OTCPK:FXLG

Stock Analysis Report

Executive Summary

FS Bancorp operates as the holding company for Farmers State Bank that provides banking products and services in Indiana and Michigan.


Snowflake Analysis

Solid track record with adequate balance sheet.

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: FXLG has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.0%

FXLG

2.9%

US Banks

5.3%

US Market


1 Year Return

-18.0%

FXLG

-27.8%

US Banks

-10.7%

US Market

Return vs Industry: FXLG exceeded the US Banks industry which returned -27.8% over the past year.

Return vs Market: FXLG underperformed the US Market which returned -10.7% over the past year.


Shareholder returns

FXLGIndustryMarket
7 Day3.0%2.9%5.3%
30 Day-15.4%-26.3%-13.6%
90 Day-15.7%-39.3%-19.8%
1 Year-15.8%-18.0%-25.6%-27.8%-8.9%-10.7%
3 Year43.6%32.5%-17.1%-23.1%15.5%8.0%
5 Year101.8%73.6%10.9%-1.7%35.2%20.4%

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

No news available

Valuation

Is FS Bancorp undervalued compared to its fair value and its price relative to the market?

10.79x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FXLG ($51) is trading above our estimate of fair value ($45.05)

Significantly Below Fair Value: FXLG is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FXLG is poor value based on its PE Ratio (10.8x) compared to the Banks industry average (8.9x).

PE vs Market: FXLG is good value based on its PE Ratio (10.8x) compared to the US market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FXLG's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FXLG is overvalued based on its PB Ratio (1.4x) compared to the US Banks industry average (0.8x).


Next Steps

Future Growth

How is FS Bancorp forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-1.2%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as FS Bancorp has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has FS Bancorp performed over the past 5 years?

11.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FXLG has high quality earnings.

Growing Profit Margin: FXLG's current net profit margins (31.1%) are higher than last year (29.3%).


Past Earnings Growth Analysis

Earnings Trend: FXLG's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: FXLG's earnings growth over the past year (18.9%) exceeds its 5-year average (11% per year).

Earnings vs Industry: FXLG earnings growth over the past year (18.9%) exceeded the Banks industry 10.9%.


Return on Equity

High ROE: FXLG's Return on Equity (13.4%) is considered low.


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: FXLG has a low level of unsold assets or inventory.

Debt Coverage by Assets: FXLG's debt is covered by short term assets (assets are 2x debt).


Financial Institutions Analysis

Asset Level: FXLG's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if FXLG has a sufficient allowance for bad loans.

Low Risk Liabilities: FXLG's liabilities are made up of primarily low risk sources of funding.

Loan Level: FXLG has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FXLG's loans are broadly funded by customer deposits.

Level of Bad Loans: Insufficient data to determine if FXLG has an appropriate level of bad loans.


Next Steps

Dividend

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

2.82%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FXLG's dividend (2.82%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: FXLG's dividend (2.82%) is low compared to the top 25% of dividend payers in the US market (5.37%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FXLG has been paying a dividend for less than 10 years.

Growing Dividend: FXLG's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.5%), FXLG's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure


CEO

Joe Urbanski

3.25s

Tenure

Mr. Joseph A. Urbanski is President and Chief Executive Officer of Farmers State Bank (the “Bank”) and FS Bancorp. He joined the Bank in 2007 as the Chief Financial Officer. He is a graduate of Indiana Un ...


Leadership Team

NamePositionTenureCompensationOwnership
Joseph Urbanski
President3.25yrsno data0.43% $481.0k
Stacy Merrifield
Executive VP & CFO4.17yrsno data0.040% $44.7k
Lorelei White
Executive VP & COOno datano datano data
Renea Boots
Executive VP & Chief Administration Officerno datano datano data
T. Kempf
Executive VP & Chief Loan Officer1.17yrsno datano data
Mark Cowen
Executive VP & Chief Business Development Officer1.17yrsno datano data
Frederic Brown
Treasurer & Honorary Directorno datano datano data
Marcy Yuska
Assistant Vice President of Topeka Office of Farmers State Bankno datano datano data
Mark Thompson
Assistant Secretary and Senior VP of West Region Branch Administrator of Farmers State Bankno datano datano data
Becky Oakley
Assistant Vice President of Collections of Farmers State Bankno datano datano data

2.2yrs

Average Tenure

Experienced Management: FXLG's management team is considered experienced (2.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Joseph Urbanski
President3.25yrsno data0.43% $481.0k
Frederic Brown
Treasurer & Honorary Directorno datano datano data
Kerry Sprunger
Director3.08yrsno data0.88% $984.3k
Roger Bird
Chairman of the Board4.17yrsno data1.4% $1.6m
Winford Jones
Director28.17yrsno data0.52% $581.6k
Rodney Perkins
Director9.17yrsno data0.56% $626.4k
Gordon Anderson
Director11.83yrsno data0.13% $145.4k
Kevin Lambright
Director8.17yrsno data1.27% $1.4m
Freeman Schlabach
Directorno datano data0.020% $22.4k
Jordi Disler
Directorno datano data0.020% $22.4k

8.7yrs

Average Tenure

69yo

Average Age

Experienced Board: FXLG's board of directors are considered experienced (8.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

FS Bancorp's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: FS Bancorp
  • Ticker: FXLG
  • Exchange: OTCPK
  • Founded: 1915
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$111.705m
  • Shares outstanding: 2.19m
  • Website: https://www.farmersstatebank.com

Number of Employees


Location

  • FS Bancorp
  • 220 South Detroit Street
  • LaGrange
  • Indiana
  • 46761
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FXLGOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJun 1998

Biography

FS Bancorp operates as the holding company for Farmers State Bank that provides banking products and services in Indiana and Michigan. The company accepts various deposit products, including checking accounts, savings accounts, and certificates of deposit products. It offers loan products comprising personal loans, such as automobile loans, secured and unsecured loans, term or single payment loans, agricultural loans, and home equity loans; and commercial loans consisting of real estate loans, business line of credit, and equipment and long term asset financing, as well as mortgages. In addition, the company provides debit and credit cards; life insurance and disability insurance services; mobile and online banking services, safe deposit boxes, individual retirement accounts, MasterCards, and ATM cards; overdraft protection, cash management, and trust services; and investment services. It operates through approximately 14 offices located in LaGrange, Steuben, DeKalb, and Elkhart counties in Indiana; and St. Joseph County, Michigan. The company was founded in 1915 and is headquartered in LaGrange, Indiana. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 00:07
End of Day Share Price2020/03/27 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.