Contact: Joseph C. Adams,
Chief Executive Officer
Matthew D. Mullet,
Chief Financial Officer
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.