First Savings Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Announces Net Charge-Offs for the First Quarter Ended December 31, 2012
January 30, 2013 at 05:00 pm EST
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First Savings Financial Group, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported net income available to common shareholders of $973,000 or $0.43 per diluted share compared to net income available to common shareholders of $910,000 or $0.39 per diluted share a year ago. Total interest income was $6,760,000 compared to $6,360,000 a year ago. Net interest income was $5,665,000 compared to $5,118,000 a year ago. Net interest income after provision for loan losses was $5,213,000 compared to $4,799,000 a year ago. Income before income taxes was $1,394,000 compared to $1,236,000 a year ago. Net income was $1,016,000 compared to $910,000 a year ago. Return on average assets was 0.63% compared to 0.68% a year ago. Return on average equity was 4.88% compared to 4.76% a year ago. Interest income increased $400,000 when comparing the two periods due primarily to an increase in the average balance of interest-earning assets of $87,100,000 from $488,800,000 for 2011 to $575,900,000 for 2012, which more than offset the change in interest income due to a decrease in the average tax-equivalent yield on interest-earning assets from 5.34% for 2011 to 4.86% for 2012.
The company also announced net charge-offs of $223,000 for the first quarter ended December 31, 2012 compared to $288,000 for the same period in 2011.
First Savings Financial Group, Inc. is a holding company for First Savings Bank (the Bank). The Companyâs principal business activity is the ownership of the outstanding common stock of First Savings Bank. Its segments include core banking, Small Business Administration (SBA) lending, and mortgage banking. The core banking segment originates residential, commercial and consumer loans and attracts deposits from its customer base. The SBA lending segment originates loans guaranteed by the SBA, subsequently selling the guaranteed portion to outside investors. The mortgage banking segment originates residential mortgage loans and sells them in the secondary market. The Bank operates as a community-oriented financial institution, which offers traditional financial services to consumers and businesses in its primary market area. The Company provides a variety of banking services to individual and business customers through approximately 16 locations in southern Indiana.
First Savings Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Announces Net Charge-Offs for the First Quarter Ended December 31, 2012