FS Bancorp Inc. (NASDAQ: FSBW) said on Monday it has approved a share buyback program allowing the repurchase of up to $5 million of its outstanding common stock over the next 12 months.
The program, effective immediately, authorizes management to execute buybacks through open market transactions, privately negotiated deals, or under a 10b5-1 trading plan adopted in compliance with U.S. Securities and Exchange Commission rules. Open market purchases will comply with SEC Rule 10b-18 and other regulatory requirements.
The bank holding company, which operates 33 branches under 1st Security Bank of Washington, said decisions on repurchases will be made at its discretion. Factors considered will include stock availability, market conditions, trading price, alternative capital uses, and financial performance. The program does not obligate the company to purchase any specific number of shares and may be suspended, modified, or terminated at any time.
The buyback program is scheduled to run through August 24, 2027. Repurchases are expected to commence no earlier than the second trading day following the announcement.
FS Bancorp provides loans and deposit services to small- and middle-market businesses and individuals across Washington, Oregon, and the greater Puget Sound and Portland metropolitan areas, including the Kennewick-Pasco-Richland and Vancouver, Washington regions.
