First Savings Financial Group, Inc. Financial Ratios — FSFG

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	0.11	8.56	11.51	10.86	10.93	11.59	13.16	13.98	14.65	15.13	19.28	31.11	21.63	9.85	4.98
Return on Assets (%)	0.01	0.53	0.77	0.73	0.72	0.78	0.92	1.02	1.1	1.13	1.43	2.23	1.7	0.81	0.37
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.06	5.07	3.83	4.03	4.51	4.99	4.81	5.13	3.06	2.8	2	1.03	1.3	2.19	2.93
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-2.23	14.87	24.12	23.22	23.66	25.76	27.59	19.62	31.1	30.06	23.91	25.89	22.51	15.47	9.42
Profit Margin (%)	0.34	11.37	17	17.33	17.08	18.6	22.37	27.76	24.48	22.21	19.25	18.48	16.65	13.75	9.41
Net Income to Common Margin (%)	0.34	11.37	16.52	16.64	16.46	18.01	21.8	27.55	24.48	22.21	19.25	18.48	16.65	13.75	9.41
Effective Tax Rate (%)	- -	23.51	29.49	25.38	27.83	27.82	18.93	- -	21.3	16.41	15.41	27.09	25.01	11.11	0.12
Dvd Payout Ratio (%)	- -	7.34	-2.95	1.77	34.74	17.51	15.12	14.14	13.2	9.75	8.26	4.57	5.55	29.24	46.41
Sustainable Growth Rate (%)	0.11	7.94	11.85	10.67	7.13	9.56	11.17	12	12.72	13.65	17.69	29.69	20.43	6.97	2.67

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	56	67	53	55	94	84	109	122	118	110	242	331	270	396	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	56	67	53	55	94	84	109	122	118	110	242	331	270	396	- -
Total Debt/EBITDA	185.29	57.3	58.84	55.42	76	58.38	75.41	83.25	101.43	79.87	143.87	177.96	117.33	161.56	- -
Net Debt/EBITDA	150.73	47.68	28.72	16.47	58.02	43.27	56.06	61.05	69.91	47.26	117.92	158.22	101.83	144.54	-12.1
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.13	6.28	6.67	6.25	6.49	6.62	7.04	7.47	7.59	7.4	7.46	6.98	8.73	7.74	7.27
Long-Term Debt/Equity (%)	105.48	121.77	69.37	66.56	114.67	96.88	116.05	140.49	126.79	109.39	199.8	209.85	149.61	260.95	- -
Long-Term Debt/Capital (%)	65.42	67.79	59.73	58.02	68.74	64.12	67.47	67.14	63.59	58.44	72.6	72.81	64.23	70.94	- -
Long-Term Debt/Total Assets (%)	11.6	13.21	9.89	8.64	14.28	11.83	14.6	15.27	13.25	10.6	19.82	18.74	15.68	18.89	- -
Total Debt/Equity (%)	105.48	121.77	69.37	66.56	114.67	96.88	116.05	140.49	126.79	109.39	199.8	209.85	149.61	260.95	- -
Total Debt/Capital (%)	65.42	67.79	59.73	58.02	68.74	64.12	67.47	67.14	63.59	58.44	72.6	72.81	64.23	70.94	- -
Total Debt/Total Assets (%)	11.6	13.21	9.89	8.64	14.28	11.83	14.6	15.27	13.25	10.6	19.82	18.74	15.68	18.89	- -
Net Debt to Equity	85.8	101.32	33.86	19.78	87.54	71.81	86.27	103.02	87.39	64.73	163.76	186.57	129.85	233.46	-20.43
Net Debt/Capital (%)	60.62	63.65	41.99	29.11	62.67	56.99	60.66	59.97	54.62	45.42	68.47	70.42	60.92	68.59	-22.77
EBITDA	- -	1	1	1	1	1	1	1	1	1	2	2	2	2	3
EBITDA-CapEx	- -	1	-1	- -	-4	1	1	1	1	- -	-8	-5	-3	2	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.13	6.28	6.67	6.25	6.49	6.62	7.04	7.47	7.59	7.4	7.46	6.98	8.73	7.74	7.27
Long-Term Debt/Equity (%)	105.48	121.77	69.37	66.56	114.67	96.88	116.05	140.49	126.79	109.39	199.8	209.85	149.61	260.95	- -
Long-Term Debt/Capital (%)	65.42	67.79	59.73	58.02	68.74	64.12	67.47	67.14	63.59	58.44	72.6	72.81	64.23	70.94	- -
Long-Term Debt/Total Assets (%)	11.6	13.21	9.89	8.64	14.28	11.83	14.6	15.27	13.25	10.6	19.82	18.74	15.68	18.89	- -
Total Debt/Equity (%)	105.48	121.77	69.37	66.56	114.67	96.88	116.05	140.49	126.79	109.39	199.8	209.85	149.61	260.95	- -
Total Debt/Capital (%)	65.42	67.79	59.73	58.02	68.74	64.12	67.47	67.14	63.59	58.44	72.6	72.81	64.23	70.94	- -
Total Debt/Total Assets (%)	11.6	13.21	9.89	8.64	14.28	11.83	14.6	15.27	13.25	10.6	19.82	18.74	15.68	18.89	- -
CFO/Total Liabilities	0.74	1.07	2.39	0.78	1.96	1.3	-0.09	1.32	-0.28	1.92	-4.06	-8.69	7.46	7.66	1.53
CFO/CapEx	17.85	10.67	7.05	5.06	2.39	23.77	-1.19	26.53	-5.23	11.27	-4.71	-19.11	20.37	178.22	11.09
Altman's Z-Score	0.14	0.17	0.17	0.16	0.18	0.18	0.2	0.2	0.23	0.24	0.25	0.25	0.3	0.21	0.17

