First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2019

Nachrichtenquelle: globenewswire
06.02.2020, 00:58  |  122   |   |   

CLARKSVILLE, Ind., Feb. 05, 2020 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $3.4 million, or $1.44 per diluted share, for the quarter ended December 31, 2019 compared to net income of $2.9 million, or $1.24 per diluted share, for the quarter ended December 31, 2018, resulting in an increase of 16.1% on a per share basis. 

Net interest income increased $1.3 million, or 13.7%, to $10.9 million for the quarter ended December 31, 2019 as compared to the same quarter in 2018.  The increase in net interest income was due to a $2.0 million increase in interest income, which was partially offset by a $650,000 increase in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $176.0 million, from $989.8 million for 2018 to $1.17 billion for 2019, partially offset by a decrease in the weighted average tax-equivalent yield, from 4.88% for 2018 to 4.82% for 2019.  Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $158.0 million, from $777.1 million for 2018 to $935.1 million for 2019, and an increase in the average cost of interest-bearing liabilities, from 1.15% for 2018 to 1.23% for 2019.  The increase in the average cost of interest-bearing liabilities for 2019 was due primarily to increasing market interest rates on deposits including brokered deposits.  Additional details are included in the “Summarized Consolidated Average Balance Sheets” table at the end of this release. 

The Company recognized $505,000 in provision for loan losses for the quarter ended December 31, 2019, compared to $315,000 in provision for loan losses recognized in 2018.  Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $328,000, from $5.2 million at September 30, 2019 to $5.5 million at December 31, 2019.  The Company recognized net charge-offs of $15,000 for the quarter ended December 31, 2019 compared to $18,000 for the same quarter in 2018. 

Noninterest income increased $12.3 million for the quarter ended December 31, 2019 as compared to the same quarter in 2018.  The increase was due primarily to an increase in mortgage banking income of $12.5 million partially offset by a decrease in the net gain on sale of loans guaranteed by the SBA of $203,000.  The increase in mortgage banking income is due to production from the secondary-market residential mortgage lending segment that commenced operations in April 2018.  The Bank’s SBA lending activities are performed under Q2 Business Capital, LLC (“Q2”), which specializes in the origination and servicing of SBA loans.  The Bank owns 51% of Q2 with the option to purchase the minority interest in September 2020.  Gross revenues and expenses related to Q2 are reported in the consolidated statements of income, and the net income or net loss attributable to noncontrolling interests is then subtracted from (in the case of net income) or added to (in the case of net loss) net income to arrive at net income attributable to the Company.  Additional details regarding the financial performance of the mortgage banking and SBA lending segments are included in the “Segmented Statements of Income Information” table at the end of this release. 

Noninterest expense increased $12.9 million for the quarter ended December 31, 2019 as compared to the same quarter in 2018.  The increase was due primarily to increases in compensation and benefits, advertising, and occupancy and equipment expense of $10.6 million, $1.1 million and $597,000, respectively.  The increase in compensation and benefits expense is attributable to the addition of new employees to support the growth of the Company, primarily its mortgage banking and SBA lending activities, and normal salary and benefits adjustments.  The increase in advertising is primarily due to the mortgage banking segment.  The increase in occupancy and equipment expense is primarily attributable to increases in lease and rental, depreciation and equipment, and software licensing expenses that are all primarily related to the mortgage banking segment.

The Company recognized income tax expense of $638,000 for the quarter ended December 31, 2019, for an effective tax rate of 15.0%, as compared to income tax expense of $522,000, for an effective tax rate of 14.4%, for 2018.  The increase in the effective tax rate for 2019 compared to 2018 is primarily due to an increase in taxable income and a decrease in bond tax credits.

