FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
Six Months Ended
OPERATING DATA:
March 31,
March 31,
(In thousands, except share and per share data)
2025
2024
2025
2024
Total interest income
$
30,823
$
30,016
$
63,272
$
58,671
Total interest expense
14,832
15,678
31,819
30,220
Net interest income
15,991
14,338
31,453
28,451
Provision (credit) for credit losses – loans
(357
)
713
(848
)
1,183
Provision (credit) for unfunded lending commitments
123
(259
)
169
(317
)
Provision (credit) for credit losses – securities
(1
)
23
(7
)
23
Total provision (credit) for credit losses
(235
)
477
(686
)
889
Net interest income after provision (credit) for credit losses
16,226
13,861
32,139
27,562
Total noninterest income
3,560
3,710
9,663
6,492
Total noninterest expense
13,698
11,778
28,641
27,817
Income before income taxes
6,088
5,793
13,161
6,237
Income tax expense
589
866
1,437
390
Net income
$
5,499
$
4,927
$
11,724
$
5,847
Net income per share, basic
$
0.80
$
0.72
$
1.71
$
0.86
Weighted average shares outstanding, basic
6,875,826
6,832,130
6,861,061
6,828,017
Net income per share, diluted
$
0.79
$
0.72
$
1.68
$
0.85
Weighted average shares outstanding, diluted
6,960,020
6,859,611
6,961,829
6,849,928
Performance ratios (annualized)
Return on average assets
0.93
%
0.84
%
0.98
%
0.50
%
Return on average equity
12.24
%
11.96
%
13.15
%
7.38
%
Return on average common stockholders’ equity
12.34
%
11.96
%
13.15
%
7.38
%
Net interest margin (tax equivalent basis)
2.93
%
2.66
%
2.84
%
2.68
%
Efficiency ratio
70.06
%
65.26
%
69.66
%
79.61
%
QTD
FYTD
FINANCIAL CONDITION DATA:
March 31,
December 31,
Increase
September 30,
Increase
(In thousands, except per share data)
2025
2024
(Decrease)
2024
(Decrease)
Total assets
$
2,376,230
$
2,388,735
$
(12,505
)
$
2,450,368
$
(74,138
)
Cash and cash equivalents
28,683
76,224
(47,541
)
52,142
(23,459
)
Investment securities
244,084
242,634
1,450
249,719
(5,635
)
Loans held for sale
61,239
24,441
36,798
25,716
35,523
Gross loans
1,900,660
1,905,199
(4,539
)
1,985,146
(84,486
)
Allowance for credit losses
20,484
20,685
(201
)
21,294
(810
)
Interest earning assets
2,219,504
2,234,258
(14,754
)
2,277,512
(58,008
)
Goodwill
9,848
9,848
–
9,848
–
Core deposit intangibles
316
357
(41
)
398
(82
)
Loan servicing rights
2,744
2,661
83
2,754
(10
)
Noninterest-bearing deposits
185,252
183,239
2,013
191,528
(6,276
)
Interest-bearing deposits (customer)
1,207,159
1,212,527
(5,368
)
1,180,196
26,963
Interest-bearing deposits (brokered)
396,770
437,008
(40,238
)
509,157
(112,387
)
Federal Home Loan Bank borrowings
325,310
295,000
30,310
301,640
23,670
Subordinated debt and other borrowings
48,682
48,642
40
48,603
79
Total liabilities
2,197,041
2,212,708
(15,667
)
2,273,253
(76,212
)
Accumulated other comprehensive loss
(19,385
)
(17,789
)
(1,596
)
(11,195
)
(8,190
)
Total stockholders’ equity
179,189
176,027
3,162
177,115
2,074
Book value per share
$
25.90
$
25.48
0.42
$
25.72
0.18
Tangible book value per share (non-GAAP) (1)
24.43
24.00
0.43
24.23
0.20
Non-performing assets:
Nonaccrual loans – SBA guaranteed
$
123
$
4,444
$
(4,321
)
$
5,036
$
(4,913
)
Nonaccrual loans
12,597
12,124
473
11,906
691
Total nonaccrual loans
$
12,720
$
16,568
$
(3,848
)
$
16,942
$
(4,222
)
Accruing loans past due 90 days
–
–
–
–
–
Total non-performing loans
12,720
16,568
(3,848
)
16,942
(4,222
)
Foreclosed real estate
444
444
–
444
–
Total non-performing assets
$
13,164
$
17,012
$
(3,848
)
$
17,386
$
(4,222
)
Asset quality ratios:
Allowance for credit losses as a percent of total gross loans
1.08
%
1.09
%
(0.01
%)
1.07
%
0.01
%
Allowance for credit losses as a percent of nonperforming loans
161.04
%
124.85
%
36.19
%
125.69
%
35.35
%
Nonperforming loans as a percent of total gross loans
0.67
%
0.87
%
(0.20
%)
0.85
%
(0.18
%)
Nonperforming assets as a percent of total assets
0.55
%
0.71
%
(0.16
%)
0.71
%
(0.16
%)
(1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.
