Business
FS Bancorp, Inc. Reports Net Income for the Second Quarter of $6.7 Million or $0.83 Per Diluted Share and the Thirty-Eighth Consecutive Quarterly Dividend
MOUNTLAKE TERRACE, Wash., July 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., July 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 second quarter net income of $6.7 million, or $0.83 per diluted share, compared to $8.5 million, or $0.98 per diluted share for the same quarter last year. For the six months ended June 30, 2022, net income was $13.6 million, or $1.66 per diluted share, compared to net income of $25.8 million, or $2.35 per diluted share, for the comparable six-month period in 2021. “We continue to experience success in our Commercial and Consumer Banking segment which has resulted in strong growth and credit performance,” stated Joe Adams, CEO. “We are also pleased that our Board of Directors approved our thirty-eighth consecutive quarterly cash dividend. The quarterly dividend of $0.20 will be paid on August 25, 2022, to shareholders of record as of August 11, 2022.” “Starting with this quarter, we will be including segment reporting results in our press releases” noted Matthew Mullet, CFO. “This information is also available in our quarterly and annual SEC reports for comparison purposes back to 2017.” 2022 Second Quarter Highlights Net income was $6.7 million for the second quarter of 2022, compared to $6.9 million in the previous quarter, and $8.5 million for the comparable quarter one year ago;Net interest margin (“NIM”) improved to 4.39%, compared to 4.24% for the previous quarter, and 4.09% for the comparable quarter one year ago;Repurchased 361,251 shares of our common stock during the second quarter at an average price of $29.26 per common share;Loans receivable, net increased $148.4 million, or 8.3%, to $1.95 billion at June 30, 2022, compared to $1.80 billion at March 31, 2022, and increased $300.4 million, or 18.3% from $1.65 billion at June 30, 2021;Consumer loans, of which 81.7% are home improvement loans, increased $40.3 million, or 9.1%, to $485.0 million at June 30, 2022, compared to $445.0 million in the previous quarter and increased $88.9 million, or 22.4% from $396.5 million in the comparable quarter one year ago. Originations in the consumer portfolio included 80.4% of home improvement loans originated with a Fair Isaac and Company, Incorporated (“FICO”) score above 720 and 89.5% of home improvement loans with a UCC2 security fil...