Tony Schoen
About Tony Schoen
Tony A. Schoen, CPA, is Chief Financial Officer of First Savings Financial Group, Inc. and First Savings Bank; he joined the Bank in 2007 after serving as a manager at regional CPA firm Monroe Shine & Co. . He is age 47, serves as Corporate Secretary of the Company, and has been a director of the Bank since 2017 . Performance context: Company net income rose to $13.6M in FY2024 from $8.2M in FY2023, while cumulative TSR improved from 55.56 to 92.94 on a $100 base between FY2023 and FY2024, indicating improved shareholder returns during the latest year .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| First Savings Financial Group / First Savings Bank | Joined 2007; previously Assistant Controller; currently CFO; Bank director since 2017 | 2007–present | Finance leadership at parent bank; governance/board role at Bank |
| Monroe Shine & Co., Inc. (regional CPA firm) | Manager | Pre-2007 | External audit/accounting foundation; relevant to CFO responsibilities |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company directorships disclosed |
Fixed Compensation
- Compensation philosophy targets lower base salary (~50th percentile) with higher incentive opportunity; NEO base salaries rose 7.3% in FY2024 per committee review .
- Tony Schoen’s base pay and core fixed elements:
| Metric | FY2023 | FY2024 |
|---|---|---|
| Base salary (SCT) | $249,656 | $281,237 |
| All other compensation (401(k) match, insurance, dividends on unvested RS, director fees, vehicle) | $30,835 | $32,481 |
| Employment agreement stated base salary (as of 9/30/24) | — | $286,649 |
Details of 2024 “All Other Compensation” for Mr. Schoen: 401(k) match $10,384; economic benefit of split-dollar and group term life premiums $1,204; dividends on unvested RS $3,300; director fees $8,000; employer-provided vehicle $7,292 .
Performance Compensation
- Plans and metrics: Mr. Schoen participates in the Management Incentive Bonus (MIB) and All-Employee Bonus (AEB). Performance metrics include net income, ROE, ROAA, EPS, loan/deposit growth, net interest margin, efficiency, asset quality, liquidity, capital management, and regulatory compliance. The MIB requires ROAA ≥ 0.60% to fund and scales payouts with higher ROAA; the committee retains discretion to adjust .
- FY2024 actual cash bonus paid to Mr. Schoen: $88,770 (aggregate across MIB/AEB) .
- Long-term equity incentives are granted under the 2021 Equity Plan, with time-based vesting to support retention. In FY2024, Mr. Schoen received restricted stock ($37,750 grant-date fair value) and stock options ($28,436 grant-date fair value). Both vest in five approximately equal annual installments beginning on the first anniversary of grant .
| Instrument | Grant details | Vesting | FY2024 grant-date fair value |
|---|---|---|---|
| Management Incentive Bonus (cash) | Performance-based; ROAA trigger ≥ 0.60%; multi-metric framework (see above); committee discretion | Annual | $88,770 paid |
| Restricted Stock (time-based) | 2024 awards under 2021 Equity Plan | 5 annual tranches; first vests at first anniversary; dividends accrue and pay on vest | $37,750 |
| Stock Options (time-based) | 2024 awards under 2021 Equity Plan | 5 annual tranches; first vests at first anniversary | $28,436 |
Note: Specific metric weightings, targets, and payout curves for FY2024 were not disclosed; design uses multiple financial and risk-adjusted factors with committee discretion .
Multi‑Year Compensation (Summary)
| Year | Salary | Bonus | Stock Awards | Option Awards | All Other Compensation | Total |
|---|---|---|---|---|---|---|
| 2023 | $249,656 | $7,527 | $56,225 | $42,825 | $30,835 | $387,068 |
| 2024 | $281,237 | $88,770 | $37,750 | $28,436 | $32,481 | $468,674 |
Equity Ownership & Alignment
- Beneficial ownership (as of December 31, 2024): 194,450 shares; 2.80% of shares outstanding .
