Exhibit 99.1

FIRST SAVINGS FINANCIAL GROUP, INC. REPORTS FINANCIAL RESULTS FOR THE SECOND FISCAL QUARTER ENDED MARCH 31, 2024

Jeffersonville, Indiana — April 25, 2024. First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024 compared to net income of $3.7 million, or $0.54 per diluted share, for the quarter ended March 31, 2023. Excluding nonrecurring items, the Company reported net income of $3.6 million (non-GAAP measure)(1) and net income per diluted share of $0.52 (non-GAAP measure)(1) for the quarter ended March 31, 2024. The core banking segment reported net income of $4.5 million, or $0.66 per diluted share for the quarter ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $3.6 million, or $0.53 per diluted share for the quarter ended March 31, 2024 (non-GAAP measure)(1).

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We continue to focus on reducing balance sheet and operating inefficiencies; strong asset quality; selective high-quality lending; deposit growth; and improvement of liquidity, capital and interest rate sensitivity positions. We’ve been successful in executing these strategies and we continue to move on the right trajectory, which we believe will deliver increasing financial results and shareholder value.”

(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

Results of Operations for the Three Months Ended March 31, 2024 and 2023

Net interest income decreased $574,000, or 3.9%, to $14.3 million for the three months ended March 31, 2024 as compared to the same period 2023. The decrease in net interest income was due to a $5.8 million increase in interest expense, partially offset by a $5.2 million increase in interest income. Interest income increased due to an increase in the average balance of interest-earning assets of $199.9 million, from $2.02 billion for 2023 to $2.22 billion for 2024, and an increase in the weighted-average tax-equivalent yield, from 5.01% for 2023 to 5.48% for 2024. The increase in the average balance of interest-earning assets was due primarily to a $293.5 million increase in the average balance of loans, partially offset by a decrease in the average balance of investment securities of $92.2 million. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $254.8 million, from $1.68 billion for 2023 to $1.93 billion for 2024, and an increase in the average cost of interest-bearing liabilities, from 2.36% for 2023 to 3.25% for 2024. The increase in the average cost of interest-bearing liabilities for 2024 was due primarily to higher rates for borrowings and brokered deposits as a result of increased market interest rates due to competition and higher U.S. Treasury rates, and migration of deposits from lower-yielding transaction and savings accounts to higher-yielding money market accounts and certificates of deposits.

The Company recognized a provision for credit losses for loans of $454,000 and a provision for credit losses for securities of $23,000 for the three months ended March 31, 2024, compared to a provision for loan losses of $372,000 for the same period in 2023. The Company recognized net charge-offs of $110,000 for the three months ended March 31, 2024, of which $42,000 was related to unguaranteed portions of SBA loans, compared to net recoveries of $6,000 in 2023.

Noninterest income decreased $3.8 million for the three months ended March 31, 2024 as compared to the same period in 2023. The decrease was due primarily to a $4.1 million decrease in mortgage banking income due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

Noninterest expense decreased $6.2 million for the three months ended March 31, 2024 as compared to the same period in 2023. The decrease was due primarily to decreases in compensation and benefits expense of $2.8 million and other operating expense of $2.4 million. The decrease in compensation and benefits expense was due primarily to a reduction in staffing related to the cessation of national mortgage banking operations in the quarter ended December 31, 2023. The decrease in other operating expense was due primarily to a decrease in loss contingency for SBA-guaranteed loans of $656,000 in 2024 compared to an increase of $490,000 in 2023, and an adjustment to the valuation allowance related to sale of residential mortgage servicing rights of $247,000 in 2024 with no corresponding amounts in 2023.

The Company recognized income tax expense of $866,000 for the three months ended March 31, 2024 compared to $333,000 for the same period in 2023. The effective tax rate for 2024 was 14.9%, which was an increase from the effective tax rate of 8.2% in 2023. The increase was due to higher pre-tax income in 2024 as compared to 2023.

Results of Operations for the Six Months Ended March 31, 2024 and 2023

The Company reported net income of $5.8 million, or $0.85 per diluted share, for the six months ended March 31, 2024 compared to net income of $6.6 million, or $0.95 per diluted share, for the six months ended March 31, 2023. Excluding nonrecurring items, the Company reported net income of $4.5 million (non-GAAP measure)(1) and net income per diluted share of $0.65 (non-GAAP measure)(1) for the six months ended March 31, 2024. The core banking segment reported net income of $8.6 million, or $1.25 per diluted share for the six months ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $7.7 million, or $1.12 per diluted share for the six months ended March 31, 2024 (non-GAAP measure)(1).

