MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ: NASDAQ:FSBW), the parent company of 1st Security Bank of Washington, announced today the promotion of Matthew D. Mullet to President of both the Bank and the Company. Mullet, who has served as Chief Financial Officer since September 2011, will retain his CFO role alongside his new responsibilities.
Joseph C. Adams, who remains the Chief Executive Officer of both FS Bancorp and 1st Security Bank, expressed confidence in Mullet's leadership and his comprehensive understanding of the bank's operations.
Mullet's banking career started in June 2000 as a financial examiner with the Washington State Department of Financial Institutions, Division of Banks. His experience includes a tenure as Chief Financial Officer at Golf Savings Bank and a senior position at Sterling Savings Bank's Home Loan Division before joining 1st Security Bank.
In addition to his corporate roles, Mullet is active in industry and community service. He is part of the Government Relations Committee with the Washington Bankers Association and contributes to financial literacy through volunteer work with The IF Project at the Washington Corrections Center for Women.
1st Security Bank operates twenty-seven branches and additional loan production offices across the Puget Sound, Tri-Cities, and Vancouver areas in Washington State. The bank provides a range of loan and deposit services and specializes in home mortgage services in the Northwest.
The announcement included forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, indicating plans for the company's anticipated future operations. FS Bancorp advises reading its SEC reports, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for a detailed discussion of potential risks and variations in outcomes.
This leadership change is based on a press release statement from FS Bancorp, Inc.
In other recent news, FS Bancorp, the parent company of 1st Security Bank of Washington, has reported a series of significant developments. The company has declared a modest increase in its quarterly cash dividend to $0.27 per share, a 3.8% rise from the previous $0.26. This change is set to benefit shareholders of record as of August 7, 2024.
In addition, FS Bancorp has launched a new stock repurchase program, with plans to buy back up to $5 million of its outstanding common stock over a 12-month period until July 31, 2025. The repurchase initiative aligns with the guidelines of Rule 10b5-1 under the Securities and Exchange Commission (SEC), which allows companies to repurchase shares under certain conditions.
On the personnel front, FS Bancorp has announced executive promotions within 1st Security Bank. Sean McCormick (NYSE:MKC) has been promoted to Chief Credit Administration Officer, and Robert Nesbitt has been appointed as Chief Credit Operations Officer. These promotions highlight the company's commitment to strengthening its leadership team and enhancing its credit operations.
These are among the noteworthy recent developments at FS Bancorp, as the company continues to implement strategies aimed at enhancing shareholder value and bolstering its management team.
InvestingPro Insights
As Matthew D. Mullet steps into his dual role as President and CFO of FS Bancorp, Inc., the financial landscape of the company presents a mixed picture. A notable highlight for investors is the company's consistent history of rewarding shareholders, with FS Bancorp raising its dividend for 12 consecutive years, signaling a stable financial policy and a commitment to returning value to shareholders. This is particularly relevant given the company's attractive dividend yield of 2.66% as of the last twelve months ending Q1 2024.
Another compelling point for potential investors is FS Bancorp's trading metrics. With a low P/E ratio of 8.73, the company is trading at a discount relative to near-term earnings growth, suggesting that the stock may be undervalued. This is supported by a PEG ratio of 0.52, indicating that the stock's price is potentially reasonable relative to its earnings growth.
Investors looking to delve deeper into FS Bancorp's financial health will find additional valuable insights with InvestingPro. There are 11 more InvestingPro Tips available, offering a comprehensive analysis of the company's performance and future prospects. For those interested in gaining full access to these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
While FS Bancorp has demonstrated strong returns over the past month and three months, with price total returns of 22.93% and 29.89% respectively, it is important to consider all aspects of the company's financial situation.
The bank's gross profit margins have been identified as a weakness, which could impact future profitability. Nevertheless, analysts predict the company will remain profitable this year, a sentiment that is bolstered by its performance over the last twelve months.
With the leadership transition, FS Bancorp may continue to navigate the financial sector's challenges while capitalizing on its strengths. Investors and stakeholders will likely keep a close watch on how these metrics evolve under Mullet's presidency.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.