Fs Bancorp Inc Stock Price, News & Analysis

1st Security Bank announced the launch of a new mortgage lending office in Vancouver, Washington, with Matt Schiefer and Linda Mariani as the founding members. Schiefer, a mortgage professional since 2004, will serve as Branch Manager, offering residential and construction financing. Mariani brings over 20 years of experience as a Loan Officer, aiming to facilitate a smooth mortgage process. This expansion aims to enhance service to home buyers in the Vancouver, Portland, and Bend areas, strengthening the bank's presence along the I-5 corridor.

FS Bancorp reported a total net income of $37.4 million for 2021, down from $39.3 million in 2020. The fourth quarter net income fell to $8.6 million, compared to $11.4 million in the previous year. The company increased its quarterly dividend to $0.20 per share, marking the 36th consecutive quarter of dividends. Total loans grew 11.9% to $1.73 billion year-over-year, supported by improved credit performance. However, noninterest income decreased $17.8 million for the year, primarily due to a drop in loan sales.

1st Security Bank announced the appointment of Shawn Carlson as the new VP, Community & Business Banking Officer on January 4, 2022. With over 20 years of experience in the Pacific Northwest, Carlson specializes in business banking, particularly for software, manufacturing, and specialty trade contractor sectors. His expertise is expected to significantly contribute to the Bank's growth. 1st Security Bank operates 21 branches, providing various loan and deposit services while emphasizing community involvement.

FS Bancorp, Inc (NASDAQ: FSBW) has been honored as the Best Community Bank in Bank Director’s 2022 Ranking Banking Study. The Bank's leadership team ranked #1 among all examined banks for their strength and effectiveness. The study evaluates U.S. banks based on quantitative metrics like profitability and growth, alongside qualitative factors such as innovation and leadership. CEO Joe Adams expressed gratitude for the accolade, attributing the success to the team's collaborative efforts in community banking.

1st Security Bank has announced its participation in a pilot program aimed at enhancing financing options for accessory dwelling units (ADUs). Successful implementation could lead to broader access across the mortgage industry, benefiting borrowers nationwide. The program allows rental income from ADUs to be counted as qualifying income, potentially increasing borrowers' purchasing power and reducing expenses on cash-out refinances. The initiative supports affordable housing and increases neighborhood density in major metropolitan areas.

On November 9, 2021, 1st Security Bank announced the implementation of Remote Online Notarization (RON) within its Home Lending division, enhancing the mortgage closing process. This digital solution allows borrowers to preview and sign documents remotely before finalizing with a notary via videoconference, reducing travel time and paperwork. Executive VP Donn Costa highlighted that RON offers greater convenience and efficiency, potentially becoming the standard for mortgage closings. Remote notarization ensures high security and accessibility for borrowers globally.

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.