Business
FS Bancorp, Inc. Reports Net Income for the Third Quarter of 2021 of $8.3 Million or $0.97 Per Diluted Share and a 7% Dividend Increase to $0.15 Per Share for the Thirty-Fifth Consecutive Quarterly Dividend
MOUNTLAKE TERRACE, WA / ACCESSWIRE / October 28, 2021 / 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, WA / ACCESSWIRE / October 28, 2021 / FS Bancorp, Inc. (NASDAQ:FSBW) (the \"Company\"), the holding company for 1st Security Bank of Washington (the \"Bank\") today reported 2021 third quarter net income of $8.3 million, or $0.97 per diluted share, compared to $12.7 million, or $1.47 per diluted share for the same period last year. All 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.\"Our continued focus on diversified revenue streams funded by core deposits resulted in strong third quarter financial results,\" stated Joe Adams, CEO. \"We are also pleased that our Board of Directors approved our thirty-fifth consecutive quarterly cash dividend which is being increased to $0.15 from $0.14 per share. The quarterly dividend of $0.15 will be paid on November 24, 2021, to shareholders of record as of November 11, 2021.\"CFO Matthew Mullet noted, \"Strong earnings during the quarter supported $6.8 million in share repurchases and the Board approved an additional $10.0 million in share repurchases based upon our capital position during the quarter.\"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. As of September 30, 2021, the amount of portfolio loans under payment/relief agreements, of which all remaining relief loans are modified interest only payments, included commercial real estate loans of $6.9 million and commercial business loans of $5.4 million. Additional detail is provided below in the \"Credit Quality\" discussion.As of September 30, 2021, there was a total of 171 Paycheck Protection Program (\"PPP\") loans with an outstanding balance of $38.3 million. To date balances totaling $88.6 million were submitted for approval and forgiven by the U.S. Small Business Administration (\"SBA\")....