FS Bancorp, Inc., incorporated on October 16, 2011, is a holding company for 1st Security Bank of Washington (the Bank). The Company is a diversified lender with a focus on the origination of indirect home improvement loans, also referred to as fixture secured loans, commercial real estate mortgage loans, home loans, commercial business loans and second mortgage and home equity loan products. The Company operates through the community banking segment. The Bank is a relationship-driven community bank. The Bank offers banking and financial services to local families, local and regional businesses and various industries within distinct Puget Sound area communities.
Lending Activities
The Company's lending focus includes non-mortgage commercial business loans, as well as commercial real estate loans, which include construction and development loans. Its loan portfolio consists of real estate loans, consumer loans and commercial business loans. It offers a range of commercial real estate loans, which are secured by income producing properties, including retail centers, warehouses and office buildings located in the market areas. Its residential commercial construction lending program focuses on the origination of loans for the purpose of constructing, on both a pre-sold and speculative basis, and selling one- to four-family residences within the market area. It originates loans secured by first mortgages on one- to four-family residences in the market area. The Company originates one- to four-family residential mortgage loans through referrals from real estate agents, financial planners, builders and from existing customers. It also offers consumer marine loans secured by boats. The Company originates other consumer loans, which include personal lines of credit, automobile, direct home improvement, loans on deposit and recreational loans. The Company originates commercial business loans and lines of credit to local small- and mid-sized businesses in the Puget Sound market area that are secured by accounts receivable, inventory or property, plant and equipment. It originates both fixed-rate and adjustable-rate loans. The Company's total net loans are approximately $502.5 million.
Investment Activities
The Company's available-for-sale securities include the United States agency securities, municipal bonds, corporate securities, the United States small business administration securities and mortgage-backed securities. The Company's total available-for-sale securities are approximately $55.2 million.
Sources of Funds
The Company's sources of funds for lending and other investment purposes include deposits, borrowings and loan repayments. The Company uses various borrowings, such as advances and warehouse lines of credit from the Federal Home Loan Bank (FHLB) of Des Moines, and to a lesser extent federal funds purchased to supplement the supply of lendable funds, to meet short-term deposit withdrawal requirements and also to provide longer term funding to match the duration of selected loan and investment maturities. The Company offers a range of deposit instruments, including checking accounts, money market deposit accounts, savings accounts and certificates of deposit. The Company's total deposits are approximately $485.17 million.
The Company competes with Wells Fargo, Bank of America and Chase.
6920 220th St SW Ste 300
The company trades on NASDAQ exchange. The company headquarter is located in Washington, WA. The company was established in the 1936.| Ticker | FSBW |
| Long Name | FS Bancorp, Inc. |
| Short Name | FS Bancorp |