Fs Bancorp Inc Stock Price, News & Analysis

FS Bancorp (NASDAQ: FSBW) has announced a new share repurchase program, authorizing the buyback of up to $10 million of its common stock. This program is in addition to an existing $15 million program, which has about $900,000 left. The repurchases can occur through open market or private transactions, with management deciding the timing and pricing based on various factors like stock availability and market conditions. This strategic move aims to enhance shareholder value.

1st Security Bank has received certification for its 1st Step Checking account from the national Cities for Financial Empowerment Fund (CFE Fund), confirming compliance with the Bank On National Account Standards for 2021-2022. This certification highlights the account's affordability and safety, aimed at enhancing access to banking for the unbanked and underbanked in the Puget Sound region. The Bank's commitment to providing valuable financial products is evident through this partnership, which fosters better financial stability for local communities.

1st Security Bank has announced its participation in Fannie Mae's RefiNow program aimed at helping low-to-moderate income homeowners refinance their mortgages. This initiative targets homeowners earning at or below 80% of the area median income, enabling them to secure lower interest rates and reduce monthly payments. The program is accessible to eligible borrowers with Fannie Mae loans serviced by the bank across Washington, Oregon, Idaho, Montana, Arizona, and California. This move reflects the bank's commitment to supporting community members in financial need.

1st Security Bank has successfully integrated customer debit and credit cards with leading digital wallets such as Apple Pay, Google Pay, and Samsung Pay. This initiative allows customers to make secure payments using their mobile devices at participating locations. EVP Kelli Nielsen highlighted this enhancement as part of the bank's commitment to improving customer banking experiences through advanced financial technology.

FS Bancorp, Inc. (NASDAQ:FSBW) disclosed a net income of $8.5 million, or $0.97 per diluted share, for Q2 2021, down from $10.0 million, or $1.15 per diluted share in Q2 2020. The company reported a dividend increase to $0.28 per share, effective post two-for-one stock split, with a new share price of $0.14. Total loans grew by 3.3% to $1.65 billion, driven by diversified lending. However, noninterest income fell to $8.2 million from $14.1 million due to reduced loan sales. The company maintains strong capital ratios with a CBLR of 11.9%.

FS Bancorp has announced a two-for-one stock split through a 100% stock dividend, effective July 14, 2021, for shareholders of record as of July 6, 2021. This move will double the outstanding shares from approximately 4.2 million to 8.4 million, maintaining a par value of $0.01 per share. The recent quarterly cash dividend of $0.27 is set to be reduced to $0.14 post-split. CEO Joe Adams stated that this stock split aims to enhance liquidity and attract new investors while maintaining a commitment to long-term profitability and dividends.

FS Bancorp, Inc. (NASDAQ:FSBW) announced on June 9, 2021, that its subsidiary, 1st Security Bank, will increase its minimum wage to $20.00 per hour effective June 24th. This adjustment results in an annualized wage of $41,600 for full-time employees, positively impacting over 20% of the workforce. CEO Joe Adams emphasized that providing a livable wage supports employee success and aligns with the company’s commitment to financial security during the pandemic. The initiative aims to ensure employees can meet basic needs, reflecting the Bank's Vision Statement.

1st Security Bank has appointed John Hill as the new Director of Community & Business Banking. With over 30 years of banking experience in Western Washington, Hill has previously held positions as a branch manager and senior vice president at Umpqua Bank. His focus on innovation and customer service aligns with the bank's goals to enhance its community banking division. Hill is a graduate of the Pacific Coast Banking School and has a notable history of community involvement, including leadership roles in local organizations.

FS Bancorp (NASDAQ:FSBW) reported a strong first quarter for 2021, achieving $11.9 million in net income, up from $5.2 million year-over-year. Diluted earnings per share rose to $2.70, reflecting increased core deposit growth and diversified lending. The board announced a dividend increase to $0.27 per share. Total gross loans grew by $50.9 million to $1.63 billion, with deposits up $106.7 million to $1.78 billion. The company also renewed its $15 million share repurchase plan, aiming to enhance shareholder returns.