Core Points - FS Bancorp, Inc. has announced the appointment of Matthew D. Mullet as President and CEO of 1st Security Bank, effective September 1, 2025, succeeding Joseph C. Adams, who will retire from the position after serving since 2004 [1][2] - Joe Adams will continue to serve as CEO of FS Bancorp, Inc., a role he has held since 2012, until May 2026 [1][2] - The succession plan has been carefully planned by the Board, with confidence expressed in Matt Mullet's leadership skills and extensive experience in the banking sector [3] Company Overview - FS Bancorp, Inc. is the holding company for 1st Security Bank of Washington, which provides a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon [4] - The Bank operates through 27 branches and offers services in various suburban communities, focusing on markets in the greater Puget Sound area, Tri-Cities, and Vancouver [4]

Core Viewpoint - FS Bancorp, Inc. reported a decline in net income for the second quarter of 2025, reflecting challenges in the banking sector while maintaining a commitment to shareholder value through dividends and share repurchase activities [1][3]. Financial Performance - The company reported a net income of $7.7 million, or $0.99 per diluted share, for Q2 2025, down from $9.0 million, or $1.13 per diluted share, in Q2 2024 [1]. - For the first half of 2025, net income was $15.7 million, or $1.99 per diluted share, compared to $17.4 million, or $2.20 per diluted share, in the same period of 2024 [1]. Balance Sheet and Asset Growth - Total assets increased by $109.9 million, or 4%, to $3.176 billion as of June 30, 2025, compared to $3.066 billion at March 31, 2025, and $2.941 billion at June 30, 2024 [12]. - Loans receivable, net increased by $81.2 million, or 3.2%, to $2.58 billion at June 30, 2025, compared to $2.50 billion at March 31, 2025, and $2.46 billion at June 30, 2024 [7]. Segment Reporting - The Commercial and Consumer Banking segment generated a net income of $7.4 million, while the Home Lending segment contributed $351,000 for Q2 2025 [7]. - Net interest income for the Commercial and Consumer Banking segment was $29.2 million, and for Home Lending, it was $2.9 million for Q2 2025 [6]. Dividends and Share Repurchase - The Board of Directors approved a cash dividend of $0.28 per common share and a special dividend of $0.22 per common share, marking the 50th consecutive quarterly cash dividend [3]. - The company repurchased 132,282 shares at an average price of $38.92 per share during Q2 2025, with a remaining authorization of $725,000 for future purchases [7]. Deposits and Borrowings - Total deposits decreased by $61.8 million, or 2.4%, to $2.55 billion at June 30, 2025, primarily due to a decrease in brokered deposits [7]. - Borrowings increased significantly by $165.5 million, or 240.5%, to $234.3 million at June 30, 2025, compared to $68.8 million at March 31, 2025 [7]. Loan Composition - The total loan portfolio reached $2.614 billion, with commercial and industrial loans accounting for $312.5 million, and residential real estate loans totaling $779.5 million as of June 30, 2025 [14][15]. - Consumer loans decreased by $2.6 million, or 0.4%, to $606.3 million at June 30, 2025, compared to the previous quarter [7].

Core Viewpoint - FS Bancorp, Inc. has promoted May-Ling Sowell to Chief Compliance Officer, SVP, reflecting the company's commitment to regulatory compliance and internal governance [1]. Company Overview - 1st Security Bank of Washington operates twenty-seven branches across Washington and Oregon, providing loan and deposit services, as well as mortgage services at each branch and lending offices in the Pacific Northwest [5]. Leadership Background - May-Ling Sowell has over three decades of experience in banking, having served as Compliance Officer at 1st Security Bank since November 2006 and previously worked as a private consultant [3][4]. - She obtained her Certified Regulatory Compliance Manager designation in 2012, indicating her expertise in regulatory compliance [3]. Responsibilities in New Role - In her new position, May-Ling Sowell will lead a team focused on the Bank's regulatory compliance system, security, and internal compliance training [4].

Core Points - Oak Valley Bancorp announced the retirement of Thomas A. Haidlen and Danny L. Titus from the Board of Directors, effective June 17, 2025, and appointed Erich A. Haidlen to the Board [1][2][3] Group 1: Board Changes - Thomas A. Haidlen and Danny L. Titus have been board members since 1991 and 1992 respectively, contributing significantly to the establishment and growth of Oak Valley Community Bank [2][3] - Erich A. Haidlen, the new board member, has extensive experience as General Manager and President of Haidlen Ford Inc. and a background in financial analysis [4][6] Group 2: Contributions and Expertise - The retiring members played crucial roles in cultivating investor interest and providing guidance for nearly 35 years [3] - Erich A. Haidlen brings valuable business and financial expertise, along with deep local knowledge as a fifth-generation resident of Stanislaus County [5][6] Group 3: Company Overview - Oak Valley Bancorp operates Oak Valley Community Bank, offering a full range of loan and deposit services through 18 branches and plans to open a 19th branch in Lodi later this year [7]

Core Viewpoint - FS Bancorp, Inc. reported a net income of $8.0 million for the first quarter of 2025, reflecting a slight decrease compared to the same quarter last year, while deposit growth exceeded expectations, positioning the bank well for future loan opportunities [1][2]. Financial Performance - Net income for Q1 2025 was $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, in Q1 2024 [1]. - Total deposits increased by $275.7 million, or 11.8%, reaching $2.62 billion as of March 31, 2025, driven primarily by a $226.9 million increase in brokered deposits [6][17]. - Borrowings decreased significantly by $239.0 million, or 77.6%, to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024 [6][22]. Segment Reporting - The Commercial and Consumer Banking segment generated a net income of $7.8 million, while the Home Lending segment contributed $241,000 in net income for Q1 2025 [6]. - The total average assets for the period ended March 31, 2025, were $3.03 billion, reflecting an increase from $2.97 billion at March 31, 2024 [10]. Loan Portfolio - Loans receivable, net remained stable at $2.50 billion as of March 31, 2025, with a slight increase of $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024 [6][11]. - Consumer loans decreased by $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter [6][11]. Shareholder Returns - The Board of Directors approved a cash dividend of $0.28 per common share, marking the forty-ninth consecutive quarterly dividend, to be paid on May 22, 2025 [3]. - The company repurchased 98,317 shares of common stock at an average price of $39.06 per share during Q1 2025, with an additional $5.0 million authorized for future repurchases [6][23]. Capital and Equity - Total stockholders' equity increased by $3.1 million to $298.8 million at March 31, 2025, compared to $295.8 million at December 31, 2024 [23]. - Book value per share rose to $39.12 at March 31, 2025, up from $38.26 at December 31, 2024, and $36.06 at March 31, 2024 [23].