First Savings Financial Group, Inc. announced the completion of a private placement offering of 4.50% Fixed-to-Floating Rate Subordinated Notes due 2032 (the Notes), in the aggregate principal amount of $31.0 million, to certain qualified institutional buyers and accredited institutional investors. The Company intends to use the net proceeds for general corporate purposes, including to fund organic growth, the future repayment of existing outstanding subordinated debt, and potential repurchases of shares of the Company's outstanding common stock. The Notes are intended to qualify as Tier 2 capital for the Company for regulatory capital purposes, if applicable.

The Notes mature on March 30, 2032, unless redeemed earlier. The Notes initially bear interest, payable semi-annually in arrears, at a fixed rate of 4.50% per annum until March 30, 2027. Beginning March 30, 2027 and until maturity or redemption, the interest rate applicable to the outstanding principal amount of the Notes due will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financing Rate (SOFR) plus 276 basis points, payable quarterly in arrears.

The Company has the option to redeem the Notes, at par and in whole or in part, beginning on March 30, 2027.