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FS Bancorp, Inc. (NASDAQ:FSBW), a $293 million market cap financial institution with a GOOD financial health rating according to InvestingPro, announced a change in its certifying accountant following the merger of its former auditing firm, Moss Adams LLP, with Baker Tilly US, LLP. This development was disclosed in a recent SEC filing on Tuesday.
On June 3, FS Bancorp was informed of the merger, which resulted in Moss Adams resigning as the company’s independent registered public accounting firm. Subsequently, the company’s Audit Committee approved the appointment of Baker Tilly as the new auditor.
Moss Adams’ audit reports on FS Bancorp’s consolidated financial statements for the years ending December 31, 2024, and 2023, did not include any adverse opinions or disclaimers. The reports were not qualified or modified regarding uncertainty, audit scope, or accounting principles.
According to the SEC filing, there were no disagreements between FS Bancorp and Moss Adams on accounting principles, financial statement disclosures, or auditing procedures during the years ending December 31, 2024, and 2023, and up to the interim period ending June 3, 2025. Additionally, there were no reportable events that required disclosure under SEC regulations.
FS Bancorp also confirmed that it had not consulted with Baker Tilly on any accounting principles or audit opinions during the relevant periods. The company provided Moss Adams with a copy of the SEC filing before submission and requested a letter from Moss Adams confirming agreement with the statements made in the filing. This letter, dated June 3, 2025, is included as an exhibit in the filing.
This information is based on a press release statement filed with the Securities and Exchange Commission. For investors tracking FS Bancorp’s performance, it’s worth noting that the company has maintained dividend payments for 13 consecutive years and currently trades near its Fair Value. InvestingPro subscribers can access additional insights, including 7 more key tips about the company’s financial outlook and performance metrics.
In other recent news, FS Bancorp reported a net income of $8.0 million for the first quarter of 2025, slightly down from $8.4 million in the same quarter of the previous year. Earnings per diluted share were $1.01, compared to $1.06 a year earlier. The company experienced a significant increase in total deposits, which rose by $275.7 million, reaching $2.62 billion as of March 31, 2025. Additionally, FS Bancorp’s Board of Directors approved the forty-ninth consecutive quarterly cash dividend of $0.28 per common share. In terms of shareholder actions, FS Bancorp’s Board authorized a new stock repurchase program of up to $5.0 million, set to take place over a 12-month period. This new program adds to the approximately $900,000 remaining under a previous repurchase plan. At its Annual Meeting, FS Bancorp shareholders re-elected several directors and approved executive compensation measures. Furthermore, the appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. These developments reflect FS Bancorp’s ongoing strategies in financial management and shareholder engagement.
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