Fs Bancorp Inc Stock Price, News & Analysis

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.

FS Bancorp, Inc. (FSBW) has successfully issued $50 million in subordinated notes as part of a private placement transaction. The notes carry an initial fixed interest rate of 3.75% and mature on February 15, 2031, with a callable option starting from February 15, 2026. The net proceeds will support the Bank's growth, including potential acquisitions and share repurchase activities. CEO Joe Adams emphasized the positive impact of this capital raise on operational flexibility and capital enhancement. The offering involves a Registration Rights Agreement for future exchange of the notes.

FS Bancorp (NASDAQ:FSBW) has appointed Pamela M. Andrews to its Board of Directors effective January 28, 2021. The decision was ratified by the Board following a proposal from the Nominating & ESG Committee. Andrews, President of the law firm Andrews Skinner, P.S., brings a wealth of experience in legal and insurance matters, which is expected to enhance the Board's capabilities. The CEO, Joe Adams, expressed optimism about her contributions to the Board. FS Bancorp operates 1st Security Bank of Washington, serving small- and middle-market businesses and individuals across Western Washington.

FS Bancorp reported a strong 2020 performance with total net income of $39.3 million or $8.97 per diluted share, a significant increase from $22.7 million a year prior. Fourth quarter net income rose to $11.4 million. The Board approved a $0.26 quarterly cash dividend, to be paid on February 25, 2021. The company experienced a 20.2% increase in deposits and a 16.4% increase in loans, bolstered by participation in the Paycheck Protection Program. Despite challenges from COVID-19, asset growth was 2.9% to $2.11 billion. However, the allowance for loan losses increased to 1.66% of gross loans.

1st Security Bank has appointed Brian J. Kunkel as the new Director of Commercial Lending, effective immediately. Kunkel has been with the bank since 2016 and has played a vital role in its commercial lending growth over the years. In his new position, he will oversee the entire commercial lending platform, managing both the commercial and industrial lending teams and the treasury management team. His extensive 20 years of banking experience, including 15 years in commercial lending, positions him well for this leadership role.