Loading...

FS Bancorp

Nasdaq:FSBW
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FSBW
Nasdaq
$215M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

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 last earnings update was 47 days ago. More info.


Add to Portfolio Compare Print
FSBW Share Price and Events
7 Day Returns
-0.6%
NasdaqCM:FSBW
-1.3%
US Mortgage
1.4%
US Market
1 Year Returns
-20.2%
NasdaqCM:FSBW
-0.7%
US Mortgage
4.9%
US Market
FSBW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
FS Bancorp (FSBW) -0.6% 1.5% -1% -20.2% 92.4% 181.6%
US Mortgage -1.3% -0.7% 2.5% -0.7% 40.3% 34.7%
US Market 1.4% 3.8% 3.5% 4.9% 44.8% 40.1%
1 Year Return vs Industry and Market
  • FSBW underperformed the Mortgage industry which returned -0.7% over the past year.
  • FSBW underperformed the Market in United States of America which returned 4.9% over the past year.
Price Volatility
FSBW
Industry
5yr Volatility vs Market

FSBW Value

 Is FS Bancorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of FS Bancorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for FS Bancorp.

NasdaqCM:FSBW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $47.70 * 11%
$5.23
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $47.70
Discount Rate (Cost of Equity) See below 9.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqCM:FSBW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Mortgage Unlevered Beta Simply Wall St/ S&P Global 0.89
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.893 (1 + (1- 21%) (47.61%))
1.153
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.15
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.153 * 5.96%)
9.6%

Discounted Cash Flow Calculation for NasdaqCM:FSBW using Excess Returns Model Model

The calculations below outline how an intrinsic value for FS Bancorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqCM:FSBW Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11% – 9.6%) * $47.70)
$0.65
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.65 / (9.6% - 2.73%)
$9.39
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $47.70 + $9.39
$57.08
NasdaqCM:FSBW Discount to Share Price
Calculation Result
Value per share (USD) From above. $57.08
Current discount Discount to share price of $48.97
= -1 x ($48.97 - $57.08) / $57.08
14.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price FS Bancorp is available for.
Intrinsic value
14%
Share price is $48.97 vs Future cash flow value of $57.08
Current Discount Checks
For FS Bancorp to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • FS Bancorp's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • FS Bancorp's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for FS Bancorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are FS Bancorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqCM:FSBW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $6.47
NasdaqCM:FSBW Share Price ** NasdaqCM (2019-06-25) in USD $48.97
United States of America Mortgage Industry PE Ratio Median Figure of 130 Publicly-Listed Mortgage Companies 13.96x
United States of America Market PE Ratio Median Figure of 3,095 Publicly-Listed Companies 17.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of FS Bancorp.

NasdaqCM:FSBW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqCM:FSBW Share Price ÷ EPS (both in USD)

= 48.97 ÷ 6.47

7.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FS Bancorp is good value based on earnings compared to the US Mortgage industry average.
  • FS Bancorp is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does FS Bancorp's expected growth come at a high price?
Raw Data
NasdaqCM:FSBW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
5.9%per year
United States of America Mortgage Industry PEG Ratio Median Figure of 50 Publicly-Listed Mortgage Companies 1.33x
United States of America Market PEG Ratio Median Figure of 2,133 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NasdaqCM:FSBW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.57x ÷ 5.9%

1.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FS Bancorp is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on FS Bancorp's assets?
Raw Data
NasdaqCM:FSBW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $42.48
NasdaqCM:FSBW Share Price * NasdaqCM (2019-06-25) in USD $48.97
United States of America Mortgage Industry PB Ratio Median Figure of 145 Publicly-Listed Mortgage Companies 1.11x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.79x
NasdaqCM:FSBW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqCM:FSBW Share Price ÷ Book Value per Share (both in USD)

= 48.97 ÷ 42.48

1.15x

* Primary Listing of FS Bancorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FS Bancorp is overvalued based on assets compared to the US Mortgage industry average.
X
Value checks
We assess FS Bancorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage industry average (and greater than 0)? (1 check)
  5. FS Bancorp has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FSBW Future Performance

