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.
Overview of FS Bancorp Inc
FS Bancorp Inc (symbol: FSBW) is a Washington-based holding company for 1st Security Bank, a diversified lender that seamlessly blends commercial banking with comprehensive home lending services. The company operates through a dual-segment structure, serving a broad spectrum of customers across home mortgage, commercial real estate, consumer, and marine loan markets. With multiple branch locations spread across key counties and regions in Washington and parts of Oregon, FS Bancorp emphasizes personalized service and community relationships while maintaining a robust and versatile loan portfolio.
Business Segments and Model
The company is organized into two primary operating segments:
- Commercial and Consumer Banking Segment: This segment delivers a wide range of financial products and services through convenient access channels including branch networks, ATMs, online platforms, and mobile applications. It focuses on providing banking solutions such as deposit products, various consumer loans including indirect home improvement loans (fixture secured), marine loans, and commercial business loans. Through these offerings, the company addresses the needs of local businesses, individual consumers, and niche market players.
- Home Lending Segment: Focused on the origination of one-to-four-family residential mortgage loans, this segment funds its activities with the goal of selling loans into the secondary markets as well as retaining select assets for investment purposes. The specialized focus in the home lending arena underscores the company’s commitment to supporting communities with tailored mortgage products that meet diverse home financing needs.
Operational Footprint and Community Involvement
Headquartered in the Pacific Northwest, FS Bancorp’s operations are deeply ingrained in the communities it serves. The company maintains a sizable network of neighborhood branches strategically located in areas with strong regional identities, allowing it to forge lasting relationships with customers, local contractors, builders, and community partners. This regional focus underscores the bank’s belief that personalized service and community engagement are critical to long-term business success.
Product Offerings and Lending Services
FS Bancorp’s product portfolio is both diversified and specialized. It offers a spectrum of loan products that include:
- Commercial real estate loans
- Residential mortgage loans focusing on one-to-four-family properties
- Home equity financing options
- Consumer loans that cater to personal financial needs
- Marine loans specifically designed for boat dealerships and maritime financing
This diversity enables the company to meet a wide variety of financing requirements, reflecting its expertise in underwriting risk while supporting local economies. By integrating advanced financial technology through its digital banking platforms, FS Bancorp ensures that its services are accessible, efficient, and aligned with modern consumer expectations.
Share Repurchase Program and Capital Management
FS Bancorp has established a share repurchase program which underscores an active capital management strategy. The program is designed to repurchase shares in open market or private transactions under a systematic trading plan, adhering strictly to regulatory guidelines. This carefully managed strategy reflects management’s aim to optimize capital allocation while balancing market conditions and alternative investment opportunities. The policy is administered with a focus on maintaining financial prudence and enhancing shareholder value, subject to prevailing market dynamics and internal performance metrics.
Market Position and Competitive Landscape
Operating in a competitive regional banking environment, FS Bancorp distinguishes itself through a commitment to community banking combined with a diversified financial product mix. The bank’s strong local presence, longstanding relationships, and tailored lending solutions contribute to its robust market position. In a landscape where customer service and local engagement are key differentiators, FS Bancorp leverages its operational expertise to serve a diverse client base, including home buyers, local contractors, and small businesses.
Commitment to Expertise and Trustworthiness
FS Bancorp’s extensive history and strategic focus on community banking are at the heart of its operations. By consistently aligning its products with the demands of evolving market conditions and leveraging innovative digital banking solutions, the company demonstrates its dedication to informed financial practices. This approach not only reinforces its operational strengths but also instills trust and reliability among customers and industry observers alike.
Overall, FS Bancorp Inc stands as a multifaceted financial institution that combines traditional community banking values with modern financial engineering. Its expansive product offerings and strategic capital management practices continue to define its role in the financial services industry, making it a noteworthy subject of analysis for investors and industry experts.
FS Bancorp (NASDAQ: FSBW) has announced the promotion of Phillip Whittington to Chief Financial Officer of both the holding company and its subsidiary 1st Security Bank of Washington, effective May 1, 2025. Whittington, who has served as the Bank's Controller since January 2020, will succeed Matthew D. Mullet, who will continue his role as President for both entities.
Prior to joining 1st Security Bank, Whittington worked as a manager at Elliott Davis accounting firm in Columbia, South Carolina. He is a Certified Public Accountant with a Bachelor of Science in Accounting from the College of Charleston and a Master of Accountancy from the University of South Carolina.
FS Bancorp (NASDAQ: FSBW) reported Q4 2024 net income of $7.4 million ($0.92 per diluted share), down from $9.8 million ($1.23 per diluted share) in Q4 2023. The decrease was primarily due to a $2.5 million tax provision in Q4 2024 compared to a $420,000 tax benefit in Q3 2024. For the full year 2024, net income was $35.0 million ($4.36 per diluted share), compared to $36.1 million in 2023.
The company announced its 48th consecutive quarterly dividend increase of $0.01 to $0.28 per share, payable on February 20, 2025. Total assets increased to $3.03 billion, surpassing the $3 billion milestone. Tangible book value per share grew 13.8% year-over-year to $36.02.
Notable metrics include a net interest margin of 4.31%, total deposits of $2.34 billion (down 3.6% quarterly), and net loans receivable of $2.50 billion (up 1.6% quarterly).
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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