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.
Three Months Ended
Six Months Ended
Net Income
March 31,
March 31,
(In thousands)
2025
2024
2025
2024
Net income attributable to the Company (non-GAAP)
$
5,313
$
3,561
$
9,367
$
4,481
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect
–
–
1,869
–
Plus: Gain on sale of equity securities, net of tax effect
–
–
302
–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect
–
492
–
492
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect
–
583
–
583
Plus: Gain on sale of premises and equipment, net of tax effect
186
90
186
90
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect
–
117
–
117
Plus: Distribution from equity investment, net of tax effect
–
85
–
85
Net income attributable to the Company (GAAP)
$
5,499
$
4,927
$
11,724
$
5,847
Net Income per Share, Diluted
Net income per share attributable to the Company, diluted (non-GAAP)
$
0.76
$
0.52
$
1.35
$
0.65
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect
–
–
0.27
–
Plus: Gain on sale of equity securities, net of tax effect
–
–
0.03
–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect
–
0.07
–
0.07
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect
–
0.08
–
0.08
Plus: Gain on sale of premises and equipment, net of tax effect
0.03
0.01
0.03
0.01
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect
–
0.02
–
0.02
Plus: Distribution from equity investment, net of tax effect
–
0.02
–
0.02
Net income per share, diluted (GAAP)
$
0.79
$
0.72
$
1.68
$
0.85
Core Bank Segment Net Income
(In thousands)
Net income attributable to the Core Bank (non-GAAP)
$
4,883
$
3,637
$
9,081
$
7,685
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect
–
–
1,869
–
Plus: Gain on sale of equity securities, net of tax effect
–
–
302
–
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect
–
583
–
583
Plus: Gain on sale of premises and equipment, net of tax effect
186
90
186
90
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect
–
117
–
117
Plus: Distribution from equity investment, net of tax effect
–
85
–
85
Net income attributable to the Core Bank (GAAP)
$
5,069
$
4,511
$
11,438
$
8,559
Core Bank Segment Net Income per Share, Diluted
Core Bank net income per share, diluted (non-GAAP)
$
0.70
$
0.53
$
1.31
$
1.12
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect
–
–
0.27
–
Plus: Gain on sale of equity securities, net of tax effect
–
–
0.03
–
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect
–
0.08
–
0.08
Plus: Gain on sale of premises and equipment, net of tax effect
–
0.01
0.03
0.01
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect
0.03
0.02
–
0.02
Plus: Distribution from equity investment, net of tax effect
–
0.02
–
0.02
Core Bank net income per share, diluted (GAAP)
$
0.73
$
0.66
$
1.64
$
1.25
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):
Three Months Ended
Fiscal Year Ended
Efficiency Ratio
March 31,
March 31,
(In thousands)
2025
2024
2025
2024
Net interest income (GAAP)
$
15,991
$
14,338
$
31,453
$
28,451
Noninterest income (GAAP)
3,560
3,710
9,663
6,492
Noninterest expense (GAAP)
13,698
11,778
28,641
27,817
Efficiency ratio (GAAP)
70.06
%
65.26
%
69.66
%
79.61
%
Noninterest income (GAAP)
$
3,560
$
3,710
