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FS Bancorp, Inc. (NASDAQ:FSBW), a Washington-based financial institution with a market capitalization of $295 million, held its Annual Meeting on May 22, 2025. According to InvestingPro analysis, the bank currently trades near its Fair Value, with a modest P/E ratio of 8.77x. The event saw shareholders casting their votes on several key proposals, including the election of directors and advisory votes on executive compensation and the frequency of such compensation votes.
A total of 7,756,000 shares were eligible to vote, with 6,786,064 shares represented at the meeting, ensuring a quorum. Shareholders re-elected Ted A. Leech and Marina Cofer-Wildsmith to serve three-year terms as directors, while Terri L. Degner was elected for a one-year term. Directors Michael J. Mansfield, Joseph C. Adams, Pamela M. Andrews, and Joseph P. Zavaglia will continue their terms.
The advisory vote on the compensation of the company’s named executive officers was approved, with 5,121,671 votes in favor, 400,711 against, and 222,282 abstaining. The shareholders also endorsed the annual frequency for future advisory votes on executive compensation, with the majority favoring one year over two or three years.
Additionally, the appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with an overwhelming majority of 6,632,359 votes for, 143,502 against, and 10,203 abstaining. The bank has demonstrated strong financial stewardship, maintaining dividend payments for 13 consecutive years and achieving a 22.3% total return over the past year.
FS Bancorp’s management team, led by Chief Risk Officer and CRA Officer Erin Burr, will continue to guide the company following the shareholders’ reaffirmation of their trust in the current leadership and strategic direction. InvestingPro data reveals the company maintains a "GOOD" overall financial health score, with particularly strong marks in profitability and relative value. Subscribers can access 6 additional exclusive ProTips and comprehensive financial metrics to better understand the company’s performance and outlook.
This article is based on FS Bancorp’s recent SEC filing.
In other recent news, FS Bancorp reported a net income of $8.0 million for the first quarter of 2025, a slight decrease from $8.4 million in the same quarter of the previous year. The company’s earnings per diluted share were $1.01, compared to $1.06 a year earlier. Total (EPA:TTEF) deposits saw a robust increase, rising by $275.7 million to reach $2.62 billion, largely due to a significant boost in brokered deposits. FS Bancorp’s Board of Directors also approved a quarterly cash dividend of $0.28 per common share, marking the forty-ninth consecutive quarter for such a payout. The company announced a new stock repurchase program, authorizing the buyback of up to $5.0 million in shares over the next 12 months. This program is in addition to the approximately $900,000 remaining under a previous repurchase plan. FS Bancorp’s book value per share increased to $39.12, while its tangible book value per share rose to $36.96. Regulatory capital ratios remained strong, with total risk-based capital at 14.4% and Tier 1 leverage capital at 11.3%. The company repurchased 98,317 shares of its common stock in the first quarter at an average price of $39.06 per share.
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