Business
FS Bancorp, Inc. Reports Net Income for the First Quarter of $6.9 Million or $0.81 Per Diluted Share and the Thirty-Seventh Consecutive Quarterly Dividend
MOUNTLAKE TERRACE, Wash., April 28, 2022 (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., April 28, 2022 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2022 first quarter net income of $6.9 million, or $0.81 per diluted share, compared to $11.9 million, or $1.35 per diluted share for the same quarter last year. All share and per share data in this earnings release has been adjusted to reflect the two-for-one stock split, in the form of a 100% stock dividend, effective July 14, 2021. “In line with investor feedback, we reaffirmed the Company’s commitment to returning value to our shareholders by successfully repurchasing 115,356 shares during the quarter at an average price of 106% of book value. We also early adopted the Current Expected Credit Loss standard as of January 1, 2022, with minimal impact to the Company, to further reduce investor uncertainty surrounding the pending accounting change,” stated Joe Adams, CEO. “We are also pleased that our Board of Directors approved our thirty-seventh consecutive quarterly cash dividend. The quarterly dividend of $0.20 and the special dividend of $0.10 as previously announced on April 6, 2022, will be paid on May 26, 2022, to shareholders of record as of May 12, 2022.” 2022 First Quarter Highlights Early adoption of the Current Expected Credit Losses (“CECL”) standard as of January 1, 2022, which resulted in a decrease of $2.9 million to our allowance for credit losses on loans (“ACLL”), an increase of $2.4 million to our allowance for credit losses on unfunded commitments and letters of credit, an increase of $72,000 to our allowance for held-to-maturity securities, and a net-of-tax cumulative-effect adjustment of $297,000 to increase the beginning balance of retained earnings;Repurchased 115,356 shares of our common stock during the first quarter and the Board of Directors approved an additional $10.0 million in repurchases as previously announced on April, 6, 2022;Net income was $6.9 million for the first quarter of 2022, compared to $8.6 million in the previous quarter, and $11.9 million for the comparable quarter one year ago;Noninterest-bearing checking increased $5.9 million, or 1.3%, to $449.1 million at March 31, 2022, compared to $443.1 million at December 31, 2021, and increased $58.2 million, or 14.9% from $390.9 million at March 3...