- Components and alignment factors:
| Item | Amount / Detail |
|---|---|
| Beneficially owned shares | 194,450 (2.80% of 6,909,173 outstanding) |
| Components of ownership | 46,911 shares in 401(k); 17,031 ESOP; 5,820 unvested stock awards; 28,152 exercisable options (as of 12/31/24) |
| Shares pledged as collateral | 45,363 shares (pledging disclosed; potential alignment risk) |
| Anti-hedging policy | Hedging by directors/officers prohibited |
| Clawback policy | Equity awards subject to Company clawback policies (Dodd-Frank 954) |
- Unvested/equity overhang (as of September 30, 2024): 7,820 shares/unvested RS with market value $186,194 at $23.81; multiple unexercisable option tranches outstanding (see below) .
| Options (as of 9/30/24) | Exercisable | Unexercisable | Exercise Price | Expiration |
|---|---|---|---|---|
| Grant tranche | 21,150 | — | $13.36 | 11/21/2026 |
| Grant tranche | 1,200 | 300 | $22.12 | 11/21/2029 |
| Grant tranche | 900 | 600 | $21.10 | 11/21/2030 |
| Grant tranche | 6,000 | 9,000 | $26.72 | 11/21/2031 |
| Grant tranche | 1,500 | 6,000 | $22.49 | 11/21/2032 |
| Grant tranche | — | 8,010 | $15.10 | 11/21/2033 |
Employment Terms
| Provision | Key terms |
|---|---|
| Employment agreement term | Three-year term effective 10/1/2023; as of 9/30/2024, two years remaining to 10/1/2026; may be extended annually after performance review |
| Base salary in agreement (as of 9/30/24) | $286,649 |
| Non-compete / Non-solicit | One-year non-compete and non-solicitation after termination (except in connection with a change in control) |
| Termination without cause / Good reason (no CIC) | Lump sum equal to base salary for remaining term; continuation of medical benefits until re-employment, age 65, death, or end of remaining term |
| Change in control severance | Double-trigger: upon CIC plus termination without cause or resignation for good reason, lump sum = 3× average annual taxable compensation for prior five years; continuation of medical benefits to earlier of re-employment, age 65, death, or end of remaining term |
| Disability/Death | Salary and benefits continue until disability benefits commence; upon death, compensation due through month-end paid to estate |
| Clawback | Awards subject to Company clawback policies, including Dodd-Frank 954 |
| Tax gross-ups | Company states it does not use compensation-related tax gross-ups |
Governance, Peer Benchmarking, and Say‑on‑Pay Context
- Compensation Committee comprises independent directors and engaged independent consultant ChaseCompGroup; consultant fees were approximately $20,000 in FY2024 .
- Peer benchmarking uses a group of 19 regional thrifts/banks (IN, OH, MI, IL, MO, TN) with average assets of $2.8B to assess base salary, total compensation, and performance; salaries generally targeted around 50th percentile .
- Annual advisory “say-on-pay” vote is conducted; Board recommends approval each year (no historical approval percentages disclosed) .
Related Party and Risk Indicators
- Anti-hedging policy prohibits hedging by directors/officers and related persons; equity plan also references hedging/pledging policy restrictions .
- Aggregate loans to executive officers/directors and related parties totaled $2.0M at 9/30/2024, on market terms and performing; no adverse features reported .
- Section 16 compliance: management believes all executives/directors complied in FY2024, except one director’s late Form 4 for an option exercise (not related to Mr. Schoen) .
Company Performance Backdrop (for pay-for-performance context)
| Year | Net Income (000s) | Company TSR (Value of $100) |
|---|---|---|
| 2022 | $15,386 | 84.27 |
| 2023 | $8,172 | 55.56 |
| 2024 | $13,592 | 92.94 |
Narrative from the Company: From FY2023 to FY2024, compensation actually paid to the PEO and average for other NEOs increased while TSR rose 67.2% and net income increased 66.3% .
Investment Implications
- Pay-for-performance alignment improving: FY2024 featured higher cash bonus outcomes alongside a rebound in net income and TSR, consistent with the MIB’s ROAA trigger and multi-metric design plus committee discretion (alignment positive) .
- Retention vs dilution/selling pressure: Five-year vesting on RS and options supports retention, but Mr. Schoen has 7,820 unvested RS and multiple unexercisable option tranches with expirations extending to 2033, implying periodic vest-driven supply; dividends on unvested RS accrue but pay on vesting (neutral to mild pressure) .
- Alignment red flag: 45,363 pledged shares represent potential forced-selling risk if collateral calls occur; while the Company references hedging/pledging policy restrictions, the presence of pledged shares is a watch item (alignment risk) .
- Change-of-control economics: Double‑trigger with a 3× average pay multiple and continued medical benefits is on the upper end for small-cap banks; could increase acquisition costs but also secures leadership continuity in a transaction (mixed) .
- Governance/controls: Independent Compensation Committee, independent consultant, anti‑hedging policy, and clawback coverage reduce governance risk; Company states it does not use tax gross‑ups (positive) .