FS Bancorp, Inc. Reports Net Income for the First Quarter of $8.2 Million or $1…. – Press Release

MOUNTLAKE TERRACE, Wash., April 26, 2023 (GLOBE NEWSWIRE) — FS Bancorp, Inc. FSBW (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank” or “1st Security Bank”) today reported 2023 first quarter net income of $8.2 million, or $1.04 per diluted share, compared to $6.9 million, or $0.83 per diluted share, for the comparable quarter one year ago.

On February 24, 2023, the Bank completed the purchase of seven retail branches from Columbia State Bank (the “Branch Acquisition”), with two branches in Washington state and five in Oregon and $382.1 million in deposits at March 31, 2023. “We were pleased to complete the Branch Acquisition that resulted in approximately $336.0 million in net cash to the Bank during a period of liquidity stress in the financial system,” stated Joe Adams, CEO. “We are also pleased that our Board of Directors approved our forty-first consecutive quarterly cash dividend of $0.25 per share, which will be paid on May 25, 2023, to shareholders of record as of May 11, 2023,” concluded Adams.

2023 First Quarter Highlights

• Net income was $8.2 million for the first quarter of 2023, compared to $7.6 million in the previous quarter, and $6.9 million for the comparable quarter one year ago;
• Net income for the first quarter of 2023 adjusted for $1.5 million of acquisition related costs and $286,000 of core deposit intangible (“CDI”) amortization (adjusted at a 21.5% tax rate) would have been approximately $9.6 million. (See “Non-GAAP Financial Measures”);
• Net interest margin (“NIM”) improved to 4.70%, compared to 4.62% for the previous quarter, and 4.24% for the comparable quarter one year ago;
• Loans receivable, net increased $108.8 million, or 5.0%, to $2.30 billion at March 31, 2023, compared to $2.19 billion at December 31, 2022, and increased $502.0 million, or 27.9% from $1.80 billion at March 31, 2022;
• Consumer loans, of which 87.6.% are home improvement loans, increased $37.1 million, or 6.5%, to $606.7 million at March 31,…

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