$
9,663
$
6,492
Less: Gain on sale of loans, home equity lines of credit
–
–
(2,492
)
–
Less: Gain on sale of equity securities
–
–
(403
)
–
Less: Gain on sale of premises and equipment
(248
)
(120
)
(248
)
(120
)
Less: Adjustment to MSR valuation allowance related to sale
–
(530
)
–
(530
)
Less: Distribution from equity investment
–
(113
)
–
(113
)
Noninterest income (Non-GAAP)
3,312
2,947
6,520
5,729
Noninterest expense (GAAP)
$
13,698
$
11,778
$
28,641
$
27,817
Plus: Adjustment to MSR valuation allowance related to sale
–
247
–
247
Plus: Decrease in loss contingency for SBA-guaranteed loans
–
656
–
656
Plus: Adjustment to previous data processing contract termination accrual
–
156
–
156
Noninterest expense (Non-GAAP)
$
13,698
$
12,837
$
28,641
$
28,876
Efficiency ratio (excluding nonrecurring items) (non-GAAP)
70.96
%
74.27
%
75.42
%
84.48
%
QTD
FYTD
Tangible Book Value Per Share
March 31,
December 31,
Increase
September 30,
Increase
(In thousands, except share and per share data)
2025
2024
(Decrease)
2024
(Decrease)
Stockholders’ equity (GAAP)
$
179,189
$
176,027
$
3,162
$
177,115
$
2,074
Less: goodwill and core deposit intangibles
(10,164
)
(10,205
)
41
(10,246
)
82
Tangible stockholders’ equity (non-GAAP)
$
169,025
$
165,822
$
3,203
$
166,869
$
2,156
Outstanding common shares
6,919,136
6,909,173
$
9,963
6,887,106
$
32,030
Tangible book value per share (non-GAAP)
$
24.43
$
24.00
$
0.43
$
24.23
$
0.20
Book value per share (GAAP)
$
25.90
$
25.48
$
0.42
$
25.72
$
0.18
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):
As of
Summarized Consolidated Balance Sheets
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands, except per share data)
2025
2024
2024
2024
2024
Total cash and cash equivalents
$
28,683
$
76,224
$
52,142
$
42,423
$
62,969
Total investment securities
244,084
242,634
249,719
238,785
240,142
Total loans held for sale
61,239
24,441
25,716
125,859
19,108
Total loans, net of allowance for credit losses
1,880,176
1,884,514
1,963,852
1,826,980
1,882,458
Loan servicing rights
2,744
2,661
2,754
2,860
3,028
Total assets
2,376,230
2,388,735
2,450,368
2,393,491
2,364,983
Customer deposits
$
1,392,411
$
1,395,766
$
1,371,724
$
1,312,997
$
1,239,271
Brokered deposits
396,770
437,008
509,157
399,151
548,175
Total deposits
1,789,181
1,832,774
1,880,881
1,712,148
1,787,446
Federal Home Loan Bank borrowings
325,310
295,000
301,640
425,000
315,000
Common stock and additional paid-in capital
$
28,650
$
28,382
$
27,725
$
27,592
$
27,475
Retained earnings – substantially restricted
182,918
178,526
173,337
170,688
167,648
Accumulated other comprehensive loss
(19,385
)
(17,789
)
(11,195
)
(17,415
)
(17,144
)
Unearned stock compensation
(862
)
(973
)
(901
)
(999
)
(1,096
)
Less treasury stock, at cost
(12,132
)
(12,119
)
(11,851
)
(11,866
)
(11,827
)
Total stockholders’ equity
179,189
176,027
177,115
168,000
165,056
Outstanding common shares
6,919,136
6,909,173
6,887,106
6,883,656
6,883,160
Three Months Ended
Summarized Consolidated Statements of Income
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands, except per share data)
2025
2024
2024
2024
2024
Total interest income
$
30,823
$
32,449
$
32,223
$
31,094
$
30,016
Total interest expense
14,832
