Notable Stock News to Watch: FS Bancorp (NASDAQ:FSBW)

FS Bancorp (NASDAQ:FSBW)stock revealed change of 32.73% away from 52-week low price and recently located move of -43.33% off 52-week high price. It has market worth of $174.11M and dividend yield of 2.30%. FSBW stock has been recorded -9.44% away from 50 day moving average and -28.81% away from 200 day moving average. Moving closer, we can see that shares have been trading 2.90% off 20-day moving average.

On April 24, 2020, FS Bancorp (NASDAQ:FSBW) the holding company for 1st Security Bank of Washington (the Bank) revealed 2020 first quarter net income of $5.2 million, or $1.14 per diluted share, compared to $5.2 million, or $1.15 per diluted share for the same period last year.

1st Security Bank has been focused on the impact of COVID-19 on the communities we serve and I am proud of the work accomplished to support businesses, employees, and those in our communities during these unprecedented times, stated CEO Joe Adams. We also remain focused on prudent capital management and are pleased to announce that our Board of Directors has approved our twenty-ninth consecutive quarterly cash dividend. The quarterly dividend of $0.21 will be paid on May 21, 2020, to shareholders of record as of May 7, 2020.

Response to the COVID-19 pandemic:

The Company is following the Federal Housing Finance Agency guidelines for forbearance, foreclosure relief, and late payment reporting for the COVID-19 pandemic on all serviced loans and a modified format for portfolio loans.  As of April 21, 2020, the amount of one-to-four-family loans in our portfolio that we have entered into forbearance agreements with the borrower is $10.8 million, and the amount of consumer loans that we have entered into a skip pay/interest deferral agreements with the borrower is $5.4 million.

The Company participated in the Paycheck Protection Program (PPP) and has secured 285 approvals and 280 fundings as of April 21, 2020 for borrowers in the communities we serve.  The Company has funded over $62.0 million in PPP loans to date.

All of our branches are open via drive thru and by appointment; and to enhance health and safety measures, approximately 70% of our staff have been approved to work remotely, where feasible.

2020 First Quarter Highlights

  • Net income was $5.2 million for the first quarter of 2020, compared to $5.9 million in the previous quarter, and $5.2 million for the comparable quarter one year ago. In response to the COVID-19 pandemic and its impact on the economy, the provision for loan loss was significantly increased to $3.7 million for the first quarter of 2020, compared to $647,000 in the previous quarter, and $750,000 for the comparable quarter one year ago;
  • Total gross loans increased $60.0 million during the quarter to $1.41 billion at March 31, 2020, compared to $1.35 billion at December 31, 2019, and $1.30 billion at March 31, 2019. None of the loan growth funded in the first quarter of 2020 were for loans to facilitate COVID-19 relief;
  • Total deposits increased $53.9 million during the quarter, including an increase of $42.9 million in relationship-based transactional deposits (noninterest-bearing checking, interest-bearing checking, and escrow accounts) in line with management’s focus on deposit mix;
  • During the quarter ended March 31, 2020, the Company recognized a one-time $1.5 million net gain on the sale of all shares of its Class B Visa stock;
  • The Company repurchased 136,243 shares of its common stock during the quarter ended March 31, 2020, at an average price per share of $39.30;
  • The Bank was eligible, and elected to opt-in to the new Community Bank Leverage Ratio (CBLR) framework for the first quarter of 2020. At March 31, 2020, the Bank’s Tier 1 leverage capital ratio was 11.3%.

The Financial sector company, FS Bancorp noticed change of 4.35% to $36.5 along volume of 16775 shares in recent session compared to an average volume of 21.40K shares. The stock observed return of -3.67% in 5 days trading activity. The stock was at 1.56% over one month performance. FSBW’s shares are at -40.52% for the quarter and driving a -29.04% return over the course of the past year and is now at -42.78% since this point in 2018.

The average volatility for the week at 7.26% and for month was at 8.57%. There are 4.77M shares outstanding and 3.80M shares are floated in market. Right now the stock beta is 1.22.

Leave a Reply

Your email address will not be published. Required fields are marked *