Comparison of Financial Condition at December 31, 2019 and September 30, 2019

Total assets increased $70.0 million, from $1.22 billion at September 30, 2019 to $1.29 billion at December 31, 2019.  Net loans increased $41.0 million during the quarter ended December 31, 2019, due primarily to continued growth in the commercial real estate and SBA loan portfolios.  Residential mortgage loans held for sale also increased by $13.1 million during the quarter ended December 31, 2019 due to increased production from the mortgage banking segment.  Total liabilities increased $67.1 million primarily due to a $51.2 million increase in total deposits and a $17.0 million increase in Federal Home Loan Bank borrowings.

Common stockholders’ equity increased $2.7 million, from $121.1 million at September 30, 2019 to $123.8 million at December 31, 2019, due primarily to retained net income of $3.2 million.  At December 31, 2019 and September 30, 2019, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

Prior Period Restatement

On November 19, 2019, the Company filed with the Securities and Exchange Commission (“SEC”) a Current Report on Form 8-K to report the Company’s conclusion that its interim consolidated financial statements, and related notes, contained in its Form 10-Q for the period ended June 30, 2019 should no longer be relied upon.  The accounting matters underlying this conclusion relate primarily to significant accounting assumptions used in the fair value calculations for interest rate lock commitments and mortgage loans held-for-sale relating to the Company’s mortgage banking operations segment and unrecognized accruals for incentive compensation related to such segment.  On December 4, 2019, the Company filed with the SEC an amended Form 10-Q for the period ended June 30, 2019, containing restated interim consolidated financial statements, and related noted, for the period then ended.  All financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated accordingly.

First Savings Bank has fifteen offices in the Indiana communities of Clarksville, Jeffersonville, Charlestown, Sellersburg, New Albany, Georgetown, Corydon, Lanesville, Elizabeth, English, Marengo, Salem, Odon and Montgomery.  Access to First Savings Bank accounts, including online banking and electronic bill payments, is available anywhere with Internet access through the Bank's website at www.fsbbank.net.

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, including changes in market interest rates and 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      
  December 31,      
OPERATING DATA: 2019   2018            
(In thousands, except share and per share data)  
                   
Total interest income $ 13,767     $ 11,801              
Total interest expense   2,875       2,225              
                   
Net interest income   10,892       9,576              
Provision for loan losses   505       315              
                   
Net interest income after provision for loan losses   10,387       9,261              
                   
Total noninterest income   18,126       5,781              
Total noninterest expense   24,272       11,416              
                   
Income before income taxes   4,241       3,626              
Income tax expense   638       522              
                   
Net income   3,603       3,104              
                   
Less: Net income attributable to noncontrolling interests   164       173              
                   
Net income attributable to the Company $ 3,439     $ 2,931              
                   
Net income per share, basic $ 1.47     $ 1.28              
Weighted average shares outstanding, basic   2,340,619       2,284,665              
                   
Net income per share, diluted $ 1.44     $ 1.24              
Weighted average shares outstanding, diluted   2,382,754       2,371,480              
                   
                   
Performance ratios (three-month data annualized)          
Return on average assets   1.09 %     1.11 %            
Return on average common stockholders' equity   11.24 %     11.82 %            
Interest rate spread   3.59 %     3.73 %            
Net interest margin   3.83 %     3.98 %            
Efficiency ratio   83.64 %     74.34 %            
                   
                   
  December 31,
  September 30,
  Increase
       
FINANCIAL CONDITION DATA: 2019   2019   (Decrease)
       
(In thousands, except per share data)            
               
Total assets $ 1,292,573     $ 1,222,579     $ 69,994          
Cash and cash equivalents   41,327       41,432       (105 )        
Investment securities   179,991       179,638       353          
Loans held for sale   110,523       96,070       14,453          
Gross loans   862,230       820,698       41,532          
Allowance for loan losses   10,530       10,040       490          
Interest earning assets   1,186,149       1,130,095       56,054          
Goodwill   9,848       9,848       -          
Core deposit intangibles   1,362       1,416       (54 )        
Noninterest-bearing deposits   180,321       173,072       7,249          
Interest-bearing deposits   705,277       661,312       43,965          
FHLB borrowings   239,566       222,544       17,022          
Total liabilities   1,168,395       1,101,322       67,073          
Stockholders' equity, net of noncontrolling interests   123,810       121,053       2,757          
                   
