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.
MOUNTLAKE TERRACE, WA, October 28, 2021 - FS Bancorp, Inc. (NASDAQ: FSBW) reported a decline in third-quarter net income to $8.3 million ($0.97/share) from $12.7 million ($1.47/share) a year earlier. The Board declared a cash dividend of $0.15 per share, increasing from $0.14, set for payment on November 24, 2021. Strong earnings facilitated $6.8 million in share buybacks, with an additional $10 million approved. Total loans receivable reached $1.68 billion, a 12.5% year-over-year increase. The company maintains a Community Bank Leverage Ratio of 11.9%, indicating robust capital management.
1st Security Bank has appointed Kevin Richards as Senior Vice President, Commercial Lending Relationship Manager, to enhance its Commercial and Industrial (C&I) Lending Team. Based in Mountlake Terrace, WA, Richards brings nearly 20 years of banking experience, including 12 years in commercial lending, focusing on consulting firms, manufacturing, and commercial real estate. His recruitment is part of the Bank's ongoing effort to strengthen its C&I portfolio and improve customer service.
FS Bancorp (NASDAQ: FSBW) has announced a new share repurchase program, authorizing the buyback of up to $10 million of its common stock. This program is in addition to an existing $15 million program, which has about $900,000 left. The repurchases can occur through open market or private transactions, with management deciding the timing and pricing based on various factors like stock availability and market conditions. This strategic move aims to enhance shareholder value.
1st Security Bank has received certification for its 1st Step Checking account from the national Cities for Financial Empowerment Fund (CFE Fund), confirming compliance with the Bank On National Account Standards for 2021-2022. This certification highlights the account's affordability and safety, aimed at enhancing access to banking for the unbanked and underbanked in the Puget Sound region. The Bank's commitment to providing valuable financial products is evident through this partnership, which fosters better financial stability for local communities.
1st Security Bank has announced its participation in Fannie Mae's RefiNow program aimed at helping low-to-moderate income homeowners refinance their mortgages. This initiative targets homeowners earning at or below 80% of the area median income, enabling them to secure lower interest rates and reduce monthly payments. The program is accessible to eligible borrowers with Fannie Mae loans serviced by the bank across Washington, Oregon, Idaho, Montana, Arizona, and California. This move reflects the bank's commitment to supporting community members in financial need.
1st Security Bank has successfully integrated customer debit and credit cards with leading digital wallets such as Apple Pay, Google Pay, and Samsung Pay. This initiative allows customers to make secure payments using their mobile devices at participating locations. EVP Kelli Nielsen highlighted this enhancement as part of the bank's commitment to improving customer banking experiences through advanced financial technology.
FS Bancorp, Inc. (NASDAQ:FSBW) disclosed a net income of $8.5 million, or $0.97 per diluted share, for Q2 2021, down from $10.0 million, or $1.15 per diluted share in Q2 2020. The company reported a dividend increase to $0.28 per share, effective post two-for-one stock split, with a new share price of $0.14. Total loans grew by 3.3% to $1.65 billion, driven by diversified lending. However, noninterest income fell to $8.2 million from $14.1 million due to reduced loan sales. The company maintains strong capital ratios with a CBLR of 11.9%.
FS Bancorp has announced a two-for-one stock split through a 100% stock dividend, effective July 14, 2021, for shareholders of record as of July 6, 2021. This move will double the outstanding shares from approximately 4.2 million to 8.4 million, maintaining a par value of $0.01 per share. The recent quarterly cash dividend of $0.27 is set to be reduced to $0.14 post-split. CEO Joe Adams stated that this stock split aims to enhance liquidity and attract new investors while maintaining a commitment to long-term profitability and dividends.
FS Bancorp, Inc. (NASDAQ:FSBW) announced on June 9, 2021, that its subsidiary, 1st Security Bank, will increase its minimum wage to $20.00 per hour effective June 24th. This adjustment results in an annualized wage of $41,600 for full-time employees, positively impacting over 20% of the workforce. CEO Joe Adams emphasized that providing a livable wage supports employee success and aligns with the company’s commitment to financial security during the pandemic. The initiative aims to ensure employees can meet basic needs, reflecting the Bank's Vision Statement.
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