Welcome to our dedicated page for FS Bancorp news (Ticker: FSBW), a resource for investors and traders seeking the latest updates and insights on FS Bancorp stock.
FS Bancorp, Inc. Common Stock (FSBW) is the holding company of 1st Security Bank, a prominent financial institution headquartered in Mountlake Terrace, Washington. Since 1936, 1st Security Bank has been dedicated to serving communities in King, Kitsap, Pierce, and Snohomish counties. With a commitment to personalized service, the bank operates seven neighborhood branches, emphasizing strong relationships with customers, local businesses, and community partners.
Core Business and Operations
FS Bancorp, Inc. focuses on providing diversified lending solutions through its two main operating segments:
- The Commercial and Consumer Banking segment offers a wide range of financial products and services, including commercial real estate loans, one-to-four-family and home equity loans, consumer loans (such as home improvement and marine loans), and commercial business loans. Customers can access these services via bank branches, ATMs, online banking platforms, mobile banking apps, and telephone banking.
- The Home Lending segment specializes in originating one-to-four-family residential mortgage loans. These loans are either sold in the secondary markets or held for investment, adding flexibility to the company's financial strategy.
Community Involvement
1st Security Bank is deeply integrated into its local communities. The bank's passion for community engagement is evident in its support for local events such as food drives and the annual Poulsbo Kids Day celebration. This commitment to community involvement reflects the bank's belief in the diverse and welcoming culture of the Northwest.
Recent Achievements and Projects
The company has recently announced a repurchase program, allowing shares to be repurchased in open market or private transactions. This initiative is designed to optimize shareholder value, considering various factors such as stock availability, market conditions, and the company's financial performance.
Financial Condition and Forward-Looking Statements
FS Bancorp, Inc. remains vigilant in managing economic challenges, including inflation, potential recessions, and geopolitical instability. The company's forward-looking statements highlight its strategic plans and potential risks, aiming to keep investors well-informed. For detailed financial reports and regulatory filings, visit the company's website at www.fsbwa.com or the SEC's website at www.sec.gov.
With a robust operational structure and a strong community focus, FS Bancorp, Inc. continues to build on its legacy of dependable financial services and community engagement.
FS Bancorp (NASDAQ: FSBW) has completed its previously announced $5.0 million share repurchase program from July 11, 2024. The company's Board of Directors has authorized an additional $5.0 million share repurchase program, effective until October 31, 2025. The new program allows for share repurchases through open market, private transactions, or shares withheld upon equity awards exercise. Management will execute repurchases at their discretion based on market conditions, trading prices, and alternative capital uses. The program can be suspended, modified, or terminated at any time and doesn't obligate the company to purchase a specific number of shares.
FS Bancorp, holding company for 1st Security Bank of Washington, reported Q3 2024 net income of $10.3 million or $1.29 per diluted share, up from $9.0 million or $1.13 per diluted share in Q3 2023. For the nine months ending September 30, 2024, net income was $27.6 million or $3.45 per diluted share, compared to $26.3 million or $3.33 per diluted share for the same period in 2023.
Total deposits rose by $44.5 million to $2.43 billion, while borrowings decreased by $18.1 million to $163.8 million. The company's net interest margin increased to 4.35%. The Board approved a $0.27 per share cash dividend, payable on November 21, 2024, to shareholders of record as of November 7, 2024.
FS Bancorp repurchased 97,000 shares at an average price of $43.58 per share. The book value per share increased to $37.45, and the tangible book value per share rose to $35.10. The company reported a tax benefit of $420,000 due to energy tax credits.
FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington, has appointed Terri L. Degner to its Board of Directors, effective September 30, 2024. The appointment was proposed by the Company's Nominating & ESG Committee and approved by the Board of Directors.
CEO Joe Adams expressed enthusiasm about Degner's appointment, citing her extensive banking background and in-depth knowledge of the Bank and Company as valuable assets to the Board. Degner previously served as Executive Vice President, Chief Financial Officer, and Treasurer at Anchor Bank until its acquisition by 1st Security Bank in November 2018. She continued to work with the Bank as a Consultant on the Anchor transition and other projects.
Degner's educational background includes a Bachelor of Arts Degree in Accounting from St. Martins College, where she graduated cum laude in 1998, and an honors graduation from Pacific Coast Banking School at the University of Washington in 2000.
FS Bancorp (NASDAQ: FSBW) reported second quarter 2024 net income of $9.0 million ($1.13 per share), slightly down from $9.1 million ($1.16 per share) in the same quarter last year. For the first half of 2024, net income was $17.4 million ($2.20 per share), up from $17.3 million ($2.19 per share) in the first half of 2023.
Key highlights include:
- Repurchase of 73,000 shares at an average price of $32.84 per share.
- A new share repurchase plan for $5 million.
- Quarterly dividend increased by 3.8% to $0.27 per share.
- Net interest margin (NIM) rose to 4.29% from 4.26% in the previous quarter.
- Total deposits decreased by 3.3% to $2.38 billion.
- Book value per share increased to $37.15, and tangible book value per share to $34.66.
- Loans receivable increased by $41.8 million to $2.46 billion.
Regulatory capital ratios remain strong, with a total risk-based capital ratio of 13.9% and Tier 1 leverage capital ratio of 10.9%.
FS Bancorp (NASDAQ: FSBW) has promoted Matthew D. Mullet to President of both the company and its subsidiary, 1st Security Bank of Washington. Mullet, who has been the Chief Financial Officer since September 2011, will retain this role alongside his new position as President. Joseph C. Adams will continue as Chief Executive Officer for both entities.
Mullet's career in banking began in 2000 as a financial examiner with the Washington State Department of Financial Institutions. He later worked at Golf Savings Bank, becoming CFO in 2007, and held a senior position at Sterling Savings Bank before joining 1st Security Bank in 2011. Mullet is actively involved in industry associations and volunteers to teach financial literacy.
FS Bancorp (NASDAQ: FSBW) has announced a 3.8% increase in its quarterly cash dividend, now $0.27 per share, payable on August 21, 2024, to shareholders of record as of August 7, 2024. This marks the company's forty-sixth consecutive quarterly dividend. Additionally, the Board has authorized a share repurchase program, allowing the repurchase of up to $5 million in common stock until July 31, 2025. Repurchases can occur in open market or private transactions and are subject to market conditions and the company's financial performance. The program can be modified or terminated at management's discretion.
FS Bancorp (NASDAQ: FSBW), the parent company of 1st Security Bank of Washington, announced the promotions of Kelli Nielsen and Donn Costa effective May 1, 2024. Nielsen will become EVP, Chief Retail Banking Officer, and Costa will be EVP, Chief Home Lending Officer. CEO Joe Adams praised their leadership in enhancing customer experiences. Nielsen, with over three decades in finance, joined 1st Security in 2016 and has held various leadership roles. Costa, with 35 years in mortgage lending, contributed to the creation and growth of the Bank's mortgage division since joining in 2011. Both leaders actively support community initiatives and professional organizations.
FS Bancorp, the holding company for 1st Security Bank of Washington (NASDAQ: FSBW), announced the promotions of Sean McCormick and Robert Nesbitt to Executive Vice President positions. Sean McCormick will serve as Chief Credit Administration Officer, responsible for credit strategy, risk, and financial analysis. Robert Nesbitt will become Chief Credit Operations Officer, overseeing commercial credit operations. Combined, they bring over 40 years of experience, significantly contributing to the bank's growth and risk management. CEO Joe Adams noted their strategic leadership would drive future success in Washington and Oregon.
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