Book value per share $ 52.52     $ 51.51     $ 1.01          
Tangible book value per share (1)   47.77       46.71       1.05          
                   
Non-performing assets:              
Nonaccrual loans $ 5,498     $ 5,168     $ 330          
Accruing loans past due 90 days   10       12       (2 )        
Total non-performing loans   5,508       5,180       328          
Foreclosed real estate   -       55       (55 )        
Troubled debt restructurings classified as performing loans   7,332       7,265       67          
Total non-performing assets $ 12,840     $ 12,500     $ 340          
                   
Asset quality ratios:                
Allowance for loan losses as a percent of total gross loans   1.22 %     1.22 %     0.00 %        
Allowance for loan losses as a percent of nonperforming loans   191.18 %     193.82 %     -2.65 %        
Nonperforming loans as a percent of total gross loans   0.64 %     0.63 %     0.01 %        
Nonperforming assets as a percent of total assets   0.99 %     1.02 %     -0.03 %        
                   
(1) 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.
                   
                   
  December 31,
  September 30,
         
Tangible Book Value Per Share 2019   2019            
(In thousands, except share and per share data)          
                   
Stockholders' equity, net of noncontrolling interests (GAAP) $ 123,810     $ 121,053              
Less: goodwill and core deposit intangibles   (11,210 )     (11,264 )            
Tangible equity (non-GAAP) $ 112,600     $ 109,789              
                   
Outstanding common shares   2,357,369       2,350,229              
                   
Tangible book value per share (non-GAAP) $ 47.77     $ 46.71              
                   
Book value per share (GAAP) $ 52.52     $ 51.51              
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):      
                   
  As of
Summarized Consolidated Balance Sheets December 31,
  September 30,
  June 30,
  March 31,
  December 31,
(In thousands, except per share data) 2019   2019   2019   2019   2018
Total cash and cash equivalents $ 41,327     $ 41,432     $ 65,105     $ 40,442     $ 36,344  
Total investment securities   179,991       179,638       182,421       193,547       188,830  
Total loans, net of allowance for loan losses   851,700       810,658       796,994       762,661       734,061  
Total assets   1,292,573       1,222,579       1,228,953       1,129,722       1,073,989  
                   
Total deposits   885,598       834,384       888,145       824,770       832,073  
Total borrowings from the Federal Home Loan Bank   239,566       222,544       189,255       160,938       107,019  
                   
Stockholders' equity, net of noncontrolling interests   123,810       121,053       114,971       108,688       102,968  
Noncontrolling interests in subsidiary   368       204       176       1,241       1,593  
Total equity   124,178       121,257       115,147       109,929       104,561  
                   
Outstanding common shares   2,357,369       2,350,229       2,350,229       2,344,836       2,304,310  
                   
                   
  Three Months Ended
Summarized Consolidated Statements of Income December 31,
  September 30,
  June 30,
  March 31,
  December 31,
(In thousands, except per share data) 2019   2019   2019   2019   2018
Total interest income $ 13,767     $ 13,829     $ 13,058     $ 12,307     $ 11,801  
Total interest expense   2,875       3,069       3,166       2,446       2,225  
Net interest income   10,892       10,760       9,892       9,861       9,576  
Provision for loan losses   505       471       337       340       315  
Net interest income after provision for loan losses   10,387       10,289       9,555       9,521       9,261  
                   