 How is FS Bancorp expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is FS Bancorp expected to grow at an attractive rate?
  • FS Bancorp's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • FS Bancorp's earnings growth is positive but not above the United States of America market average.
  • FS Bancorp's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqCM:FSBW Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqCM:FSBW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 5.9%
NasdaqCM:FSBW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 13.3%
United States of America Mortgage Industry Earnings Growth Rate Market Cap Weighted Average 10.7%
United States of America Mortgage Industry Revenue Growth Rate Market Cap Weighted Average 6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqCM:FSBW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqCM:FSBW Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 99 27 2
2019-12-31 93 24 2
NasdaqCM:FSBW Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 75 22 25
2018-12-31 70 21 24
2018-09-30 67 32 16
2018-06-30 66 26 16
2018-03-31 65 2 16
2017-12-31 64 15 14
2017-09-30 61 28 13
2017-06-30 60 20 13
2017-03-31 58 43 11
2016-12-31 55 4 10
2016-09-30 52 -13 10
2016-06-30 48 -12 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • FS Bancorp's earnings are expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
  • FS Bancorp's revenue is expected to grow by 13.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqCM:FSBW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from FS Bancorp Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:FSBW Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 5.90 6.00 5.81 3.00
2019-12-31 5.36 5.60 5.05 3.00
NasdaqCM:FSBW Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 6.47
2018-12-31 6.58
2018-09-30 4.57
2018-06-30 4.58
2018-03-31 4.84
2017-12-31 4.55
2017-09-30 4.42
2017-06-30 4.50
2017-03-31 3.97
2016-12-31 3.63
2016-09-30 3.40
2016-06-30 2.87

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if FS Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess FS Bancorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
FS Bancorp has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FSBW Past Performance

  How has FS Bancorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare FS Bancorp's growth in the last year to its industry (Mortgage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • FS Bancorp has delivered over 20% year on year earnings growth in the past 5 years.
  • FS Bancorp's 1-year earnings growth exceeds its 5-year average (59.5% vs 33.7%)
  • FS Bancorp's earnings growth has exceeded the US Mortgage industry average in the past year (59.5% vs 39%).
Earnings and Revenue History
FS Bancorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from FS Bancorp Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:FSBW Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 75.39 25.22 39.47
2018-12-31 70.07 24.35 37.07
2018-09-30 66.66 16.31 36.19
2018-06-30 66.41 15.71 36.18
2018-03-31 65.29 15.81 35.18
2017-12-31 63.51 14.09 34.20
2017-09-30 61.36 12.95 32.97
2017-06-30 59.79 12.96 32.08
2017-03-31 57.88 11.43 30.60
2016-12-31 55.03 10.50 29.17
2016-09-30 52.16 9.97 27.74
2016-06-30 47.68 8.51 25.45
2016-03-31 45.20 8.47 23.82
2015-12-31 43.39 8.88 22.54
2015-09-30 41.11 8.39 22.15
2015-06-30 37.99 7.54 21.08
2015-03-31 33.63 5.74 19.81
2014-12-31 30.38 4.54 18.79
2014-09-30 27.53 3.54 17.23
2014-06-30 26.42 3.46 16.14
2014-03-31 26.47 3.56 16.05
2013-12-31 26.30 3.92 15.21
2013-09-30 26.50 4.46 14.95
2013-06-30 24.94 6.72 14.24
2013-03-31 22.15 6.25 12.65
2012-12-31 19.68 5.30 11.68
2012-09-30 16.94 4.54 10.35
2012-06-30 15.15 1.44 9.61

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • FS Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • FS Bancorp used its assets more efficiently than the US Mortgage industry average last year based on Return on Assets.
  • Unable to establish if FS Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess FS Bancorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
FS Bancorp has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FSBW Health

 How is FS Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of FS Bancorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from FS Bancorp Company Filings, last reported 2 months ago.

