tiprankstipranks
First Savings Financial Group reports Q2 EPS 54c, consensus 60c
The Fly

First Savings Financial Group reports Q2 EPS 54c, consensus 60c

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated, "There continues to be a challenging environment for the banking industry, but we have taken and will continue to take prudent actions to perform while such exists. The aggressive measures taken to restructure the mortgage banking segment through expense reductions, efforts to rebuild the SBA lending segment’s lending team, and continued focus on balance sheet management for the core banking segment have provided positive results for the quarter and position the Company for enhanced performance. We continue to be selective in our lending, both in terms of asset quality and yield opportunities. We also have lengthened certain wholesale funding maturities for intermediate duration, which was a contributing factor in adversely impacting net interest margin for the quarter but somewhat protects from persistently higher interest rates while still remaining well-positioned to benefit from a potential rates-down environment, particularly on the short end of the curve. We are encouraged by the performance of the core banking segment and are optimistic for enhanced performance of the SBA lending and mortgage banking segments in future periods. Lastly, the Company repurchased 50,000 of its common shares during the quarter, which together with repurchases during the three preceding fiscal quarters totaled approximately 4.6% of outstanding shares."

Published first on TheFly

See the top stocks recommended by analysts >>

Read More on FSFG:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles