# EDGAR Filing Document

**Accession Number:** 0001435508
**File Stem:** 0001104659-23-009007
**Filing Date:** 2023-2
**Character Count:** 8671
**Document Hash:** 3ec7f0ad4917eea5e73907ad67a8f70b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-009007.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001104659-23-009007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20230127

**ITEM INFORMATION**: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Savings Financial Group, Inc.
- **CENTRAL INDEX KEY:** 0001435508
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **IRS NUMBER:** 371567871
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34155
- **FILM NUMBER:** 23574878

**BUSINESS ADDRESS:**
- **STREET 1:** 702 NORTH SHORE DRIVE
- **STREET 2:** SUITE 300
- **CITY:** JEFFERSONVILLE
- **STATE:** IN
- **ZIP:** 47130
- **BUSINESS PHONE:** 812-283-0724

**MAIL ADDRESS:**
- **STREET 1:** 702 NORTH SHORE DRIVE
- **STREET 2:** SUITE 300
- **CITY:** JEFFERSONVILLE
- **STATE:** IN
- **ZIP:** 47130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Savings Financial Group Inc
- **DATE OF NAME CHANGE:** 20080519

?xml version="1.0" encoding="utf-8"?

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 27, 2023

**<u>FIRST SAVINGS FINANCIAL GROUP, INC.</u>**

(Exact Name of Registrant as Specified in Charter)

<u>Indiana</u> <u>001-34155</u> <u>37-1567871</u> <br> (State or Other Jurisdiction of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.)

<u>702 North Shore Drive, Suite 300, Jeffersonville, Indiana</u> <u>47130</u> <br> (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: <u>(812) 283-0724</u>

<u>Not Applicable</u>

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| | |
|:---|:---|
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| &nbsp;&nbsp;◻ | &nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | FSFG | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 4.02** | **Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.** |

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On January 27, 2023, the Audit Committee of the Board of Directors of First Savings Financial Group, Inc. (the "Company") concluded that the Company's audited consolidated financial statements, and related notes, included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2022, should no longer be relied upon. The accounting matters underlying the Audit Committee's conclusion primarily relate to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A n overstatement of other assets due to a capitalized consulting fee paid during fiscal 2022
for the evaluation of core operating systems and negotiation of the contract for such. The fee amount earned by the consultant was based
on a percentage of savings that the Company is expected to recognize over the life of the newly negotiated core contract in comparison
to the cost of its existing core contract over the same period. The Company recorded the amount as a prepaid consulting fee to be amortized
over the life of the new core contract beginning in late fiscal 2023. However, under accounting principles generally accepted in the United
States of America ("U.S. GAAP"), the amount is required to be expensed in the period incurred since no future services of
the consultant are required under the agreement between the Company and consultant subsequent to the execution of the new core contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An understatement of gross loans related to approximately $38.0 million in sold commercial loan
participation interests, which did not qualify for sales treatment under U.S. GAAP as of September 30, 2022 due to repurchase provisions
included in certain participation agreements. As a result, the transfers should have been accounted for as secured borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The consolidated financial statements will also be restated to correct smaller differences primarily
related to deferred compensation and accrued litigation expenses, as well as the income tax impact of the adjustments.

The Company intends to file an Annual Report on Form 10-K/A for the fiscal year ended September 30, 2022, which will include the Company's restated audited consolidated financial statements, and related notes, for the fiscal year ended September 30, 2022, on or about February 6, 2023. The Company expects the restated consolidated financial statements to disclose the following restated amounts for the fiscal year ended September 30, 2022:

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| | | |
|:---|:---|:---|
| *(In thousands, except per share data)* | Reported | Restated |
| Loans, net of allowance for loan losses | $1436555 | $1474544 |
| Other borrowings | $50217 | $88206 |
| Total assets | $2057662 | $2093725 |
| Total liabilities | $1905039 | $1942160 |
| Total stockholders' equity | $152623 | $151565 |
| Net income attributable to the Company | $16444 | $15386 |
| Net income per share, basic | $2.33 | $2.18 |
| Net income per share, diluted | $2.30 | $2.15 |

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As previously disclosed in the Company's Current Report on Form 8-K filed on December 5, 2022, Monroe Shine & Co., Inc. served as the Company's independent registered public accounting firm for the fiscal year ended September 30, 2022 and FORVIS, LLP serves as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2023. The Company's Audit Committee discussed the matters disclosed pursuant to this Item 4.02 with both firms.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

*This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts, but are statements based on the Company's current expectations. Forward-looking statements are preceded by terms such as "expects," "intends" and similar expressions. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.*

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **FIRST SAVINGS FINANCIAL GROUP, INC.** | **FIRST SAVINGS FINANCIAL GROUP, INC.** |
| Date: February 1, 2023 | By: | /s/ Anthony A. Schoen |
|  |  | Anthony A. Schoen |
|  |  | Chief Financial Officer |

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