Net interest income decreased $2.7 million, or 8.7%, to $28.5 million for the six months ended March 31, 2024 as compared to the same period 2023. The decrease in net interest income was due to a $13.1 million increase in interest expense, partially offset by a $10.4 million increase in interest income. Interest income increased due to an increase in the average balance of interest-earning assets of $195.3 million, from $2.00 billion for 2023 to $2.20 billion for 2024, and an increase in the weighted-average tax-equivalent yield, from 4.94% for 2023 to 5.43% for 2024. The increase in the average balance of interest-earning assets was due primarily to a $284.0 million increase in the average balance of loans, partially offset by a decrease in the average balance of investment securities of $91.0 million. Interest expense increased due to an increase in the average balance of interest-bearing liabilities of $260.5 million, from $1.64 billion for 2023 to $1.90 billion for 2024, and an increase in the average cost of interest-bearing liabilities, from 2.08% for 2023 to 3.17% for 2024. The increase in the average cost of interest-bearing liabilities for 2024 was due primarily to higher rates for borrowings and brokered deposits as a result of increased market interest rates due to competition and higher U.S. Treasury rates, and migration of deposits from lower-yielding transaction and savings accounts to higher-yielding money market accounts and certificates of deposits.

The Company recognized a provision for credit losses for loans of $866,000 and a provision for credit losses for securities of $23,000 for the six months ended March 31, 2024, compared to a provision for loan losses of $1.4 million for the same period in 2023. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, increased $1.7 million from $13.9 million at September 30, 2023 to $15.6 million at March 31, 2024. The Company recognized net charge-offs of $119,000 for the six months ended March 31, 2024, of which $22,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $258,000 in 2023, of which $238,000 was related to unguaranteed portions of SBA loans.

Noninterest income decreased $6.2 million for the six months ended March 31, 2024 as compared to the same period in 2023. The decrease was due primarily to a $6.5 million decrease in mortgage banking income due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

Noninterest expense decreased $7.7 million for the six months ended March 31, 2024 as compared to the same period in 2023. The decrease was due primarily to decreases in compensation and benefits expense of $3.8 million and other operating expense of $3.4 million. The decrease in compensation and benefits expense was due primarily to a reduction in staffing related to the cessation of national mortgage banking operations in the quarter ended December 31, 2023. The decrease in other operating expense was due primarily to a decrease in loss contingency for SBA-guaranteed loans of $721,000 in 2024 compared to an increase of $490,000 in 2023, and a decrease in loss contingency for restitution to mortgage borrowers of $17,000 in 2024 compared to an increase of $609,000 in 2023.

The Company recognized income tax expense of $390,000 for the six months ended March 31, 2024 compared to tax expense of $416,000 for the same period in 2023. The effective tax rate for 2024 was 6.3%, which was an increase from the effective tax rate of 5.9% in 2023.

Comparison of Financial Condition at March 31, 2024 and September 30, 2023

Total assets increased $76.1 million, from $2.29 billion at September 30, 2023 to $2.36 billion at March 31, 2024. Net loans held for investment increased $112.2 million during the six months ended March 31, 2024 due primarily to growth in residential construction and mortgage loans. Residential mortgage loan servicing rights decreased $59.8 million during the six months ended March 31, 2024, due to the sale of the entire residential mortgage loan servicing rights portfolio during the period.

Total liabilities increased $62.1 million due primarily to increases in total deposits of $105.7 million, partially offset by a decrease in FHLB borrowings of $48.2 million. As of March 31, 2024, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 27.1% of total deposits and 13.1% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Common stockholders’ equity increased $14.1 million, from $151.0 million at September 30, 2023 to $165.1 million at March 31, 2024, due primarily to a $12.4 million decrease in accumulated other comprehensive loss and an increase in retained net income of $1.3 million. The decrease in accumulated other comprehensive loss was due primarily to decreasing long term market interest rates during the six months ended March 31, 2024, which resulted in an increase in the fair value of securities available for sale. At March 31, 2024 and September 30, 2023, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:

Tony A. Schoen, CPA

Chief Financial Officer

812-283-0724

FIRST SAVINGS FINANCIAL GROUP, INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

(1) The Company adopted ASU 2016-13 Topic 326 on October 1, 2023.  Allowance was determined using expected loss methodology (CECL) as of March 31, 2024 and December 31, 2024.  Allowance was determined using the previous incurred loss methodology as of September 30, 2023.

(2) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of these figures.  

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):

The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's performance.  The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings.  The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):

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(3) National mortgage banking operations were ceased in the quarter ended December 31, 2023 and subsequent immaterial mortgage lending activity is reported within the Core Banking segment.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):

(4) Ratios for Mortgage Banking Segment are not considered meaningful due to cessation of national mortgage banking operations in the quarter ended December 31, 2023.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):  

 (6) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.

SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):