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Section 1: 10-Q (FORM 10-Q)

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Table of Contents

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 June 30, 2020

OR

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 and posted 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 August 3, 2020 was 2,375,324.

Table of Contents

FIRST SAVINGS FINANCIAL GROUP, INC.

INDEX

 

 

Page

Part I

Financial Information

Item 1. Financial Statements

 

 

Consolidated Balance Sheets as of June 30, 2020 and September 30, 2019 (unaudited)

3

 

 

Consolidated Statements of Income for the three months and nine months ended June 30, 2020 and 2019 (unaudited)

4

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended June 30, 2020 and 2019 (unaudited)

5

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended June 30, 2020 and 2019 (unaudited)

6

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2020 and 2019 (unaudited)

7

 

 

Notes to Consolidated Financial Statements (unaudited)

8

 

 

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

49

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

60

 

 

Item 4. Controls and Procedures

62

 

 

Part II

Other Information

 

 

Item 1. Legal Proceedings

63

 

 

Item 1A. Risk Factors

63

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

66

 

 

Item 3. Defaults Upon Senior Securities

66

 

 

Item 4. Mine Safety Disclosures

66

 

 

Item 5. Other Information

66

 

 

Item 6. Exhibits

67

 

 

Signatures

68

-2-

Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

    

June 30, 

    

September 30, 

(In thousands, except share and per share data)

2020

2019

ASSETS

Cash and due from banks

$

13,594

$

13,008

Interest-bearing deposits with banks

 

13,950

 

28,424

Total cash and cash equivalents

 

27,544

 

41,432

Interest-bearing time deposits

 

2,513

 

2,265

Securities available for sale, at fair value

 

203,806

 

177,302

Securities held to maturity

 

2,154

 

2,336

Loans held for sale, residential mortgage, at fair value

 

190,305

 

80,457

Loans held for sale, Small Business Administration

 

19,772

 

15,613

Loans, net of allowance for loan losses of $14,640 at June 30, 2020 and $10,040 at September 30, 2019

 

1,081,381

 

810,658

Federal Reserve Bank and Federal Home Loan Bank stock, at cost

 

17,293

 

13,040

Premises and equipment

 

24,093

 

19,238

Other real estate owned, held for sale

 

1,728

 

1,893

Accrued interest receivable:

 

 

  

Loans

 

4,264

 

3,329

Securities

 

2,373

 

1,712

Cash surrender value of life insurance

 

31,573

 

26,546

Goodwill

 

9,848

 

9,848

Core deposit intangibles

 

1,256

 

1,416

Other assets

 

41,378

 

15,494

Total Assets

$

1,661,281

$

1,222,579

LIABILITIES

 

  

 

  

Deposits:

 

 

  

Noninterest-bearing

$

227,797

$

173,072

Interest-bearing

 

755,073

 

661,312

Total deposits

 

982,870

 

834,384

Federal funds purchased

 

 

4,000

Federal Home Loan Bank borrowings

 

298,622

 

222,544

Federal Reserve PPPLF borrowings

174,835

Other borrowings

 

19,780

 

19,729

Accrued interest payable

 

502

 

935

Advance payments by borrowers for taxes and insurance

 

2,485

 

1,906

Accrued expenses and other liabilities

 

40,039

 

17,824

Total Liabilities

 

1,519,133

 

1,101,322

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 2,567,842 shares (2,565,606 at September 30, 2019); outstanding 2,375,324 shares (2,350,229 shares at September 30, 2019)

 

26

 

26

Additional paid-in capital

 

27,458

 

27,494

Retained earnings - substantially restricted

 

108,426

 

91,228

Accumulated other comprehensive income

 

11,102

 

7,296

Unearned stock compensation

 

(397)

 

(446)

Less treasury stock, at cost - 192,518 shares (215,377 shares at September 30, 2019)

 

(4,253)

 

(4,545)

Total First Savings Financial Group, Inc. Stockholders' Equity

 

142,362

 

121,053

Noncontrolling interests in subsidiary

 

(214)

 

204

Total Equity

 

142,148

 

121,257

Total Liabilities and Equity

$

1,661,281

$

1,222,579

See notes to consolidated financial statements.

-3-

Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

    

Three Months Ended

    

Nine Months Ended

June 30, 

June 30, 

(In thousands, except share and per share data)

    

2020

    

2019

    

2020

    

2019

INTEREST INCOME

Loans, including fees

$

13,441

$

10,905

$

37,112

$

30,926

Securities:

Taxable

 

502

 

710

 

1,591

 

2,184

Tax-exempt

 

1,196

 

1,042

 

3,233

 

3,018

Dividend income

 

168

 

196

 

473

 

459

Interest-bearing deposits with banks

 

37

 

205

 

395

 

579

Total interest income

 

15,344

 

13,058

 

42,804

 

37,166

INTEREST EXPENSE

Deposits

 

1,311

 

1,948

 

4,685

 

4,979

Federal funds purchased and repurchase agreements

2

1

3

3

Federal Home Loan Bank borrowings

 

846

 

898

 

2,492

 

1,896

Federal Reserve PPPLF borrowings

 