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	6.49	10.29	10.29	13.92	21.43	23.34	23.81	21.03	22.66	21.37	27.93	45.62	39.53	22.89	13.17
Days Sales Outstanding	56.25	35.46	35.49	26.23	17.03	15.64	15.33	17.36	16.11	17.08	13.07	8	9.23	15.95	27.71
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	20	23	27	34	40	44	62	69	103	136	130	115	181	151	97
- Cash & Cash Equivalents	10	11	27	39	22	22	28	32	37	45	44	37	36	42	31
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -
+ Total Debt	56	67	53	55	94	84	109	122	118	110	242	331	270	396	- -
Enterprise Value	65	79	53	-102	-52	-78	-35	-17	7	18	152	208	208	189	67
Total Capital	85	99	89	95	137	132	162	181	186	188	334	454	420	558	166
Total Debt/Capital (%)	65.42	67.79	59.73	58.02	68.74	64.12	67.47	67.14	63.59	58.44	72.6	72.81	64.23	70.94	- -
Total Debt / EV	0.86	0.85	1.01	-0.54	-1.81	-1.08	-3.12	-7.27	17.91	6.24	1.6	1.59	1.29	2.09	- -
EV/Sales	6.6	3.42	2.23	- -	- -	- -	- -	- -	0.17	0.36	1.81	1.15	1.17	1.69	0.77
EV/EBITDA	215.58	67.56	58.28	- -	- -	- -	- -	- -	5.66	12.79	90.1	111.81	90.65	77.13	26.13
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	20.42	16.35	4.78	- -	- -	- -	- -	- -	- -	0.98	- -	- -	1.81	1.27	2.03
EV/Free Cash Flow to Firm	19.34	14.95	4.19	- -	- -	- -	- -	- -	- -	0.9	- -	- -	1.73	1.26	1.87
Diluted Market Cap	20	23	27	35	42	46	65	72	109	142	133	116	183	153	98
Diluted Enterprise Value	65	79	53	51	114	109	146	161	191	209	332	411	417	507	67
EV per Share	9.34	11.76	8.18	- -	- -	- -	- -	- -	0.99	2.59	21.84	29.38	29.33	26.75	9.73
TTM Sales	10	23	24	25	27	29	30	28	38	49	84	181	178	112	87
TTM EBITDA	- -	1	1	1	1	1	1	1	1	1	2	2	2	2	3
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	3	5	11	4	11	8	-1	9	-2	18	-45	-140	115	149	33
TTM Free Cash Flow to Firm	3	5	13	5	16	8	- -	10	-2	20	-35	-132	121	150	36

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	591.5	8.86	6.85	8.23	8.84	8.48	9.39	8.74	11.09	12.44	8.05	3.46	6.12	9.85	11.93
Price/Earnings Average	539.92	8.06	6.79	7.27	8.43	7.92	7.69	8.36	9.83	11.84	7.28	3.32	5	10.7	13.98
Price/Earnings High	772.53	12.14	10.16	10.28	13.52	10.21	11.84	10.37	14.05	16.57	9.74	4.86	7.17	13.75	19.69
Price/Earnings Low	578.87	8.56

First Savings Financial Group, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples