Filing Analysis
FS Bancorp, Inc. announced that its Board of Directors has authorized an additional share repurchase program totaling up to $5.0 million of the Company's common stock.
📋 Key Facts
- Board authorization for a new share repurchase program of up to $5.0 million.
- The company previously completed a $5.0 million repurchase program announced on July 11, 2024.
- Announcement date: November 15, 2024.
FS Bancorp, Inc. issued its quarterly earnings release for the period ending September 30, 2024 and announced a regular quarterly cash dividend.
📋 Key Facts
- Issued earnings release for the quarter ended September 30, 2024 on October 22, 2024.
- Declared a regular quarterly cash dividend of $0.027 per share.
- Dividend payable date: November 21, 2024.
- Record date for dividend: November 7, 2024.
FS Bancorp, Inc. announced the retirement of Margaret R. Piesik from its Board of Directors and various committees effective September 30, 2024. She was succeeded on the Board by Terri L. Degner.
🚩 Red Flags
- None identified; departure was characterized as a standard retirement without disagreement.
📋 Key Facts
- Margaret R. Piesik retired from the Board of Directors of FS Bancorp, Inc. and its subsidiary, 1st Security Bank of Washington, effective September 30, 2024.
- Ms. Piesik had served as a director since 2006.
- Terri L. Degner was appointed to the Company's Board of Directors effective September 30, 2024.
- Ms. Degner will serve on the Bank's Asset Quality and Audit Committees.
- The company confirmed Ms. Piesik did not cite any disagreements with the Company regarding operations, policies, or practices upon her resignation.
- As part of her retirement, the Compensation Committee vested her stock/options and will pay director fees through March 31, 2025.
FS Bancorp, Inc. announced that its President/CFO Matthew D. Mullet and EVP Robert Nesbitt will attend the Raymond James U.S. Bank and Banking on Technology Conference on September 5, 2024.
📋 Key Facts
- Executives attending: Matthew D. Mullet (President & CFO) and Robert Nesbitt (EVP, Chief Credit Operations Officer).
- Event: Raymond James U.S. Bank and Banking on Technology Conference.
- Date of event/filing: September 5, 2024.
- Location: Chicago, Illinois.
FS Bancorp, Inc. filed an 8-K to furnish its earnings release for the quarterly period ended June 30, 2024.
📋 Key Facts
- The filing was made on July 23, 2024.
- The report pertains to the quarter ended June 30, 2024.
- The company is the parent corporation of 1st Security Bank of Washington.
FS Bancorp, Inc. announced the promotion of Matthew D. Mullet to President of both the Company and its subsidiary, 1st Security Bank of Washington, effective July 19, 2024. Mr. Mullet will continue to serve in his existing role as Chief Financial Officer.
📋 Key Facts
- Matthew D. Mullet promoted to President of FS Bancorp, Inc. and 1st Security Bank of Washington on July 19, 2024.
- Mr. Mullet will retain his current role as Chief Financial Officer (CFO) for both the Company and the Bank.
- Joseph C. Adams remains as CEO for both entities.
- Mr. Mullet has served as CFO since September 2011.
FS Bancorp, Inc. held its Annual Meeting of Shareholders on May 23, 2024. The meeting resulted in the election of three directors and the ratification of the company's independent auditor.
📋 Key Facts
- Annual Meeting held on May 23, 2024.
- Quorum was present with 7,217,308 shares represented out of 7,805,795 outstanding.
- Joseph C. Adams (98.56%), Pamela M. Andrews (80.37%), and Joseph P. Zavaglia (78.71%) were elected to the Board for three-year terms expiring in 2027.
- Shareholders approved executive compensation via a non-binding advisory vote (Say-on-Pay).
- Moss Adams LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
FS Bancorp, Inc. announced the promotion of two executives to Executive Vice President roles within its subsidiary, 1st Security Bank of Washington.
📋 Key Facts
- Kelli Nielsen promoted to EVP, Chief Retail Banking Officer.
- Donn Costa promoted to EVP, Chief Home Lending Officer.
- Promotions effective as of May 24, 2024.
FS Bancorp, Inc. announced the promotion of two key executives within its banking subsidiary, 1st Security Bank of Washington.
📋 Key Facts
- Sean McCormick promoted to Chief Credit Administration Officer.
- Robert Nesbitt promoted to Chief Credit Operations Officer.
- Promotions effective as of May 20, 2024.
FS Bancorp, Inc. announced that its CFO and Chief Human Resources Officer will be attending the D.A. Davidson 26th Annual Financial Institutions Conference from May 8-10, 2024.
📋 Key Facts
- CFO Matthew D. Mullet and CHRO Vickie Jarman are attending the conference in Colorado Springs, CO.
- The event is the D.A. Davidson 26th Annual Financial Institutions Conference.
- Investor materials were provided as Exhibit 99.1.
FS Bancorp, Inc. released its quarterly earnings for the period ending March 31, 2024, and declared a regular quarterly cash dividend.
📋 Key Facts
- Earnings release issued for the quarter ended March 31, 2024 (Item 2.02).
- Board of Directors declared a regular quarterly cash dividend of $0.26 per share (Item 8.01).
- Dividend payable date: May 23, 2024.
- Record date for dividend: May 9, 2024.
FS Bancorp, Inc. announced the departure of Stephanie Nicklaus from her role as Chief Credit Officer at its subsidiary, 1st Security Bank of Washington, effective February 23, 2024.
🚩 Red Flags
- Departure of a key risk-management officer (Chief Credit Officer) without an immediate successor in place.
📋 Key Facts
- Stephanie Nicklaus departed as Chief Credit Officer on February 23, 2024.
- The Company has not yet named a successor for the position.
- Responsibilities will be temporarily absorbed by Bank personnel reporting to the Chief Risk Officer and CEO.
FS Bancorp, Inc. announced that its CFO and CRO will attend the Piper Sandler 2024 Western Financial Services Conference on February 29, 2024. The filing includes investor materials provided in connection with this event.
📋 Key Facts
- CFO Matthew D. Mullet and CRO Erin Burr are attending the Piper Sandler’s 2024 Western Financial Services Conference.
- The conference is scheduled for February 29, 2024, in Las Vegas, Nevada.
- Investor materials were attached as Exhibit 99.1.
FS Bancorp, Inc. announced that its wholly-owned subsidiary, 1st Security Bank of Washington, has entered into change in control agreements with three key executives: the CIO, CCO, and CLO.
🚩 Red Flags
- Potential liquidity drain in the event of an M&A transaction due to guaranteed lump-sum severance payments for multiple senior officers.
📋 Key Facts
- Effective date of agreements: January 29, 2024.
- Executives involved: Shana Allen (CIO), Stephanie Nicklaus (CCO), and Ben Crowl (CLO).
- Severance trigger: Involuntary termination within six months before or twelve months after a change in control event.
- Severance amount: Twelve months of the executive's then-current salary, paid as a lump sum within 45 days of termination.
- Conditions for severance: Execution of a comprehensive release of claims and protection against 'involuntary termination' (defined to include salary reduction, material benefit changes, relocation >20 miles, or material demotion).
FS Bancorp, Inc. is disclosing that several executives and a director will be attending the Janney Montgomery Scott CEO Forum in Scottsdale, Arizona on January 31-February 1, 2024.
📋 Key Facts
- Executives Ben Crowl (EVP, Chief Lending Officer) and Kelli Nielsen (EVP, Retail Banking/Marketing) are attending the forum.
- Director of Finance Susan Dumontet is also attending the event.
- The company provided investor materials as Exhibit 99.1 in connection with these meetings.
FS Bancorp, Inc. issued its quarterly earnings release for the period ending December 31, 2023 and announced a regular quarterly cash dividend increase.
📋 Key Facts
- Earnings release for the quarter ended December 31, 2023 was issued on January 24, 2024.
- Board of Directors declared a quarterly cash dividend of $0.26 per share.
- The dividend represents a $0.01 (4.0%) increase over the previous quarter's dividend.
- Dividend record date is February 8, 2024; payable date is February 22, 2024.