FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding
company for 1st Security Bank of Washington (the “Bank” or “1st
Security Bank”) today reported 2024 first quarter net income
of $8.4 million, or $1.06 per diluted share, compared to
$8.2 million, or $1.04 per diluted share, for the
comparable quarter one year ago.
“We are proud to report a $1.83 increase in our tangible book
value per share, a stabilization of our net interest margin, and
our continued focus on growing our award-winning culture during the
first quarter,” stated Joe Adams, CEO. “We are also pleased that
our Board of Directors approved our forty-fifth consecutive
quarterly cash dividend of $0.26 per share, demonstrating our
continued commitment to enhancing shareholder value. The
cash dividend will be paid on May 23, 2024, to shareholders of
record as of May 9, 2024,” concluded Adams.
2024 First Quarter Highlights
- Net income was $8.4 million for the first quarter of 2024,
compared to $9.8 million in the previous quarter, and $8.2 million
for the comparable quarter one year ago;
- As an investment strategy to mitigate realized investment
losses noted below, during the first quarter of 2024, the Company
sold a portion of its mortgage servicing rights (“MSRs”) resulting
in a pre-tax gain of $8.2 million. The MSRs related to mortgages
with Fannie Mae and Freddie Mac serviced loans with an aggregate
principal balance of approximately $1.29 billion;
- Offsetting the gain noted above, the Company sold longer
duration investment securities with amortized cost of $52.0 million
in the first quarter of 2024, resulting in an $8.0 million pre-tax
loss. The proceeds were utilized to purchase securities and other
liquid assets;
- Net interest margin (“NIM”) expanded to 4.26% for the first
quarter of 2024, compared to 4.24% in the previous quarter, and
compressed from 4.70% for the comparable quarter one year ago;
- Loans receivable, net increased $13.9 million, or 0.6%, to
$2.42 billion at March 31, 2024, compared to $2.40 billion at
December 31, 2023, and increased $115.7 million, or 5.0%, from
$2.30 billion at March 31, 2023;
- Consumer loans, of which 88.0% are home improvement loans, were
relatively static in the first quarter of 2024 with a total of
$646.1 million at March 31, 2024, compared to $646.8 million in the
previous quarter, and increased $39.5 million, or 6.5%, from $606.7
million in the comparable quarter one year ago. Yields on consumer
loans improved 0.17% to 7.22% from 7.05% at the end of the fourth
quarter 2023. During the three months ended March 31, 2024,
consumer loan originations included 74.1% of home improvement loans
originated with a Fair Isaac Corporation (“FICO”) score above 720
and 86.4% of home improvement loans with a UCC-2 security
filing;
- The allowance for credit losses on loans (“ACLL”) was $31.5
million, or 1.29% of gross loans receivable at March 31, 2024,
compared to $31.5 million, or 1.30% at December 31, 2023, and $29.9
million, or 1.29% at March 31, 2023;
- Total deposits decreased $57.0 million, or 2.3%, to $2.47
billion at March 31, 2024 compared to $2.52 billion at December 31,
2023 and increased $22.0 million, or 0.9%, from $2.44 billion at
March 31, 2023. Noninterest-bearing deposits were $646.9 million at
March 31, 2024, $670.8 million at December 31, 2023, and $746.9
million at March 31, 2023;
- Total deposits, excluding brokered deposits, increased $35.2
million for the three months ended March 31, 2024, compared to $9.8
million of growth in the prior quarter, and $8.2 million of growth
in the first quarter of 2023 (less acquired deposits from the
acquisition of seven bank branches from Columbia State Bank in the
first quarter of 2023). See “Non-GAAP Financial Measures;”
- Segment reporting in the first quarter of 2024 reflected net
income of $8.2 million for the Commercial and Consumer Banking
segment and $246,000 for the Home Lending segment, compared to net
income of $10.0 million and a net loss of $254,000 in the prior
quarter, and net income of $7.3 million and $873,000 in the first
quarter of 2023, respectively. The gain on sale of MSRs and
offsetting loss on sale of investment securities were allocated to
the Commercial and Consumer Banking segment;
- The percentage of available unencumbered cash and secured
borrowing capacity at the Federal Home Loan Bank (“FHLB”) and the
Federal Reserve Bank to uninsured deposits was 223% at March 31,
2024, compared to 224% in the prior quarter. The average deposit
size per FDIC-insured account at the Bank was $33,000 for both
March 31, 2024 and December 31, 2023;
- Regulatory capital ratios at the Bank were 13.7% for total
risk-based capital and 10.6% for Tier 1 leverage capital at March
31, 2024, compared to 13.4% for total risk-based capital and 10.4%
for Tier 1 leverage capital at December 31, 2023; and
- Tangible book value per share increased $1.83 to $33.47 at
March 31, 2024, compared to $31.64 at December 31, 2023, and
increased $4.92 from $28.55 at March 31, 2023. See, “Non-GAAP
Financial Measures.”
Segment Reporting
The Company reports two segments: Commercial and Consumer
Banking and Home Lending. The Commercial and Consumer Banking
segment provides diversified financial products and services to our
commercial and consumer customers. These products and services
include deposit products; residential, consumer, business and
commercial real estate lending portfolios and cash management
services. This segment is also responsible for the management of
the investment portfolio and other assets of the Bank. 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.
