First Savings Financial Group, Inc., incorporated on May 23, 2008, is a bank holding company for First Savings Bank (the Bank). The Company's principal business activity is the ownership of the outstanding common stock of First Savings Bank. The Bank operates as a community-oriented financial institution offering traditional financial services to consumers and businesses in its primary market area. The Bank attracts deposits from the public and uses those funds to originate primarily residential and commercial mortgage loans. The Bank also originates commercial business loans, residential and commercial construction loans, multi-family loans, land and land development loans, and consumer loans. It conducts its lending and deposit activities primarily with individuals and small businesses in its primary market area. The Bank operates in Clark, Floyd, Harrison, Crawford and Washington counties, Indiana.
Lending Activities
The Bank's loan portfolio consists of commercial real estate loans and residential real estate mortgage loans, which are primarily one- to four-family residential loans, and multi-family real estate and commercial business loans. The Bank originates loans for investment purposes. The Bank's origination of residential mortgage loans enables borrowers to purchase or refinance existing homes located in Clark, Floyd, Harrison, Crawford and Washington Counties, Indiana, and the surrounding areas. The Bank offers a mix of adjustable-rate mortgage loans and fixed-rate mortgage loans with terms of 10 to 30 years.
The Bank offers fixed and adjustable-rate mortgage loans secured by commercial real estate. The Bank's commercial real estate loans are secured by small to moderately sized office, retail and industrial properties located in its primary market area and are made to small business owners and professionals, such as attorneys and accountants. The Bank originates fixed-rate commercial real estate loans, with terms up to five years and payments based on an amortization schedule of 15 to 20 years. It also offers adjustable-rate commercial real estate loans, with terms up to five years and with interest rates equal to a margin above the prime lending rate or the London Interbank Offered Rate (LIBOR). The Bank originates construction loans for one- to four-family homes and commercial properties, such as small industrial buildings, warehouses, retail shops and office units. It originates loans to developers for developing vacant land in its primary market area, for residential subdivisions. Land development loans are interest-only loans for a term of approximately 18 to 24 months.
The Bank offers multi-family mortgage loans that are secured by properties in its primary market area. The Bank's consumer loan portfolio consists primarily of home equity loans, both fixed-rate amortizing term loans with terms of approximately 15 years and adjustable rate lines of credit with interest rates equal to a margin above the prime lending rate. The Bank also offers auto and truck loans, personal loans and small boat loans. The Bank offers commercial business loans to small businesses located in its primary market area. Commercial business loans are secured by equipment and general business assets.
As of September 30, 2016, the Bank's residential mortgage loans totaled $178.4 million. As of September 30, 2016, its commercial real estate loans totaled $217.4 million. As of September 30, 2016, its multi-family real estate loans totaled $18.4 million. These loans are primarily secured by apartment buildings and other multi-tenant developments in its primary market area. As of September 30, 2016, the Bank's residential construction loans totaled $24.3 million. As of September 30, 2016, its commercial construction loans totaled $33.7 million. As of September 30, 2016, its land and land development loans totaled $11.1 million. As of September 30, 2016, its commercial business loans totaled $42.0 million. As of September 30, 2016, its consumer loans totaled $28.3 million.
Investment Activities
As of September 30, 2016, the Bank's investment portfolio consisted primarily of the United States Government agency and sponsored enterprises securities, mortgage backed securities and collateralized mortgage obligations issued by the United States Government agencies and sponsored enterprises, municipal bonds, privately-issued collateralized mortgage obligations and asset-backed securities, and a pass-through asset-backed security guaranteed by the small business administration (SBA). The Bank's trading account securities represent an investment in a managed brokerage account that invests in small and medium lot, investment grade municipal bonds. As of September 30, 2016, the Bank's available for sale securities totaled $174.5 million. The Bank's held to maturity securities portfolio consists of mortgage-backed securities issued by government sponsored enterprises and municipal bonds.
Sources of Funds
The Bank's deposits, borrowings, and loan and investment security repayments are the sources of its funds for lending and other investment purposes. The Bank attracts deposits from within its primary market area through the offering of a range of deposit instruments, including non-interest-bearing demand deposits, such as checking accounts; interest-bearing demand accounts, such as negotiable order of withdrawal (NOW) and money market accounts; regular savings accounts, and time deposits. It uses borrowings from the Federal Home Loan Bank of Indianapolis (FHLB) consisting of advances and borrowings under a line of credit arrangement to supplement its supply of funds for loans and investments. It also utilizes retail repurchase agreements as a source of borrowings. The outstanding balance of borrowings from the FHLB totaled $121.6 million, as of September 30, 2016. As of September 30, 2016, the Bank's deposits totaled $579.5 million.
Subsidiary Activities
First Savings Insurance Risk Management, Inc. (the Captive) is the Company's subsidiary. The Bank's subsidiaries include FFCC, Inc. (FFCC) and First Savings Investments, Inc. FFCC participates in the development and leasing of commercial real estate. First Savings Investments, Inc. holds and manages an investment securities portfolio. The Captive is an insurance subsidiary of the Company that provides property and casualty insurance to the Company, the Bank and the Bank's active subsidiaries. As of September 30, 2016, the Captive provided reinsurance to eight other third-party insurance captives for which insurance may not be available or economically feasible in the insurance marketplace.
501 E Lewis and Clark Pkwy
The company trades on NASDAQ exchange. The company headquarter is located in Indiana, IN. The company was established in the 2008.| Ticker | FSFG |
| Long Name | First Savings Financial Group, Inc. |
| Short Name | First Savings Financial |