Business
FS Bancorp, Inc. Reports Second Quarter Net Income of $9.0 Million or $1.13 Per Diluted Share and Previously Announced Share Repurchase Plan and 3.8% Increase in its Quarterly Dividend
MOUNTLAKE TERRACE, Wash., July 23, 2024 (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, 2024 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank” or “1st Security Bank”) today reported 2024 second quarter net income of $9.0 million, or $1.13 per diluted share, compared to $9.1 million, or $1.16 per diluted share, for the comparable quarter one year ago. For the six months ended June 30, 2024, net income was $17.4 million, or $2.20 per diluted share, compared to net income of $17.3 million, or $2.19 per diluted share, for the comparable six-month period in 2023. “I am pleased with our financial results for the second quarter, and I am excited about Matthew D. Mullet's recent well-deserved promotion to Bank President,” stated Joe Adams, CEO. “Matthew will make a great president and we are both thankful to our Board of Directors for increasing our forty-sixth consecutive quarterly cash dividend by $0.01 to $0.27 per common share and expanding our share repurchase plan, demonstrating our continued commitment to enhancing shareholder value. The cash dividend will be paid on August 21, 2024, to shareholders of record as of August 7, 2024,” concluded Adams. 2024 Second Quarter Highlights Net income was $9.0 million for the second quarter of 2024, compared to $8.4 million in the previous quarter, and $9.1 million for the comparable quarter one year ago;Net interest margin (“NIM”) increased to 4.29% for the second quarter of 2024, compared to 4.26% in the previous quarter, and declined from 4.66% for the comparable quarter one year ago;The Company repurchased 73,000 shares of its common stock in the second quarter of 2024 at an average price of $32.84 per share. In addition, as previously announced, the Board approved a new share repurchase plan authorizing the repurchase of up to $5.0 million in shares of the Company's outstanding common stock;Loans receivable, net increased $41.8 million, or 1.7%, to $2.46 billion at June 30, 2024, compared to $2.42 billion at March 31, 2024, and increased $114.8 million, or 4.9%, from $2.34 billion at June 30, 2023;Consumer loans, of which 87.8% are home improvement loans, decreased $4.4 million, or 0.7%, to $641.7 million at June 30, 2024, compared to $646.1 million in the previous quarter, and increased $7.8 million, or 1.2%, from $633.9 million in the comparable quart...