The Company reflected the sale of servicing rights as a
gain to the Commercial and Consumer Bank segment to offset the
realized loss on investment securities and, over the next 48
months, will allocate the gain as intercompany income from the
Commercial and Consumer Banking segment to the Home Lending
segment on a straight-line basis.
The tables below provide a summary of segment reporting at or
for the three months ended March 31, 2024 and 2023 (dollars in
thousands):
| |
|
At or For the Three Months Ended March 31, 2024 |
|
| Condensed income
statement: |
|
Commercial and Consumer Banking |
|
|
Home Lending |
|
|
Total |
|
|
Net interest income (1) |
|
$ |
28,086 |
|
|
$ |
2,260 |
|
|
$ |
30,346 |
|
| Provision for credit
losses |
|
|
(1,251 |
) |
|
|
(148 |
) |
|
|
(1,399 |
) |
| Noninterest income (2) |
|
|
2,393 |
|
|
|
2,718 |
|
|
|
5,111 |
|
| Noninterest expense (3) |
|
|
(19,008 |
) |
|
|
(4,521 |
) |
|
|
(23,529 |
) |
| Income before provision for
income taxes |
|
|
10,220 |
|
|
|
309 |
|
|
|
10,529 |
|
| Provision for income
taxes |
|
|
(2,069 |
) |
|
|
(63 |
) |
|
|
(2,132 |
) |
| Net income |
|
$ |
8,151 |
|
|
$ |
246 |
|
|
$ |
8,397 |
|
| Total average assets for
period ended |
|
$ |
2,401,864 |
|
|
$ |
556,683 |
|
|
$ |
2,958,547 |
|
| Full-time employees
("FTEs") |
|
|
440 |
|
|
|
130 |
|
|
|
570 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At or For the Three Months Ended March 31, 2023 |
|
| Condensed income
statement: |
|
Commercial and Consumer Banking |
|
|
Home Lending |
|
|
Total |
|
|
Net interest income (1) |
|
$ |
27,500 |
|
|
$ |
3,162 |
|
|
$ |
30,662 |
|
| (Provision) recovery for
credit losses |
|
|
(2,122 |
) |
|
|
14 |
|
|
|
(2,108 |
) |
| Noninterest income (2) |
|
|
2,380 |
|
|
|
2,839 |
|
|
|
5,219 |
|
| Noninterest expense (3) |
|
|
(18,610 |
) |
|
|
(4,914 |
) |
|
|
(23,524 |
) |
| Income before provision for
income taxes |
|
|
9,148 |
|
|
|
1,101 |
|
|
|
10,249 |
|
| Provision for income
taxes |
|
|
(1,809 |
) |
|
|
(228 |
) |
|
|
(2,037 |
) |
| Net income |
|
$ |
7,339 |
|
|
$ |
873 |
|
|
$ |
8,212 |
|
| Total average assets for
period ended |
|
$ |
2,250,052 |
|
|
$ |
491,974 |
|
|
$ |
2,742,026 |
|
| FTEs |
|
|
445 |
|
|
|
141 |
|
|
|
586 |
|
_______________
|
(1) |
|
Net interest income is the difference between interest earned on
assets and the cost of liabilities to fund those assets. Interest
earned includes actual interest earned on segment assets and, if
the segment has excess liabilities, interest credits for providing
funding to the other segment. The cost of liabilities includes
interest expense on segment liabilities and, if the segment does
not have enough liabilities to fund its assets, a funding charge
based on the cost of assigned liabilities to fund segment
assets. |
|
|
|
|
|
(2) |
|
Noninterest income includes activity from certain residential
mortgage loans that were initially originated for sale and measured
at fair value, and subsequently transferred to loans held for
investment. Gains and losses from changes in fair value for these
loans are reported in earnings as a component of noninterest
income. For the three months ended March 31, 2024, the Company
recorded a net increase in fair value of $2,000, as compared to a
net increase in fair value of $577,000 for the three months
ended March 31, 2023. As of both March 31, 2024 and 2023,
there was $15.0 million in residential mortgage loans recorded
at fair value as they were previously transferred from loans held
for sale to loans held for investment. |
|
|
|
|
|
(3) |
|
Noninterest expense includes allocated overhead expense from
general corporate activities. Allocation is determined based on a
combination of segment assets and FTEs. For the three
months ended March 31, 2024 and 2023, the Home Lending segment
included allocated overhead expenses of $1.5 million and $1.6
million, respectively. |
Asset Summary
Total assets were $2.97 billion at both March 31,
2024, and December 31, 2023, and increased
$186.9 million, or 6.7%, from $2.78 billion at March 31,
2023. The changes in total assets at March 31,
2024, compared to December 31, 2023, included
increases of $24.3 million in loans HFS, $13.9 million in loans
receivable, net, and $3.6 million in other assets, partially offset
by decreases of $20.3 million in total cash and cash equivalents,
$13.3 million in securities available-for-sale, $8.1 million in
MSRs HFS, and $1.9 million in deferred tax asset, net. The
increase in total assets at March 31, 2024, compared to March 31,
2023, was primarily due to increases in loans receivable, net of
$115.7 million, securities available-for-sale of
$47.3 million, loans HFS of $26.6 million, certificates
of deposit at other financial institutions of
$18.5 million, and other assets of $6.2 million. These
increases were partially offset by decreases in total cash and
cash equivalents of $12.8 million, MSRs of $8.6 million,
core deposit intangible, net of $3.9 million, premises and
equipment of $1.5 million, operating lease right-of-use of $1.2
million and deferred tax asset, net of $1.0 million.
