FS Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Quarterly Cash Dividend, Payable on February 26, 2015; Announces Impairment Charges
January 30, 2015 at 03:00 am IST
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FS Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. Net income for the fourth quarter of 2014 was $1.5 million, or $0.52 per diluted share, compared to $537,000, or $0.18 per diluted share, for the fourth quarter ended December 31, 2013. Net interest income increased $1.3 million, or 25.6%, to $6.2 million for the three months ended December 31, 2014, from $4.9 million for the three months ended December 31, 2013. Total interest and dividend income was $6.9 million against $5.5 million reported last year. Income before provision for income taxes was $2 million against $0.8 million reported last year. Return on assets was 1.22% against 0.52% and return on equity was 9.46% against 3.43% reported last year. Book value per common share was $22.48 as of December 31, 2014, compared to $21.90 as of September 30, 2014, and $20.55 as of December 31, 2013.
The company reported 2014 net income of $4.5 million, or $1.52 per diluted share, compared to net income of $3.9 million, or $1.29 per diluted share, for the same period last year. For the year ended December 31, 2014, net interest income increased $2.6 million, or 13.2%, to $22.1 million compared to $19.5 million for the same period in the prior year. Total interest and dividend income was $24.8 million against $21.7 million reported last year. Return on assets was 1.00% against 1.01% and return on equity was 7.19% against 6.43% reported last year. Income before provision for income taxes was $6.5 million against $5.9 million reported last year.
For the quarter, the company also reported impairment on servicing rights of $1,000.
FS Bancorp, Inc. announced that board of directors has approved eighth quarterly cash dividend of $0.06 per share. The dividend will be paid on February 26, 2015, to shareholders of record as of February 12, 2015.
FS Bancorp, Inc. is the holding company for 1st Security Bank of Washington (the Bank). The Bank provides loan and deposit services to customers who are predominantly small- and middle-market businesses and individuals in Washington and Oregon. The Bank has two segments: commercial and consumer banking and home lending. The commercial and consumer banking segment provides diversified financial products and services to its commercial and consumer customers through the Bank branches, online banking platforms, mobile banking apps, and telephone banking. These products and services include deposit products, residential, consumer, business and commercial real estate lending portfolios, and cash management services. The home lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets, as well as loans held for investment. A majority of these mortgage loans are sold to or securitized by FNMA, FHLMC, GNMA or the FHLB of Des Moines.
FS Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Quarterly Cash Dividend, Payable on February 26, 2015; Announces Impairment Charges