First Savings Financial Group in Jeffersonville, Ind., plans to restate its earnings to address several accounting matters.
The $2.1 billion-asset company disclosed in a regulatory filing that the changes will lower its fiscal 2022 net income by 6.4%, to $15.4 million.
First Savings highlighted several issues, including an overstatement of other assets due to a capitalized consulting fee paid to evaluate its core operating systems and negotiate a contract.
The company also said it understated gross loans tied to roughly $38 million of sold commercial loan participation interests. The transfers should have been accounted for as secured borrowings.
Finally, the restatement will correct smaller differences primarily tied to deferred compensation and accrued litigation expenses, along with the income tax impact of the adjustments.
The restated statements are expected to be filed by Feb. 6.