|
LOAN PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in thousands) |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
March 31, 2023 |
|
| |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
| REAL ESTATE
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial |
|
$ |
359,055 |
|
|
|
14.7 |
% |
|
$ |
366,328 |
|
|
|
15.1 |
% |
|
$ |
339,794 |
|
|
|
14.6 |
% |
| Construction and
development |
|
|
301,346 |
|
|
|
12.3 |
|
|
|
303,054 |
|
|
|
12.5 |
|
|
|
337,452 |
|
|
|
14.5 |
|
| Home equity |
|
|
73,323 |
|
|
|
3.0 |
|
|
|
69,488 |
|
|
|
2.9 |
|
|
|
60,625 |
|
|
|
2.6 |
|
| One-to-four-family (excludes
HFS) |
|
|
580,050 |
|
|
|
23.7 |
|
|
|
567,742 |
|
|
|
23.3 |
|
|
|
501,100 |
|
|
|
21.5 |
|
| Multi-family |
|
|
222,410 |
|
|
|
9.1 |
|
|
|
223,769 |
|
|
|
9.2 |
|
|
|
232,201 |
|
|
|
10.0 |
|
| Total real estate loans |
|
|
1,536,184 |
|
|
|
62.8 |
|
|
|
1,530,381 |
|
|
|
63.0 |
|
|
|
1,471,172 |
|
|
|
63.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONSUMER
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indirect home improvement |
|
|
568,802 |
|
|
|
23.2 |
|
|
|
569,903 |
|
|
|
23.4 |
|
|
|
531,632 |
|
|
|
22.8 |
|
| Marine |
|
|
73,921 |
|
|
|
3.0 |
|
|
|
73,310 |
|
|
|
3.0 |
|
|
|
70,994 |
|
|
|
3.0 |
|
| Other consumer |
|
|
3,409 |
|
|
|
0.1 |
|
|
|
3,540 |
|
|
|
0.1 |
|
|
|
4,042 |
|
|
|
0.2 |
|
| Total consumer loans |
|
|
646,132 |
|
|
|
26.3 |
|
|
|
646,753 |
|
|
|
26.5 |
|
|
|
606,668 |
|
|
|
26.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMMERCIAL BUSINESS
LOANS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial and industrial
("C&I") |
|
|
256,429 |
|
|
|
10.6 |
|
|
|
238,301 |
|
|
|
9.8 |
|
|
|
223,702 |
|
|
|
9.6 |
|
| Warehouse lending |
|
|
8,113 |
|
|
|
0.3 |
|
|
|
17,580 |
|
|
|
0.7 |
|
|
|
28,044 |
|
|
|
1.2 |
|
| Total commercial business
loans |
|
|
264,542 |
|
|
|
10.9 |
|
|
|
255,881 |
|
|
|
10.5 |
|
|
|
251,746 |
|
|
|
10.8 |
|
| Total loans receivable,
gross |
|
|
2,446,858 |
|
|
|
100.0 |
% |
|
|
2,433,015 |
|
|
|
100.0 |
% |
|
|
2,329,586 |
|
|
|
100.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses on
loans |
|
|
(31,479 |
) |
|
|
|
|
|
|
(31,534 |
) |
|
|
|
|
|
|
(29,937 |
) |
|
|
|
|
| Total loans receivable,
net |
|
$ |
2,415,379 |
|
|
|
|
|
|
$ |
2,401,481 |
|
|
|
|
|
|
$ |
2,299,649 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net increased $13.9 million to
$2.42 billion at March 31, 2024, from $2.40 billion at
December 31, 2023, and increased $115.7 million from
$2.30 billion at March 31, 2023. Total real estate loans
increased $5.8 million to $1.54 billion at March 31,
2024, compared to December 31,
2023, reflecting increases in one-to-four-family loans
(excluding loans HFS) of $12.3 million and home equity
loans of $3.8 million, partially offset by decreases in
commercial real estate (“CRE”) loans of $7.3 million,
construction and development loans of $1.7 million, and
multi-family loans of $1.4 million. Similarly, commercial business
loans increased $8.7 million to $264.5 million at March 31, 2024,
compared to December 31, 2023, resulting from an increase of $18.1
million in C&I loans and a decrease of $9.5 million in
warehouse lending. Consumer loans decreased $621,000 to
$646.1 million at March 31, 2024, compared to December
31, 2023, resulting from a $1.1 million decrease in indirect
home improvement loans and $131,000 in other consumer loans,
partially offset by an increase of $611,000 in marine loans.
