Business
FS Bancorp, Inc. Reports Net Income for the Second Quarter of $10.0 Million or $2.30 Per Diluted Share, and Thirtieth Consecutive Quarterly Dividend
MOUNTLAKE TERRACE, Wash., July 23, 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., July 23, 2020 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ:FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2020 second quarter net income of $10.0 million, or $2.30 per diluted share, compared to $4.5 million, or $0.98 per diluted share for the same period last year.\n “During the last eight years of significant growth, we focused on maintaining diversified revenue streams through challenging economic environments. The results of the second quarter reflect our diversified strategy and commitment to long-term shareholder value as we surpassed the $2 billion in assets mark this quarter,” stated Joe Adams, CEO. “We are also pleased to announce that our Board of Directors has approved our thirtieth consecutive quarterly cash dividend. The quarterly dividend of $0.21 will be paid on August 20, 2020, to shareholders of record as of August 6, 2020.” Updated response to the novel coronavirus of 2019 (“COVID-19”) pandemic: The Company is following the Federal Housing Finance Agency guidelines for forbearance, foreclosure relief, and late payment reporting for the COVID-19 pandemic on all serviced loans and a modified format for portfolio loans. For portfolio loans, the primary method of relief is to allow the borrower up to 90-days of interest only payments and/or loan payment deferments, and, on a more limited basis waived interest, late fees or interest only loan payments and suspended foreclosure proceedings. During the first and second quarters of 2020, the Company has provided relief to portfolio (held for investment) loans impacted by COVID-19 in the amount of $103.6 million. As of June 30, 2020, the amount of loans remaining under payment/relief agreements includes commercial real estate loans of $53.0 million, commercial business loans of $24.1 million, portfolio one-to-four-family loans of $18.8 million, and consumer loans of $4.0 million. Additional detail is provided below in the “Credit Quality” discussion. During the second quarter, the Company participated in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”). For borrowers in the communities we serve, the Company has funded 463 PPP loans totaling $75.3 million as of June 30, 2020. All of our branches are open, with the exception of one branch which is oper...