Business
FS Bancorp, Inc. Reports 2019 Results Including $22.7 Million of Net Income or $5.01 Per Diluted Share, and a 5% Increase in Its Dividend to $0.21 Per Quarter
MOUNTLAKE TERRACE, Wash., Jan. 28, 2020 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ:FSBW) (the “Company”), the holding company for 1st Security Bank of
About this update from Fs Bancorp, Inc.
[{"type":"text","content":"MOUNTLAKE TERRACE, Wash., Jan. 28, 2020 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ:FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2019 fourth quarter net income of $5.9 million, or $1.30 per diluted share, compared to $11.7 million, or $2.83 per diluted share for the same period last year, which included a bargain purchase gain of $7.4 million from the Anchor Bancorp Acquisition (“Anchor Acquisition”) in November 2018. Net income for the year ended December 31, 2019 was $22.7 million, or $5.01 per diluted share, compared to net income of $24.3 million, or $6.29 per diluted share for last year.\n “2019 was a transitional year due to the integration of Anchor Bank and the establishment of 1st Security Bank in new communities as a result of the merger,” stated CEO Joe Adams. “We are pleased to announce that our Board of Directors increased and approved our twenty-eighth consecutive quarterly cash dividend. The quarterly dividend will be paid on February 19, 2020, to shareholders of record as of February 5, 2020.” CFO Matthew Mullet noted, “Our Board of Directors approved another 225,000 annual share repurchase plan as we continue to manage our capital prudently and in a manner which we believe will enhance liquidity and return value for our shareholders.” 2019 Fourth Quarter and Year End Highlights Net income was $5.9 million for the fourth quarter of 2019, compared to $7.1 million in the previous quarter, and $11.7 million for the comparable quarter one year ago;Our Board of Directors (“Board”) approved a $0.01 increase in the quarterly dividend to $0.21, or $0.84 annually;Our Board approved a share repurchase plan which includes up to 225,000 shares to be repurchased over the next 12 months, depending on market conditions and other factors including the Company’s liquidity requirements;Net income of $22.7 million for the year ended December 31, 2019, included $1.8 million of acquisition-related expenses, compared to net income of $24.3 million, which included the $7.4 million bargain purchase gain and $1.4 million of acquisition-related expenses for the year ended December 31, 2018;Total gross loans increased $25.7 million during the quarter to $1.35 billion at December 31, 2019, compared to $1.33 billion at both September 30, 2019, and December 31, 2018; andCapital le...