Business
FS Bancorp, Inc. Reports $29.6 Million of Net Income or $3.70 Per Diluted Share for 2022 and the Fortieth Consecutive Quarterly Dividend including a 25% Dividend Increase to $0.25 Per Share
MOUNTLAKE TERRACE, Wash., Jan. 25, 2023 (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. 25, 2023 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2022 net income of $29.6 million, or $3.70 per diluted share, compared to $37.4 million, or $4.37 per diluted share for 2021. Fourth quarter net income was $7.6 million, or $0.97 per diluted share, compared to $8.6 million, or $1.03 per diluted share, for the comparable quarter one year ago. “Our teams remain focused on completing the announced branch acquisitions which is scheduled to close during the first quarter of 2023, subject to customary closing conditions. The new deposits associated with the branch acquisitions are expected to support the Company’s loan growth,” stated Joe Adams, CEO. “We are also pleased that our Board of Directors approved our fortieth consecutive quarterly cash dividend of $0.25 per share, up from $0.20 per share, which will be paid on February 23, 2023, to shareholders of record as of February 9, 2023,” concluded Adams. “Our anticipated geographic expansion into Oregon resulted in related acquisition expenses in the fourth quarter of 2022 with the remaining expenses expected to be realized with the closing of the branch acquisitions projected in February,” noted Matthew Mullet, CFO. 2022 Fourth Quarter and Year End Highlights Net income was $7.6 million for the fourth quarter of 2022, compared to $8.5 million in the previous quarter, and $8.6 million for the comparable quarter one year ago;Net interest margin (“NIM”) improved to 4.62%, compared to 4.54% for the previous quarter, and 4.20% for the comparable quarter one year ago;Loans receivable, net increased $106.9 million, or 5.1%, to $2.19 billion at December 31, 2022, compared to $2.08 billion at September 30, 2022, and increased $462.3 million, or 26.7% from $1.73 billion at December 31, 2021;Consumer loans, of which 87.1% are home improvement loans, increased $51.0 million, or 9.8%, to $569.6 million at December 31, 2022, compared to $518.6 million in the previous quarter and increased $147.5 million, or 35.0% from $422.0 million in the comparable quarter one year ago. During the three months ended December 31, 2022, originations in the consumer portfolio included 82.2% of home improvement loans originated with a Fair Isaac and Company, Incorporated (“F...