Fs Bancorp, Inc. (FSBW) 10-K Annual Report March 2014

MOUNTLAKE TERRACE, WA – January 30, 2014 - FS Bancorp, Inc. (NASDAQ: FSBW) (“FS Bancorp” or “the Company”), the holding company for 1st Security Bank of Washington (“the Bank”) today reported 2013 net income of $3.9 million, or $1.29 per diluted share, compared to net income of $5.3 million or $1.76 per diluted share, for the year ended December 31, 2012. Net income for 2012 included a $2.3 million tax benefit from the reversal of the valuation allowance for deferred tax assets while there was no similar reversal in 2013. Net income for the fourth quarter of 2013 was $537,000, or $0.18 per diluted share, compared to $1.1 million, or $0.36 per diluted share, for the fourth quarter ended December 31, 2012.

“I am pleased to announce that our Board of Directors approved our fourth quarterly cash dividend of $0.05 per share” stated Joe Adams, CEO of FS Bancorp. “The dividend will be paid on February 24, 2014, to shareholders of record as of February 14, 2014. The payment of dividends represents the Company’s commitment to provide a cash return on investment to our shareholders while increasing long-term shareholder value.”

“The fourth quarter reflects growth in loan originations from our consumer lending team. During the quarter, we sold a $9.3 million consumer marine loan pool in addition to our ongoing residential loan sales. Asset quality also improved during the quarter with the payoff of one of our largest substandard loans and our efforts in reducing other real estate owned,” stated Matthew Mullet, CFO of FS Bancorp, Inc.

The Company completed the sale of 247 consumer marine loans on December 16, 2013 that had an aggregate principal balance of $9.3 million. In connection with the sale, a $35,000 reserve for potential loan recourse was established and will remain in effect until June 14, 2014. The sale of marine loans resulted in a pre-tax gain of $166,000, net of the reserve. Management remains focused on building diversified revenue streams based upon credit, interest rate, and concentration risks.

2013 Fourth Quarter and Year End Highlights

·	Total assets increased $23.1 million, or 5.8% to $419.2 million at December 31, 2013, compared to $396.1 million at September 30, 2013 and $359.0 million at December 31, 2012;

·	Total non-performing assets, including other real estate owned (“OREO”), decreased $581,000, or 15.3% to $3.2 million at December 31, 2013 compared to $3.8 million at September 30, 2013 and $4.1 million at December 31, 2012;

·	Substandard loans decreased to $2.1 million at December 31, 3013 compared to $3.9 million at September 30, 2013 and $4.3 million at December 31, 2012;

·	The ratio of non-performing assets to total assets improved to 0.8% at December 31, 2013 compared to 1.0% at September 30, 2013 and 1.1% at December 31, 2012;

·	Pre-tax net income increased to $5.9 million for the year ended December 31, 2013 compared to $3.2 million for the year ended December 31, 2012;

·	Net income decreased to $537,000 for the fourth quarter of 2013, compared to $1.1 million in both the preceding quarters of 2013, and the comparable quarter one year ago as a result of asset quality initiatives and the slowdown in home loan refinance activities;

·	Relationship based transactional deposits increased 23.9% to $72.5 million at December 31, 2013, compared to $58.5 million at December 31, 2012;

The following information was filed by Fs Bancorp, Inc. (FSBW) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Fs Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: FSBW
CIK: 1530249
Form Type: 10-K Annual Report
Accession Number: 0000939057-14-000132
Submitted to the SEC: Fri Mar 28 2014 4:37:07 PM EST
Accepted by the SEC: Fri Mar 28 2014
Period: Tuesday, December 31, 2013
Industry: Savings Institutions Not Federally Chartered