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 John Hill as the new Director of Community & Business Banking. With over 30 years of banking experience in Western Washington, Hill has previously held positions as a branch manager and senior vice president at Umpqua Bank. His focus on innovation and customer service aligns with the bank's goals to enhance its community banking division. Hill is a graduate of the Pacific Coast Banking School and has a notable history of community involvement, including leadership roles in local organizations.
FS Bancorp (NASDAQ:FSBW) reported a strong first quarter for 2021, achieving $11.9 million in net income, up from $5.2 million year-over-year. Diluted earnings per share rose to $2.70, reflecting increased core deposit growth and diversified lending. The board announced a dividend increase to $0.27 per share. Total gross loans grew by $50.9 million to $1.63 billion, with deposits up $106.7 million to $1.78 billion. The company also renewed its $15 million share repurchase plan, aiming to enhance shareholder returns.
FS Bancorp, Inc. (FSBW) has successfully issued $50 million in subordinated notes as part of a private placement transaction. The notes carry an initial fixed interest rate of 3.75% and mature on February 15, 2031, with a callable option starting from February 15, 2026. The net proceeds will support the Bank's growth, including potential acquisitions and share repurchase activities. CEO Joe Adams emphasized the positive impact of this capital raise on operational flexibility and capital enhancement. The offering involves a Registration Rights Agreement for future exchange of the notes.
FS Bancorp (NASDAQ:FSBW) has appointed Pamela M. Andrews to its Board of Directors effective January 28, 2021. The decision was ratified by the Board following a proposal from the Nominating & ESG Committee. Andrews, President of the law firm Andrews Skinner, P.S., brings a wealth of experience in legal and insurance matters, which is expected to enhance the Board's capabilities. The CEO, Joe Adams, expressed optimism about her contributions to the Board. FS Bancorp operates 1st Security Bank of Washington, serving small- and middle-market businesses and individuals across Western Washington.
FS Bancorp reported a strong 2020 performance with total net income of $39.3 million or $8.97 per diluted share, a significant increase from $22.7 million a year prior. Fourth quarter net income rose to $11.4 million. The Board approved a $0.26 quarterly cash dividend, to be paid on February 25, 2021. The company experienced a 20.2% increase in deposits and a 16.4% increase in loans, bolstered by participation in the Paycheck Protection Program. Despite challenges from COVID-19, asset growth was 2.9% to $2.11 billion. However, the allowance for loan losses increased to 1.66% of gross loans.
1st Security Bank has appointed Brian J. Kunkel as the new Director of Commercial Lending, effective immediately. Kunkel has been with the bank since 2016 and has played a vital role in its commercial lending growth over the years. In his new position, he will oversee the entire commercial lending platform, managing both the commercial and industrial lending teams and the treasury management team. His extensive 20 years of banking experience, including 15 years in commercial lending, positions him well for this leadership role.
FS Bancorp reported a strong third quarter for 2020, with net income increasing to $12.7 million or $2.94 per diluted share, up from $7.1 million a year earlier. The company's loan portfolio grew by $50.5 million to $1.52 billion, and they approved a $0.21 cash dividend, payable on November 19, 2020. Notably, the allowance for loan losses rose to 1.63% of gross loans. FS Bancorp funded 471 PPP loans totaling $74.1 million. Total assets reached $2.05 billion, reflecting a strong performance despite the pandemic.
1st Security Bank has promoted Robert Nesbitt to Senior Vice President, Commercial Lending Team Leader, based in Mountlake Terrace, Washington. This strategic move comes as a response to the Bank's rapid client growth, largely attributed to Nesbitt's leadership in commercial lending. With over 20 years in the banking sector, including 15 in commercial lending, he will oversee the Bank's commercial lending relationship managers to enhance the Commercial and Industrial lending portfolio. This promotion underscores the Bank's commitment to client service and business growth.
1st Security Bank has promoted Melanie Miller to Senior Vice President, Commercial Lending Team Leader. Based in Pierce County, Washington, she will oversee commercial lending relationship managers and expand the bank's lending portfolio in the South Puget Sound region. Melanie brings 22 years of experience in commercial lending and leadership, having joined the bank in 2019. Her expertise includes commercial and industrial real estate and equipment loans. The bank operates 21 branches and is a member of FDIC.
1st Security Bank of Washington has announced the appointment of Lisa Cleary as the new Chief Operating Officer. With over 20 years of experience in the banking industry, Cleary's previous roles include EVP and Chief Credit Officer at First Sound Bank. She holds a Bachelor’s degree in Business Administration from the University of Alaska Fairbanks and has completed prestigious banking programs. CEO Joe Adams praised Cleary’s managerial experience and cultural fit within the bank. This leadership change aims to strengthen the bank's operations and customer service capabilities.
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