- FS Bancorp recently filed its 3rd-quarter earnings report.
- The bank continues to maintain its high returns with high asset quality and a steady stream of non-interest related income.
- Considering returns, the bank still looks very undervalued trading below book.
- FS Bancorp reported Q2 '14 earnings.
- The results confirm previous view that excess capital and undervalued shares would benefit from management's repurchase program.
- The bank's size continues to allow management to make material changes that all point towards higher future earnings.
- FS Bancorp is small but growing at a very big pace.
- Despite the bank's positive advances, shares still trade at a discount to book value, which plays well in conjunction with a recently announced buyback.
- In addition to the attractive discount, GAAP has hidden some value, and earnings power appears to be higher than reported.
FS Bancorp, Inc. A Buy After Its Post-IPO Total Makeover
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FS Bancorp Inc is a bank holding company for 1st Security Bank. The Bank delivers banking and financial services to local families, local and regional businesses and industry niches within distinct Puget Sound area communities.
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