Case 98 FS Bancorp

FS Bancorp was established as the holding company of the First Security Bank. The First Security Bank is a relationship-driven community bank which delivers banking and financial services to local families, local and regional businesses, and industry niches. Initially the bank was chartered as a credit union to serve various select employment groups. The banks have headquartered office, an administrative office, 20 full-service bank branches, and 10 home loan production offices. By December 31, 2022, the company had consolidated total assets of $2.63 billion, total deposits of $2.13 billion, and stockholder’s equity of $231.7 million. The bank is a diversified lending institution which focuses on the issuance of loans for commercial real estate, single- to four-family residences, and home equity. Its lending portfolio encompasses consumer loans which include various indirect home improvement loans secured by fixtures as well as marine loans and commercial business loans. Fixture-secured loans represented the largest portion of the company’s loan portfolio. The company also focuses on real estate lending products such as one- to four-family and commercial real estate loans which include speculative residential construction and commercial business loans. The company also focuses on residential mortgage loans. The bank aims to leverage its strength in indirect consumer lending. The bank primarily focuses on the origination of consumer loans, one- to four-family residential first mortgages, and second mortgage/home equity loan products. The total cumulative monthly return for FS Bancorp stock was 46% compared to total cumulative monthly return of 5.85% for Nasdaq Bank index during the recent 5-year period Oct 2018–September 2023.