NII growth accelerated to 13.4% in 2025Q4, though the net interest margin remains constrained at 0.7% despite improved operating efficiency.
| 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 |
|---|
| Net Interest Income | 63.31M | 56.5M | 60.14M | 59.92M | 56.59M | 46.54M | 39.45M | 35.36M | 29.15M | 24.98M | 23.91M | 23.69M | 23.04M | 21.17M | 20.49M | 20.08M | 8.52M | 6.48M | 6.83M | 6.9M |
| NII Growth % | 12.06% | -6.05% | 0.36% | 5.89% | 21.58% | 17.99% | 11.56% | 21.31% | 16.69% | 4.49% | 0.89% | 2.84% | 8.84% | 3.33% | 2.04% | 135.58% | 31.45% | -5.08% | -1.07% | - |
| Net Interest Margin % | 2.64% | 2.31% | 2.63% | 2.86% | 3.29% | 2.64% | 3.23% | 3.42% | 3.27% | 3.14% | 3.19% | 3.32% | 3.49% | 3.31% | 3.81% | 3.95% | 1.77% | 2.83% | 3.36% | 3.34% |
| Interest Income | 125.53M | 120.42M | 101.79M | 70.27M | 64.68M | 57.08M | 50.35M | 41.69M | 33.6M | 29.15M | 27.68M | 27.25M | 26.98M | 25.84M | 25.87M | 26.19M | 12.96M | 12.46M | 13.01M | 12.15M |
| Interest Expense | 62.22M | 63.93M | 41.66M | 10.54M | 8.09M | 10.54M | 10.91M | 6.34M | 4.46M | 4.17M | 3.78M | 3.56M | 3.94M | 4.67M | 5.38M | 6.12M | 4.44M | 5.97M | 6.18M | 5.25M |
| Loan Loss Provision | 334K | 3.09M | 2.61M | 1.91M | -1.77M | 7.96M | 1.46M | 1.35M | 1.3M | 637K | 859K | 1.25M | 1.86M | 1.53M | 1.6M | 1.6M | 819K | 1.54M | 759K | 813K |
| Non-Interest Income | 20.8M | 13.98M | 26.73M | 52.15M | 120.94M | 133.98M | 44.58M | 13.73M | 8.9M | 3.51M | 6.28M | 5.29M | 4.46M | 3.57M | 3.12M | 3.04M | 1.31M | 1.12M | 935K | 958K |
| Non-Interest Income % | 14.21% | 10.4% | 20.8% | 42.6% | 65.16% | 70.12% | 46.96% | 24.78% | 20.94% | 10.76% | 18.49% | 16.26% | 14.18% | 12.15% | 10.76% | 10.41% | 9.17% | 8.26% | 6.7% | 7.31% |
| Total Revenue | 146.33M | 134.4M | 128.52M | 122.42M | 185.62M | 191.06M | 94.93M | 55.43M | 42.5M | 32.66M | 33.96M | 32.54M | 31.43M | 29.42M | 28.99M | 29.24M | 14.27M | 13.58M | 13.95M | 13.11M |
| Revenue Growth % | 8.88% | 4.58% | 4.98% | -34.05% | -2.85% | 101.26% | 71.27% | 30.41% | 30.14% | -3.84% | 4.37% | 3.52% | 6.86% | 1.47% | -0.84% | 104.88% | 5.11% | -2.66% | 6.38% | - |
| Non-Interest Expense | 56.92M | 52.77M | 76.07M | 92.66M | 139.33M | 125.82M | 62.47M | 32.98M | 24.91M | 22.27M | 21M | 20.27M | 19.13M | 17.46M | 16.31M | 18.08M | 9.23M | 6.55M | 5.76M | 6.45M |
| Efficiency Ratio | 38.9% | 39.27% | 59.19% | 75.69% | 75.06% | 65.85% | 65.81% | 59.5% | 58.61% | 68.18% | 61.83% | 62.3% | 60.87% | 59.37% | 56.25% | 61.84% | 64.68% | 48.28% | 41.33% | 49.21% |
| Operating Income | 26.86M | 14.61M | 8.18M | 17.31M | 39.97M | 46.74M | 20.09M | 14.76M | 11.83M | 5.59M | 8.33M | 7.47M | 6.51M | 5.75M | 5.69M | 3.44M | -219K | -490K | 1.24M | 596K |
