Announcement • Feb 03
First Merchants Corporation (NasdaqGS:FRME) completed the acquisition of First Savings Financial Group, Inc. (NasdaqCM:FSFG). First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million on September 24, 2025. The all-stock transaction is currently valued at approximately $241.3 million. The merger agreement provides that the common shareholders of First Savings will have the right to receive 0.85 of a share of First Merchants common stock. First Merchants expects to appoint Larry W. Myers, President and Chief Executive Officer and a Director of First Savings, to its Board of Directors in connection with the merger. First Merchants anticipates earnings per share accretion of approximately 11% in 2027 and a tangible book value earnback period of 3.0 years. Sell side termination fee is $10 million.
The transaction is subject to First Savings’ shareholder approval, regulatory approvals, effectiveness of a Form S-4 registration statement, authorization for listing on the Nasdaq Global Select Market of the shares of First Merchants common stock, court approval and other customary conditions. First Merchants’ shareholder approval is not required. The Boards of Directors of both First Merchants and First Savings have approved the Merger Agreement. All regulatory and approval from the holders of First Savings Common Stock shall has been received as of October 17, 2025. The transaction is expected to close in the first quarter of 2026. On January 15, 2026, First Merchants Corporation received the non-objection of the Federal Reserve Bank of Chicago in connection with the Company’s request for a waiver of application related to its pending merger with First Savings Financial Group, Inc. First Merchants and First Savings anticipate that the Merger will become effective as of February 1, 2026, subject to satisfaction of certain customary closing conditions contained in the Merger Agreement.
Stephens Inc. is serving as financial advisor to First Merchants, and Jeremy E. Hill of Dentons is serving as legal advisor. Piper Sandler & Co. is serving as financial advisor, fairness opinion provider to First Savings and will receive a fee of 1.625% of the aggregate purchase price, of which $0.4 million for opinion rendered. Victor L. Cangelosi and Thomas P. Hutton of Luse Gorman, PC is serving as legal advisor.
First Merchants Corporation (NasdaqGS:FRME) completed the acquisition of First Savings Financial Group, Inc. (NasdaqCM:FSFG) on February 1, 2026. Announcement • Dec 02
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or About December 31, 2025 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be paid on or about December 31, 2025 to stockholders of record as of the close of business December 15, 2025. Announcement • Oct 30
First Savings Financial Group, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2025 First Savings Financial Group, Inc. reported net charge-offs for the third quarter ended September 30, 2025. The company recognized net charge-offs totaling $616,000 during the three months ended September 30, 2025, of which $402,000 was related to unguaranteed portions of SBA loans. During the three months ended September 30, 2024, the Company recognized net charge-offs of $304,000, of which $120,000 was related to unguaranteed portions of SBA loans. Announcement • Sep 25
First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million. First Merchants Corporation (NasdaqGS:FRME) entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (NasdaqCM:FSFG) for approximately $230 million on September 24, 2025. The all-stock transaction is currently valued at approximately $241.3 million. The merger agreement provides that the common shareholders of First Savings will have the right to receive 0.85 of a share of First Merchants common stock. First Merchants expects to appoint Larry W. Myers, President and Chief Executive Officer and a Director of First Savings, to its Board of Directors in connection with the merger. First Merchants anticipates earnings per share accretion of approximately 11% in 2027 and a tangible book value earnback period of 3.0 years. Sell side termination fee is $10 million. The transaction is subject to First Savings’ shareholder approval, regulatory approvals, effectiveness of a Form S-4 registration statement, authorization for listing on the Nasdaq Global Select Market of the shares of First Merchants common stock and other customary conditions. First Merchants’ shareholder approval is not required. The Boards of Directors of both First Merchants and First Savings have approved the Merger Agreement. The transaction is expected to close in the first quarter of 2026. Stephens Inc. is serving as financial advisor to First Merchants, and Jeremy E. Hill of Dentons is serving as legal advisor. Piper Sandler & Co. is serving as financial advisor and fairness opinion provider to First Savings and Victor L. Cangelosi and Thomas P. Hutton of Luse Gorman, PC is serving as legal advisor. Announcement • Aug 30
First Savings Financial Group, Inc. Declares Quarterly Cash Dividend, Payable on or About September 30, 2025 On August 27, 2025, the Board of Directors of First Savings Financial Group, Inc. (Company) declared a quarterly cash dividend on the company’s outstanding shares of common stock. The dividend of $0.16 per share will be paid on or about September 30, 2025 to stockholders of record on September 15, 2025. Announcement • Jul 25
First Savings Financial Group, Inc. Reports Net Charge-Offs for the Third Quarter Ended June 30, 2025 First Savings Financial Group, Inc. reported net charge-offs for the third quarter ended June 30, 2025. The Company recognized $309,000 in net charge-offs recognized during the three months ended June 30, 2025, of which $216,000 was related to unguaranteed portions of SBA loans. During the three months ended June 30, 2024, the Company recognized net charge-offs of $105,000, of which $49,000 was related to unguaranteed portions of SBA loans. Announcement • May 28
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or about June 30, 2025 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be paid on or about June 30, 2025 to stockholders of record as of the close of business June 13, 2025. Announcement • Mar 01
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or About March 31, 2025 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be paid on or about March 31, 2025 to stockholders of record as of the close of business March 14, 2025. Announcement • Dec 02
