First Savings Bank reports drop in yearly profit
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Jeffersonville-based First Savings Financial Group Inc. (Nasdaq: FSFG) is reporting fiscal full year net income of $16.4 million, down from $29.6 million during the previous year. CEO Larry Myers says the company continued to fight headwinds for the mortgage banking segment and enacted cost-cutting measures to reduce expenses.
“The core banking segment, which is the strength of the organization, experienced positive trends that included significant loan originations and portfolio growth, stable net interest margin, improved efficiency and asset quality ratios, and enhanced profitability,” said Myers. “The SBA lending segment underperformed in recent quarters, but we have continued to rebuild the lending team and pipeline for expected enhanced performance in the new fiscal year.”
The company is also reporting net interest income increased $3.5 million to $60.7 million for the year compared to 2021.
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