Operating cash flow remains highly volatile, swinging from a negative $32.8 million in 2025Q2 to a positive $105.3 million in 2025Q4 due to lumpy SBA loan sales.
| Metric | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Cash from Operations | 79.13M | 91.2M | 32.76M | 148.81M | 114.89M | -139.69M | -44.73M | 17.96M | -2.23M | 9.37M | -563K | 8.13M | 11.32M | 4.33M | 11.01M | 4.84M | 3.18M | 544K | 1.74M | 1.48M |
| Operating CF Growth % | -13.24% | 178.41% | -77.99% | 29.52% | 182.25% | -212.33% | -348.96% | 905.97% | -123.8% | 1763.41% | -106.93% | -28.21% | 161.6% | -60.68% | 127.32% | 52.41% | 484.01% | -68.72% | 17.74% | - |
| Net Income | 23.16M | 13.59M | 8.17M | 15.39M | 29.97M | 34.08M | 17M | 12.34M | 9.31M | 7.91M | 6.75M | 5.39M | 4.7M | 4.29M | 4.01M | 2.63M | 33K | -190K | 814K | 355K |
| Depreciation & Amortization | 2.24M | 2.37M | 2.55M | 2.45M | 2.3M | 1.86M | 1.68M | 1.37M | 1.16M | 1.46M | 1.45M | 1.45M | 1.24M | 996K | 903K | 1.17M | 301K | 295K | 281K | 263K |
| Deferred Taxes | -375K | -16.05M | -716K | 1.67M | 7.86M | 4.49M | 507K | 235K | 1.84M | -2.43M | -36K | 150K | 513K | 160K | 565K | 251K | -537K | -129K | -14K | -120K |
| Other Non-Cash Items | 59.36M | 81.07M | 21.39M | 129.78M | 82.56M | -185.31M | -62.93M | -5.37M | -17.04M | 3.6M | -5.77M | 1.96M | 2.67M | 997K | 5.09M | 262K | 1.99M | 1.69M | 833K | 907K |
| Working Capital Changes | -6.17M | 9.52M | 669K | -1.16M | -8.07M | 4.91M | -1.22M | 9.18M | 2.32M | -1.8M | -4.06M | -1.94M | 1.14M | -2.78M | 435K | 528K | 1.39M | -1.13M | -175K | 72K |
| Cash from Investing | -37.83M | -203.33M | -263.99M | -544.22M | -55.88M | -339.43M | -112.13M | -50.49M | -78.23M | -45.33M | -19.02M | -49.95M | -49.64M | 30.91M | -18.63M | -26.1M | -35.45M | -15.05M | -2.51M | -1.25M |
| Purchase of Investments | -25.03M | -15.28M | -17.84M | -213.38M | -29.52M | -37.81M | -24.45M | -50.02M | -32.35M | -18.94M | -24.09M | -41.77M | -50.95M | -76.78M | -48.97M | -102.76M | -48.59M | -16.62M | -5.31M | -807K |
| Sale/Maturity of Investments | 11.24M | 9.28M | 96.36M | 55.61M | 21.36M | 17.67M | 40.08M | 77.84M | 25.23M | 23M | 30.71M | 25.39M | 33.7M | 37.71M | 45.48M | 72.24M | 37.78M | 10.1M | 3.79M | 5.29M |
| Net Investment Activity | -13.79M | -6M | 78.53M | -157.77M | -8.16M | -20.14M | 15.63M | 27.82M | -7.12M | 4.06M | 6.62M | -16.38M | -17.25M | -39.07M | -3.49M | -30.52M | -10.81M | -6.52M | -1.52M | 4.49M |
| Acquisitions | 0 | -18K | 0 | 0 | -3.17M | 0 | 0 | 6.67M | 0 | 0 | 0 | 0 | 0 | 80.63M | 0 | 0 | -16.55M | 0 | 0 | 0 |
| Other Investing | -23.16M | -196.63M | -339.56M | -385.61M | -38.91M | -311.98M | -118.26M | -83.39M | -70.69M | -49.03M | -25.16M | -33.23M | -27.64M | -9.8M | -13.57M | 4.88M | -7.92M | -8.37M | -746K | -5.16M |
| Cash from Financing | -61.59M | 133.43M | 220.41M | 403.64M | -59.31M | 471.42M | 156.01M | 40.54M | 85.38M | 40.31M | 24.24M | 41.34M | 20.34M | -23.64M | 23.54M | 22.13M | 21.3M | 25.49M | -4.06M | 347K |
| Dividends Paid | -4.38M | -4.05M | -3.79M | -4.5M | -1.69M | -1.59M | -1.47M | -1.34M | -1.23M | -1.17M | -1.17M | -1.08M | -1.74M | -244K | 0 | -193K | 0 | 0 | 0 | 0 |
| Share Repurchases | -382K | -79K | -2.63M | -4.75M | 0 | 0 | 0 | -46K | 0 | 0 | -132K | -3.27M | -625K | -743K | -725K | -2.72M | 0 | 0 | 0 | 0 |
| Stock Issued | 691K | 15K | 0 | 0 | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.16M | 0 | 0 | 0 |
| Net Stock Activity | 309K | -64K | -2.63M | -4.75M | 27K | 0 | 0 | -46K | 0 | 0 | -132K | -3.27M | -625K | -743K | -725K | -2.72M | 21.16M | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -93K |
| Other Financing | -170.88M | 199.09M | 172.29M | 287.34M | 178.04M | 209.86M | 24.94M | 50.34M | 90.18M | 46.47M | 401K | 55.66M | -16.42M | -24.71M | 21.17M | 13.66M | -17.92M | 20.49M | -7.06M | 440K |
| Net Change in Cash | -20.29M | 21.3M | -10.82M | 8.24M | -298K | -7.71M | -842K | 8.02M | 4.92M | 4.35M | 4.66M | -485K | -17.98M | 11.59M | 15.93M | 874K | -10.97M | 10.98M | -4.83M | 572K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 52.14M | 30.84M | 41.66M | 33.43M | 33.73M | 41.43M | 42.27M | 34.26M | 29.34M | 24.99M | 20.33M | 20.82M | 38.79M | 27.2M | 11.28M | 10.4M | 21.38M | 10.39M | 15.22M | 14.65M |
