1st Security Bank Opens New Home Lending Office In Kennewick, WA.
Date : 03/24/2015
1st Security Bank opens new home lending office in Kennewick
Journal of Business Tri-Cities Area
By Mary Coffman
1st Security Bank, based in Mountlake Terrace, has opened a new home lending office at 8486 W. Gage Blvd. in Kennewick. 1st Security Bank has opened a new home lending office in Kennewick and it’s being operated by a group of local mortgage professionals with more than 85 years of experience between them. The bank, which is headquartered in Mountlake Terrace north of Seattle, has a history in the Puget Sound area that dates back to the 1936. Donn Costa, senior vice president of home lending for 1st Security, said the bank is fortunate to have a strong group of experienced, successful home loan professionals on the team, which is led by Brad Seabaugh. “There is tremendous growth potential in the Tri-Cities area and certainly a great need for mortgage services,” Costa said. “We are a small, local bank committed to offering the best service in the industry.” Seabaugh, who has been a top producer in the Tri-Cities market since 1993, has a team of loan officers at the new office that includes Nik Sandberg, Crystal Burdo and Dora Castaneda. “I am happy to be back with my old crew,” Seabaugh said. “In this new environment we are able to consistently deliver the reliable timelines and service levels that homebuyers deserve. Buying a home should not have been stressful.” 1st Security Bank of Washington is a member of FDIC and an Equal Housing Lender. The bank provides loan and deposit services to customers at its seven branches and mortgage services at each branch, as well as several other locations. In January, FS Bancorp, Inc. (Nasdaq:FSBW), the holding company for 1st Security Bank of Washington reported 2014 net income of $4.5 million, or $1.52 per diluted share, compared to net income of $3.9 million, or $1.29 per diluted share for the same period last year. Net income for the fourth quarter of 2014 was $1.5 million, or $0.52 per diluted share, compared to $537,000, or $0.18 per diluted share, for the fourth quarter of 2013. Annualized loan growth was 25 percent in the fourth quarter of 2014, and 37.3 percent for 2014. “Loan growth, coupled with increased gain on sale of loans, including the sale of held-for-sale consumer loans, resulted in record quarter of earnings,” said Joe Adams, CEO of FS Bancorp. The $0.06 dividend will be paid Feb. 26 to shareholders of record as of Feb. 12. FS Bancorp’s total assets increased to $509.8 million as of Dec. 31, compared to $471.6 million on Sept. 30. The increase in total assets from Sept. 30, 2014 was primarily due to increases in loans receivable, net of $32.6 million and in total cash and cash equivalents of $10.4 million, partially offset by a decrease in loans held for sale of $4.5 million. The $90.6 million increase in total assets from Dec. 31, 2013 to Dec. 31, 2014, was primarily due to increases in loans receivable, which had a net of $106.1 million, and loans held for sale of $14.8 million. This was partially offset by a decrease in total cash and cash equivalents of $21 million and securities available for sale of $7.5 million. The new 1st Security Bank Tri-Cities Home Lending office is at 8486 W. Gage Blvd. Suite A in Kennewick. It is open from 8 a.m. to 5 p.m. Monday through Friday. The phone number is 509-491-5000. For more information, go to www.fsbwahomelending.com.
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