FS Bancorp
Market Cap
US$225.8m
Last Updated
2020/02/19 01:30 UTC
Data Sources
Company Financials +
Executive Summary
FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches.
Rewards
Risk Analysis
Snowflake Analysis
Flawless balance sheet and good value.
Share Price & News
How has FS Bancorp's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: FSBW has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-3.1%
FSBW
-1.9%
US Mortgage
0.06%
US Market
1 Year Return
-0.9%
FSBW
5.7%
US Mortgage
19.4%
US Market
Return vs Industry: FSBW underperformed the US Mortgage industry which returned 7.3% over the past year.
Return vs Market: FSBW underperformed the US Market which returned 20.1% over the past year.
Shareholder returns
| FSBW | Industry | Market | |
|---|---|---|---|
| 7 Day | -3.1% | -1.9% | 0.06% |
| 30 Day | -17.8% | -1.8% | 1.1% |
| 90 Day | -10.5% | -1.8% | 8.9% |
| 1 Year | 0.5%-0.9% | 8.2%5.7% | 21.9%19.4% |
| 3 Year | 40.6%36.1% | 19.0%10.6% | 48.9%39.3% |
| 5 Year | 182.1%166.1% | 60.2%42.4% | 71.9%53.1% |
Price Volatility Vs. Market
How volatile is FS Bancorp's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Have FS Bancorp, Inc. (NASDAQ:FSBW) Insiders Been Selling Their Stock?2 weeks ago | Simply Wall St
FS Bancorp, Inc. (NASDAQ:FSBW) Passed Our Checks, And It's About To Pay A US$0.21 Dividend3 weeks ago | Simply Wall St
Does FS Bancorp, Inc.'s (NASDAQ:FSBW) CEO Pay Matter?Valuation
Is FS Bancorp undervalued compared to its fair value and its price relative to the market?
49.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: FSBW ($52) is trading below our estimate of fair value ($101.29)
Significantly Below Fair Value: FSBW is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: FSBW is good value based on its PE Ratio (10.1x) compared to the Mortgage industry average (13.7x).
PE vs Market: FSBW is good value based on its PE Ratio (10.1x) compared to the US market (18.4x).
Price to Earnings Growth Ratio
PEG Ratio: FSBW is poor value based on its PEG Ratio (1.2x)
Price to Book Ratio
PB vs Industry: FSBW is overvalued based on its PB Ratio (1.1x) compared to the US Mortgage industry average (1.1x).
Next Steps
Future Growth
How is FS Bancorp forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
8.2%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FSBW's forecast earnings growth (8.2% per year) is above the savings rate (1.7%).
Earnings vs Market: FSBW's earnings (8.2% per year) are forecast to grow slower than the US market (14.6% per year).
High Growth Earnings: FSBW's earnings are forecast to grow, but not significantly.
Revenue vs Market: FSBW's revenue (4.9% per year) is forecast to grow slower than the US market (7.6% per year).
High Growth Revenue: FSBW's revenue (4.9% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: FSBW's Return on Equity is forecast to be low in 3 years time (10.9%).
Next Steps
Past Performance
How has FS Bancorp performed over the past 5 years?
30.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FSBW has high quality earnings.
Growing Profit Margin: FSBW's current net profit margins (25.1%) are lower than last year (34.7%).
Past Earnings Growth Analysis
Earnings Trend: FSBW's earnings have grown significantly by 30.5% per year over the past 5 years.
Accelerating Growth: FSBW's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: FSBW had negative earnings growth (-6.7%) over the past year, making it difficult to compare to the Mortgage industry average (11.1%).
Return on Equity
High ROE: FSBW's Return on Equity (11.3%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is FS Bancorp's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: FSBW has a low level of unsold assets or inventory.
Debt Coverage by Assets: FSBW's debt is covered by short term assets (assets are 1.5x debt).
Financial Institutions Analysis
Asset Level: FSBW's level of assets compared to its equity is low.
Allowance for Bad Loans: FSBW has a sufficient allowance for bad loans.
Low Risk Liabilities: FSBW's liabilities are made up of primarily low risk sources of funding.
Loan Level: FSBW has an acceptable proportion of non-loan assets held.
Low Risk Deposits: FSBW's loans are broadly funded by customer deposits.
