Jackie Journell
About Jackie Journell
Jackie R. Journell, CPA, age 57, is Chief Operating Officer of First Savings Financial Group (FSFG) and First Savings Bank; she joined the Bank in 2009 after serving as CFO of Community First Bank and previously as the Bank’s Chief Accounting Officer and Controller . During her tenure, FSFG’s GAAP net income rose from $8.17 million in FY 2023 to $13.59 million in FY 2024 and $23.16 million in FY 2025, while the company’s cumulative TSR (value of initial $100) moved from 55.56 in FY 2023 to 92.94 in FY 2024 . Reported revenues were $25.56 million* (FY 2023), $13.12 million* (FY 2024) and $18.84 million* (FY 2025) (values retrieved from S&P Global).
| Performance Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Net Income ($USD) | $8.17 million | $13.59 million | $23.16 million |
| Revenues ($USD) | $25.56 million* | $13.12 million* | $18.84 million* |
| TSR (Value of $100) | 55.56 | 92.94 | — |
Values retrieved from S&P Global*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Savings Bank | Chief Operating Officer | Not disclosed | Bank-wide operations leadership |
| First Savings Bank | Chief Accounting Officer; Controller | Not disclosed | Strengthened financial controls and reporting |
| Community First Bank | Chief Financial Officer | Not disclosed | Led finance and strategic planning |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary | $238,801 | $249,260 |
| All Other Compensation (Total) | $33,322 | $29,333 |
| 401(k) Matching (included in All Other) | — | $12,895 |
| Split-Dollar & Group Term Life (included in All Other) | — | $2,788 |
| Dividends on Unvested RSAs (included in All Other) | — | $1,650 |
| Vehicle Allowance (included in All Other) | — | $12,000 |
Notes:
- NEO base salaries increased by 7.3% in fiscal 2024 per Compensation Committee review .
- Her employment agreement base salary was set at $249,260 as of September 30, 2024 .
Performance Compensation
Annual Cash Incentives (MIB/AEB)
| Component | Metric | Trigger/Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Management Incentive Bonus (MIB) | ROAA (plan trigger ≥0.60%); Net income, ROAE, ROAA, EPS, loan/deposit growth, NIM, efficiency, asset quality, liquidity/capital, compliance | Weighting not disclosed; pool based on ROAA tiers with Committee discretion | Not disclosed | Not disclosed | $47,402 (2024) | Cash (annual) |
| All-Employee Bonus (AEB) | ROAA tiers with sub-plans (e.g., Retail Incentive) | Allocation by eligible comp; Committee discretion | Not disclosed | Not disclosed | Included in “Bonus” | Cash (semi-annual) |
Equity Awards (Time- and Performance-based under 2021 Plan; new 2025 Plan proposed)
| Award Type | Grant Attributes | Vesting | Status/Units |
|---|---|---|---|
| Restricted Stock Awards (RSAs) | Grant-date fair value computed at stock price ($15.10/share for 2024 grants) | 5 approximately equal annual installments; first vesting at 1-year anniversary | Unvested units at 9/30/2024: 4,070 (MV $96,907 @ $23.81) |
| Stock Options | Multiple tranches with strikes and expirations: $23.02 exp 05/18/2028 (5,400 ex.); $22.12 exp 11/21/2029 (3,552 ex., 885 unex.); $21.10 exp 11/21/2030 (489 ex., 324 unex.); $26.72 exp 11/21/2031 (3,000 ex., 4,500 unex.); $22.49 exp 11/21/2032 (750 ex., 3,000 unex.); $15.10 exp 11/21/2033 (— ex., 4,260 unex.) | Options vest in 5 annual installments; first vest at 1-year | Exercisable 17,340; Unexercisable as shown above |
2025 Equity Incentive Plan (pending shareholder approval) introduces RSAs/RSUs with minimum 1-year vesting for ≥95% of awards, double-trigger change-in-control vesting, clawbacks under Dodd-Frank 954, and hedging/pledging restrictions .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (12/31/2024) | 70,398 shares (1.02% of outstanding) |
| Breakdown | 9,008 ESOP; 3,070 unvested RSAs; 17,340 exercisable options |
| Additional Listing (Voting Agreement, 9/24/2025) | 55,268 shares listed for Journell; excludes shares underlying unexercised options |
| Pledging/Hedging | Company anti-hedging policy; awards subject to hedging/pledging policy; none of her shares pledged per ownership table |
| Ownership Guidelines | Not disclosed |
| Dividends on Unvested RSAs | Accrued and paid upon vesting (e.g., $1,650 in 2024) |
Employment Terms
| Term | Key Provision |
|---|---|
| Employment Agreement | 3-year term effective Oct 1, 2023; expires Oct 1, 2026; extendable by an additional year after performance review (to restore 3-year term) |
| Base Salary in Agreement | $249,260 (as of Sept 30, 2024) |
| Non-Compete/Non-Solicit | 1-year covenants post-termination (except in change-in-control context) |
| Severance (No CIC) | If terminated without cause or resigns for “good reason”: lump-sum base salary for remaining term; continued medical until reemployment/age 65/death/end of term |
| Change-in-Control (Double Trigger) | If terminated without cause or resigns for “good reason” in connection with/after a CIC: lump sum = 3x average annual taxable compensation (prior 5 years); continued medical until reemployment/age 65/death/end of term |
| Clawback | Awards subject to Company clawback policies (Dodd-Frank §954) |
| Tax Gross-ups | Company states it does not use compensation-related tax gross-ups |
| Indemnification | To fullest extent permissible; litigation costs if prevailing |
Additional Company Performance Context
Recent quarterly fundamentals:
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues ($USD) | $2.782 million* | $3.710 million | $3.196 million | $3.433 million* | $6.103 million | $3.560 million | $4.520 million | $4.659 million |
| Net Income ($USD) | $0.920 million | $4.927 million | $4.073 million | $3.672 million | $6.225 million | $5.499 million | $6.166 million | $5.271 million |
Values retrieved from S&P Global*
Note: A September 2025 8-K contains voting agreements and a bank merger plan related to First Merchants Corporation, highlighting potential transaction risk and corresponding change-in-control economics for executives .
Investment Implications
- Pay-for-performance alignment: Cash bonuses are tied to diversified bank performance metrics (ROAA trigger ≥0.60%, net income, ROAE/ROAA, EPS, growth, NIM, efficiency, asset quality), with Committee discretion to adjust for risk/compliance—supports prudent incentive design . Equity awards vest over five years, encouraging retention and long-term value focus .
- Retention risk vs. CIC economics: Her agreement provides substantial CIC protection (3x average taxable comp plus continued medical), with double-trigger vesting under the equity plans—likely low near-term flight risk but meaningful potential payout if the announced transaction proceeds .
- Insider selling pressure/vesting overhang: Multi-tranche options (notably 2029–2033 expirations) and RSAs vesting annually may create periodic selling windows; the company’s anti-hedging/pledging policy and clawbacks moderate misalignment risk . No pledged shares reported for Journell (contrast: CFO had pledged shares) .
- Governance and benchmarking: Independent Compensation Committee engages an external consultant; base salaries calibrated near 50th percentile of peers, with higher at-risk pay opportunity—suggests disciplined comp inflation control .
- Track record: Net income expanded materially FY 2023→2025 and TSR improved in FY 2024; these results support positive execution signaling under current leadership structure .