A breakdown of CRE loans at the dates indicated were
as follows:
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
March 31, 2023 |
|
| CRE by
Type: |
|
Amount |
|
|
Amount |
|
|
Amount |
|
| Agriculture |
|
$ |
3,744 |
|
|
$ |
3,799 |
|
|
$ |
3,983 |
|
| CRE Non-owner occupied: |
|
|
|
|
|
|
|
|
|
|
|
|
| Office |
|
|
41,625 |
|
|
|
42,739 |
|
|
|
45,864 |
|
| Retail |
|
|
38,712 |
|
|
|
38,691 |
|
|
|
38,483 |
|
| Hospitality/restaurant |
|
|
24,751 |
|
|
|
28,007 |
|
|
|
29,756 |
|
| Self storage |
|
|
21,383 |
|
|
|
21,381 |
|
|
|
17,287 |
|
| Mixed use |
|
|
19,186 |
|
|
|
19,331 |
|
|
|
16,547 |
|
| Industrial |
|
|
17,475 |
|
|
|
16,978 |
|
|
|
14,418 |
|
| Senior housing/assisted
living |
|
|
8,446 |
|
|
|
8,505 |
|
|
|
8,626 |
|
| Other (1) |
|
|
6,785 |
|
|
|
8,365 |
|
|
|
5,765 |
|
| Land |
|
|
3,151 |
|
|
|
3,936 |
|
|
|
3,465 |
|
| Education/worship |
|
|
2,595 |
|
|
|
2,620 |
|
|
|
2,692 |
|
| Total CRE non-owner
occupied |
|
|
184,109 |
|
|
|
190,553 |
|
|
|
182,903 |
|
| CRE owner occupied: |
|
|
|
|
|
|
|
|
|
|
|
|
| Industrial |
|
|
63,683 |
|
|
|
66,048 |
|
|
|
57,187 |
|
| Office |
|
|
41,652 |
|
|
|
41,495 |
|
|
|
30,446 |
|
| Retail |
|
|
21,836 |
|
|
|
22,020 |
|
|
|
23,548 |
|
| Hospitality/restaurant |
|
|
10,933 |
|
|
|
11,065 |
|
|
|
14,457 |
|
| Other (2) |
|
|
8,438 |
|
|
|
8,522 |
|
|
|
6,770 |
|
| Car wash |
|
|
7,713 |
|
|
|
7,767 |
|
|
|
7,908 |
|
| Automobile related |
|
|
7,479 |
|
|
|
7,530 |
|
|
|
8,298 |
|
| Education/worship |
|
|
4,604 |
|
|
|
4,606 |
|
|
|
1,300 |
|
| Mixed use |
|
|
4,864 |
|
|
|
2,923 |
|
|
|
2,994 |
|
| Total CRE owner occupied |
|
|
171,202 |
|
|
|
171,976 |
|
|
|
152,908 |
|
| Total |
|
$ |
359,055 |
|
|
$ |
366,328 |
|
|
$ |
339,794 |
|
__________________________________
|
(1) |
|
Primarily includes loans secured by mobile home parks
totaling $789,000, $2.3 million, and $2.4 million, RV
parks totaling $696,000, $699,000, and $709,000,
automobile-related collateral totaling $604,000, $608,000, and
$0.0, and other collateral totaling $4.7 million, $4.4
million, and $2.7 million, at March 31,
2024, December 31, 2023, and March 31, 2023,
respectively. |
|
|
|
|
|
(2) |
|
Primarily includes loans secured by gas stations
totaling $1.7 million, $1.7 million and $1.8
million, non-profit organization totaling $915,000, $922,000
and $941,000, and other collateral
totaling $5.8 million, $5.5 million
and $4.1 million, at March 31,
2024, December 31, 2023, and March 31,
2023, respectively. |
The following tables includes CRE loans repricing or maturing
within the next two years, excluding loans that reprice
simultaneously with changes to the prime rate:
| (Dollars in thousands) |
|
|
For the Quarter Ended |
|
|
|
|
|
| CRE by type: |
|
June 30,2024 |
|
September 30,2024 |
|
December 31,2024 |
|
March 31,2025 |
|
June 30,2025 |
|
September 30,2025 |
|
December 31,2025 |
|
March 31,2026 |
|
Total |
|
Current Weighted Average Rate |
|
Agriculture |
|
$ |
810 |
|
$ |
52 |
|
$ |
192 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
325 |
|
$ |
181 |
|
$ |
1,560 |
|
6.89 |
% |
| Apartment |
|
|
950 |
|
|
5,956 |
|
|
29,913 |
|
|
1,763 |
|
|
4,775 |
|
|
401 |
|
|
10,158 |
|
|
3,029 |
|
|
56,945 |
|
4.45 |
% |
| Auto related |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,122 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,122 |
|
4.18 |
% |
| Hotel / hospitality |
|
|
— |
|
|
141 |
|
|
— |
|
|
591 |
|
|
1,230 |
|
|
1,357 |
|
|
— |
|
|
121 |
|
|
3,440 |
|
4.22 |
% |
| Industrial |
|
|
405 |
|
|
— |
|
|
— |
|
|
909 |
|
|
593 |
|
|
— |
|
|
10,592 |
|
|
2,209 |
|
|
14,708 |
|
4.41 |
% |
| Mixed use |
|
|
— |
|
|
950 |
|
|
807 |
|
|
1,772 |
|
|
3,509 |
|
|
256 |
|
|
322 |
|
|
— |
|
|
7,616 |
|
4.93 |
% |
| Office |
|
|
— |
|
|
938 |
|
|
4,779 |
|
|
1,048 |
|
|
— |
|
|
4,295 |
|
|
1,010 |
|
|
536 |
|
|
12,606 |
|
3.96 |
% |
| Other |
|
|
126 |
|
|
— |
|
|
1,213 |
|
|
— |
|
|
118 |
|
|
1,283 |
|
|
250 |
|
|
3,510 |
|
|
6,500 |
|
4.91 |
% |
| Retail |
|
|
1,023 |
|
|
1,149 |
|
|
1,291 |
|
|
2,040 |
|
|
— |
|
|
693 |
|
|
— |
|
|
493 |
|
|
6,689 |
|
4.62 |
% |
| Senior housing and assisted
living |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,213 |
|
|
2,213 |
|
4.75 |
% |
| Total |
|
$ |
3,314 |
|
$ |
9,186 |
|
$ |
