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FS Bancorp, Inc. Reports 2021 Results Including $37.4 Million of Net Income or $4.32 Per Diluted Share and a 33.3% Dividend Increase to $0.20 Per Share for the Thirty-Sixth Consecutive Quarterly Dividend

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MOUNTLAKE TERRACE, Wash., Jan. 27, 2022 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2021 total net income of $37.4 million, or $4.32 per diluted share, compared to $39.3 million, or $4.49 per diluted share last year. Fourth quarter net income was $8.6 million, or $1.01 per diluted share, compared to $11.4 million, or $1.30 per diluted share in the comparable quarter one year ago. All share and per share data in this earnings release has been adjusted to reflect the two-for-one stock split, in the form of a 100% stock dividend, effective July 14, 2021.

“Fourth quarter results reflect strong loan growth funded by core deposits and continued diversified revenues supporting margins,” stated Joe Adams, CEO. “We are also pleased that our Board of Directors approved our thirty-sixth consecutive quarterly cash dividend which is being increased to $0.20 from $0.15 per share. The quarterly dividend of $0.20 will be paid on February 24, 2022, to shareholders of record as of February 10, 2022.”

CFO Matthew Mullet noted, “Improved credit performance and economic factors during 2021, as compared to 2020, supported a fourth quarter reversal for loan losses of $1.0 million.”

2021 Fourth Quarter and Year End Highlights

  • Net income was $8.6 million for the fourth quarter of 2021, compared to $8.3 million in the previous quarter, and $11.4 million for the comparable quarter one year ago;

  • Net interest income was unchanged at $22.7 million compared to the previous quarter, and improved from $19.9 million in the comparable quarter one year ago;

  • Total loans receivable, net increased $50.5 million, or 3.0%, to $1.73 billion at December 31, 2021, compared to $1.68 billion at September 30, 2021, and increased $183.6 million, or 11.9% from $1.54 billion at December 31, 2020;

  • Noninterest-bearing checking increased $20.0 million, or 4.7%, to $443.1 million at December 31, 2021, compared to $423.1 million at September 30, 2021, and increased $94.7 million, or 27.2% from $348.4 million at December 31, 2020;

  • Net interest margin (“NIM”) improved to 4.20% for the three months ended December 31, 2021, compared to 3.99% for the three months ended December 31, 2020, and improved to 4.13% for the year ended December 31, 2021, compared to 4.02% for the year ended December 31, 2020;

  • Repurchased 38,158 shares of our common stock during the fourth quarter;

  • At December 31, 2021, loans receivable, net included 107 Paycheck Protection Program (“PPP”) loans with a total outstanding balance of $24.2 million and $447,000 of unrecognized deferred fees; and

  • At December 31, 2021, the Community Bank Leverage Ratio (“CBLR”) was 12.2% for the Bank and the Tier 1 leverage-based ratio was 10.8% for the Company.