Level of Bad Loans: FSBW has an appropriate level of bad loans (0.22%)
Next Steps
Dividend
What is FS Bancorp's current dividend yield, its reliability and sustainability?
1.62%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: FSBW's dividend (1.62%) is higher than the bottom 25% of dividend payers in the US market (1.44%).
High Dividend: FSBW's dividend (1.62%) is low compared to the top 25% of dividend payers in the US market (3.69%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, FSBW has been paying a dividend for less than 10 years.
Growing Dividend: FSBW's dividend payments have increased, but the company has only paid a dividend for 7 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (12.7%), FSBW's dividend payments are thoroughly covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: FSBW's dividends in 3 years are forecast to be thoroughly covered by earnings (14.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
8.4yrs
Average management tenure
CEO
Joe Adams (60yo)
8.4yrs
Tenure
US$1,622,639
Compensation
Mr. Joseph C. Adams, also known as Joe, has been the Chief Executive Officer of FS Bancorp, Inc. (Former Name: 1st Security Bancorp, Inc) since September 2011. Mr. Adams has been the Chief Executive Office ...
CEO Compensation Analysis
Compensation vs Market: Joe's total compensation ($USD1.62M) is above average for companies of similar size in the US market ($USD1.11M).
Compensation vs Earnings: Joe's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 8.4yrs | US$1.62m | 0.82% $1.9m | |
| CFO, Treasurer & Secretary | 8.4yrs | US$1.02m | 0.96% $2.2m | |
| Senior VP of Technology & Ops and Chief Information Officer of 1St Security Bank of Washington | 0yrs | no data | no data | |
| SVP & Compliance Officer | 0yrs | no data | no data | |
| Senior VP of Retail Banking - 1st Security Bank of Washington | 0yrs | no data | no data | |
| Chief Credit Officer | 6.4yrs | no data | 0.29% $652.5k | |
| Senior VP of Home Lending Credit | 0yrs | no data | no data | |
| Senior VP of Home Lending Operations | 0yrs | no data | no data | |
| Senior Vice President of Service & Operations - 1st Security Bank of Washington | 0yrs | no data | no data |
8.4yrs
Average Tenure
59yo
Average Age
Experienced Management: FSBW's management team is seasoned and experienced (8.4 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 8.4yrs | US$1.62m | 0.82% $1.9m | |
| Independent Director | 8.4yrs | US$141.53k | 0.18% $409.3k | |
| Chairman of the Board | 8.4yrs | US$157.81k | 0.64% $1.4m | |
| Independent Director | 14.1yrs | US$147.00k | 0.19% $438.0k | |
| Independent Director | 12.1yrs | US$144.27k | 1.02% $2.3m | |
| Independent Director | 3.8yrs | US$141.05k | 0.32% $727.9k | |
| Independent Director | 8.1yrs | US$139.10k | 0.080% $181.0k |
8.4yrs
Average Tenure
62yo
Average Age
Experienced Board: FSBW's board of directors are considered experienced (8.4 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: FSBW insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 19.7%.
Top Shareholders
Company Information
FS Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: FS Bancorp, Inc.
- Ticker: FSBW
- Exchange: NasdaqCM
- Founded: 1936
- Industry: Thrifts and Mortgage Finance
- Sector: Banks
- Market Cap: US$225.773m
- Shares outstanding: 4.37m
- Website: https://www.fsbwa.com
Number of Employees
Location
- FS Bancorp, Inc.
- 6920 220th Street SW
- Mountlake Terrace
- Washington
- 98043
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| FSBW | NasdaqCM (Nasdaq Capital Market) | Yes | Common Stock | US | USD | Jul 2012 |
Biography
FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches. The company operates in two segments, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company provides one-to-four-family residential first mortgages, second mortgage/home equity loan products, non-mortgage commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which primarily include personal lines of credit, automobile, direct home improvement, loans on deposit, and recreational loans. As of December 31, 2018, it operated 21 full-service branches and 8 home loan production offices in various suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Jefferson, Kitsap, Clallam, Grays Harbor, Thurston, and Lewis counties; and 1 loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is based in Mountlake Terrace, Washington.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/19 01:30 |
| End of Day Share Price | 2020/02/18 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.