66

 

-

 

66

 

Other borrowings

 

318

 

319

 

955

 

959

Total interest expense

 

2,543

 

3,166

 

8,201

 

7,837

Net interest income

 

12,801

 

9,892

 

34,603

 

29,329

Provision for loan losses

 

2,980

 

337

 

5,190

 

992

Net interest income after provision for loan losses

 

9,821

 

9,555

 

29,413

 

28,337

NONINTEREST INCOME

 

  

 

  

 

 

  

Service charges on deposit accounts

 

269

 

484

 

1,219

 

1,444

ATM and interchange fees

 

491

 

529

 

1,518

 

1,428

Net gain (loss) on sales of available for sale securities and time deposits

(56)

7

(55)

Net unrealized gain (loss) on equity securities

9

(18)

Net gain on sales of loans, Small Business Administration

 

1,317

 

1,515

 

3,307

 

3,000

Mortgage banking income

 

43,088

 

9,611

 

67,177

 

17,974

Increase in cash surrender value of life insurance

 

191

 

157

 

547

 

415

Commission income

 

70

 

87

 

180

 

221

Real estate lease income

 

138

 

121

 

441

 

436

Net gain (loss) on premises and equipment

 

 

7

 

(9)

 

16

Other income

 

764

 

189

 

1,088

 

635

Total noninterest income

 

46,337

 

12,644

 

75,457

 

25,514

NONINTEREST EXPENSE

 

  

 

  

 

  

 

  

Compensation and benefits

 

26,896

 

11,705

 

59,623

 

27,202

Occupancy and equipment

 

2,212

 

1,572

 

6,123

 

4,317

Data processing

 

532

 

448

 

1,580

 

1,354

Advertising

 

1,861

 

727

 

5,104

 

1,690

Professional fees

 

924

 

508

 

2,073

 

1,472

FDIC insurance premiums

 

248

 

112

 

351

 

290

Net (gain) loss on other real estate owned

 

1

 

(30)

 

(1)

 

(44)

Other operating expenses

 

2,335

 

1,446

 

6,503

 

4,503

Total noninterest expense

 

35,009

 

16,488

 

81,356

 

40,784

Income before income taxes

 

21,149

 

5,711

 

23,514

 

13,067

Income tax expense

 

5,540

 

748

 

5,404

 

1,736

Net Income

 

15,609

 

4,963

 

18,110

 

11,331

Less: net income (loss) attributable to noncontrolling interests

 

204

 

571

 

(107)

 

475

Net Income Attributable to First Savings Financial Group, Inc.

$

15,405

$

4,392

$

18,217

$

10,856

Net income per share:

 

 

 

 

Basic

$

6.51

$

1.88

$

7.74

$

4.70

Diluted

$

6.51

$

1.85

$

7.66

$

4.58

Weighted average shares outstanding:

 

 

 

 

Basic

 

2,365,217

 

2,333,502

 

2,353,816

 

2,308,359

Diluted

 

2,366,787

 

2,373,578

 

2,377,399

 

2,369,421

Dividends per share

$

0.17

$

0.16

$

0.50

$

0.47

See notes to consolidated financial statements.

-4-

Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

    

Three Months Ended

    

Nine Months Ended

June 30, 

June 30, 

(In thousands)

2020

    

2019

    

2020

    

2019

Net Income

$

15,609

$

4,963

$

18,110

$

11,331

OTHER COMPREHENSIVE INCOME, NET OF TAX

 

 

 

 

Unrealized gains on securities available for sale:

 

 

 

 

Unrealized holding gains arising during the period

 

13,509

 

2,671

 

4,832

 

7,416

Income tax expense

 

(2,879)

 

(584)

 

(1,021)

 

(1,621)

Net of tax amount

10,630

2,087

3,811

5,795

Less: reclassification adjustment for realized

(gains) losses included in net income

56

(7)

55

Income tax benefit (expense)

(11)

2

(11)

Other Comprehensive Income

 

10,630

 

2,132

 

3,806

 

5,839

Comprehensive Income

 

26,239

 

7,095

 

21,916

 

17,170

Less: comprehensive income (loss) attributable to noncontrolling interests

 

204

 

571

 

(107)

 

475

Comprehensive Income Attributable to First Savings Financial Group, Inc.

$

26,035

$

6,524

$

22,023

$

16,695

See notes to consolidated financial statements.

-5-

Table of Contents

PART I - FINANCIAL INFORMATION

FIRST SAVINGS FINANCIAL GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

    

    

    

    

    

    

Accumulated

    

    

    

    

    

    

    

    

Other

Unearned

Noncontrolling

Common

Additional

Retained

Comprehensive

Stock

Treasury

Interests in

(In thousands, except share and per share data)

    

Stock

    

Paid-in Capital

    

Earnings

    

Income

    

Compensation

    

Stock

    

Subsidiary

    

Total

Nine Months Ended June 30, 2019

Balances at October 1, 2018

$

26

$

27,630

$

76,523

$

382

$

(479)

$

(5,269)

$

1,432

$

100,245

Net income

 

 

 

10,856