Connect With Us

Inside INdiana Business
Subscribe Now Log In
  • Home
  • News
    • Education
    • Health
    • Tech
    • STEM
    • Advanced Manufacturing & Logistics
    • Life Sciences
    • Ag INnovation
    • INPower
  • Videos
  • Big Wigs
    • Submit Big Wigs
  • Events
    • Engage Central Indiana – Indianapolis
    • Engage Northeast Indiana – Fort Wayne
    • Engage West Central Indiana – Terre Haute
    • Engage Greater Lafayette – West Lafayette
    • Engage Northwest Indiana – Valparaiso
    • Engage South Bend – Elkhart
    • Engage Southwest Indiana – Evansville
  • Newsletters
  • Podcasts
  • On-Air
    • TV & Radio Listings
  • Contact
    • About IIB
    • Meet the Team
    • Contact Us
    • Advertise
    • Gift Cards
    • Flagship Stations
    • Gerry’s Message
    • Speaking Engagement Request

Connect With Us

First Savings Financial Reports Q1 Losses

Friday, May 1, 2020 11:39 AM EDT Updated: Friday, May 1, 2020 01:23 PM EDT
By Wes Mills
First Savings Financial Reports Q1 Losses

Jeffersonville-based First Savings Financial Group Inc. (Nasdaq: FSFG), the holding company for First Savings Bank, is reporting a first-quarter net loss of $627,000, compared to net income of $3.5 million for the same period a year ago.

The banking company said the decline is mostly attributable to losses in the mortgage banking segment, due to market disruptions stemming from the novel coronavirus.

“While we are disappointed with the negative impact the COVID-19 pandemic had on our financial results for the quarter, which resulted in the loss on mortgage banking, a decrease in the fair value of our SBA servicing assets and an increase in provision for loan losses, we are very pleased with the performance of the core banking operation and the resiliency of our company and staff,” said Larry Myers, president and chief executive officer.

Myers said as the healthcare crisis unfolded, the financial institution “seized opportunities” as a result of dislocation in the markets, including the purchase of municipal securities.

It is also taking part in the federal Paycheck Protection Program, having received SBA authorizations for 550 customers totaling approximately $170 million as of April 24, 2020.

“We cannot determine or estimate the impact on our business at this time because the length and severity of the economic downturn is not known.  We believe we are well-positioned to withstand any challenges that may be presented,” said a company statement.

Click here to view the financial report.

Story Continues Below

Most Popular Stories

  • Fort Wayne Metals acquires tantalum equipment

  • Buddy Guy, Clint Black among State Fair concert attractions

  • White Castle opens new Whiting location after historic building demolished

  • Damar opens primary care clinic in underserved Indy area

  • Blackford Capital nabs industrial consultant PACIV in acquisition

  • Indiana to get $21M for railroad safety reform

Perspectives

Co-funders strengthen community health programs

Co-funders strengthen community health programs

As we are often reminded, Indiana ranks near the bottom of virtually every health-related national ranking. Whether it’s a study of overall health or a measure of specific health metrics, our state is among the worst.  ...

Inside INdiana Business

Inside INdiana Business
A division of IBJ Media

1 Monument Circle, Suite 300
Indianapolis, IN 46204

PHONE: (317) 634-6200

FAX: (317) 263-5060

NEWSLETTER@IIBNEWS.COM

  • Home
  • News
  • Videos
  • Gerry Dick
  • Newsletters
  • On-Air
  • Contact

Copyright © 2023 All Rights Reserved Privacy Policy | Terms of Service