NasdaqCM:FSBW Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 185.95 97.25 61.33
2018-12-31 180.04 147.65 37.96
2018-09-30 133.13 96.39 33.50
2018-06-30 129.37 116.62 22.83
2018-03-31 125.44 49.56 24.96
2017-12-31 122.00 17.44 19.65
2017-09-30 118.24 20.25 31.34
2017-06-30 88.82 40.96 24.68
2017-03-31 83.96 20.51 52.91
2016-12-31 81.03 22.50 43.24
2016-09-30 79.56 31.46 19.77
2016-06-30 76.05 30.64 18.16
2016-03-31 75.12 23.11 95.70
2015-12-31 75.34 108.57 34.68
2015-09-30 73.24 59.86 14.91
2015-06-30 70.86 20.27 13.27
2015-03-31 68.20 30.85 15.57
2014-12-31 65.84 17.44 18.61
2014-09-30 64.01 22.64 8.43
2014-06-30 62.78 18.04 8.11
2014-03-31 63.47 16.38 32.01
2013-12-31 62.31 16.66 39.85
2013-09-30 62.23 14.12 26.60
2013-06-30 61.08 13.66 17.14
2013-03-31 60.94 13.66 7.71
2012-12-31 59.90 6.84 8.25
2012-09-30 59.37 4.10 12.18
2012-06-30 27.90 4.10 33.24
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • FS Bancorp has an acceptable proportion of non-loan assets held.
  • FS Bancorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at FS Bancorp are broadly funded by customer deposits.
  • FS Bancorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • FS Bancorp has a sufficient allowance for bad loans.
  • FS Bancorp has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess FS Bancorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. FS Bancorp has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FSBW Dividends

 What is FS Bancorp's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.23%
Current annual income from FS Bancorp dividends. Estimated to be 1.25% next year.
If you bought $2,000 of FS Bancorp shares you are expected to receive $25 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • FS Bancorp's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • FS Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqCM:FSBW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Mortgage Industry Average Dividend Yield Market Cap Weighted Average of 95 Stocks 3.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqCM:FSBW Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.63 3.00
2019-12-31 0.60 3.00
NasdaqCM:FSBW Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-10 0.600 1.224
2019-04-25 0.600 1.159
2019-03-15 0.600 1.199
2019-01-29 0.600 1.173
2018-11-09 0.560 1.232
2018-10-25 0.560 1.225
2018-03-28 0.560 0.976
2018-03-16 0.440 0.811
2018-01-25 0.440 0.797
2017-11-13 0.440 0.780
2017-11-01 0.440 0.792
2017-10-26 0.440 0.808
2017-08-09 0.440 0.878
2017-07-27 0.440 0.981
2017-05-10 0.440 0.997
2017-04-26 0.440 1.003
2017-03-16 0.400 1.063
2017-01-26 0.400 1.080
2016-11-09 0.400 1.156
2016-10-28 0.400 1.320
2016-08-11 0.400 1.423
2016-07-27 0.400 1.470
2016-05-12 0.400 1.580
2016-04-28 0.400 1.609
2016-03-28 0.280 1.116
2016-01-28 0.280 1.137
2015-11-12 0.280 1.109
2015-10-28 0.280 1.088
2015-08-07 0.280 1.186
2015-07-28 0.280 1.211
2015-05-08 0.280 1.283
2015-05-01 0.280 1.296
2015-03-27 0.240 1.216
2015-01-29 0.240 1.249
2014-11-10 0.240 1.358
2014-10-27 0.240 1.395
2014-04-29 0.240 1.401
2013-10-29 0.200 1.180
2013-07-25 0.200 1.177
2013-04-30 0.200 1.161

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, FS Bancorp has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but FS Bancorp only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of FS Bancorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (11.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess FS Bancorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can FS Bancorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. FS Bancorp has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FSBW Management

 What is the CEO of FS Bancorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Adams
COMPENSATION $1,622,639
AGE 59
TENURE AS CEO 7.8 years
CEO Bio