38,195 |
|
$ |
8,123 |
|
$ |
12,347 |
|
$ |
8,285 |
|
$ |
22,657 |
|
$ |
12,292 |
|
$ |
114,399 |
|
4.49 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A breakdown of construction loans at the dates indicated were as
follows:
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| Construction
Types: |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
| Commercial construction -
retail |
|
$ |
8,290 |
|
|
|
2.8 |
% |
|
$ |
7,445 |
|
|
|
2.5 |
% |
| Commercial construction -
office |
|
|
4,737 |
|
|
|
1.6 |
|
|
|
4,699 |
|
|
|
1.5 |
|
| Commercial construction - self
storage |
|
|
10,000 |
|
|
|
3.3 |
|
|
|
10,000 |
|
|
|
3.3 |
|
| Commercial construction - car
wash |
|
|
7,807 |
|
|
|
2.6 |
|
|
|
7,742 |
|
|
|
2.6 |
|
| Multi-family |
|
|
53,288 |
|
|
|
17.7 |
|
|
|
56,065 |
|
|
|
18.5 |
|
| Custom construction - single
family residential and single family manufactured residential |
|
|
50,674 |
|
|
|
16.8 |
|
|
|
47,230 |
|
|
|
15.6 |
|
| Custom construction - land,
lot and acquisition and development |
|
|
6,455 |
|
|
|
2.1 |
|
|
|
6,377 |
|
|
|
2.1 |
|
| Speculative residential
construction - vertical |
|
|
134,047 |
|
|
|
44.5 |
|
|
|
131,336 |
|
|
|
43.3 |
|
| Speculative residential
construction - land, lot and acquisition and development |
|
|
26,048 |
|
|
|
8.6 |
|
|
|
32,160 |
|
|
|
10.6 |
|
| Total |
|
$ |
301,346 |
|
|
|
100.0 |
% |
|
$ |
303,054 |
|
|
|
100.0 |
% |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| Construction
Types: |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
| Commercial construction -
retail |
|
$ |
8,290 |
|
|
|
2.8 |
% |
|
$ |
6,296 |
|
|
|
1.9 |
% |
| Commercial construction -
office |
|
|
4,737 |
|
|
|
1.6 |
|
|
|
3,097 |
|
|
|
0.9 |
|
| Commercial construction - self
storage |
|
|
10,000 |
|
|
|
3.3 |
|
|
|
16,027 |
|
|
|
4.7 |
|
| Commercial construction - car
wash |
|
|
7,807 |
|
|
|
2.6 |
|
|
|
4,737 |
|
|
|
1.4 |
|
| Multi-family |
|
|
53,288 |
|
|
|
17.7 |
|
|
|
62,384 |
|
|
|
18.5 |
|
| Custom construction - single
family residential and single family manufactured residential |
|
|
50,674 |
|
|
|
16.8 |
|
|
|
39,700 |
|
|
|
11.8 |
|
| Custom construction - land,
lot and acquisition and development |
|
|
6,455 |
|
|
|
2.1 |
|
|
|
5,502 |
|
|
|
1.6 |
|
| Speculative residential
construction - vertical |
|
|
134,047 |
|
|
|
44.5 |
|
|
|
162,955 |
|
|
|
48.3 |
|
| Speculative residential
construction - land, lot and acquisition and development |
|
|
26,048 |
|
|
|
8.6 |
|
|
|
36,754 |
|
|
|
10.9 |
|
| Total |
|
$ |
301,346 |
|
|
|
100.0 |
% |
|
$ |
337,452 |
|
|
|
100.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations of one-to-four-family loans to purchase and
refinance a home for the periods indicated were as follows:
| (Dollars in thousands) |
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
| |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
$ Change |
|
|
% Change |
|
|
Purchase |
|
$ |
135,577 |
|
|
|
88.1 |
% |
|
$ |
110,458 |
|
|
|
90.7 |
% |
|
$ |
25,119 |
|
|
|
22.7 |
% |
| Refinance |
|
|
18,371 |
|
|
|
11.9 |
|
|
|
11,290 |
|
|
|
9.3 |
|
|
|
7,081 |
|
|
|
62.7 |
|
|
Total |
|
$ |
153,948 |
|
|
|
100.0 |
% |
|
$ |
121,748 |
|
|
|
100.0 |
% |
|
$ |
32,200 |
|
|
|
26.4 |
% |
| (Dollars in thousands) |
|
For the Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
| |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
$ Change |
|
|
% Change |
|
|
Purchase |
|
$ |
135,577 |
|
|
|
88.1 |
% |
|
$ |
102,489 |
|
|
|
92.3 |
% |
|
$ |
33,088 |
|
|
|
32.3 |
% |
| Refinance |
|
|
18,371 |
|
|
|
11.9 |
|
|
|
8,535 |
|
|
|
7.7 |
|
|
|
9,836 |
|
|
|
115.2 |
|
|
Total |
|
$ |
153,948 |
|
|
|
100.0 |
% |
|
$ |
111,024 |
|
|
|
100.0 |
% |
|
$ |
42,924 |
|
|
|
38.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the quarter ended March 31, 2024, the Company sold $93.9
million of one-to-four-family loans compared to $87.5 million
during the previous quarter and $77.3 million during the same
quarter one year ago. Gross margins on home loan sales increased to
3.43% for the quarter ended March 31, 2024, compared to 3.09% in
the previous quarter and increased from 3.05% in the same quarter
one year ago. Gross margins are defined as the margin on loans sold
(cash sales) without the impact of deferred costs.
