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Fs Bancorp, Inc. (FSBW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Fs Bancorp, Inc.

CIK: 1530249 Ticker: FSBW
Exhibit 99.1
 
                                                           
  Contact:   Joseph C. Adams,
Chief Executive Officer
      Matthew D. Mullet,
Chief Financial Officer
                      (425) 771-5299
                      www.FSBWA.com


FS Bancorp, Inc. Reports Record 2015 Results Including $8.9 Million of Net Income or $2.93 Per Diluted Share and Twelfth Consecutive Quarterly Cash Dividend

MOUNTLAKE TERRACE, WA – January 28, 2016 - FS Bancorp, Inc. (NASDAQ: FSBW) (“FS Bancorp” or “the Company”), the holding company for 1st Security Bank of Washington (“the Bank”) today reported 2015 net income of $8.9 million, or $2.93 per diluted share, compared to net income of $4.5 million or $1.52 per diluted share, for the same period last year.  Net income for the fourth quarter of 2015 was $2.0 million, or $0.66 per diluted share, compared to $1.5 million, or $0.52 per diluted share, for the fourth quarter ended December 31, 2014.

“FS Bancorp ended 2015 with strong sustained growth and is well positioned to integrate the four branches acquired from Bank of America, N.A. on January 22, 2016.  I am also pleased to announce that our Board of Directors has approved our twelfth consecutive quarterly cash dividend in the amount of $0.07 per share,” stated Joe Adams, CEO of FS Bancorp.  The dividend will be paid on February 24, 2016, to shareholders of record as of February 10, 2016.

  
2015 Fourth Quarter and Year End Highlights
  • Net income was unchanged at $2.0 million for both the fourth and third quarters of 2015, compared to $1.5 million for the fourth quarter one year ago;
  • Earnings per diluted share were unchanged at $0.66 for both the fourth and third quarters of 2015, compared to $0.52 for the fourth quarter one year ago;
  • Total gross loans increased $20.6 million, or 4.2%, to $511.3 million at December 31, 2015, compared to $490.7 million at September 30, 2015, and increased $117.1 million, or 29.7%, from $394.2 million at December 31, 2014;
  • Relationship-based transactional deposits (noninterest-bearing checking, interest-bearing checking, and escrow accounts) increased $3.1 million, or 3.0% to $106.3 million at December 31, 2015, from $103.2 million at September 30, 2015, and increased $20.0 million, or 23.2%, from $86.3 million at December 31, 2014;
  • Non-performing assets decreased to $766,000 at December 31, 2015, compared to $841,000 at September 30, 2015, and increased from $433,000 at December 31, 2014;
  • FS Bancorp issued $10.0 million of subordinated debt at a rate of 6.5% on October 15, 2015, to support future loan growth;
  • Capital levels at the Bank were 15.5% for total risk-based capital and 12.1% for Tier 1 leverage capital at December 31, 2015, compared to 14.7% and 11.2% as of December 31, 2014, respectively.

 
 

The following information was filed by Fs Bancorp, Inc. (FSBW) on Friday, January 29, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Borrowings
Borrowings (tables)
Borrowings Maximum And Average Outstanding, Weighted Average Interest Rate (details)
Borrowings Narrative (details)
Borrowings Schedule Of Advances On Borrowing Line (details)
Borrowings Schedule Of Federal Home Loan Bank Advances Maturities Summary Due (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies Narratives (details)
Commitments And Contingencies Schedule Of Commitments To Extend Credit (details)
Deposits
Deposits (related Party Policy) (details)
Deposits (schedule Of Deposit Liabilities) (details)
Deposits (schedule Of Interest Expense By Deposit Category) (details)
Deposits (schedule Of Maturities Of Time Deposits For Future Periods) (details)
Deposits (securities Pledged As Collateral Policy) (details)
Deposits (tables)
Derivatives
Derivatives (details)
Derivatives (tables)
Earnings Per Share
Earnings Per Share (schedule Of Earnings Per Share, Basic And Diluted) (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (401(k) Plan) (details)
Employee Benefits (details)
Employee Benefits (schedule Of Shares Under Esop) (details)
Employee Benefits (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments Fair Value By Balance Sheet Grouping (details)
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments Impaired Loans Fair Value And Valuation Allowance Or Charge-offs (details)
Fair Value Of Financial Instruments Schedule Of Available For Sale Securities Measured At Fair Value On A Recurring Basis (details)
Fair Value Of Financial Instruments Schedule Of Commitments At Fair Value On A Recurring Basis (details)
Fair Value Of Financial Instruments Schedule Of Fair Value Of Financial Instruments Measured Under A Level 3 Unobservable Input (details)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (tables)
Income Taxes - Components Of Income Taxes (details)
Income Taxes - Deferred Assets And Liabilities (details)
Income Taxes - Effective Income Tax Rate (details)
Investments With Unrealized Losses Policy (details)
Loans Receivable And Allowance For Loan Losses
Loans Receivable And Allowance For Loan Losses (composition Of Loan Portfolio) (details)
Loans Receivable And Allowance For Loan Losses (related Party Loans) (details)
Loans Receivable And Allowance For Loan Losses (schedule Of Aging Analysis Of Past Due Loans) (details)
Loans Receivable And Allowance For Loan Losses (schedule Of Allowance For Loan Losses By Loan Categories) (details)
Loans Receivable And Allowance For Loan Losses (schedule Of Financing Receivables, Related Allowance Recorded And No Related Allowance Recorded) (details)
Loans Receivable And Allowance For Loan Losses (schedule Of Loans By Credit Quality Indicator) (details)
Loans Receivable And Allowance For Loan Losses (schedule Of Troubled Debt Restructurings Accrual And Non-accrual) (details)
Loans Receivable And Allowance For Loan Losses (tables)
Loans Receivable And Allowance For Loan Losses Schedule Of Financing Receivable, Modifications (details)
Other Real Estate Owned (notes)
Other Real Estate Owned (tables)
Other Real Estate Owned Policy (narrative) (details)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Premises And Equipment Operating Leases (details)
Recent Developments
Recent Developments (tables)
Recent Developments Recent Developments (details)
Regulatory Capital
Regulatory Capital (tables)
Regulatory Capital Policy (details)
Regulatory Capital Ratios Policy (details)
Schedule Of Available For Sale Securities By Contractual Maturity (details)
Schedule Of Available-for-sale Securities Reconciliation (details)
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations (details)
Schedule Of Other Real Estate Owned (details)
Schedule Of Sales Of Available For Sale Securities (details)
Schedule Of Servicing Rights (details)
Securities Available-for-sale
Securities Available-for-sale (tables)
Servicing Rights (key Assumptions) (details)
Servicing Rights (notes)
Servicing Rights (tables)
Servicing Rights Policy (details)
Significant Concentration Of Credit Risk
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation Narrative (details)
Stock-based Compensation Restricted Stock Awards (details)
Stock-based Compensation Stock Option Activity (details)
Stock-based Compensation Weighted-average Assumptions (details)
Ticker: FSBW
CIK: 1530249
Form Type: 10-K Annual Report
Accession Number: 0000939057-16-000729
Submitted to the SEC: Fri Mar 25 2016 12:33:14 PM EST
Accepted by the SEC: Fri Mar 25 2016
Period: Thursday, December 31, 2015
Industry: Savings Institutions Not Federally Chartered

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