First Savings Financial Group, Inc.: restructuring charge — First Savings Financial Group to exit residential mortgage banking; estimates $2.5M pre-tax charge

First Savings Financial Group, Inc.

Board committed to exit residential mortgage banking operations in Q1 FY ending Dec 31, 2023.
Estimated pre-tax charge of ~$2.5M: $1.8M employee costs, $600K contract termination, $50K lease termination.
All costs expected to be cash expenditures.
Bank to continue originating 1-4 family mortgages from local retail centers and 1st Lien HELOCs from Franklin, TN office.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

First Savings Financial Group, Inc. announced a restructuring with charges of approximately $2.5 million affecting the Bank's residential mortgage banking operations.

Type: restructuring
Charge: approximately $2.5 million
Affected area: the Bank's residential mortgage banking operations

Exact text from the filing

which includes its third-party origination and retail loan production office channels. The Company estimates that it will incur total pre-tax expense of approximately $2.5 million in the first fiscal quarter ending December 2023 associated with exiting the Bank’s residential mortgage banking operations . These expenses, all of which are expected to result

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Source: SEC EDGAR

accession 0001104659-23-106885

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