	$	4,357	$	3,029	$	3,788	$	5,091	$	7,601
Occupancy		469		449		363		491		597
Advertising		191		213		203		319		519
Other		831		995		1,436		1,223		1,590
Total Noninterest Expense	$	5,848	$	4,686	$	5,790	$	7,124	$	10,307

(3)   Compensation includes increases for Core Banking and corresponding decreases for Mortgage Banking segment that represent intersegment allocations for loans originated by the Mortgage Banking segment to be held for investment in the Core Banking loan portfolio of:	$	1,440	$	1,328	$	1,192	$	945	$	1,164

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
Mortgage Banking Noninterest Expense Fixed vs. Variable	2023			2023			2022			2022			2022
(In thousands)
Noninterest Expense - Fixed Expenses	$	3,715		$	3,513		$	4,561		$	5,724		$	6,989
Noninterest Expense - Variable Expenses (4)		2,133			1,173			1,229			1,400			3,318
Total Noninterest Expense	$	5,848		$	4,686		$	5,790		$	7,124		$	10,307

	Three Months Ended
SBA Lending (Q2) Data	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except percentage data)	2023			2023			2022			2022			2022
Final funded loans guaranteed portion sold, SBA	$	7,721		$	15,337		$	11,293		$	3,772		$	5,364

Gross gain on sales of loans, SBA	$	780		$	1,293		$	936		$	393		$	592
Weighted average gross gain on sales of loans, SBA		10.10	%		8.43	%		8.29	%		10.42	%		11.04	%

Net gain on sales of loans, SBA (5)	$	497		$	907		$	775		$	249		$	486
Weighted average net gain on sales of loans, SBA		6.44	%		5.91	%		6.86	%		6.60	%		9.06	%

	Three Months Ended
Mortgage Banking Data	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except percentage data)	2023			2023			2022			2022			2022
Mortgage originations for sale in the secondary market	$	199,601		$	115,011		$	77,605		$	185,981		$	421,426

Mortgage sales	$	185,557		$	99,711		$	96,177		$	241,804		$	426,200

Gross gain on sales of loans, mortgage banking (6)	$	3,570		$	2,308		$	1,217		$	2,630		$	7,419
Weighted average gross gain on sales of loans, mortgage banking		1.92	%		2.31	%		1.27	%		1.09	%		1.74	%

Mortgage banking income (7)	$	4,668		$	4,149		$	2,496		$	2,246		$	7,093

(4)

Variable expenses include incentive compensation and advertising expenses.

(5)

Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.

(6)

Inclusive of gains on capitalized mortgage servicing rights, realized hedging gains and loan fees, and net of lender credits and other investor expenses.

(7)

Inclusive of loan fees, servicing income, gains or losses on mortgage servicing rights, fair value adjustments and gains or losses on derivative instruments, and net of lender credits and other investor expenses.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)	2023			2023			2022			2022			2022
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	20,661		$	27,649		$	19,379		$	28,318		$	25,068
Loans, excluding PPP loans		1,719,733			1,621,147			1,583,182			1,479,167			1,385,637
Investment securities - taxable		109,319			110,373			111,936			94,836			103,536
Investment securities - nontaxable		234,118			242,530			241,504			230,312			202,534
FRB and FHLB stock		24,509			23,289			20,063			19,890			18,691
Total interest-earning assets	$	2,108,340		$	2,024,988		$	1,976,064		$	1,852,523		$	1,735,466

Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	267		$	192		$	144		$	97		$	37
Loans		23,279			21,339			20,222			18,029			15,965
Investment securities - taxable		984			957			955			740			769
Investment securities - nontaxable		2,456			2,533			2,505			2,352			1,987
FRB and FHLB stock		423			364			220			265			169
Total interest income (tax equivalent basis)	$	27,409		$	25,385		$	24,046		$	21,483		$	18,927

Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		5.17	%		2.78	%		2.97	%		1.37	%		0.59	%
Loans		5.41	%		5.27	%		5.11	%		4.88	%		4.61	%
Investment securities - taxable		3.60	%		3.47	%		3.41	%		3.12	%		2.97	%
Investment securities - nontaxable		4.20	%		4.18	%		4.15	%		4.08	%		3.92	%
FRB and FHLB stock		6.90	%		6.25	%		4.39	%		5.33	%		3.62	%
Total interest-earning assets		5.20	%		5.01	%		4.87	%		4.64	%		4.36	%

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)	2023			2023			2022			2022			2022
Interest-bearing liabilities
Average balances:
Interest-bearing deposits	$	1,278,776		$	1,251,080		$	1,213,419		$	1,125,659		$	998,868
Fed funds purchased		11			-			-			-			-
Federal Home Loan Bank borrowings		434,182			374,593			311,146			301,027			325,460
Subordinated debt and other borrowings		49,339			50,293			88,304			50,179			50,152
Total interest-bearing liabilities	$	1,762,308		$	1,675,966		$	1,612,869		$	1,476,865		$	1,374,480

Interest expense:
Interest-bearing deposits	$	7,791		$	6,265		$	4,158		$	2,306		$	1,047
Fed funds purchased		-			-			-			-			-
Federal Home Loan Bank borrowings		3,446			2,915			1,919			1,111			811
Subordinated debt and other borrowings		696			719			1,145			714			710
Total interest expense	$	11,933		$	9,899		$	7,222		$	4,131		$	2,568

Weighted average cost (annualized):
Interest-bearing deposits		2.44	%		2.00	%		1.37	%		0.82	%		0.42	%
Federal Home Loan Bank borrowings		3.17	%		3.11	%		2.47	%		1.48	%		1.00	%
Subordinated debt and other borrowings		5.64	%		5.72	%		5.19	%		5.69	%		5.66	%
Total interest-bearing liabilities		2.71	%		2.36	%		1.79	%		1.12	%		0.75	%

Net interest income (taxable equivalent basis)	$	15,476		$	15,486		$	16,824		$	17,352		$	16,359
Less: taxable equivalent adjustment		(611	)		(574	)		(563	)		(527	)		(448	)
Net interest income	$	14,865		$	14,912		$	16,261		$	16,825		$	15,911

Interest rate spread (tax equivalent basis, annualized)		2.49	%		2.65	%		3.08	%		3.52	%		3.61	%

Net interest margin (tax equivalent basis, annualized)		2.94	%		3.06	%		3.41	%		3.75	%		3.77	%

Cover	Jul. 27, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 27, 2023
Entity File Number	001-34155
Entity Registrant Name	FIRST SAVINGS FINANCIAL GROUP, INC.
Entity Central Index Key	0001435508
Entity Tax Identification Number	37-1567871
Entity Incorporation, State or Country Code	IN
Entity Address, Address Line One	702 North Shore Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Jeffersonville
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47130
City Area Code	812
Local Phone Number	283-0724
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FSFG
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false