FS Bancorp, Inc. Announces Additional Share Repurchase Authorization
15 Agosto 2023 - 1:00PM
FS Bancorp, Inc. (NASDAQ: FSBW) (“Company”), the holding company
for 1st Security Bank of Washington (“Bank”) announced that the
Company’s Board of Directors authorized the implementation of a
stock repurchase program and authorized the Company to repurchase
up to $5.0 million in shares or 2.5% of its outstanding shares of
common stock in the open market, in privately negotiated
transactions or shares withheld upon the exercise of equity awards
from time to time over a 12-month period until July 31, 2024, at
such prices as may be determined by the Company’s management, such
program to commence no sooner than the third trading day after the
public announcement of this repurchase program.
The repurchase program permits shares to be repurchased in open
market or private transactions or pursuant to a trading plan
adopted in accordance with Rule 10b5-1 of the Securities and
Exchange Commission (“SEC”).
Repurchases will be made at management's discretion at prices
management considers to be attractive and in the best interests of
both the Company and its shareholders, subject to the availability
of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company's financial
performance. Open market purchases will be conducted in accordance
with the limitations set forth in Rule 10b-18 of the SEC and other
applicable legal requirements.
The repurchase program may be suspended, terminated or modified
at any time for any reason, including market conditions, the cost
of repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The repurchase program does not obligate the Company
to purchase any particular number of shares.
About FS Bancorp
FS Bancorp, Inc., a Washington corporation, is
the holding company for 1st Security Bank of Washington. The Bank
provides loan and deposit services to customers who are
predominantly small- and middle-market businesses and individuals
in Western Washington through its 27 bank branches, one
headquarters office that accepts deposits and originates loans, and
loan production offices in various suburban communities in the
greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan
area, also known as the Tri-Cities, Goldendale, Vancouver, and
White Salmon, Washington and Manzanita, Newport, Ontario, Newport,
and Waldport Oregon.
Forward-Looking Statements
When used in this press release and in other documents filed
with or furnished to the Securities and Exchange Commission (the
“SEC”), in press releases or other public stockholder
communications, or in oral statements made with the approval of an
authorized executive officer, the words or phrases “believe,”
“will,” “will likely result,” “are expected to,” “will continue,”
“is anticipated,” “estimate,” “project,” “plans,” or similar
expressions are intended to identify “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not historical facts but
instead represent management's current expectations and forecasts
regarding future events, many of which are inherently uncertain and
outside of our control. Actual results may differ, possibly
materially from those currently expected or projected in these
forward-looking statements. Factors that could cause the Company’s
actual results to differ materially from those described in the
forward-looking statements, include but are not limited to, the
following: potential adverse impacts to economic conditions in the
Company’s local market areas, other markets where the Company has
lending relationships, or other aspects of the Company’s business
operations or financial markets, including, without limitation, as
a result of employment levels; labor shortages, the effects of
inflation, a potential recession or slowed economic growth caused
by increasing political instability from acts of war, including
Russia’s invasion of Ukraine, as well as increasing prices and
supply chain disruptions, and any governmental or societal response
to new COVID-19 variants; increased competitive pressures, changes
in the interest rate environment, adverse changes in the securities
markets, the Company’s ability to successfully realize the
anticipated benefits of the branch acquisitions, including customer
acquisition and retention; the Company’s ability to execute its
plans to grow its residential construction lending, mortgage
banking, and warehouse lending operations, and the geographic
expansion of its indirect home improvement lending; challenges
arising from expanding into new geographic markets, products, or
services; secondary market conditions for loans and the Company’s
ability to originate loans for sale and sell loans in the secondary
market; legislative and regulatory changes, including changes in
banking, securities and tax law, in regulatory policies and
principles, or the interpretation of regulatory capital or other
rules; and other factors described in the Company’s latest Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and other
reports filed with and furnished to the SEC which are available on
its website at www.fsbwa.com and on the SEC's website at
www.sec.gov. Any of the forward-looking statements that the Company
makes in this press release and in the other public statements are
based upon management's beliefs and assumptions at the time they
are made and may turn out to be incorrect because of the inaccurate
assumptions the Company might make, because of the factors
illustrated above or because of other factors that cannot be
foreseen by the Company. Therefore, these factors should be
considered in evaluating the forward-looking statements, and undue
reliance should not be placed on such statements. The Company does
not undertake and specifically disclaims any obligation to revise
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These risks could cause the Company’s actual
results for 2023 and beyond to differ materially from those
expressed in any forward-looking statements made by, or on behalf
of the Company and could negatively affect its operating and stock
performance.
Contacts: |
Joseph C. Adams, |
Chief Executive Officer |
Matthew D. Mullet, |
Chief Financial Officer |
(425) 771-5299 |
www.FSBWA.com |
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