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 (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington, provides investors and stakeholders with timely updates through this dedicated news hub. Access official press releases, regulatory filings, and corporate announcements covering the company’s commercial banking operations, residential mortgage activities, and community-focused initiatives across Washington and Oregon.
This resource delivers essential updates on earnings reports, leadership changes, product launches, and regulatory developments. Users will find detailed information on FSBW’s dual business segments – commercial/consumer banking and home lending – including marine loan programs, real estate financing, and capital management strategies like its share repurchase program.
Bookmark this page for direct access to primary source materials from a regional banking institution recognized for its diversified lending portfolio and neighborhood branch network. Check regularly for new developments impacting FSBW’s market position in community banking and specialized financial services.
FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington, has appointed Terri L. Degner to its Board of Directors, effective September 30, 2024. The appointment was proposed by the Company's Nominating & ESG Committee and approved by the Board of Directors.
CEO Joe Adams expressed enthusiasm about Degner's appointment, citing her extensive banking background and in-depth knowledge of the Bank and Company as valuable assets to the Board. Degner previously served as Executive Vice President, Chief Financial Officer, and Treasurer at Anchor Bank until its acquisition by 1st Security Bank in November 2018. She continued to work with the Bank as a Consultant on the Anchor transition and other projects.
Degner's educational background includes a Bachelor of Arts Degree in Accounting from St. Martins College, where she graduated cum laude in 1998, and an honors graduation from Pacific Coast Banking School at the University of Washington in 2000.
FS Bancorp (NASDAQ: FSBW) reported second quarter 2024 net income of $9.0 million ($1.13 per share), slightly down from $9.1 million ($1.16 per share) in the same quarter last year. For the first half of 2024, net income was $17.4 million ($2.20 per share), up from $17.3 million ($2.19 per share) in the first half of 2023.
Key highlights include:
- Repurchase of 73,000 shares at an average price of $32.84 per share.
- A new share repurchase plan for $5 million.
- Quarterly dividend increased by 3.8% to $0.27 per share.
- Net interest margin (NIM) rose to 4.29% from 4.26% in the previous quarter.
- Total deposits decreased by 3.3% to $2.38 billion.
- Book value per share increased to $37.15, and tangible book value per share to $34.66.
- Loans receivable increased by $41.8 million to $2.46 billion.
Regulatory capital ratios remain strong, with a total risk-based capital ratio of 13.9% and Tier 1 leverage capital ratio of 10.9%.
FS Bancorp (NASDAQ: FSBW) has promoted Matthew D. Mullet to President of both the company and its subsidiary, 1st Security Bank of Washington. Mullet, who has been the Chief Financial Officer since September 2011, will retain this role alongside his new position as President. Joseph C. Adams will continue as Chief Executive Officer for both entities.
Mullet's career in banking began in 2000 as a financial examiner with the Washington State Department of Financial Institutions. He later worked at Golf Savings Bank, becoming CFO in 2007, and held a senior position at Sterling Savings Bank before joining 1st Security Bank in 2011. Mullet is actively involved in industry associations and volunteers to teach financial literacy.
FS Bancorp (NASDAQ: FSBW) has announced a 3.8% increase in its quarterly cash dividend, now $0.27 per share, payable on August 21, 2024, to shareholders of record as of August 7, 2024. This marks the company's forty-sixth consecutive quarterly dividend. Additionally, the Board has authorized a share repurchase program, allowing the repurchase of up to $5 million in common stock until July 31, 2025. Repurchases can occur in open market or private transactions and are subject to market conditions and the company's financial performance. The program can be modified or terminated at management's discretion.
FS Bancorp (NASDAQ: FSBW), the parent company of 1st Security Bank of Washington, announced the promotions of Kelli Nielsen and Donn Costa effective May 1, 2024. Nielsen will become EVP, Chief Retail Banking Officer, and Costa will be EVP, Chief Home Lending Officer. CEO Joe Adams praised their leadership in enhancing customer experiences. Nielsen, with over three decades in finance, joined 1st Security in 2016 and has held various leadership roles. Costa, with 35 years in mortgage lending, contributed to the creation and growth of the Bank's mortgage division since joining in 2011. Both leaders actively support community initiatives and professional organizations.
FS Bancorp, the holding company for 1st Security Bank of Washington (NASDAQ: FSBW), announced the promotions of Sean McCormick and Robert Nesbitt to Executive Vice President positions. Sean McCormick will serve as Chief Credit Administration Officer, responsible for credit strategy, risk, and financial analysis. Robert Nesbitt will become Chief Credit Operations Officer, overseeing commercial credit operations. Combined, they bring over 40 years of experience, significantly contributing to the bank's growth and risk management. CEO Joe Adams noted their strategic leadership would drive future success in Washington and Oregon.
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