First Savings Financial Group, Inc. Declares Three-for-One Stock Split and Authorizes Stock Repurchase Plan

Rhea-AI Summary

First Savings Financial Group, Inc. (NASDAQ: FSFG) announced a three-for-one stock split and a stock repurchase program. Each shareholder as of August 31, 2021, will receive two additional shares for every share held, effective September 15, 2021, resulting in approximately 7,124,388 shares post-split. Additionally, the Company authorized repurchasing up to 356,220 shares, about 5% of outstanding shares post-split, starting September 16, 2021. The CEO expressed confidence in the Company's long-term profitability and capital management, emphasizing shareholder value.

Positive

• Authorized a three-for-one stock split to enhance shareholder value.
• New repurchase program of up to 356,220 shares, approximately 5% of outstanding shares.
• Long-term profitability and capital strength reported despite economic challenges.

Negative

• None.

JEFFERSONVILLE, Ind., Aug. 16, 2021 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG) (the “Company”), the holding company for First Savings Bank (the “Bank”), today announced that it has approved and declared a three-for-one stock split in the form of a stock dividend on its outstanding shares of common stock. Each stockholder of record as of the close of business on August 31, 2021 will receive two additional shares of Company common stock for each share then held, to be distributed after the close of business on September 15, 2021. Based on the number of shares currently outstanding the Company will have a 7,124,388 shares of common stock outstanding on a split-adjusted basis.

The Company has also authorized a program to repurchase up to 356,220 shares of the Company’s outstanding common stock, or approximately 5% of shares currently outstanding on a split-adjusted basis. The timing and amount of any repurchases will depend on various factors, including but not limited to, market conditions, stock price, and alternative uses of capital. Repurchases may be transacted in the open-market or in negotiated private transactions and may be conducted pursuant to a trading plan adopted in accordance with Securities and Exchange Commission Rule 10b5-1.

The newly authorized repurchase program will be effective September 16, 2021. The Company’s ongoing repurchase program, authorized in November 2012 and under which 115,592 shares remain to be repurchased, will remain in effect until the close of business on September 15, 2021, at which time it will terminate whether or not any shares then remain to be repurchased.

Larry W. Myers, President and CEO stated: “We have been very pleased with the financial performance of our organization over the long-term, which has delivered high levels of profitability despite challenging economic adversity and substantial capital strength that has outpaced significant loan and asset growth. We are immensely grateful for and exceptionally proud of the extraordinary efforts of our talented, dedicated team and perseverance of our loyal and steadfast clients. Because of their duty of responsibility and commitment to excellence, the Company is able to deliver meaningful value to our shareholders, including the opportunity to repurchase common shares. The new common stock repurchase program and stock split are designed to facilitate the Company’s efficient management of capital and further enhance the long-term shareholder value.”

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the river from Louisville, Kentucky, and operates fifteen depository branches within southern Indiana. The Bank also has three national lending programs, including single-tenant net lease commercial real estate, SBA lending and residential mortgage banking, with offices located throughout the United States. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG”.

Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724

FAQ

What is the date of the stock split for FSFG?

The stock split for FSFG will be effective on September 15, 2021.

How many shares will be repurchased under the new program for FSFG?

FSFG has authorized the repurchase of up to 356,220 shares.

What is the purpose of the stock repurchase program for FSFG?

The stock repurchase program aims to manage capital efficiently and enhance long-term shareholder value.

What should shareholders expect on August 31, 2021, regarding FSFG's stock split?

Shareholders on record as of August 31, 2021, will receive two additional shares for each share held.

What was announced in the press release on August 16, 2021, by FSFG?

The announcement included a stock split and a new stock repurchase program.