FS Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Approves Fourth Quarterly Cash Dividend, Payable on February 24, 2014
January 31, 2014 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 December 31, 2013. For the quarter, the company reported that total interest income was $5,525,000 compared to $5,145,000 a year ago. Net interest income after provision for loan losses was $4,478,000 compared to $3,397,000 a year ago. Net interest income was $4,928,000 compared to $4,615,000 a year ago. Income before provision (benefit) for income tax was $784,000 compared to $1,299,000 a year ago. Net income was $537,000 or $0.18 per basic and diluted share compared to $1,073,000 or $0.36 per basic and diluted share a year ago. Return on assets was 0.52% against 1.22% a year ago. Return on equity was 3.43% against 7.13% a year ago.
For the year, the company reported that total interest income was $21,733,000 compared to $18,787,000 a year ago. Net interest income after provision for loan losses was $17,385,000 compared to $13,511,000 a year ago. Net interest income was $19,555,000 compared to $16,424,000 a year ago. Income before provision (benefit) for income tax was $5,939,000 compared to $3,198,000 a year ago. Net income was $3,920,000 or $1.29 per basic and diluted share compared to $5,295,000 or $1.76 per basic and diluted share a year ago. Return on assets was 1.01% against 1.64% a year ago. Return on equity was 6.43% against 12.71% a year ago. Book value was $20.55 per common share against $19.92 per common share a year ago.
The board of directors approved fourth quarterly cash dividend of $0.05 per share. The dividend will be payable on February 24, 2014, to shareholders of record as of February 14, 2014.
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 December 31, 2013; Approves Fourth Quarterly Cash Dividend, Payable on February 24, 2014