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 Officer and Director of 1st Security Bank of Washington, a subsidiary of FS Bancorp, Inc. since July 2004. He joined 1st Security Bank of Washington in April 2003 as its Chief Financial Officer. He is a Tax Partner of Deloitte LLP (alternate name is Deloitte & Touche LLP). He is a Partner in the Employee Benefits Department of McDermott Will & Emery LLP, where he concentrates his practice on employee benefits and executive compensation matters for public, private and tax-exempt organizations. He advises clients in the design, drafting and ongoing operation of 401(k) and other qualified retirement plans, nonqualified retirement arrangements and welfare/fringe benefit plans. He also serves as contributing editor for Executive Compensation Strategies. He has substantial experience in advising clients regarding executive and incentive compensation programs, including employment agreements, stock based compensation, nonqualified deferred compensation, SERPs, split-dollar life insurance and the operation of Code Sections 162(m) and 280G (change in control). He frequently advises employers with respect to employee benefits and executive compensation matters in mergers and acquisitions and other corporate transactions. He served as Vice President and Manager of the Corporate Deposit Operations Department for Washington Federal Savings, Seattle Washington from February 2008 to August 2008, where he served as Vice-President and Administrative/Operations Manager of the Retail Banking Group at First Mutual Bank, Bellevue, Washington from June 2004 to February 2008. He served as Bank Account Executive and Premier Banking Client Manager at Bank of America, Newport Beach, California from June 2002 to June 2004. He is a lawyer having worked for K&L Gates as a Lawyer. He served at Univar USA as a Lawyer and Director at Regulatory Affairs. From 1995 to 2005, he served as Contributing Editor to another pension treatise/reference manual called the Guide to Assigning & Loaning Benefit Plan Money. At law school, he served as Editor of the Cornell Law Review. He has 18 years of retail branch sales and service, branch network management and national customer service training experience. He served at Deloitte & Touche as a Tax Consultant. From 2001 to 2004, he served with one of the "Big Four" accounting firms, where he served in a variety of roles, including the Tax Partner and In Charge of the Employee Benefits Tax Group for the Chicago office. He serves on the Zoning Board of Appeals for the Village of Winnetka, Illinois. He is the Contributing Editor of a Pension Treatise/reference Manual called the Pension Plan Fix-It Handbook. He has been a Director of FS Bancorp, Inc. since 2005. He also co-authored the first and second editions of Domestic Partner Benefits: An Employer's Guide, available on amazon.com. He regularly speaks and writes about employee benefits and executive compensation topics. He is admitted to the Illinois bar and is a Member of the American and Chicago Bar Associations and Working in Employee Benefits (WEB). He graduated from law school. He holds Master's Degree from Pacific Coast Banking School in 2007.

CEO Compensation
  • Joe's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joe's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the FS Bancorp management team in years:

7.8
Average Tenure
58
Average Age
  • The average tenure for the FS Bancorp management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joe Adams

TITLE
CEO & Director
COMPENSATION
$2M
AGE
59
TENURE
7.8 yrs

Matt Mullet

TITLE
CFO, Treasurer & Secretary
COMPENSATION
$1M
AGE
39
TENURE
7.8 yrs

Shana Allen

TITLE
Senior VP of Technology & Ops and Chief Information Officer of 1St Security Bank of Washington

May-Ling Sowell

TITLE
SVP & Compliance Officer

Deanne Goff

TITLE
Senior VP of Retail Banking - 1st Security Bank of Washington

Rob Fuller

TITLE
Chief Credit Officer
AGE
58
TENURE
5.8 yrs

Kathrine Shairrick

TITLE
Senior Vice President of Service & Operations - 1st Security Bank of Washington
Board of Directors Tenure

Average tenure and age of the FS Bancorp board of directors in years:

7.8
Average Tenure
61
Average Age
  • The tenure for the FS Bancorp board of directors is about average.
Board of Directors

Ted Leech

TITLE
Chairman of the Board
COMPENSATION
$158K
AGE
71
TENURE
7.8 yrs

Joe Adams

TITLE
CEO & Director
COMPENSATION
$2M
AGE
59
TENURE
14.4 yrs

Peggy Piesik

TITLE
Director
COMPENSATION
$147K
AGE
68
TENURE
13.4 yrs

Mike Mansfield

TITLE
Director
COMPENSATION
$144K
AGE
61
TENURE
11.4 yrs

Joe Zavaglia

TITLE
Director
COMPENSATION
$142K
AGE
69
TENURE
7.8 yrs

Marina Cofer-Wildsmith

TITLE
Director
COMPENSATION
$139K
AGE
50
TENURE
7.4 yrs

Mark Tueffers

TITLE
Director
COMPENSATION
$141K
AGE
59
TENURE
3.1 yrs
Who owns this company?
Recent Insider Trading
  • FS Bancorp individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. May 19 Sell Debra Steck Individual 24. May 19 24. May 19 -13,040 $48.01 $-626,026
29. Aug 18 Sell AWH Capital Company 02. Jul 18 03. Jul 18 -6,230 $63.58 $-395,579
29. Aug 18 Buy AWH Capital Company 18. Jul 18 18. Jul 18 2,500 $60.99 $152,473
21. Aug 18 Sell Joseph Adams Individual 20. Aug 18 21. Aug 18 -4,446 $59.72 $-265,380
16. Aug 18 Sell Robert Fuller Individual 14. Aug 18 15. Aug 18 -3,500 $59.50 $-206,658
X
Management checks
We assess FS Bancorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. FS Bancorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FSBW News

