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 reported a strong Q1 2023 with net income increasing to $8.2 million, or $1.04 per diluted share, up from $6.9 million a year earlier. This includes an adjustment for acquisition costs, indicating a potential net income of $9.6 million. The bank completed the acquisition of seven branches, adding $382.1 million in deposits. The net interest margin improved to 4.70%. Consumer loans grew significantly by 36.3% year-over-year, with a substantial focus on home improvement loans. The board declared its 41st consecutive quarterly cash dividend of $0.25 per share, payable on May 25, 2023. Total assets increased by 5.7% to $2.78 billion as of March 31, 2023, supported by the branch acquisition.
1st Security Bank of Washington has appointed Ben Crowl as the new Chief Lending Officer (CLO), effective July 1, 2023, succeeding Dennis O’Leary, who has held the position since 2013. Under O'Leary's leadership, the bank's assets grew from $285 million in 2011 to $2.63 billion by the end of 2022. O’Leary will transition to his original role as SVP Director of Commercial Real Estate and Construction Lending, allowing him to spend more time with his family and continue mentoring Crowl. Crowl, who joined the bank in 2018, has over 15 years of banking experience, with a strong background in commercial lending and leadership.
FS Bancorp, Inc. (NASDAQ:FSBW) announces the completion of its acquisition of seven branch locations from Columbia State Bank, enhancing its presence in Washington and Oregon. The transaction involves assuming approximately $431 million in deposit liabilities and acquiring $67 million in loans, marking a significant expansion opportunity for 1st Security Bank. CEO Joe Adams expressed enthusiasm about welcoming new customers and communities. The acquisition, advised by Raymond James & Associates, aims to extend the bank's community service brand in the new markets.
1st Security Bank of Washington has announced the promotion of Shana Allen to Executive Vice President, effective immediately. Allen, who has served as the Chief Information Officer since 2010, has over 20 years of experience in banking and is recognized for her expertise in cybersecurity and information security. Under her leadership, the bank's technology and security teams will continue to develop. CEO Joe Adams praised her contributions and leadership within the organization. Allen holds multiple certifications, including CISSP, and actively participates in industry advisory boards.
FAQ
What is the current stock price of FS Bancorp (FSBW)?
What is the market cap of FS Bancorp (FSBW)?
What is FS Bancorp, Inc.?
Where is FS Bancorp, Inc. headquartered?
What types of loans does 1st Security Bank provide?
How does FS Bancorp engage with its community?
What recent initiatives has FS Bancorp announced?
What platforms does 1st Security Bank use to offer its banking services?
What is the company's approach to forward-looking statements?
Where can I find FS Bancorp's financial reports?
What significance does community involvement hold for FS Bancorp?
How does FS Bancorp address potential economic challenges?