Liabilities and Equity Summary
Changes in deposits at the dates indicated were as follows:
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
| Transactional deposits: |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
$ Change |
|
|
% Change |
|
|
Noninterest-bearing checking |
|
$ |
618,526 |
|
|
|
25.1 |
% |
|
$ |
654,048 |
|
|
|
25.9 |
% |
|
$ |
(35,522 |
) |
|
|
(5.4 |
)% |
|
Interest-bearing checking (1) |
|
|
188,050 |
|
|
|
7.6 |
|
|
|
244,028 |
|
|
|
9.7 |
|
|
|
(55,978 |
) |
|
|
(22.9 |
) |
|
Escrow accounts related to mortgages serviced (2) |
|
|
28,373 |
|
|
|
1.2 |
|
|
|
16,783 |
|
|
|
0.7 |
|
|
|
11,590 |
|
|
|
69.1 |
|
|
Subtotal |
|
|
834,949 |
|
|
|
33.9 |
|
|
|
914,859 |
|
|
|
36.3 |
|
|
|
(79,910 |
) |
|
|
(8.7 |
) |
| Savings |
|
|
153,025 |
|
|
|
6.2 |
|
|
|
151,630 |
|
|
|
6.0 |
|
|
|
1,395 |
|
|
|
0.9 |
|
| Money market (3) |
|
|
364,944 |
|
|
|
14.8 |
|
|
|
359,063 |
|
|
|
14.2 |
|
|
|
5,881 |
|
|
|
1.6 |
|
|
Subtotal |
|
|
517,969 |
|
|
|
21.0 |
|
|
|
510,693 |
|
|
|
20.2 |
|
|
|
7,276 |
|
|
|
1.4 |
|
| Certificates of deposit less
than $100,000 (4) |
|
|
579,153 |
|
|
|
23.5 |
|
|
|
587,858 |
|
|
|
23.3 |
|
|
|
(8,705 |
) |
|
|
(1.5 |
) |
| Certificates of deposit of
$100,000 through $250,000 |
|
|
424,463 |
|
|
|
17.2 |
|
|
|
429,373 |
|
|
|
17.0 |
|
|
|
(4,910 |
) |
|
|
(1.1 |
) |
| Certificates of deposit
greater than $250,000 |
|
|
108,763 |
|
|
|
4.4 |
|
|
|
79,540 |
|
|
|
3.2 |
|
|
|
29,223 |
|
|
|
36.7 |
|
|
Subtotal |
|
|
1,112,379 |
|
|
|
45.1 |
|
|
|
1,096,771 |
|
|
|
43.5 |
|
|
|
15,608 |
|
|
|
1.4 |
|
|
Total |
|
$ |
2,465,297 |
|
|
|
100.0 |
% |
|
$ |
2,522,323 |
|
|
|
100.0 |
% |
|
$ |
(57,026 |
) |
|
|
(2.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
| Transactional deposits: |
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
$ Change |
|
|
% Change |
|
|
Noninterest-bearing checking |
|
$ |
618,526 |
|
|
|
25.1 |
% |
|
$ |
719,856 |
|
|
|
29.5 |
% |
|
$ |
(101,330 |
) |
|
|
(14.1 |
)% |
|
Interest-bearing checking (1) |
|
|
188,050 |
|
|
|
7.6 |
|
|
|
183,888 |
|
|
|
7.5 |
|
|
|
4,162 |
|
|
|
2.3 |
|
|
Escrow accounts related to mortgages serviced (2) |
|
|
28,373 |
|
|
|
1.2 |
|
|
|
27,066 |
|
|
|
1.1 |
|
|
|
1,307 |
|
|
|
4.8 |
|
|
Subtotal |
|
|
834,949 |
|
|
|
33.9 |
|
|
|
930,810 |
|
|
|
38.1 |
|
|
|
(95,861 |
) |
|
|
(10.3 |
) |
| Savings |
|
|
153,025 |
|
|
|
6.2 |
|
|
|
188,510 |
|
|
|
7.7 |
|
|
|
(35,485 |
) |
|
|
(18.8 |
) |
| Money market (3) |
|
|
364,944 |
|
|
|
14.8 |
|
|
|
549,542 |
|
|
|
22.5 |
|
|
|
(184,598 |
) |
|
|
(33.6 |
) |
|
Subtotal |
|
|
517,969 |
|
|
|
21.0 |
|
|
|
738,052 |
|
|
|
30.2 |
|
|
|
(220,083 |
) |
|
|
(29.8 |
) |
| Certificates of deposit less
than $100,000 (4) |
|
|
579,153 |
|
|
|
23.5 |
|
|
|
409,236 |
|
|
|
16.8 |
|
|
|
169,917 |
|
|
|
41.5 |
|
| Certificates of deposit of
$100,000 through $250,000 |
|
|
424,463 |
|
|
|
17.2 |
|
|
|
270,476 |
|
|
|
11.0 |
|
|
|
153,987 |
|
|
|
56.9 |
|
| Certificates of deposit
greater than $250,000 |
|
|
108,763 |
|
|
|
4.4 |
|
|
|
94,699 |
|
|
|
3.9 |
|
|
|
14,064 |
|
|
|
14.9 |
|
|
Subtotal |
|
|
1,112,379 |
|
|
|
45.1 |
|
|
|
774,411 |
|
|
|
31.7 |
|
|
|
337,968 |
|
|
|
43.6 |
|
|
Total |
|
$ |
2,465,297 |
|
|
|
100.0 |
% |
|
$ |
2,443,273 |
|
|
|
100.0 |
% |
|
$ |
22,024 |
|
|
|
0.9 |
% |
_______________
|
(1) |
|
Includes $0.0, $70.2 million, and $2.6 million of
brokered deposits at March 31, 2024, December 31, 2023,
and March 31, 2023, respectively. |
| |
|
|
| (2) |
|
Noninterest-bearing
accounts. |
| |
|
|
| (3) |
|
Includes $8.0 million,
$1,000 and $50.3 million of brokered deposits at March
31, 2024, December 31, 2023 and March 31, 2023,
respectively. |
| |
|
|
| (4) |
|
Includes $331.3 million,