| Cash at End | 31.85M | 52.14M | 30.84M | 41.66M | 33.43M | 33.73M | 41.43M | 42.27M | 34.26M | 29.34M | 24.99M | 20.33M | 20.82M | 38.79M | 27.2M | 11.28M | 10.4M | 21.38M | 10.39M | 15.22M |
| Interest Paid | 70.56M | 59.47M | 34.03M | 9.3M | 8.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 2.89M | 8.14M | 116K | 3.23M | 9.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 78.25M | 90.52M | 29.8M | 147.98M | 109.25M | -147M | -54.22M | 16.37M | -2.65M | 9.01M | -1.04M | 7.79M | 6.58M | 3.47M | 9.45M | 4.39M | 3M | 376K | 1.5M | 896K |
| FCF Growth % | -13.55% | 203.71% | -79.86% | 35.44% | 174.32% | -171.11% | -431.2% | 716.61% | -129.46% | 968.21% | -113.33% | 18.38% | 89.43% | -63.24% | 115.25% | 46.32% | 697.61% | -74.87% | 66.96% | - |
SBA secondary market volatility
According to recent SEC filings, FSFG's net income has remained consistently positive over the last four quarters, averaging approximately $5.8 million per quarter, which provides a stable foundation for organic capital generation despite the inherent volatility associated with the bank's national SBA and mortgage lending platforms.
The bank's ability to generate consistent net income suggests that its core banking operations are effectively offsetting the cyclicality of its fee-based segments. Investors should monitor whether this internal capital generation remains sufficient to support the bank's growth ambitions without necessitating external equity dilution.
As reported in financial statements, FSFG has maintained a consistent pattern of investment securities purchases, with quarterly outflows ranging from $1.6 million to $11.4 million, indicating a disciplined approach to managing liquidity through the secondary market for government-guaranteed loans and other interest-earning assets.
The recurring nature of these purchases suggests that management is actively deploying excess liquidity into interest-earning assets to bolster net interest income. However, the variability in sale proceeds warrants further investigation into whether the bank is opportunistically rotating its portfolio to optimize yield in a shifting rate environment.
Based on FSFG's reported figures, the bank has maintained a steady quarterly dividend of approximately $1.0 million to $1.1 million, demonstrating a commitment to shareholder returns that appears sustainable given the bank's consistent earnings profile and conservative approach to share repurchases over the last ten quarters.
The minimal and sporadic nature of share buybacks suggests that management prioritizes capital preservation and organic growth over aggressive equity retirement. This strategy appears prudent given the potential for earnings volatility inherent in the bank's national SBA lending model.
As indicated by the quarterly cash flow data, FSFG's operating cash flow has exhibited significant swings, ranging from a negative $32.8 million in 2025Q2 to a positive $105.3 million in 2025Q4, reflecting the lumpy nature of loan originations and sales within the national SBA lending segment.
This extreme variance in operating cash flow is a hallmark of a bank heavily reliant on gain-on-sale income rather than just net interest income. Analysts should interpret these fluctuations as a function of transaction timing rather than a fundamental deterioration in the bank's underlying liquidity position.
Quick answers to the most common questions about buying FSFG stock.
First Savings Financial Group, Inc. (FSFG) generated $79.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Savings Financial Group, Inc. (FSFG) generated $78.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Savings Financial Group, Inc. (FSFG) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Savings Financial Group, Inc. (FSFG) returned $4.4M to shareholders via cash dividends and spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.