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 reported a strong Q1 2023 with net income increasing to $8.2 million, or $1.04 per diluted share, up from $6.9 million a year earlier. This includes an adjustment for acquisition costs, indicating a potential net income of $9.6 million. The bank completed the acquisition of seven branches, adding $382.1 million in deposits. The net interest margin improved to 4.70%. Consumer loans grew significantly by 36.3% year-over-year, with a substantial focus on home improvement loans. The board declared its 41st consecutive quarterly cash dividend of $0.25 per share, payable on May 25, 2023. Total assets increased by 5.7% to $2.78 billion as of March 31, 2023, supported by the branch acquisition.
1st Security Bank of Washington has appointed Ben Crowl as the new Chief Lending Officer (CLO), effective July 1, 2023, succeeding Dennis O’Leary, who has held the position since 2013. Under O'Leary's leadership, the bank's assets grew from $285 million in 2011 to $2.63 billion by the end of 2022. O’Leary will transition to his original role as SVP Director of Commercial Real Estate and Construction Lending, allowing him to spend more time with his family and continue mentoring Crowl. Crowl, who joined the bank in 2018, has over 15 years of banking experience, with a strong background in commercial lending and leadership.
FS Bancorp, Inc. (NASDAQ:FSBW) announces the completion of its acquisition of seven branch locations from Columbia State Bank, enhancing its presence in Washington and Oregon. The transaction involves assuming approximately $431 million in deposit liabilities and acquiring $67 million in loans, marking a significant expansion opportunity for 1st Security Bank. CEO Joe Adams expressed enthusiasm about welcoming new customers and communities. The acquisition, advised by Raymond James & Associates, aims to extend the bank's community service brand in the new markets.
1st Security Bank of Washington has announced the promotion of Shana Allen to Executive Vice President, effective immediately. Allen, who has served as the Chief Information Officer since 2010, has over 20 years of experience in banking and is recognized for her expertise in cybersecurity and information security. Under her leadership, the bank's technology and security teams will continue to develop. CEO Joe Adams praised her contributions and leadership within the organization. Allen holds multiple certifications, including CISSP, and actively participates in industry advisory boards.
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.
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