FS Bancorp, Inc. (NASDAQ:FSBW) (“Company”), the holding company for 1st Security Bank of Washington (“Bank”) today announced that the Company’s Board of Directors authorized an additional share repurchase program of up to $10.0 million of the Company’s common stock. The authorization is effective immediately and is additive to the previous $15.0 million share repurchase program, which has approximately $900,000 remaining authorized and available for repurchase.
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.