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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.
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.
Columbia Banking System (NASDAQ: COLB) has announced the divestiture of seven branches in Washington and Oregon to 1st Security Bank (NASDAQ: FSBW) as part of a compliance requirement from the U.S. Department of Justice (DOJ) necessary for their pending merger with Umpqua Holdings. The deal involves approximately $510 million in deposits and $76 million in loans. The sale is set to finalize in the first quarter of 2023, subject to regulatory approvals. Retaining all employees, the transition aims to maintain service continuity for customers.
FS Bancorp, Inc. (NASDAQ: FSBW) announced a third-quarter 2022 net income of $8.5 million, or $1.08 per diluted share, reflecting a slight year-over-year increase. However, net income for the first nine months of 2022 decreased to $22.0 million, compared to $28.8 million in 2021. The company declared a quarterly cash dividend of $0.20, payable on November 23, 2022. Key highlights include a net interest margin increase to 4.54%, and loans receivable net increased by 7.1% quarter-over-quarter. Total assets rose by 10.5% to $2.65 billion.
FS Bancorp, Inc. reported Q2 2022 net income of $6.7 million ($0.83/share), down from $8.5 million ($0.98/share) in Q2 2021. Year-to-date income is $13.6 million ($1.66/share), compared to $25.8 million ($2.35/share) last year. The Bank's net interest margin improved to 4.39%. A quarterly dividend of $0.20 will be paid on August 25, 2022. Total assets rose by 5.5% to $2.40 billion, driven by an $148.4 million increase in loans. However, noninterest income decreased significantly due to a drop in loan sales. The company remains well-capitalized with a CBLR of 11.9%.
1st Security Bank has partnered with LoanStar Technologies to enhance its loan application portal for home improvement contractors. This collaboration aims to simplify the lending process for contractors and consumers purchasing home improvement goods like windows and roofs. The new portal utilizes LoanStar's MerchantLinQ® platform, designed to streamline operations and improve user experience. Since 1996, the Bank has provided home improvement financing, reinforcing its commitment to leveraging technology for operational efficiency and risk reduction.
1st Security Bank has appointed Susan Dumontet as its new Director of Finance. With over 20 years of financial experience in the Pacific Northwest, she previously worked at Columbia Bank and the WA State Department of Financial Institutions. Susan brings expertise in risk management and capital planning, which is expected to enhance the bank's financial operations. She holds a BA in Business Finance and an MBA, along with certification as an ABA Certified Enterprise Risk Professional.
FS Bancorp reported first quarter 2022 net income of $6.9 million ($0.81/share), down from $11.9 million ($1.35/share) in Q1 2021. The company repurchased 115,356 shares at 106% of book value, underscoring its commitment to shareholder value. A quarterly cash dividend of $0.20 and a special dividend of $0.10 will be paid on May 26, 2022. Notably, loans receivable rose to $1.80 billion, a 4.0% increase quarter-over-quarter. Total assets decreased slightly to $2.27 billion, while the net interest margin improved to 4.24%. The adoption of the Current Expected Credit Loss standard resulted in a decrease of $2.9 million in the allowance for credit losses.
1st Security Bank, located in Mountlake Terrace, Washington, announced its partnership with Plaid, a fintech company, on April 26, 2022. This collaboration aims to enhance the bank's online account opening process by providing customers with a secure and quick way to access their financial data and verify their identity. Brooke Allan, VP of Digital Products, emphasized the commitment to improving customer experience through technology. With this partnership, the bank seeks to offer a seamless and efficient onboarding tool for new account holders.
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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.