$361.3 million, and $266.1 million of brokered deposits
at March 31, 2024, December 31, 2023 and March 31, 2023,
respectively. |
| |
|
|
At March 31, 2024, certificates of deposit (“CDs”), which
include retail and non-retail CDs, totaled $1.11 billion,
compared to $1.10 billion at December 31, 2023 and
$774.4 million at March 31, 2023, with non-retail CDs
representing 31.0%, 34.2% and 37.5% of total CDs at such dates,
respectively. At March 31, 2024, non-retail CDs, which include
brokered CDs, online CDs and public funds CDs, decreased
$30.0 million to $344.5 million, compared to
$374.5 million at December 31, 2023, primarily due to
a decrease of $30.0 million in brokered CDs. Non-retail
CDs totaled $344.5 million at March 31, 2024, compared to
$290.4 million at March 31, 2023.
At March 31, 2024, the Bank had uninsured deposits of
approximately $614.1 million, compared to
approximately $606.5 million at December 31, 2023, and
$633.4 million at March 31, 2023. The uninsured amounts are
estimates based on the methodologies and assumptions used for the
Bank's regulatory reporting requirements.
At March 31, 2024, borrowings totaled $129.9 million and
were comprised of advances from the Federal Reserve Bank's Term
Funding Program of $89.9 million, Federal Reserve Bank
borrowings of $23.0 million, and FHLB fixed-rate advances of
$17.1 million. Borrowings increased $36.2 million
to $129.9 million at March 31, 2024, from $93.7 million
at December 31, 2023, and increased $122.4 million from
$7.5 million at March 31, 2023. The increase was
partially attributable to the decrease in
total deposits.
Total stockholders’ equity increased $13.4 million to
$277.9 million at March 31, 2024, from $264.5 million at
December 31, 2023, and increased $36.1 million, from
$241.8 million at March 31, 2023. The increase in
stockholders’ equity at March 31, 2024, compared
to December 31, 2023, reflects net income of $8.4 million,
partially offset by dividends paid of $2.0 million. In
addition, stockholders’ equity was positively impacted by
decreases in unrealized net losses on securities available for
sale of $4.3 million, net of tax, and unrealized net
gains on fair value and cash flow hedges of $2.6 million, net
of tax, reflecting sales of investment securities and changes in
market interest rates during the quarter, resulting in a
$6.9 million improvement in accumulated other comprehensive
loss. Book value per common share was $36.06 at March 31,
2024, compared to $34.36 at December 31, 2023, and
$31.69 at March 31, 2023.
The Bank is considered well capitalized under the capital
requirements established by the Federal Deposit Insurance
Corporation (“FDIC”) with a total risk-based capital ratio of
13.7%, a Tier 1 leverage capital ratio of 10.6%, and a common
equity Tier 1 (“CET1”) capital ratio of 12.5% at March 31,
2024.
The Company exceeded all regulatory capital requirements with a
total risk-based capital ratio of 14.1%, a Tier 1 leverage capital
ratio of 9.2%, and a CET1 ratio of 10.9% at March 31, 2024.
Credit Quality
The ACLL was $31.5 million, or 1.29% of gross loans
receivable (excluding loans HFS) at March 31, 2024, compared to
$31.5 million, or 1.30% of gross loans
receivable (excluding loans HFS), at December 31, 2023, and
$29.9 million, or 1.29% of gross loans receivable (excluding
loans HFS), at March 31, 2023. The $1.5 million increase in
the ACLL at March 31, 2024, compared to the prior year was
primarily due to organic loan growth and increases
in nonperforming loans and net charge-offs. The allowance
for credit losses on unfunded loan commitments was
$1.5 million at both March 31,
2024 and December 31, 2023, and decreased $800,000 from
$2.3 million at March 31, 2023.