Total noninterest income   18,126       18,340       12,644       7,089       5,781  
Total noninterest expense   24,272       21,606       16,488       12,880       11,416  
Income before income taxes   4,241       7,023       5,711       3,730       3,626  
Income tax expense   638       1,359       748       466       522  
Net income   3,603       5,664       4,963       3,264       3,104  
Less: net income (loss) attributable to noncontrolling interests   164       343       571       (269 )     173  
Net income attributable to the Company $ 3,439     $ 5,321     $ 4,392     $ 3,533     $ 2,931  
                   
                   
Net income per share, basic $ 1.47     $ 2.28     $ 1.88     $ 1.53     $ 1.28  
Weighted average shares outstanding, basic   2,340,619       2,337,472       2,333,502       2,307,155       2,284,665  
                   
Net income per share, diluted $ 1.44     $ 2.24     $ 1.85     $ 1.50     $ 1.24  
Weighted average shares outstanding, diluted   2,382,754       2,378,221       2,373,578       2,360,004       2,371,480  
                   
                   
                   
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
                   
  Three Months Ended
  December 31,
  September 30,
  June 30,
  March 31,
  December 31,
Consolidated Performance Ratios (Annualized) 2019   2019   2019   2019   2018
Return on average assets   1.09 %     1.75 %     1.50 %     1.28 %     1.11 %
Return on average equity   11.76 %     19.28 %     17.95 %     12.34 %     12.35 %
Return on average common stockholders' equity   11.24 %     18.12 %     15.90 %     13.55 %     11.82 %
Net interest margin (tax equlivalent basis)   3.83 %     3.92 %     3.72 %     3.92 %     3.98 %
Efficiency ratio   83.64 %     74.25 %     73.16 %     75.99 %     74.34 %
                   
                   
  As of or for the Three Months Ended
  December 31,
  September 30,
  June 30,
  March 31,
  December 31,
Consolidated Asset Quality Ratios 2019   2019   2019   2019   2018
Nonperforming loans as a percentage of total loans   0.64 %     0.63 %     0.63 %     0.70 %     0.62 %
Nonperforming assets as a percentage of total assets   1.00 %     1.02 %     1.09 %     1.23 %     1.28 %
Allowance for loan losses as a percentage of total loans   1.22 %     1.22 %     1.19 %     1.29 %     1.29 %
Allowance for loan losses as a percentage of nonperforming loans   191.18 %     193.82 %     188.29 %     184.96 %     208.77 %
Net charge-offs (recoveries) to average outstanding loans   0.00 %     0.01 %     0.08 %     0.00 %     0.00 %
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):  
                   
  Three Months Ended
Segmented Statements of Income Information December 31,
  September 30,
  June 30,
  March 31,
  December 31,
(In thousands, except per share data) 2019   2019   2019   2019   2018
Net interest income - Core Banking $ 9,188     $ 9,178     $ 8,739     $ 8,817     $ 8,574  
Net interest income - SBA Lending (Q2)   1,217       1,237       1,066       934       908  
Net interest income - Mortgage Banking   487       345       87       110       94  
Total net interest income $ 10,892     $ 10,760     $ 9,892     $ 9,861     $ 9,576  
                   
Provision for loan losses - Core Banking $ 520     $ 104     $ 162     $ (492 )   $ (16 )
Provision for loan losses - SBA Lending (Q2)   (15 )     367       175       832       331  
Provision for loan losses - Mortgage Banking   -       -       -       -       -  
Total provision for loan losses $ 505     $ 471     $ 337     $ 340     $ 315  
                   
Net interest income after provision for loan losses - Core Banking $ 8,668     $ 9,074     $ 8,577     $ 9,309     $ 8,590  
Net interest income after provision for loan losses - SBA Lending (Q2)   1,232       870       891       102       577  
Net interest income after provision for loan losses - Mortgage Banking   487       345       87       110       94  
Total net interest income after provision for loan losses $ 10,387     $ 10,289     $ 9,555     $ 9,521     $ 9,261  
                   
