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 net income of $29.6 million for 2022, down from $37.4 million in 2021, translating to $3.70 per diluted share versus $4.37 in the previous year. In Q4 2022, net income was $7.6 million, reflecting a decrease from $8.6 million in Q4 2021. The company announced a $0.25 cash dividend per share, up from $0.20, payable on February 23, 2023. Total loans receivable reached $2.19 billion, marking a 5.1% increase since Q3 2022. Although net interest margin improved to 4.62%, overall asset levels declined slightly by 0.7% to $2.63 billion by year-end.
FS Bancorp, Inc. (Nasdaq: FSBW) announced that it has received all necessary regulatory approvals for 1st Security Bank to acquire seven branches from Columbia State Bank in Washington and Oregon. The transaction is expected to close on February 27, 2023, pending customary conditions. CEO Joe Adams expressed confidence in a smooth transition for customers following this acquisition, which aims to enhance the bank's service capabilities.
1st Security Bank has been recognized nationally for its service quality and workplace environment, being rated as the top community bank in the 2022 Banking Rankings.
1st Security Bank has welcomed Matt Johnson and Amy Currie to its Home Lending division in the Greater Seattle area. Matt, a Senior Loan Officer with over 30 years of experience and a history of top production, has a strong commitment to community service. Amy, with over 13 years of industry experience, aims to streamline the mortgage process for clients. Their addition is seen as a significant enhancement to the bank’s lending capabilities, according to Executive Vice President Donn Costa.
FS Bancorp, Inc. (NASDAQ: FSBW) announced it will acquire seven banking locations from Columbia Banking System, Inc. for $510 million in deposits and $76 million in loans. The branches are situated in various communities in Washington and Oregon. The transaction is pending regulatory approval and is expected to close in February 2023. The Bank plans to retain current employees and maintain operations at the acquired branches, enhancing its footprint in the Pacific Northwest.
Columbia Banking System has announced plans to divest seven branches to 1st Security Bank to comply with U.S. Department of Justice requirements ahead of its merger with Umpqua Holdings. This agreement involves approximately $510 million in deposits and $76 million in loans. The sale is expected to close in Q1 2023, subject to regulatory approvals. All employees will be retained, ensuring continued operation of the branches. This divestiture is viewed as a necessary step to advance the merger.
Columbia Banking System (NASDAQ: COLB) has announced the divestiture of seven branches in Washington and Oregon to 1st Security Bank (NASDAQ: FSBW) as part of a compliance requirement from the U.S. Department of Justice (DOJ) necessary for their pending merger with Umpqua Holdings. The deal involves approximately $510 million in deposits and $76 million in loans. The sale is set to finalize in the first quarter of 2023, subject to regulatory approvals. Retaining all employees, the transition aims to maintain service continuity for customers.
FS Bancorp, Inc. (NASDAQ: FSBW) announced a third-quarter 2022 net income of $8.5 million, or $1.08 per diluted share, reflecting a slight year-over-year increase. However, net income for the first nine months of 2022 decreased to $22.0 million, compared to $28.8 million in 2021. The company declared a quarterly cash dividend of $0.20, payable on November 23, 2022. Key highlights include a net interest margin increase to 4.54%, and loans receivable net increased by 7.1% quarter-over-quarter. Total assets rose by 10.5% to $2.65 billion.
FS Bancorp, Inc. reported Q2 2022 net income of $6.7 million ($0.83/share), down from $8.5 million ($0.98/share) in Q2 2021. Year-to-date income is $13.6 million ($1.66/share), compared to $25.8 million ($2.35/share) last year. The Bank's net interest margin improved to 4.39%. A quarterly dividend of $0.20 will be paid on August 25, 2022. Total assets rose by 5.5% to $2.40 billion, driven by an $148.4 million increase in loans. However, noninterest income decreased significantly due to a drop in loan sales. The company remains well-capitalized with a CBLR of 11.9%.
1st Security Bank has partnered with LoanStar Technologies to enhance its loan application portal for home improvement contractors. This collaboration aims to simplify the lending process for contractors and consumers purchasing home improvement goods like windows and roofs. The new portal utilizes LoanStar's MerchantLinQ® platform, designed to streamline operations and improve user experience. Since 1996, the Bank has provided home improvement financing, reinforcing its commitment to leveraging technology for operational efficiency and risk reduction.
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