First Savings Financial Group Inc (FSFG) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2013

FIRST SAVINGS FINANCIAL GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2013.

Clarksville, Indiana—November 15, 2013. First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank, F.S.B. (the "Bank"), today reported net income of $4.7 million and net income available to common shareholders of $4.5 million, or $1.99 per diluted share, for the year ended September 30, 2013 compared to net income of $4.3 million and net income available to common shareholders of $4.1 million, or $1.85 per diluted share, for the year ended September 30, 2012.

Net interest income after provision for loan losses increased $1.6 million for the year ended September 30, 2013 as compared to the year ended September 30, 2012. Interest income increased $1.2 million when comparing the two years due primarily to an increase in the average balance of interest-earning assets of $68.3 million from $522.7 million for 2012 to $591.0 million for 2013, which more than offset the change in interest income due to a decrease in the average tax-equivalent yield on interest-earning assets from 5.11% for 2012 to 4.75% for 2013. Interest expense decreased $739,000 when comparing the two years due primarily to a decrease in the average cost of interest-bearing liabilities from 1.04% for 2012 to 0.77% for 2013, which more than offset the change in interest expense due to an increase in the average balance of interest-bearing liabilities of $62.7 million from $450.0 million for 2012 to $512.7 million for 2013. The provision for loan losses increased $326,000 from $1.5 million for 2012 to $1.9 million for 2013. Nonperforming loans increased $3.3 million from $5.8 million at September 30, 2012 to $9.1 million at September 30, 2013. The increase in nonperforming loans is due primarily to a single commercial real estate loan with an outstanding balance of $4.0 million that was placed on nonaccrual status as of September 30, 2013 based on regulatory guidance. This loan is classified as a troubled debt restructuring, but the loan was current and performing according to the terms of the note as of September 30, 2013. Net charge-offs were $1.2 million for the year ended September 30, 2013 compared to $1.3 million for the year ended September 30, 2012.

Noninterest income increased $836,000 for the year ended September 30, 2013 as compared to the year ended September 30, 2012. The increase was due primarily to increases in real estate lease income, net gain on sales of loans, and net gain on trading account securities of $317,000, $313,000 and $247,000, respectively, which more than offset a decrease in gain on life insurance of $324,000, representing a gain on a life insurance policy that was recognized during 2012.