Noninterest income - Core Banking $ 1,391     $ 1,582     $ 1,351     $ 1,337     $ 1,380  
Noninterest income - SBA Lending (Q2)   929       1,715       1,658       673       1,137  
Noninterest income - Mortgage Banking   15,806       15,043       9,635       5,079       3,264  
Total noninterest income $ 18,126     $ 18,340     $ 12,644     $ 7,089     $ 5,781  
                   
Noninterest expense - Core Banking $ 7,545     $ 7,521     $ 7,576     $ 6,995     $ 6,586  
Noninterest expense - SBA Lending (Q2)   1,825       1,883       1,385       1,322       1,362  
Noninterest expense - Mortgage Banking   14,902       12,202       7,527       4,563       3,468  
Total noninterest expense $ 24,272     $ 21,606     $ 16,488     $ 12,880     $ 11,416  
                   
Income before income taxes - Core Banking $ 2,514     $ 3,135     $ 2,352     $ 3,651     $ 3,384  
Income (loss) before income taxes - SBA Lending (Q2)   336       702       1,164       (547 )     352  
Income (loss) before income taxes - Mortgage Banking   1,391       3,186       2,195       626       (110 )
Total income before income taxes $ 4,241     $ 7,023     $ 5,711     $ 3,730     $ 3,626  
                   
Income tax expense (benefit) - Core Banking $ 247       472       51       379       505  
Income tax expense (benefit) - SBA Lending (Q2)   43       90       148       (70 )     45  
Income tax expense (benefit) - Mortgage Banking   348       797       549       157       (28 )
Total income tax expense $ 638     $ 1,359     $ 748     $ 466     $ 522  
                   
Net income - Core Banking $ 2,267     $ 2,663     $ 2,301     $ 3,272     $ 2,879  
Net income (loss) - SBA Lending (Q2)   293       612       1,016       (477 )     307  
Net income (loss) - Mortgage Banking   1,043       2,389       1,646       469       (82 )
Total net income $ 3,603     $ 5,664     $ 4,963     $ 3,264     $ 3,104  
                   
Net income attributable to the Company - Core Banking $ 2,267     $ 2,663     $ 2,301     $ 3,272     $ 2,879  
Net income (loss) attributable to the Company - SBA Lending (Q2)   129       269       445       (208 )     134  
Net income (loss) attributable to the Company - Mortgage Banking   1,043       2,389       1,646       469       (82 )
Total net income attributable to the Company $ 3,439     $ 5,321     $ 4,392     $ 3,533     $ 2,931  
                   
Net income per share, basic - Core Banking $ 0.96     $ 1.14     $ 0.98     $ 1.42     $ 1.26  
Net income (loss) per share, basic - SBA Lending (Q2)   0.06       0.12       0.19       (0.09 )     0.06  
Net income (loss) per share, basic - Mortgage Banking   0.45       1.02       0.71       0.20       (0.04 )
Total net income per share, basic $ 1.47     $ 2.28     $ 1.88     $ 1.53     $ 1.28  
                   
Net income per share, diluted - Core Banking $ 0.95     $ 1.13     $ 0.97     $ 1.39     $ 1.21  
Net income (loss) per share, diluted - SBA Lending (Q2)   0.05       0.11       0.19       (0.09 )     0.06  
Net income (loss) per share, diluted - Mortgage Banking   0.44       1.00       0.69       0.20       (0.03 )
Total net income per share, diluted $ 1.44     $ 2.24     $ 1.85     $ 1.50     $ 1.24  
                   
                   
                   
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
                   
  Three Months Ended
  December 31,
  September 30,
  June 30,
  March 31,
  December 31,
  2019   2019   2019   2019   2018
Noninterest Expense Detail by Segment          
Compensation - Core Banking $ 4,451     $ 4,427     $ 4,694     $ 3,957     $ 3,735  
Occupancy - Core Banking   1,200       1,140       1,105       988       941  
Advertising - Core Banking   147       183       151       166       151  
Other - Core Banking   1,747       1,771       1,626       1,884       1,759  
Total Noninterest Expense - Core Banking $ 7,545     $ 7,521     $ 7,576     $ 6,995     $ 6,586  
                   
