Welcome to our dedicated page for Fs Bancorp news (Ticker: FSBW), a resource for investors and traders seeking the latest updates and insights on Fs Bancorp stock.
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.
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.
1st Security Bank has promoted Melanie Miller to Senior Vice President, Commercial Lending Team Leader. Based in Pierce County, Washington, she will oversee commercial lending relationship managers and expand the bank's lending portfolio in the South Puget Sound region. Melanie brings 22 years of experience in commercial lending and leadership, having joined the bank in 2019. Her expertise includes commercial and industrial real estate and equipment loans. The bank operates 21 branches and is a member of FDIC.
1st Security Bank of Washington has announced the appointment of Lisa Cleary as the new Chief Operating Officer. With over 20 years of experience in the banking industry, Cleary's previous roles include EVP and Chief Credit Officer at First Sound Bank. She holds a Bachelor’s degree in Business Administration from the University of Alaska Fairbanks and has completed prestigious banking programs. CEO Joe Adams praised Cleary’s managerial experience and cultural fit within the bank. This leadership change aims to strengthen the bank's operations and customer service capabilities.
FS Bancorp recently announced a new stock repurchase program with a maximum value of $5 million. This initiative allows the company to buy back its common stock in open markets or private transactions, adhering to SEC regulations. The repurchase strategy is at management's discretion and will depend on market conditions, stock price, and the company's overall financial performance. The program is flexible, permitting modification or termination based on various factors, ensuring it aligns with the best interests of shareholders.
FS Bancorp reported a robust second quarter in 2020 with net income rising to $10.0 million, or $2.30 per diluted share, compared to $4.5 million last year. Total assets surpassed $2 billion, growing by 8.7% from the previous quarter. The Board declared a quarterly cash dividend of $0.21, payable on August 20, 2020. The bank actively assisted clients during the COVID-19 pandemic, providing $103.6 million in loan relief and issuing 463 PPP loans totaling $75.3 million. However, the provision for loan losses increased to $4.6 million amid heightened economic uncertainty.