| Operating Margin % | 18.36% | 10.87% | 6.37% | 14.14% | 21.53% | 24.46% | 21.16% | 26.63% | 27.84% | 17.11% | 24.52% | 22.95% | 20.7% | 19.53% | 19.64% | 11.76% | -1.53% | -3.61% | 8.9% | 4.55% |
| Operating Income Growth % | 83.87% | 78.56% | -52.73% | -56.69% | -14.5% | 132.66% | 36.13% | 24.72% | 111.72% | -32.88% | 11.52% | 14.75% | 13.26% | 0.91% | 65.64% | 1669.41% | 55.31% | -139.48% | 108.22% | - |
| Pretax Income | 26.86M | 14.61M | 8.18M | 17.31M | 39.97M | 46.74M | 20.09M | 14.76M | 11.83M | 5.59M | 8.33M | 7.47M | 6.51M | 5.75M | 5.69M | 3.44M | -219K | -490K | 1.24M | 596K |
| Pretax Margin % | 18.36% | 10.87% | 6.37% | 14.14% | 21.53% | 24.46% | 21.16% | 26.63% | 27.84% | 17.11% | 24.52% | 22.95% | 20.7% | 19.53% | 19.64% | 11.76% | -1.53% | -3.61% | 8.9% | 4.55% |
| Income Tax | 3.7M | 1.02M | 10K | 1.92M | 10M | 12.66M | 3.1M | 2.42M | 2.52M | -2.32M | 1.58M | 2.08M | 1.81M | 1.46M | 1.68M | 808K | -252K | -300K | 427K | 241K |
| Effective Tax Rate % | 13.78% | 6.97% | 0.12% | 11.11% | 25.01% | 27.09% | 15.41% | 16.41% | 21.3% | -41.55% | 18.93% | 27.82% | 27.83% | 25.38% | 29.49% | 23.51% | 115.07% | 61.22% | 34.41% | 40.44% |
| Net Income | 23.16M | 13.59M | 8.17M | 15.39M | 29.57M | 33.35M | 16.18M | 10.9M | 9.31M | 7.91M | 6.75M | 5.39M | 4.7M | 4.29M | 4.01M | 2.63M | 33K | -190K | 814K | 355K |
| Net Margin % | 15.83% | 10.11% | 6.36% | 12.57% | 15.93% | 17.46% | 17.04% | 19.67% | 21.91% | 24.22% | 19.88% | 16.56% | 14.94% | 14.57% | 13.85% | 8.99% | 0.23% | -1.4% | 5.84% | 2.71% |
| Net Income Growth % | 70.4% | 66.32% | -46.89% | -47.96% | -11.35% | 106.18% | 48.39% | 17.06% | 17.72% | 17.18% | 25.25% | 14.78% | 9.54% | 6.8% | 52.68% | 7866.67% | 117.37% | -123.34% | 129.3% | - |
| Net Income (Continuing) | 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 |
| EPS (Diluted) | 3.32 | 1.98 | 1.19 | 2.15 | 4.12 | 4.68 | 2.27 | 1.53 | 1.32 | 1.14 | 0.98 | 0.78 | 0.66 | 0.62 | 0.59 | 0.39 | 0.00 | -0.02 | 0.12 | 0.05 |
| EPS Growth % | 67.68% | 66.39% | -44.65% | -47.82% | -11.97% | 106.17% | 48.37% | 15.91% | 15.79% | 16.33% | 25.64% | 18.18% | 6.45% | 5.08% | 51.28% | - | 113.25% | -120.75% | 133.46% | - |
| EPS (Basic) | 3.37 | 1.99 | 1.19 | 2.18 | 4.16 | 4.72 | 2.33 | 1.61 | 1.40 | 1.19 | 1.02 | 0.82 | 0.70 | 0.63 | 0.61 | 0.39 | 0.00 | -0.02 | 0.12 | 0.05 |
| Diluted Shares Outstanding | 6.98M | 6.86M | 6.88M | 7.14M | 7.17M | 7.13M | 7.12M | 7.12M | 7.04M | 6.91M | 6.74M | 6.69M | 6.81M | 6.69M | 6.57M | 6.73M | 6.95M | 7.63M | 6.9M | 6.9M |
SBA secondary market volatility
According to the quarterly income statement data, FSFG has successfully reversed a period of declining interest income, with NII growth accelerating to 13.4% by 2025Q4, suggesting that the bank's strategy of leveraging its Southern Indiana deposit base to fund national lending assets is gaining traction.