Compensation - SBA Lending (Q2) $ 1,469     $ 1,403     $ 1,045     $ 985     $ 1,069  
Occupancy - SBA Lending (Q2)   89       88       80       88       76  
Advertising - SBA Lending (Q2)   5       8       10       4       6  
Other - SBA Lending (Q2)   262       384       250       245       211  
Total Noninterest Expense - SBA Lending (Q2) $ 1,825     $ 1,883     $ 1,385     $ 1,322     $ 1,362  
                   
Compensation - Mortgage Banking $ 11,900     $ 9,866     $ 5,966     $ 3,298     $ 2,453  
Occupancy - Mortgage Banking   633       549       387       344       308  
Advertising - Mortgage Banking   1,314       871       566       397       239  
Other - Mortgage Banking   1,055       916       608       524       468  
Total Noninterest Expense - Mortgage Banking $ 14,902     $ 12,202     $ 7,527     $ 4,563     $ 3,468  
                   
  Three Months Ended
  December 31,
  September 30,
  June 30,
  March 31,
  December 31,
Mortgage Banking Noninterest Expense Fixed vs. Variable 2019   2019   2019   2019   2018
                   
Noninterest Expense - Fixed Expenses $ 5,466     $ 4,603     $ 3,589     $ 2,833     $ 2,440  
Noninterest Expense - Variable Expenses (2)   9,436       7,599       3,938       1,730       1,028  
Total Noninterest Expense $ 14,902     $ 12,202     $ 7,527     $ 4,563     $ 3,468  
                   
  Three Months Ended
SBA Lending (Q2) Data December 31,
  September 30,
  June 30,
  March 31,
  December 31,
(In thousands, except percentage data) 2019   2019   2019   2019   2018
Final funded loans guaranteed portion sold, SBA $ 10,830     $ 19,471     $ 22,310     $ 9,133     $ 12,943  
                   
Gross gain on sales of loans, SBA $ 1,066     $ 2,138     $ 2,085     $ 977     $ 1,203  
Weighted average gross gain on sales of loans, SBA   9.84 %     10.98 %     9.35 %     10.70 %     9.29 %
                   
Net gain on sales of loans, SBA (3) $ 761     $ 1,569     $ 1,515     $ 521     $ 964  
Weighted average net gain on sales of loans, SBA   7.03 %     8.06 %     6.79 %     5.70 %     7.45 %
                   
                   
  Three Months Ended
Mortgage Banking Data December 31,
  September 30,
  June 30,
  March 31,
  December 31,
(In thousands, except percentage data) 2019   2019   2019   2019   2018
                   
Mortgage originations for sale in the secondary market   542,568       447,616       258,743       110,680       66,046  
                   
Mortgage sales   529,344       447,819       204,565       102,022       60,409  
                   
Gross gain on sales of loans, mortgage banking   13,411       14,244       7,335       3,715       2,071  
Weighted average gross gain on sales of loans, mortgage banking   2.53 %     3.18 %     3.59 %     3.64 %     3.43 %
                   
Net mortgage banking income (4)   15,817       15,033       9,611       5,074       3,289  
                   
                   
(2) Variable expenses include incentive compensation and advertising expenses    
                   
(3) Net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment, and inclusive of gains on servicing assets
                   
(4) Net of lender credits and other investor expenses, and inclusive of loan fees, fair value adjustments and gains (losses) on derivative instruments
                   
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):  
                   
  Three Months Ended
Summarized Consolidated Average Balance Sheets December 31,
  September 30,
  June 30,
  March 31,
  December 31,
(In thousands) 2019   2019   2019   2019   2018
                   
