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.
1st Security Bank has appointed Susan Dumontet as its new Director of Finance. With over 20 years of financial experience in the Pacific Northwest, she previously worked at Columbia Bank and the WA State Department of Financial Institutions. Susan brings expertise in risk management and capital planning, which is expected to enhance the bank's financial operations. She holds a BA in Business Finance and an MBA, along with certification as an ABA Certified Enterprise Risk Professional.
FS Bancorp reported first quarter 2022 net income of $6.9 million ($0.81/share), down from $11.9 million ($1.35/share) in Q1 2021. The company repurchased 115,356 shares at 106% of book value, underscoring its commitment to shareholder value. A quarterly cash dividend of $0.20 and a special dividend of $0.10 will be paid on May 26, 2022. Notably, loans receivable rose to $1.80 billion, a 4.0% increase quarter-over-quarter. Total assets decreased slightly to $2.27 billion, while the net interest margin improved to 4.24%. The adoption of the Current Expected Credit Loss standard resulted in a decrease of $2.9 million in the allowance for credit losses.
1st Security Bank, located in Mountlake Terrace, Washington, announced its partnership with Plaid, a fintech company, on April 26, 2022. This collaboration aims to enhance the bank's online account opening process by providing customers with a secure and quick way to access their financial data and verify their identity. Brooke Allan, VP of Digital Products, emphasized the commitment to improving customer experience through technology. With this partnership, the bank seeks to offer a seamless and efficient onboarding tool for new account holders.
1st Security Bank announced the launch of a new mortgage lending office in Vancouver, Washington, with Matt Schiefer and Linda Mariani as the founding members. Schiefer, a mortgage professional since 2004, will serve as Branch Manager, offering residential and construction financing. Mariani brings over 20 years of experience as a Loan Officer, aiming to facilitate a smooth mortgage process. This expansion aims to enhance service to home buyers in the Vancouver, Portland, and Bend areas, strengthening the bank's presence along the I-5 corridor.
FS Bancorp reported a total net income of $37.4 million for 2021, down from $39.3 million in 2020. The fourth quarter net income fell to $8.6 million, compared to $11.4 million in the previous year. The company increased its quarterly dividend to $0.20 per share, marking the 36th consecutive quarter of dividends. Total loans grew 11.9% to $1.73 billion year-over-year, supported by improved credit performance. However, noninterest income decreased $17.8 million for the year, primarily due to a drop in loan sales.
1st Security Bank announced the appointment of Shawn Carlson as the new VP, Community & Business Banking Officer on January 4, 2022. With over 20 years of experience in the Pacific Northwest, Carlson specializes in business banking, particularly for software, manufacturing, and specialty trade contractor sectors. His expertise is expected to significantly contribute to the Bank's growth. 1st Security Bank operates 21 branches, providing various loan and deposit services while emphasizing community involvement.
FS Bancorp, Inc (NASDAQ: FSBW) has been honored as the Best Community Bank in Bank Director’s 2022 Ranking Banking Study. The Bank's leadership team ranked #1 among all examined banks for their strength and effectiveness. The study evaluates U.S. banks based on quantitative metrics like profitability and growth, alongside qualitative factors such as innovation and leadership. CEO Joe Adams expressed gratitude for the accolade, attributing the success to the team's collaborative efforts in community banking.
1st Security Bank has announced its participation in a pilot program aimed at enhancing financing options for accessory dwelling units (ADUs). Successful implementation could lead to broader access across the mortgage industry, benefiting borrowers nationwide. The program allows rental income from ADUs to be counted as qualifying income, potentially increasing borrowers' purchasing power and reducing expenses on cash-out refinances. The initiative supports affordable housing and increases neighborhood density in major metropolitan areas.
On November 9, 2021, 1st Security Bank announced the implementation of Remote Online Notarization (RON) within its Home Lending division, enhancing the mortgage closing process. This digital solution allows borrowers to preview and sign documents remotely before finalizing with a notary via videoconference, reducing travel time and paperwork. Executive VP Donn Costa highlighted that RON offers greater convenience and efficiency, potentially becoming the standard for mortgage closings. Remote notarization ensures high security and accessibility for borrowers globally.
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