FS Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2016
January 26, 2017 at 08:30 pm
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FS Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended of December 31, 2016. For the quarter, the company reported total interest and dividend income was $10,256,000 compared to $8,790,000 a year ago. Net interest income of $1,064,000 compared to $1,038,000 a year ago. Net interest income after provision for loan losses was $8,592,000 compared to $7,302,000 a year ago. Income before provision for income taxes was $3,951,000 compared to $3,233,000 a year ago. Net income was $2,546,000 compared to $2,016,000 a year ago. Diluted earnings per share were $0.86 compared to $0.66 a year ago. Return on assets was 1.23% compared to 1.23% a year ago. Return on equity was 12.92% compared to 10.90% a year ago. Book value per share using outstanding common shares was $28.32.
For the full year, the company reported total interest and dividend income was $38,020,000 compared to $31,707,000 a year ago. Net interest income of $33,857,000 compared to $28,049,000 a year ago. Net interest income after provision for loan losses was $31,457,000 compared to $25,799,000 a year ago. Income before provision for income taxes was $16,103,000 compared to $13,749,000 a year ago. Net income was $10,499,000 compared to $8,876,000 a year ago. Diluted earnings per share were $3.51 compared to $2.93 a year ago. Return on assets was 1.31% compared to 1.52% a year ago. Return on equity was 13.84% compared to 12.73% a year ago.
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.