Interest-earning assets              
Average balances:                
Interest-bearing deposits with banks $ 46,296     $ 52,736     $ 38,332     $ 36,317     $ 30,271  
Loans   935,211       891,477       859,525       802,652       763,637  
Investment securities   157,093       156,070       163,185       161,170       156,570  
Agency mortgage-backed securities   13,057       15,178       21,993       24,682       29,133  
FRB and FHLB stock   14,149       13,020       12,505       10,196       10,171  
Total interest-earning assets $ 1,165,806     $ 1,128,481     $ 1,095,540     $ 1,035,017     $ 989,782  
                   
Interest income (tax equlivalent basis):            
Interest-bearing deposits with banks $ 205     $ 277     $ 205     $ 221     $ 153  
Loans   11,830       11,788       10,924       10,227       9,828  
Investment securities   1,780       1,762       1,877       1,819       1,783  
Agency mortgage-backed securities   83       105       152       179       193  
FRB and FHLB stock   154       184       196       142       121  
Total interest income (tax equivalent basis) $ 14,052     $ 14,116     $ 13,354     $ 12,588     $ 12,078  
                   
Weighted average yield (tax equlivalent basis, annualized):        
Interest-bearing deposits with banks   1.77 %     2.10 %     2.14 %     2.43 %     2.02 %
Loans   5.06 %     5.29 %     5.08 %     5.10 %     5.15 %
Investment securities   4.53 %     4.52 %     4.60 %     4.51 %     4.56 %
Agency mortgage-backed securities   2.54 %     2.77 %     2.76 %     2.90 %     2.65 %
FRB and FHLB stock   4.35 %     5.65 %     6.27 %     5.57 %     4.76 %
Total interest-earning assets   4.82 %     5.00 %     4.88 %     4.86 %     4.88 %
                   
Interest-bearing liabilities              
Average balances:                
Interest-bearing deposits $ 707,518     $ 712,692     $ 684,736     $ 693,127     $ 651,060  
Repurchase agreements   -       250       1,354       1,353       1,352  
Fed funds purchased   -       130       -       -       -  
Borrowings from Federal Home Loan Bank   207,851       175,912       178,707       114,044       104,999  
Other borrowings   19,735       19,718       19,701       19,684       19,667  
Total interest-bearing liabilities $ 935,104     $ 908,702     $ 884,498     $ 828,208     $ 777,078  
                   
Interest expense:                
Interest-bearing deposits $ 1,749     $ 1,965     $ 1,948     $ 1,607     $ 1,424  
Repurchase agreements   -       -       1       1       1  
Fed funds purchased   -       1       -       -       -  
Borrowings from Federal Home Loan Bank   808       785       898       520       478  
Other borrowings   318       318       319       318       322  
Total interest expense $ 2,875     $ 3,069     $ 3,166     $ 2,446     $ 2,225  
                   
Weighted average cost (annualized):            
Interest-bearing deposits   0.99 %     1.10 %     1.14 %     0.93 %     0.87 %
Repurchase agreements   0.00 %     0.00 %     0.30 %     0.30 %     0.30 %
Fed funds purchased   0.00 %     3.08 %     0.00 %     0.00 %     0.00 %
Borrowings from Federal Home Loan Bank   1.55 %     1.78 %     2.01 %     1.82 %     1.82 %
Other borrowings   6.45 %     6.45 %     6.48 %     6.46 %     6.55 %
Total interest-bearing liabilities   1.23 %     1.35 %     1.43 %     1.18 %     1.15 %
                   
Interest rate spread (tax equlivalent basis, annualized)   3.59 %     3.65 %     3.45 %     3.68 %     3.73 %
                   
Net interest margin (tax equlivalent basis, annualized)   3.83 %     3.92 %     3.72 %     3.92 %     3.98 %
                   
                   
                   
As previously discussed, financial information at June 30, 2019 and for periods then ended contained in this earnings release have been restated.
                   
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