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. reports developments for its role as the holding company for 1st Security Bank of Washington, a community bank serving businesses and individuals in Washington and Oregon. News commonly covers quarterly operating results, net interest margin commentary, dividend actions, share repurchase authorizations, and governance updates.
The company’s updates also describe its two reportable segments: Commercial and Consumer Banking, which provides deposits, residential, consumer, business and commercial real estate lending, cash management, and investment-portfolio management; and Home Lending, which originates one-to-four-family residential mortgage loans for sale in secondary markets and for investment. Recurring items include branch and lending-office activity, mortgage leadership, and Pacific Northwest banking operations.
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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.