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Here are a few brief analogies for First Savings Financial (FSFG):

• Like a community-focused Bank of America (BAC) for Southern Indiana and Kentucky.
• A smaller, independent version of a regional bank like PNC Financial (PNC).

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• Deposit Services: The company offers various deposit accounts, including checking, savings, money market, and certificates of deposit, to individuals and businesses.
• Lending Services: First Savings Financial provides a range of loan products, such as residential mortgages, commercial real estate loans, and consumer loans, to meet the borrowing needs of its customers.

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First Savings Financial (FSFG)

• Individuals/Consumers: This category includes personal banking customers who utilize services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), mortgages, and various consumer loans (e.g., auto loans, personal loans).
• Small to Medium-sized Businesses: This category encompasses commercial banking customers who use business checking and savings accounts, commercial real estate loans, commercial and industrial loans (C&I loans), Small Business Administration (SBA) loans, lines of credit, and treasury management services.

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• Fiserv, Inc. (FI)

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Larry W. Myers President and Chief Executive Officer

Larry W. Myers serves as the President and Chief Executive Officer of First Savings Financial Group, Inc. and First Savings Bank. He joined the Bank in 2005, initially as Chief Operating Officer, and was appointed CEO in January 2008. Prior to his tenure at First Savings Bank, Mr. Myers held the position of Area President for National City Bank in southern Indiana. He possesses extensive experience in the local banking industry.

Anthony A. Schoen Chief Financial Officer

Anthony A. Schoen is the Chief Financial Officer of First Savings Financial Group, Inc. and First Savings Bank. He became part of the Bank in 2007, having previously served as Assistant Controller. Mr. Schoen is a Certified Public Accountant and, before joining the Bank, worked as a manager with Monroe Shine, a local CPA firm in the region where the Company operates.

Jackie Journell Executive Vice President – Chief Operating Officer

Jackie Journell holds the position of Executive Vice President – Chief Operating Officer at First Savings Bank.

William Eric Howard Executive Vice President – Chief Lending Officer

William Eric Howard serves as the Executive Vice President – Chief Lending Officer for First Savings Bank.

Marie Haley Executive Vice President – Chief Retail Officer

Marie Haley is the Executive Vice President – Chief Retail Officer at First Savings Bank.

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The key risks to First Savings Financial Group (FSFG) are primarily centered around interest rate fluctuations, lending activities, and market competition.

1. Interest Rate Risk: First Savings Financial Group is highly vulnerable to changes in market interest rates. Fluctuations can negatively impact the company's net interest income and the value of its interest-earning assets and securities portfolio. Decreases in the yield curve, for instance, could put pressure on net interest margins.
2. Lending Risks: The company's emphasis on commercial real estate and business lending exposes it to increased risks of non-payment and potential losses compared to more traditional residential mortgage loans. Specifically, concentrations in non-owner occupied residential real estate loans and construction loans contribute to elevated credit risks. Economic downturns or recessionary conditions could exacerbate these risks, leading to a rise in nonperforming loans.
3. Market Competition: First Savings Financial Group operates in a highly competitive environment. The company faces significant challenges in its primary market area in attracting deposits and originating loans, which could impact its growth and profitability.

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The increasing competition from digital-first challenger banks (neobanks) and other financial technology (FinTech) companies. These entities offer banking services, including deposits, loans, and payment solutions, primarily through mobile applications and online platforms. They often provide more convenient, lower-fee, and personalized digital experiences, which can attract customers, particularly younger demographics, who are less reliant on traditional physical bank branches. This trend poses a threat by potentially eroding First Savings Financial's deposit base, reducing opportunities for loan origination, and increasing pressure on its traditional operating model and cost structure.

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First Savings Financial (FSFG) offers a range of financial services, primarily focusing on lending activities within southern Indiana and through national lending programs. The key addressable markets for their main loan products and services in the U.S. are as follows:

• Residential Real Estate Loans (Mortgages): The U.S. home loan market reached approximately $2.29 trillion in 2025 and is projected to grow to $3.02 trillion by 2030. Separately, the U.S. mortgage lending market is estimated to exceed $2.5 trillion annually. Another source indicates the mortgage lender market size is projected to grow from $1.29 trillion in 2025 to $2.04 trillion in 2029.
• Commercial Real Estate Loans: Total commercial and multifamily loan originations in the U.S. are expected to reach $583 billion in 2025. The total U.S. commercial real estate mortgage market, including income-producing properties and construction loans, is valued at approximately $4.97 trillion.
• Commercial Business Loans (including SBA Lending): The broader United States Loan Market, which encompasses business financing, was valued at $1.12 trillion in 2024 and is expected to grow to $1.87 trillion by 2030.
• Consumer Loans: The global consumer lending market is projected to be valued at approximately $1.24 trillion in 2025, with North America holding a 35% market share, suggesting an addressable market of around $434 billion in North America for consumer lending.

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Expected Drivers of Future Revenue Growth for First Savings Financial (FSFG)

Over the next two to three years, the primary drivers of future revenue growth for First Savings Financial (FSFG) are significantly influenced by its definitive merger agreement with First Merchants Corporation, which was approved in September 2025 and is expected to close by December 2025. This merger will integrate FSFG into a larger entity, leveraging combined strengths and expanded market presence.

1. Synergies and Expanded Market Reach through Merger: The most substantial driver will be the merger with First Merchants Corporation. This strategic move is anticipated to enhance the financial and operational capabilities of the combined entity, expanding its market reach across Indiana, Ohio, and Michigan.
2. Growth in Net Interest Income: Prior to the merger, First Savings Financial demonstrated growth in net interest income and an improved net interest margin for the fiscal year ending September 30, 2025. The combined entity is expected to continue optimizing its interest-earning assets and liabilities to drive further net interest income growth.
3. Increase in Noninterest Income from Specialized Lending: A notable boost in noninterest income was observed in fiscal year 2025, primarily due to gains from the sales of home equity lines of credit and Small Business Administration (SBA) loans. Continued focus on these specialized lending areas and their subsequent sales will contribute to future revenue.
4. Expansion of Core Loan Portfolios: The company has experienced an increase in net loans, with growth in residential mortgage loans and commercial real estate loans. The sustained expansion of these core lending portfolios is expected to be a key revenue driver for the combined organization.
5. Customer Deposit Growth: First Savings Financial successfully grew customer deposits by $118.2 million, indicating strong customer confidence and providing a robust funding base for lending activities. Maintaining and expanding this deposit base will be crucial for supporting asset growth and, consequently, revenue generation within the merged entity.

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Share Repurchases

• First Savings Financial Group authorized a stock repurchase program to acquire up to 356,220 shares, representing 5.0% of its outstanding common stock.
• As of December 2024, the company had repurchased only 10,930 shares under this program.

Share Issuance

• The total common shares outstanding for First Savings Financial Group was 6,534,918 as of February 21, 2025.
• Common stock net values have fluctuated over time, from 2011 to 2025, indicating both issuances and repurchases.

Inbound Investments

No significant inbound investments made in First Savings Financial Group by third-parties were identified within the last 3-5 years in the available information.

Outbound Investments

No significant outbound strategic investments made by First Savings Financial Group in other companies were identified within the last 3-5 years in the available information.

Capital Expenditures

• Capital expenditures are not explicitly detailed as a separate line item with specific dollar values in the provided search results for the last 3-5 years. However, other operating items reported were $3.092 million in 2024, $2.612 million in 2023, $1.908 million in 2022, and -$1.767 million in 2021.