First Savings Financial Group, Inc.: auditor change — First Savings Financial restates FY2022; net income reduced $1.1M due to errors

First Savings Financial Group, Inc.

Audit Committee concludes FY2022 audited financials can no longer be relied upon.
Overstated other assets from capitalized consulting fee that should have been expensed.
Understated loans by ~$38M from sold participations reclassified as secured borrowings.
Restated net income $15.4M (down from $16.4M); basic EPS $2.18 vs. $2.33.
Amended 10-K/A to be filed by February 6, 2023.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

First Savings Financial Group, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

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.

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Source: SEC EDGAR

accession 0001104659-23-009007

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