First Savings Financial Group Inc
First Savings Financial — Merger or Acquisition (September 2025)
17 slides from First Savings Financial's merger presentation, Sep 25, 2025
Slide 1: Merger With First Savings Financial Group, Inc.
Merger With First Savings Financial Group, Inc. September 25, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue
Slide 3: A Leading Midwest Banking Franchise
A Leading Midwest Banking Franchise 3 Partnership Enhances Scale, Expands Indiana Footprint & Delivers Key Business Lines 1Balance sheet figures as of June 30, 2025 and do not include any merger related adjustments. 2Based on adding stock issued in transaction to FRME market capitalization as of Sep
Slide 4: FRME's History of Growth
FRME’s History of Growth 4 $5.8 $6.8 $7.2 $9.4 $9.9 $12.5 $14.1 $15.5 $17.9 $18.3 $18.3 $18.6 $21.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 Pro Forma Total Assets ($B) Growing Organically and Through Acquisition ✓ Organic growth CAGR of 8.2% since 2014 ✓ Experienced Acquirer ✓ Ex
Slide 5: Overview of First Savings Financial Group, Inc.
Market Deposits Mkt. Share % of County Rank Branches ($000) (%) Franchise Clark, IN 2 6 896,124 22.8 51.5 Harrison, IN 2 3 246,481 25.2 14.2 Daviess, IN 2 2 216,531 22.7 12.4 Crawford, IN 1 2 142,887 100.0 8.2 Washington, IN 1 1 127,830 40.7 7.3 Floyd, IN 9 2 110,759 4.2 6.4 Overview of First Saving
Slide 6: Transaction Summary
Transaction Summary 6 Buyer ▪ First Merchants Corporation (“FRME”) ▪ $18.6 billion in total assets as of June 30, 2025 ▪ Muncie, Indiana ▪ Established 1893 Seller ▪ First Savings Financial Group, Inc. (“FSFG”) ▪ $2.4 billion in total assets as of June 30, 2025 ▪ Jeffersonville, Indiana ▪ Established
Slide 7: Transaction Highlights
Transaction Highlights 7 Strategically Compelling ▪ Combination creates a $20B+ asset bank ranked 4 th in deposit market share in Indiana and with a statewide footprint ▪ Expands FRME into Southern Indiana (four of FSFG’s counties of operation are part of the Louisville MSA which is comprised of mar
Slide 8: Expansion into Southern Indiana Bolsters Indiana State Presence
Deposits Mkt. Share Rank Institution (ST) Branches ($000) (%) 1 JPMorgan Chase & Co. (NY) 118 25,043,492 11.8 2 The PNC Finl Svcs Grp (PA) 80 16,858,818 7.9 3 Old National Bancorp (IN) 93 13,820,604 6.5 Pro Forma 90 13,414,896 6.3 4 Fifth Third Bancorp (OH) 96 13,079,511 6.2 5 Merchants Bancorp (IN)
Slide 9: FSFG Market Dynamics: Southern Indiana
FSFG Market Dynamics: Southern Indiana 9 FSFG’s Footprint By the Numbers Key Economic Drivers Overview of Select FSFG Operating Cities River Ridge Commerce Center ▪ 6,000-acre industrial park in Jeffersonville, IN ▪ 20+ companies supporting 19,000+ jobs ▪ $3.0 billion economic output in 2024 with $1
Slide 10: Opportunity to Expand FSFG's Specialty Lines
Opportunity to Expand FSFG’s Specialty Lines 10 ▪ FSFG offers three specialty, nationwide lines that can be invested in to expand and grow ▪ Growth from these lines could either be on balance sheet or through an originate-to-sell model to enhance fee income ▪ Tony Schoen – CFO and Director of FSFG –
Slide 11: Pro Forma Loans and Deposits
Pro Forma Loans and Deposits 11 Noninterest-bearing 14.9% Other Transaction Accounts 35.9% MMDA and Savings 33.8% Time 15.4% Noninterest-bearing 11.9% Other Transaction Accounts 20.6% MMDA and Savings 36.1% Time 31.5% Noninterest-bearing 15.2% Other Transaction Accounts 37.7% MMDA and Savings 33.5%
Slide 12: Summary Financial Impact & Assumptions
Summary Financial Impact & Assumptions 12 Financial Impact ▪ 11% EPS accretion for last 9 months of 2026 (with fully-phased cost savings) ▪ 4.8% TBV dilution at closing, inclusive of all transaction expenses, with an earnback of 3 years using the crossover method1 ▪ Tangible common equity / tangible
Slide 13: Summary
Summary 13 Leading Midwest franchise headquartered in Indiana of over $20 billion in assets and higher growth potential Compelling both strategically and financially Expands FRME into Southern Indiana, increasing statewide deposit market share Strong operational fit with FSFG’s legacy community mark
Slide 14: FRME's Track Record of Shareholder Value Creation
FRME’s Track Record of Shareholder Value Creation 14 $13.65 $14.68 $15.85 $16.96 $19.12 $21.94 $24.27 $25.21 $21.45 $25.06 $26.78 $27.90 $13.27 $14.38 $15.83 $16.78 $19.24 $21.24 $22.64 $24.09 $25.42 $27.98 $30.02 $31.21 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD'25 TBVPS TBVPS Witho
Slide 15: Appendix
APPENDIX oH First Merchants. »
Slide 16: FSFG Summary Financial Highlights
FSFG Summary Financial Highlights 16 (Dollars in Thousands) CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 6/30/25 LTM Balance Sheet Total Assets $ 1,873,665 $ 1,764,589 $ 2,196,919 $ 2,308,092 $ 2,388,735 $ 2,416,675 Gross Loans (Excl. HFS) 1,131,832 1,157,435 1,599,020 1,860,742 1,905,199 1,916,343 Depos
Slide 17: TBV Dilution and Pro Forma Earnings Accretion Reconciliation
TBV Dilution and Pro Forma Earnings Accretion Reconciliation 17 Illustrative Fully Phased-in 2026E EPS Accretion1 Tangible Book Valuation Dilution Detail Dollars in millions, excluding per share data 2026E FRME Earnings (Consensus Estimates) $223 FSFG Earnings 27 Combined Earnings $251 Fully Phased-
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