FJ Capital/Financial Opportunity Fund Report 4.09% Stakes in FSFG

Rhea-AI Filing Summary

Schedule 13G/A disclosure by holders related to First Savings Financial Group, Inc. The filing reports that Martin Friedman directly holds 215,382 shares and, together with interests in Financial Opportunity Fund LLC and FJ Capital Management LLC, beneficially owns 498,246 shares, representing 7.20% of the common stock. FJ Capital Management LLC and Financial Opportunity Fund LLC each report ownership of 282,864 shares (4.09%). The filing notes that FJ Capital is the managing member of the fund and that certain shares are reported as shared holdings.

The filers certify that the shares were not acquired to change or influence control of the issuer and state no intent to act as a group to affect control. The disclosure clarifies voting and dispositive power: Mr. Friedman has sole voting and dispositive power over his directly held 215,382 shares and shared voting and dispositive power over the 282,864 fund shares.

Insights

Financial Analyst

TL;DR: A named insider-affiliated investor reports a >5% stake but asserts passive intent; ownership structure mixes direct and shared holdings.

Factual analysis: Martin Friedman is reported with 498,246 shares (7.20%) aggregate beneficial ownership, combining 215,382 directly held shares and 282,864 fund-held shares. FJ Capital Management LLC is identified as managing member of Financial Opportunity Fund LLC, which holds the 282,864 shares, and is reported with 4.09% ownership. The filing includes an explicit certification that the holdings were not acquired to influence or change control, indicating a declared passive position. For investors, the combination of direct and fund-held shares concentrates meaningful ownership while the passive certification limits immediate governance implications.

Corporate Governance Expert

TL;DR: Ownership disclosure signals a material holder with potential influence, though the filer denies intent to influence control.

Detailed analysis: The filing separates sole and shared voting and dispositive powers: Mr. Friedman reports sole voting/dispositive power over his 215,382 directly held shares and shared power over the 282,864 fund shares. The managing-member relationship between FJ Capital and the fund is disclosed, and the reporting parties explicitly certify that the securities were not acquired to alter control. This distinction is important for governance assessments because aggregate ownership above 5% triggers heightened investor attention, but the certification indicates no declared activist intent in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

First Savings Financial Group, Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

33621E109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 33621E109

1

Names of Reporting Persons

FJ Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power
6	Shared Voting Power 282,864.00
7	Sole Dispositive Power
8	Shared Dispositive Power 282,864.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

282,864.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.09 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 282,864 shares of common stock of the Issuer held by Financial Opportunity Fund LLC, of which FJ Capital Management LLC is the managing member; as such, the Reporting Person may be deemed to be a beneficial owner of reported shares but as to which the Reporting Person disclaims beneficial ownership.

SCHEDULE 13G

CUSIP No. 33621E109

1

Names of Reporting Persons

Financial Opportunity Fund LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power
6	Shared Voting Power 282,864.00
7	Sole Dispositive Power
8	Shared Dispositive Power 282,864.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

282,864.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.09 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8, and 9 of this page: Consists of 282,864 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 33621E109

1

Names of Reporting Persons

Martin Friedman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 215,382.00
6	Shared Voting Power 282,864.00
7	Sole Dispositive Power 215,382.00
8	Shared Dispositive Power 282,864.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

498,246.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.20 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Relating to items 5 and 7 of this page: Consists of 215,382 shares of common stock of the Issuer held directly by Martin Friedman, Co-Founder and Managing Member of FJ Capital Management LLC. Relating to items 6 and 8 of this page: Consists of 282,864 shares of common stock of the Issuer held by Financial Opportunity Fund LLC of which FJ Capital Management LLC is the managing member. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership. Relating to items, 5, 6,7, 8, and 9 of this page: Consists of 282,864 shares of common stock of the Issuer held by Financial Opportunity Fund LLC of which FJ Capital Management LLC is the managing member. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of the reported shares but as to which Mr. Friedman disclaims beneficial ownership; and 215,382 shares of common stock of the Issuer held directly by Martin Friedman.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Savings Financial Group, Inc
(b)	Address of issuer's principal executive offices: 702 North Shore Drive, Suite 300 Jeffersonville, IN 47130
Item 2.
(a)	Name of person filing: FJ Capital Management LLC Financial Opportunity Fund LLC Martin Friedman
(b)	Address or principal business office or, if none, residence: FJ Capital Management, LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102
(c)	Citizenship: Financial Opportunity Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies Martin Friedman - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 33621E109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: FJ Capital Management LLC - 282,864 shares Financial Opportunity Fund LLC - 282,864 shares Martin Friedman - 498,246 shares
(b)	Percent of class: FJ Capital Management LLC - 4.09% Financial Opportunity Fund LLC - 4.09% Martin Friedman - 7.20%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Martin Friedman - 215,382 shares
	(ii) Shared power to vote or to direct the vote: FJ Capital Management LLC - 282,864 shares Financial Opportunity Fund LLC - 282,864 shares Martin Friedman - 282,864 shares
	(iii) Sole power to dispose or to direct the disposition of: Martin Friedman - 215,382 shares
	(iv) Shared power to dispose or to direct the disposition of: FJ Capital Management LLC - 282,864 shares Financial Opportunity Fund LLC - 282,864 shares Martin Friedman - 282,864 shares
Item 5.	Ownership of 5 Percent or Less of a Class.

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FJ Capital Management LLC

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Martin Friedman

Signature:	Martin S. Friedman
Name/Title:	Managing Member
Date:	07/16/2025

FAQ

Who filed the Schedule 13G/A for First Savings Financial Group (FSFG)?

FJ Capital Management LLC, Financial Opportunity Fund LLC, and Martin Friedman are the reporting persons named in the filing.

How many shares and what percentage does Martin Friedman beneficially own in FSFG?

Martin Friedman beneficially owns 498,246 shares, representing 7.20% of the common stock, combining direct and shared holdings.

What holdings do FJ Capital Management LLC and Financial Opportunity Fund LLC report?

Each reports 282,864 shares, representing 4.09% of the class, with FJ Capital identified as the fund's managing member.

Does the filing state an intent to influence control of FSFG?

The filers certify they did not acquire the securities to change or influence control and state no intent to act to affect control in the filing.

Which shares does Martin Friedman have sole voting and dispositive power over?

Martin Friedman reports sole voting and dispositive power over 215,382 shares that he holds directly.