16,987
17,146
16,560
15,678
Net interest income
15,991
15,462
15,077
14,534
14,338
Provision (credit) for credit losses – loans
(357
)
(491
)
1,808
501
713
Provision (credit) for unfunded lending commitments
123
46
(262
)
158
(259
)
Provision (credit) for credit losses – securities
(1
)
(6
)
(86
)
84
23
Total provision (credit) for credit losses
(235
)
(451
)
1,460
743
477
Net interest income after provision for credit losses
16,226
15,913
13,617
13,791
13,861
Total noninterest income
3,560
6,103
2,842
3,196
3,710
Total noninterest expense
13,698
14,943
12,642
12,431
11,778
Income before income taxes
6,088
7,073
3,817
4,556
5,793
Income tax expense (benefit)
589
848
145
483
866
Net income
5,499
6,225
3,672
4,073
4,927
Net income per share, basic
$
0.80
$
0.91
$
0.54
$
0.60
$
0.72
Weighted average shares outstanding, basic
6,875,826
6,851,153
6,832,626
6,832,452
6,832,130
Net income per share, diluted
$
0.79
$
0.89
$
0.53
$
0.60
$
0.72
Weighted average shares outstanding, diluted
6,960,020
6,969,223
6,894,532
6,842,336
6,859,611
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):
Three Months Ended
Noninterest Income Detail
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands)
2025
2024
2024
2024
2024
Service charges on deposit accounts
$
541
$
567
$
552
$
538
$
387
ATM and interchange fees
632
665
642
593
585
Net unrealized gain on equity securities
47
78
28
419
6
Net gain on equity securities
–
403
–
–
–
Net gain on sales of loans, Small Business Administration
1,078
711
647
581
951
Net gain on sales of loans, home equity lines of credit
–
2,492
–
–
–
Mortgage banking income
104
78
6
49
53
Increase in cash surrender value of life insurance
380
361
363
353
333
Gain on life insurance
–
108
–
–
–
Commission income
255
210
294
220
220
Real estate lease income
122
121
122
154
115
Net gain (loss) on premises and equipment
–
45
(4
)
–
120
Other income
401
264
192
289
940
Total noninterest income
$
3,560
$
6,103
$
2,842
$
3,196
$
3,710
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
Consolidated Performance Ratios (Annualized)
2025
2024
2024
2024
2024
Return on average assets
0.93
%
1.02
%
0.61
%
0.69
%
0.92
%
Return on average equity
12.24
%
14.07
%
8.52
%
9.86
%
13.06
%
Return on average common stockholders’ equity
12.34
%
14.07
%
8.52
%
9.86
%
13.06
%
Net interest margin (tax equivalent basis)
2.93
%
2.75
%
2.72
%
2.67
%
2.66
%
Efficiency ratio
70.06
%
69.29
%
70.55
%
70.11
%
65.26
%
As of or for the Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
Consolidated Asset Quality Ratios
2025
2024
2024
2024
2024
Nonperforming loans as a percentage of total loans
0.67
%
0.87
%
0.85
%
0.91
%
0.82
%
Nonperforming assets as a percentage of total assets
0.55
%
0.71
%
0.71
%
0.72
%
0.68
%
Allowance for credit losses as a percentage of total loans
1.08
%
1.09
%
1.07
%
1.07
%
1.02
%
Allowance for credit losses as a percentage of nonperforming loans
161.04
%
124.85
%
125.69
%
118.12
%
124.01
%
Net charge-offs to average outstanding loans
-0.01
%
0.01
%
0.02
%
0.01
%
0.01
%
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):
Three Months Ended
Segmented Statements of Income Information
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands)
2025
2024
2024
