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MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington, announced a net income of $8.0 million for the first quarter of 2025, a slight decrease from the $8.4 million reported in the same quarter of the previous year. Earnings per diluted share were $1.01, compared to $1.06 a year earlier. According to InvestingPro data, the company trades at a P/E ratio of 8.56x, with two analysts recently revising their earnings estimates downward for the upcoming period.
The company saw a robust increase in total deposits, which rose by $275.7 million, or 11.8%, reaching $2.62 billion as of March 31, 2025. This growth was attributed largely to an increase of $226.9 million in brokered deposits. Noninterest-bearing deposits also experienced growth, indicating a solid core deposit base. The bank maintains a "GOOD" overall financial health score according to InvestingPro analysis, reflecting its strong operational metrics.
Borrowings saw a significant decline, dropping by $239.0 million to $68.8 million at the end of the first quarter, as funds were repositioned into wholesale brokered CDs. The loan portfolio remained stable, with net loans receivable virtually unchanged at $2.50 billion from the previous quarter and up $85.7 million from the same period in 2024.
FS Bancorp’s President/CFO, Matthew Mullet, expressed satisfaction with the deposit growth and the company’s positioning for its loan pipeline entering the second quarter. CEO Joe Adams highlighted the Board of Directors’ approval of the forty-ninth consecutive quarterly cash dividend of $0.28 per common share, which will be paid on May 22, 2025, to shareholders of record as of May 8, 2025. Notably, the company has raised its dividend for 12 consecutive years, with a current yield of 2.98% and a 12% dividend growth rate over the last year.
The company’s book value per share increased to $39.12, and tangible book value per share, a non-GAAP financial measure, rose to $36.96. The Bank’s regulatory capital ratios remained strong, with total risk-based capital at 14.4% and Tier 1 leverage capital at 11.3%.
FS Bancorp also repurchased 98,317 shares of its common stock in the first quarter at an average price of $39.06 per share and authorized an additional share repurchase program of up to $5.0 million.
The company’s financial performance reflects its commitment to shareholder value and its strategic positioning for future growth, with a return on equity of 12% and strong returns over both five and ten-year periods. This information is based on a press release statement from FS Bancorp, Inc. For comprehensive analysis and additional insights, including more than 6 additional ProTips and extensive financial metrics, visit InvestingPro.
In other recent news, FS Bancorp has announced a new stock repurchase program, authorizing the repurchase of up to $5 million in shares of its outstanding common stock. This program is set to occur over a 12-month period ending in 2026. The company has approximately $900,000 remaining under a previous repurchase plan. DA Davidson has revised its price target for FS Bancorp to $45, down from $47, while maintaining a Neutral rating. The firm’s analysts noted that the recent quarterly performance showed strong loan growth and consistent credit quality, though minor earnings per share discrepancies were observed. FS Bancorp executives are also set to attend the 2025 Janney CEO Forum in Scottsdale, Arizona. The event will provide a platform to discuss industry trends and company strategies. Investor materials prepared for the forum have been filed with the SEC and will offer insights into the company’s financial health.
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