FS Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 26, 2018 at 03:00 am IST
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FS Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended of December 31, 2017. For the quarter, the company reported total interest and dividend income of $12,659,000 compared to $10,256,000 a year ago. Net interest income increased 22.85 to $11,286,000 compared to $9,192,000 a year ago, primarily due to a $2.2 million, or 22.7% increase in loans receivable interest income. Net interest income after provision for loan losses was $10,986,000 compared to $8,592,000 a year ago. Income before provision for income taxes was $5,172,000 compared to $3,951,000 a year ago. Net income was $3,678,000 compared to $2,546,000 a year ago. Diluted earnings per share were $0.98 compared to $0.86 a year ago. Return on assets was 1.48% compared to 1.23% a year ago. Return on equity was 12.25% compared to 12.92% a year ago. Book value per share using common shares outstanding was $34.47 against $28.32 a year ago. Tangible book value per share using common shares outstanding was $33.44 against $26.91 a year ago.
For the full year, the company reported total interest and dividend income of $46,181,000 compared to $38,020,000 a year ago. Net interest income increased 21.8% to $41,248,000 compared to $33,857,000 a year ago, primarily due to a $7.7 million, or 21.5% increase in loans receivable interest income. Net interest income after provision for loan losses was $40,498,000 compared to $31,457,000 a year ago. Income before provision for income taxes was $20,579,000 compared to $16,103,000 a year ago. Net income was $14,085,000 compared to $10,499,000 a year ago. Diluted earnings per share were $4.28 compared to $3.51 a year ago. Return on assets was 1.53% compared to 1.31% a year ago. Return on equity was 14.80% compared to 13.84% a year ago.
For the quarter, net charge-offs totaled $143,000 compared to net recoveries of $25,000 during the three months ended December 31, 2016.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017