Fs Bancorp Inc Stock Price, News & Analysis

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.

FS Bancorp reported a strong third quarter for 2020, with net income increasing to $12.7 million or $2.94 per diluted share, up from $7.1 million a year earlier. The company's loan portfolio grew by $50.5 million to $1.52 billion, and they approved a $0.21 cash dividend, payable on November 19, 2020. Notably, the allowance for loan losses rose to 1.63% of gross loans. FS Bancorp funded 471 PPP loans totaling $74.1 million. Total assets reached $2.05 billion, reflecting a strong performance despite the pandemic.

1st Security Bank has promoted Robert Nesbitt to Senior Vice President, Commercial Lending Team Leader, based in Mountlake Terrace, Washington. This strategic move comes as a response to the Bank's rapid client growth, largely attributed to Nesbitt's leadership in commercial lending. With over 20 years in the banking sector, including 15 in commercial lending, he will oversee the Bank's commercial lending relationship managers to enhance the Commercial and Industrial lending portfolio. This promotion underscores the Bank's commitment to client service and business growth.