Simply Wall St News

How FS Bancorp, Inc. (NASDAQ:FSBW) Can Impact Your Portfolio Volatility

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Therefore, it's a bit surprising to see that this stock has a beta value so close to the overall market. … What this means for you: FS Bancorp has a beta value quite close to that of the overall market.

Simply Wall St -

Do Insiders Own Shares In FS Bancorp, Inc. (NASDAQ:FSBW)?

Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. … View our latest analysis for FS Bancorp NasdaqCM:FSBW Ownership Summary, May 27th 2019 What Does The Institutional Ownership Tell Us About FS Bancorp? … NasdaqCM:FSBW Income Statement, May 27th 2019 Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences.

Simply Wall St -

Does FS Bancorp, Inc.'s (NASDAQ:FSBW) P/E Ratio Signal A Buying Opportunity?

We'll look at FS Bancorp, Inc.'s (NASDAQ:FSBW) P/E ratio and reflect on what it tells us about the company's share price. … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for FS Bancorp: P/E of 7.94 = $51.38 ÷ $6.47 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' How Growth Rates Impact P/E Ratios Generally speaking the rate of earnings growth has a profound impact on a company's P/E multiple.

Simply Wall St -

Here's Why I Think FS Bancorp (NASDAQ:FSBW) Is An Interesting Stock

I like to see top-line growth as an indication that growth is sustainable, and I look for a high earnings before interest and taxation (EBIT) margin to point to a competitive moat (though some companies with low margins also have moats). … Not all of FS Bancorp's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … While we note FS Bancorp's EBIT margins were flat over the last year, revenue grew by a solid 16% to US$75m.

Simply Wall St -

Read This Before Buying FS Bancorp, Inc. (NASDAQ:FSBW) Shares

So we'll take a look at whether insiders have been buying or selling shares in FS Bancorp, Inc. … In the last twelve months, the biggest single sale by an insider was when the CEO & Director, Joseph Adams, sold US$265k worth of shares at a price of US$59.72 per share. … While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price.

Simply Wall St -

Is FS Bancorp, Inc. (NASDAQ:FSBW) Overpaying Its CEO?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Joe Adams's Compensation Compare With Similar Sized Companies. … has a market capitalization of US$221m, and pays its CEO total annual compensation worth US$988k.

Simply Wall St -

Is FS Bancorp's (NASDAQ:FSBW) Share Price Gain Of 210% Well Earned?

By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During five years of share price growth, FS Bancorp achieved compound earnings per share (EPS) growth of 38% per year. … This EPS growth is higher than the 25% average annual increase in the share price.

Simply Wall St -

Is It Time To Consider Buying FS Bancorp, Inc. (NASDAQ:FSBW)?

As a small cap stock, which tends to lack high analyst coverage, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Is there still an opportunity here to buy. … Let’s examine FS Bancorp’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

One Thing To Remember About The FS Bancorp, Inc. (NASDAQ:FSBW) Share Price

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Should You Buy FS Bancorp, Inc. (NASDAQ:FSBW) For Its 1.2% Dividend?

Let's take a look at FS Bancorp in more detail. … Want to help shape the future of investing tools and platforms. … Take the survey and be part of one of the most advanced studies of stock market investors to date

Simply Wall St -

FSBW Company Info

Description

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.

Details
Name: FS Bancorp, Inc.
FSBW
Exchange: NasdaqCM
Founded: 1936
$214,712,352
4,383,674
Website: http://www.fsbwa.com
Address: FS Bancorp, Inc.
6920 220th Street SW,
Mountlake Terrace,
Washington, 98043,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqCM FSBW Common Stock Nasdaq Capital Market US USD 10. Jul 2012
Number of employees
Current staff
Staff numbers
426
FS Bancorp employees.
Industry
Thrifts and Mortgage Finance
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 00:54
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.