MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ:FSBW), parent company of 1st Security Bank of Washington, announced the appointment of Terri L. Degner to its Board of Directors. The appointment, effective as of September 30, 2024, was confirmed by the Board following the recommendation of its Nominating & ESG Committee.
Degner brings a wealth of experience to the Board, having previously served as Executive Vice President, Chief Financial Officer, and Treasurer at Anchor Bank before its acquisition by 1st Security Bank in November 2018. Post-acquisition, she continued to assist with the transition and other projects as a Consultant. Degner's academic credentials include a cum laude Bachelor of Arts Degree in Accounting from St. Martins College and an honors degree from the Pacific Coast Banking School at the University of Washington.
Joe Adams, Chief Executive Officer of FS Bancorp, expressed confidence in Degner's capabilities, highlighting her deep understanding of the banking sector and her familiarity with both the Bank and the Company. He anticipates that her expertise will greatly benefit the Board's operations.
FS Bancorp, headquartered in Washington, operates as the holding company for 1st Security Bank of Washington. The Bank caters predominantly to small- and middle-market businesses and individuals, offering loan and deposit services through 27 branches and loan production offices across Washington and Oregon, including the greater Puget Sound area, the Tri-Cities, and Vancouver.
This news is based on a press release statement and should be evaluated in the context of the entire financial and regulatory environment in which FS Bancorp operates. The forward-looking statements within the press release reflect management's expectations as of the date of the release and are subject to change based on factors such as market conditions and regulatory changes. Investors are advised to consult FS Bancorp's filings with the Securities and Exchange Commission for a more comprehensive understanding of these factors and their potential impact.
In other recent news, FS Bancorp has announced a series of significant updates. The company reported a 3.8% increase in its quarterly cash dividend, rising from $0.26 to $0.27 per share, set to benefit registered shareholders. Additionally, FS Bancorp has initiated a new stock repurchase program, intending to buy back up to $5 million of its outstanding common stock over a period of 12 months, in compliance with SEC Rule 10b5-1 guidelines.
FS Bancorp also announced executive changes, with Matthew D. Mullet promoted to President while retaining his CFO role. 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 are part of FS Bancorp's strategy to strengthen its leadership team.
Furthermore, FS Bancorp executives are set to participate in the Raymond James U.S. Bank and Banking on Technology Conference in Chicago. The company's financial performance, strategic initiatives, and operational developments are expected to be discussed at this event, providing an opportunity for FS Bancorp to connect with investors, analysts, and other industry professionals. These are some of the recent developments at FS Bancorp.
InvestingPro Insights
As FS Bancorp (NASDAQ:FSBW) welcomes Terri L. Degner to its Board of Directors, investors may find additional context in the company's financial performance and market position. According to InvestingPro data, FSBW boasts a market capitalization of $325.26 million, reflecting its standing in the regional banking sector.
The company's financial health appears robust, with a P/E ratio of 9.31, suggesting that it may be undervalued compared to its peers. This valuation metric aligns with the company's strong recent performance, as evidenced by its impressive 55.63% price total return over the past year.
InvestingPro Tips highlight that FSBW has raised its dividend for 11 consecutive years, demonstrating a commitment to shareholder returns that may appeal to income-focused investors. This consistent dividend growth, coupled with a current dividend yield of 2.43%, could be particularly attractive in the context of Degner's appointment and her potential contribution to the company's financial strategies.
Moreover, FSBW has shown strong momentum, with a 28.18% price total return over the last three months. This positive trend may reflect market confidence in the company's management and growth prospects, which could be further bolstered by Degner's extensive banking experience.
For investors seeking a deeper understanding of FSBW's potential, InvestingPro offers 11 additional tips, providing a more comprehensive analysis of the company's strengths and challenges in the current market environment.
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