2024
2024
Core Banking Segment:
Net interest income
$
14,259
$
13,756
$
14,083
$
13,590
$
13,469
Provision (credit) for credit losses – loans
(540
)
(745
)
1,339
320
909
Provision (credit) for unfunded lending commitments
35
(75
)
78
64
(259
)
Provision (credit) for credit losses – securities
(1
)
(7
)
(86
)
84
23
Net interest income after provision (credit) for credit losses
14,765
14,583
12,752
13,122
12,796
Noninterest income
2,242
5,253
2,042
2,474
2,537
Noninterest expense
11,486
12,574
10,400
10,192
10,093
Income before income taxes
5,521
7,262
4,394
5,404
5,240
Income tax expense
452
893
301
689
729
Net income
$
5,069
$
6,369
$
4,093
$
4,715
$
4,511
SBA Lending Segment (Q2):
Net interest income
$
1,732
$
1,706
$
994
$
944
$
869
Provision (credit) for credit losses – loans
183
255
469
181
(196
)
Provision (credit) for unfunded lending commitments
88
121
(340
)
94
–
Net interest income after provision for credit losses
1,461
1,330
865
669
1,065
Noninterest income
1,318
850
800
722
1,173
Noninterest expense
2,212
2,369
2,242
2,239
1,685
Income (loss) before income taxes
567
(189
)
(577
)
(848
)
553
Income tax expense (benefit)
137
(45
)
(156
)
(206
)
137
Net income (loss)
$
430
$
(144
)
$
(421
)
$
(642
)
$
416
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):
Three Months Ended
Segmented Statements of Income Information
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands, except percentage data)
2025
2024
2024
2024
2024
Net Income (Loss) Per Share by Segment
Net income per share, basic – Core Banking
$
0.74
$
0.93
$
0.60
$
0.69
$
0.66
Net income (loss) per share, basic – SBA Lending (Q2)
0.06
(0.02
)
(0.06
)
(0.09
)
0.06
Total net income (loss) per share, basic
$
0.80
$
0.91
$
0.54
$
0.60
$
0.72
Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted – Core Banking
$
0.73
$
0.91
$
0.59
$
0.69
$
0.66
Net income (loss) per share, diluted – SBA Lending (Q2)
0.06
(0.02
)
(0.06
)
(0.09
)
0.06
Total net income (loss) per share, diluted
$
0.79
$
0.89
$
0.53
$
0.60
$
0.72
Return on Average Assets by Segment (annualized) (3)
Core Banking
0.90
%
1.09
%
0.71
%
0.83
%
0.80
%
SBA Lending
1.58
%
(0.55
%)
(1.71
%)
(2.91
%)
1.81
%
Efficiency Ratio by Segment (annualized) (3)
Core Banking
69.61
%
66.15
%
64.50
%
63.45
%
63.06
%
SBA Lending
72.52
%
92.68
%
124.97
%
134.39
%
82.52
%
Three Months Ended
Noninterest Expense Detail by Segment
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands)
2025
2024
2024
2024
2024
Core Banking Segment:
Compensation
$
6,637
$
7,245
$
5,400
$
5,587
$
5,656
Occupancy
1,648
1,577
1,554
1,573
1,615
Advertising
429
338
399
253
205
Other
2,772
3,414
3,047
2,779
2,617
Total Noninterest Expense
$
11,486
$
12,574
$
10,400
$
10,192
$
10,093
SBA Lending Segment (Q2):
Compensation
$
1,892
$
1,931
$
1,854
$
1,893
$
1,933
Occupancy
50
59
55
51
58
Advertising
10
14
17
12
7
Other
260
365
316
283
(313
)
Total Noninterest Expense
$
2,212
$
2,369
$
2,242
$
2,239
$
1,685
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):
Three Months Ended
SBA Lending (Q2) Data
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands, except percentage data)
2025
2024
2024
2024
2024
Final funded loans guaranteed portion sold, SBA
$
15,716
$
10,785
$
