Price Target Changed • Feb 03
Price target increased by 9.7% to US$34.00 Up from US$31.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$33.98. The company is forecast to post earnings per share of US$3.31 for next year compared to US$3.37 last year. 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. Recent Insider Transactions Derivative • Jan 25
Insider exercised options to buy US$405k worth of stock. On the 20th of January, Lenfield Basham exercised options to buy 13k shares at a strike price of around US$24.01, costing a total of US$301k. This transaction amounted to 28% of their direct individual holding at the time of the trade. Since June 2025, Lenfield's direct individual holding has increased from 29.84k shares to 57.07k. Company insiders have collectively bought US$2.4m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Dec 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$3.37 (up from US$1.99 in FY 2024). Revenue: US$84.2m (up 24% from FY 2024). Net income: US$23.2m (up 70% from FY 2024). Profit margin: 28% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.94% (up from 2.68% in FY 2024). Cost-to-income ratio: 68.1% (down from 74.9% in FY 2024). Non-performing loans: 0.77% (down from 0.85% in FY 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 2.8%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Declared Dividend • Dec 04
Fourth quarter dividend of US$0.16 announced Shareholders will receive a dividend of US$0.16. Ex-date: 15th December 2025 Payment date: 31st December 2025 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% 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 remain steady over the next year, which should provide adequate earnings cover for the dividend. 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. Buy Or Sell Opportunity • Nov 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to US$30.19. The fair value is estimated to be US$25.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to decline by 15% in a year. Earnings are forecast to decline by 0.1% in the next year. Reported Earnings • Oct 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$3.37 (up from US$1.99 in FY 2024). Revenue: US$83.8m (up 23% from FY 2024). Net income: US$23.2m (up 70% from FY 2024). Profit margin: 28% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.94% (up from 2.68% in FY 2024). Cost-to-income ratio: 68.1% (down from 74.9% in FY 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 2.8%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. 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. Recent Insider Transactions Derivative • Oct 16
Independent Vice Chairman of the Board exercised options to buy US$88k worth of stock. On the 14th of October, Martin Padgett exercised options to buy 3k shares at a strike price of around US$24.42, costing a total of US$73k. This transaction amounted to 24% of their direct individual holding at the time of the trade. Since December 2024, Martin's direct individual holding has increased from 9.34k shares to 12.29k. Company insiders have collectively bought US$603k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Oct 03
Independent Director exercised options to buy US$179k worth of stock. On the 1st of October, L. Fordyce exercised options to buy 6k shares at a strike price of around US$21.99, costing a total of US$125k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since December 2024, Fordyce's direct individual holding has increased from 41.34k shares to 47.29k. Company insiders have collectively bought US$530k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Sep 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 8 highly experienced directors. Director Beth Keeney was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$32.46, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Banks industry in the US. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$27.68 per share. 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. Declared Dividend • Sep 01
Third quarter dividend of US$0.16 announced Shareholders will receive a dividend of US$0.16. Ex-date: 15th September 2025 Payment date: 30th September 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. 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 6.7% over the next year, which should provide support to the dividend and adequate earnings cover. 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. Reported Earnings • Jul 27
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.90 (up from US$0.60 in 3Q 2024). Revenue: US$20.8m (up 23% from 3Q 2024). Net income: US$6.17m (up 51% from 3Q 2024). Profit margin: 30% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is expected to decline by 3.5% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.5%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Jul 25
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. 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. Buy Or Sell Opportunity • Jun 09
Now 20% undervalued Over the last 90 days, the stock has risen 5.7% to US$25.64. The fair value is estimated to be US$32.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to decline by 7.9% in a year. Earnings are forecast to grow by 18% in the next year. Declared Dividend • Jun 01
Second quarter dividend of US$0.16 announced Shareholders will receive a dividend of US$0.16. Ex-date: 13th June 2025 Payment date: 30th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. 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 12% over the next year, which should provide support to the dividend and adequate earnings cover. 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. Price Target Changed • May 06
Price target increased by 14% to US$32.33 Up from US$28.33, the current price target is an average from 3 analysts. New target price is 18% above last closing price of US$27.46. Stock is up 71% over the past year. The company is forecast to post earnings per share of US$3.17 for next year compared to US$1.99 last year. Reported Earnings • Apr 25
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.80 (up from US$0.72 in 2Q 2024). Revenue: US$19.8m (up 13% from 2Q 2024). Net income: US$5.50m (up 12% from 2Q 2024). Profit margin: 28% (in line with 2Q 2024). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is expected to decline by 7.7% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.9%. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Buy Or Sell Opportunity • Mar 24
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at US$25.19. The fair value is estimated to be US$32.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to decline by 13% in a year. Earnings are forecast to grow by 0.7% in the next year. Declared Dividend • Mar 06
First quarter dividend increased to US$0.16 Dividend of US$0.16 is 6.7% higher than last year. Ex-date: 14th March 2025 Payment date: 31st March 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% 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 4.0% over the next year, which should provide support to the dividend and adequate earnings cover. 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. Major Estimate Revision • Feb 05