First Savings Financial Group, Inc., Annual General Meeting, Feb 11, 2025 First Savings Financial Group, Inc., Annual General Meeting, Feb 11, 2025. Announcement • Nov 30
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or about December 31, 2024 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about December 31, 2024 to stockholders of record as of the close of business on December 16, 2024. Reported Earnings • Oct 25
Full year 2024 earnings released: EPS: US$1.99 (vs US$1.19 in FY 2023) Full year 2024 results: EPS: US$1.99 (up from US$1.19 in FY 2023). Revenue: US$67.5m (down 20% from FY 2023). Net income: US$13.6m (up 66% from FY 2023). Profit margin: 20% (up from 9.7% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Sep 02
Third quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 13th September 2024 Payment date: 30th September 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 38% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 29
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or About September 30, 2024 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about September 30, 2024 to stockholders of record as of the close of business September 13, 2024. Reported Earnings • Jul 26
Third quarter 2024 earnings released: EPS: US$0.60 (vs US$0.34 in 3Q 2023) Third quarter 2024 results: EPS: US$0.60 (up from US$0.34 in 3Q 2023). Revenue: US$17.0m (down 19% from 3Q 2023). Net income: US$4.07m (up 75% from 3Q 2023). Profit margin: 24% (up from 11% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 5.8% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 03
Second quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 4.1%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 49% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 27
First Savings Financial Group, Inc. Reports Net Charge-Offs for the Second Quarter Ended March 31, 2024 First Savings Financial Group, Inc. reported net charge-offs for the second quarter ended March 31, 2024. The company recognized net charge-offs of $110,000 for the three months ended March 31, 2024. Reported Earnings • Apr 26
Second quarter 2024 earnings released: EPS: US$0.72 (vs US$0.54 in 2Q 2023) Second quarter 2024 results: EPS: US$0.72 (up from US$0.54 in 2Q 2023). Revenue: US$17.6m (down 20% from 2Q 2023). Net income: US$4.93m (up 32% from 2Q 2023). Profit margin: 28% (up from 17% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 8.6% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 3.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. New Risk • Apr 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €93.9m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (€93.9m market cap, or US$100.0m). Board Change • Mar 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Independent Director Troy Hanke was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 29
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or About March 29, 2024 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.15 per common share. The dividend will be paid on or about March 29, 2024 to stockholders of record as of the close of business March 15, 2024. Announcement • Jan 31
First Savings Financial Group, Inc. Reports Net Charge-Offs for the First Quarter Ended December 31, 2023 First Savings Financial Group, Inc. reported net charge-offs for the first quarter ended December 31, 2023. The company recognized net charge-offs of $9,000 for the three months ended December 31, 2023, compared to net charge-offs of $264,000 in 2022. Announcement • Dec 16
First Savings Financial Group, Inc. announced delayed annual 10-K filing On 12/14/2023, First Savings Financial Group, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.14 per share at 3.7% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.3%). Announcement • Nov 29
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or About December 29, 2023 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.14 per common share. The dividend will be paid on or about December 29, 2023 to stockholders of record as of the close of business December 15, 2023. Announcement • Nov 12
First Savings Financial Group, Inc., Annual General Meeting, Feb 06, 2024 First Savings Financial Group, Inc., Annual General Meeting, Feb 06, 2024. New Risk • Nov 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.7% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (9.7% net profit margin). Market cap is less than US$100m (€93.8m market cap, or US$99.6m). Reported Earnings • Nov 03
Full year 2023 earnings released: EPS: US$1.19 (vs US$2.18 in FY 2022) Full year 2023 results: EPS: US$1.19 (down from US$2.18 in FY 2022). Revenue: US$84.3m (down 24% from FY 2022). Net income: US$8.17m (down 47% from FY 2022). Profit margin: 9.7% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 6.8% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 3.0%. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.14 per share at 3.4% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 30 September 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.3%). Announcement • Sep 01
First Savings Financial Group, Inc. Announces Quarterly Cash Dividend, Payable on or About September 30, 2023 First Savings Financial Group, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.14 per common share. The dividend will be paid on or about September 30, 2023 to stockholders of record as of the close of business September 15, 2023. Announcement • Jul 30
First Savings Financial Group, Inc. Reports Net Charge-Offs for the Third Quarter Ended June 30, 2023 First Savings Financial Group, Inc. reported net charge-offs for the third quarter ended June 30, 2023. The company recognized net charge-offs of $61,000 for the three months ended June 30, 2023, compared to net charge-offs of $27,000 in 2022. Reported Earnings • Jul 30
Third quarter 2023 earnings released: EPS: US$0.34 (vs US$0.37 in 3Q 2022) Third quarter 2023 results: EPS: US$0.34 (down from US$0.37 in 3Q 2022). Revenue: US$21.6m (down 15% from 3Q 2022). Net income: US$2.32m (down 12% from 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Banks industry in Europe are expected to grow by 4.0%. Board Change • Jul 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 7 highly experienced directors. Independent Director Troy Hanke was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.