10,880
$
7,515
$
15,144
Gross gain on sales of loans, SBA
$
1,508
$
1,141
$
1,029
$
811
$
1,443
Weighted average gross gain on sales of loans, SBA
9.60
%
10.58
%
9.46
%
10.79
%
9.53
%
Net gain on sales of loans, SBA (2)
$
1,078
$
711
$
647
$
581
$
951
Weighted average net gain on sales of loans, SBA
6.86
%
6.59
%
5.95
%
7.73
%
6.28
%
(2) 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):
Three Months Ended
Summarized Consolidated Average Balance Sheets
March 31,
December 31,
September 30,
June 30,
March 31,
(In thousands)
2025
2024
2024
2024
2024
Interest-earning assets
Average balances:
Interest-bearing deposits with banks
$
11,851
$
21,102
$
16,841
$
26,100
$
24,587
Loans
1,946,338
2,010,082
1,988,997
1,943,716
1,914,609
Investment securities – taxable
102,744
101,960
99,834
101,350
102,699
Investment securities – nontaxable
161,579
160,929
158,917
157,991
157,960
FRB and FHLB stock
24,986
24,986
24,986
24,986
24,986
Total interest-earning assets
$
2,247,498
$
2,319,059
$
2,289,575
$
2,254,143
$
2,224,841
Interest income (tax equivalent basis):
Interest-bearing deposits with banks
$
168
$
210
$
209
$
324
$
261
Loans
27,998
29,617
29,450
28,155
27,133
Investment securities – taxable
921
914
910
918
923
Investment securities – nontaxable
1,719
1,715
1,685
1,665
1,662
FRB and FHLB stock
511
493
471
519
499
Total interest income (tax equivalent basis)
$
31,317
$
32,949
$
32,725
$
31,581
$
30,478
Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks
5.67
%
3.98
%
4.96
%
4.97
%
4.25
%
Loans
5.75
%
5.89
%
5.92
%
5.79
%
5.67
%
Investment securities – taxable
3.59
%
3.59
%
3.65
%
3.62
%
3.59
%
Investment securities – nontaxable
4.26
%
4.26
%
4.24
%
4.22
%
4.21
%
FRB and FHLB stock
8.18
%
7.89
%
7.54
%
8.31
%
7.99
%
Total interest-earning assets
5.57
%
5.68
%
5.72
%
5.60
%
5.48
%
Interest-bearing liabilities
Interest-bearing deposits
$
1,653,058
$
1,671,156
$
1,563,258
$
1,572,871
$
1,549,012
Federal Home Loan Bank borrowings
266,975
315,583
378,956
351,227
333,275
Subordinated debt and other borrowings
48,656
48,616
48,576
48,537
48,497
Total interest-bearing liabilities
$
1,968,689
$
2,035,355
$
1,990,790
$
1,972,635
$
1,930,784
Interest expense:
Interest-bearing deposits
$
12,069
$
13,606
$
12,825
$
12,740
$
12,546
Federal Home Loan Bank borrowings
2,001
2,617
3,521
3,021
2,298
Subordinated debt and other borrowings
762
764
800
799
833
Total interest expense
$
14,832
$
16,987
$
17,146
$
16,560
$
15,677
Weighted average cost (annualized):
Interest-bearing deposits
2.92
%
3.26
%
3.28
%
3.24
%
3.24
%
Federal Home Loan Bank borrowings
3.00
%
3.32
%
3.72
%
3.44
%
2.76
%
Subordinated debt and other borrowings
6.26
%
6.29
%
6.59
%
6.58
%
6.87
%
Total interest-bearing liabilities
3.01
%
3.34
%
3.45
%
3.36
%
3.25
%
Net interest income (taxable equivalent basis)
$
16,485
$
15,962
$
15,579
$
15,021
$
14,801
Less: taxable equivalent adjustment
(494
)
(500
)
(502
)
(487
)
(463
)
Net interest income
$
15,991
$
15,462
$
15,077
$
14,534
$
14,338
Interest rate spread (tax equivalent basis, annualized)
2.56
%
2.34
%
2.27
%
2.24
%
2.23
%
Net interest margin (tax equivalent basis, annualized)
2.93
%
2.75
%
2.72
%
2.67
%
2.66
%
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