The consistent quarter-over-quarter expansion in NII throughout 2025 indicates that the bank is effectively managing its funding costs despite a competitive rate environment. This trajectory suggests that the bank's core banking segment is providing a stable foundation, allowing for more aggressive deployment into higher-yielding national loan products.
As reported in financial statements, FSFG's net interest margin has remained stubbornly flat at 0.7% throughout the latter half of 2025, indicating that the bank is struggling to expand its net interest spread despite the growth in total interest-earning assets and rising loan volumes.
The lack of NIM expansion suggests that the cost of funding, particularly for the core deposit base, may be rising in lockstep with asset yields. Investors should monitor whether this margin ceiling is a structural limitation of the bank's current funding mix or a temporary byproduct of the prevailing interest rate cycle.
Based on the provided quarterly figures, FSFG has demonstrated improved operating leverage, with the efficiency ratio tightening from a high of 64.4% in 2023Q4 to 39.6% by 2025Q4, reflecting a more disciplined approach to managing non-interest expenses relative to the bank's total revenue generation.
This improvement suggests that the bank is successfully scaling its national SBA and mortgage platforms without a commensurate increase in overhead costs. However, the volatility in the efficiency ratio during earlier periods implies that the bank's cost structure remains sensitive to fluctuations in transactional fee income.
Data from the most recent periods shows that FSFG's provision for credit losses has stabilized at $595.0K in 2025Q4, a significant shift from the negative provisioning observed in mid-2025, which may indicate a more conservative stance toward potential credit deterioration in the national loan portfolio.
The transition from negative provisions to a more normalized expense level suggests that management is proactively addressing the risk inherent in its SBA lending activities. Analysts should continue to scrutinize the relationship between these provisions and the unguaranteed portion of the SBA portfolio to assess true credit risk exposure.
As indicated by the quarterly income statement, non-interest income has fluctuated significantly, peaking at $6.6M in 2025Q1 before settling at $5.2M in 2025Q4, highlighting the bank's ongoing dependency on cyclical gain-on-sale premiums from its mortgage and SBA lending segments.
This variability underscores the risk that fee-based revenue streams may not provide the consistent earnings floor that the bank's core banking segment offers. The reliance on these transactional fees suggests that FSFG's overall profitability remains highly susceptible to shifts in secondary market demand and interest rate volatility.
Quick answers to the most common questions about buying FSFG stock.
First Savings Financial Group, Inc. (FSFG) is profitable, generating $23.2M in net income for the fiscal year ending 2025 with a net profit margin of 15.8%.
First Savings Financial Group, Inc. (FSFG) reported an operating income of $26.9M, resulting in an operating profit margin of 18.4%. This margin reflects the operational efficiency of the business before interest and taxes.
First Savings Financial Group, Inc. (FSFG) generated $83.8M in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.