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$71.9m to US$63.4m. EPS estimate fell from US$2.84 to US$2.73 per share. Net income forecast to grow 0.7% next year vs 13% growth forecast for Banks industry in the US. Consensus price target down from US$30.67 to US$28.33. Share price was steady at US$23.89 over the past week. Price Target Changed • Feb 04
Price target decreased by 7.6% to US$28.33 Down from US$30.67, the current price target is an average from 3 analysts. New target price is 19% above last closing price of US$23.89. Stock is up 39% over the past year. The company is forecast to post earnings per share of US$2.73 for next year compared to US$1.99 last year. New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 29
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: US$0.91 (up from US$0.14 in 1Q 2024). Revenue: US$22.0m (up 34% from 1Q 2024). Net income: US$6.23m (up US$5.31m from 1Q 2024). Profit margin: 28% (up from 5.6% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) exceeded analyst estimates by 29%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$1.99 (up from US$1.19 in FY 2023). Revenue: US$68.1m (down 19% 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. Net interest margin (NIM): 2.68% (down from 3.10% in FY 2023). Cost-to-income ratio: 74.9% (down from 80.6% in FY 2023). Non-performing loans: 0.85% (up from 0.78% in FY 2023). Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Dec 13
Now 21% undervalued Over the last 90 days, the stock has risen 20% to US$28.13. The fair value is estimated to be US$35.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 31% over the last 3 years. Earnings per share has declined by 41%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Declared Dividend • Dec 04
Fourth quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 16th December 2024 Payment date: 31st December 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (30% payout ratio) and is expected to be well covered in 3 years' time (22% forecast payout ratio). The dividend has increased by an average of 15% 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 47% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 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. Major Estimate Revision • Nov 01
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$70.7m to US$71.9m. EPS estimate increased from US$2.51 to US$2.84 per share. Net income forecast to grow 43% next year vs 12% growth forecast for Banks industry in the US. Consensus price target up from US$25.17 to US$30.00. Share price rose 4.8% to US$26.99 over the past week. Price Target Changed • Oct 29
Price target increased by 15% to US$28.83 Up from US$25.17, the current price target is an average from 3 analysts. New target price is 7.2% above last closing price of US$26.90. Stock is up 79% over the past year. The company is forecast to post earnings per share of US$2.94 for next year compared to US$1.99 last year. Reported Earnings • Oct 25
Full year 2024 earnings: EPS and revenues miss analyst expectations 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. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) also missed analyst estimates by 1.5%. 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 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Sep 25
Consensus revenue estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$59.6m to US$65.7m. EPS estimate unchanged from US$2.02 at last update. Banks industry in the US expected to see average net income growth of 9.8% next year. Consensus price target broadly unchanged at US$25.17. Share price was steady at US$23.80 over the past week. Recent Insider Transactions Derivative • Sep 17
Independent Director exercised options to buy US$82k worth of stock. On the 10th of September, Frank Czeschin exercised options to buy 3k shares at a strike price of around US$20.41, costing a total of US$70k. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. Since December 2023, Frank has owned 48.24k shares directly. Company insiders have collectively bought US$62k more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Sep 01
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 2.5%, which is lower than the industry average of 3.2%. 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. Major Estimate Revision • Aug 01
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$59.0m to US$59.6m. EPS estimate increased from US$1.69 to US$2.02 per share. Net income forecast to grow 74% next year vs 8.5% growth forecast for Banks industry in the US. Consensus price target up from US$21.00 to US$25.25. Share price rose 11% to US$21.53 over the past week. Price Target Changed • Jul 31
Price target increased by 20% to US$25.25 Up from US$21.00, the current price target is an average from 2 analysts. New target price is 18% above last closing price of US$21.48. Stock is up 19% over the past year. The company is forecast to post earnings per share of US$2.02 for next year compared to US$1.19 last year. Reported Earnings • Jul 26
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is expected to decline by 5.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.3%. 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 • May 31
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 3.5%, which is higher than the industry average of 3.2%. 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 27
Second quarter 2024 earnings: EPS exceeds analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 60%. Revenue is expected to decline by 8.6% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 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: 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 (US$100.0m market cap). 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 American dividend payers (4.8%). In line with average of industry peers (3.5%). 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. Price Target Changed • Nov 03
Price target decreased by 7.4% to US$18.83 Down from US$20.33, the current price target is an average from 3 analysts. New target price is 25% above last closing price of US$15.10. Stock is down 33% over the past year. The company is forecast to post earnings per share of US$2.02 for next year compared to US$1.19 last year. Reported Earnings • Nov 02
Full year 2023 earnings: EPS misses analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is expected to decline by 6.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. 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 American dividend payers (4.9%). In line with average of industry peers (3.7%). 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. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$2.17 to US$1.68 per share. Revenue forecast steady at US$63.2m. Net income forecast to grow 31% next year vs 11% decline forecast for Banks industry in the US. Consensus price target up from US$19.83 to US$20.33. Share price rose 12% to US$18.00 over the past week. 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.