This decrease was attributable to a decline in
unfunded construction loan commitments at March 31, 2024.
Nonperforming loans increased $1.2 million to
$12.1 million at March 31, 2024, compared to
$11.0 million at December 31, 2023, and increased
$3.4 million from $8.7 million at March 31, 2023. The
increase in nonperforming loans at March 31, 2024, from the
prior quarter was primarily due to increases in nonperforming
commercial business loans of $659,000 and indirect home
improvement loans of $332,000. The increase in nonperforming loans
compared to the prior year was primarily due to increases in
construction and development loans of $4.7 million,
CRE loans of $1.1 million, and indirect home improvement loans
of $922,000, partially offset by decreases in commercial
business loans of $3.0 million and one-to-four family
loans of $474,000. Classified loans
totaled $24.9 million, at March 31, 2024, all
of which were classified as substandard, compared to classified
loans of $24.9 million at December 31, 2023, of which
$24.5 million were classified as substandard and $399,000 were
classified as doubtful and classified loans of $19.6 million
at March 31, 2023, all of which were substandard loans. The
increase in substandard loans at March 31, 2024 compared
to the prior year was primarily due to increases of
$4.7 million in construction and development loans
and $922,000 in indirect home improvement loans,
partially offset by a decrease of $904,000 in CRE loans.
There were no other real estate owned (“OREO”) properties
at both March 31, 2024 and December 31, 2023, compared to one OREO
property (a closed branch in Centralia) in the amount of
$570,000 at March 31, 2023.
Operating Results
Net interest income decreased $316,000 to
$30.3 million for the three months ended March 31, 2024, from
$30.7 million for the three months ended March 31, 2023, due
to an increase in interest expense on deposits,
partially offset by an increase in interest and dividend income.
Total interest income for the three months ended March 31, 2024,
increased $6.3 million compared to the same period last year,
primarily due to an increase of $5.0 million in interest
income on loans receivable, including fees, primarily as a result
of new loans being originated at higher rates and variable
rate loans repricing higher following
increased market interest rates during the first six
months of 2023. Total interest expense for the three months
ended March 31, 2024, increased $6.6 million compared to the
same period last year, primarily as a result of higher market
interest rates, higher utilization of borrowings and a shift in
deposit mix from transactional accounts to higher cost CDs.
NIM decreased 44 basis points to 4.26% for the three months
ended March 31, 2024, from 4.70% for the same period in the prior
year. The change in NIM for the three months
ended March 31, 2024 compared to the same period in 2023,
reflects the increased costs of deposits and borrowings, which
outpaced the increased yields earned on interest-earning
assets.
The average total cost of funds, including noninterest-bearing
checking, increased 89 basis points to 2.21% for the three
months ended March 31, 2024, from 1.32% for the three months ended
March 31, 2023. This increase was predominantly due to
higher market rates for deposits. Management remains focused
on matching deposit/liability duration with the duration of
loans/assets where appropriate.
For the three months ended March 31, 2024, the provision for
credit losses on loans was $1.4 million, compared to
$2.4 million for the three months ended March 31, 2023.
The provision for credit losses on loans reflects an increase in
the loan portfolio, as well as an increase in nonperforming loans
and higher net charge-offs during the period.
During the three months ended March 31, 2024, net charge-offs
totaled $1.5 million, compared to $410,000 for the same period last
year, primarily due to increased net charge-offs of
$441,000 in indirect home improvement loans, $408,000 in
commercial business loans, and $169,000 in marine
loans. Management attributes the increase in net charge-offs
over the year primarily to volatile economic conditions.
Noninterest income decreased $108,000 to
$5.1 million for the three months ended March 31, 2024,
from $5.2 million for the three months ended March 31, 2023. The
decrease reflects an $8.0 million loss on sale of
investment securities resulting from management's strategic
decision to increase yields earned on and reduce the duration of
the securities portfolio, and a $650,000 decrease in other
noninterest income primarily due to fair value adjustments in
the loan portfolio, partially offset by an $8.2 million
increase in gain on sale of MSRs and a $362,000 gain on sale of
loans.
Noninterest expense was $23.5 million for both the three
months ended March 31, 2024 and 2023. The variations in
noninterest expense were primarily due to the absence
of acquisition costs in the current period, in
contrast to $1.5 million incurred in the prior
year. Additionally, there was a decrease of $307,000 in
salaries and benefits, partially offset by increases
of $482,000 in amortization of core deposit intangible,
$390,000 in data processing, $316,000 in operations,
$245,000 in professional and board fees, $185,000 in occupancy
expense, and $115,000 in loan costs.
About FS Bancorp
FS Bancorp, Inc., a Washington corporation, is the holding
company for 1st Security Bank of Washington. The Bank provides loan
and deposit services to customers who are predominantly small- and
middle-market businesses and individuals in Washington and Oregon
through its 27 Bank branches, one headquarters office that produces
loans and accepts deposits, and loan production offices in various
suburban communities in the greater Puget Sound area, the
Kennewick-Pasco-Richland metropolitan area of Washington, also
known as the Tri-Cities, and in Vancouver, Washington. The Bank
services home mortgage customers throughout the Northwest
predominantly in Washington State including the Puget Sound,
Tri-Cities and Vancouver home lending markets.
Forward-Looking Statements
When used in this press release and in other documents filed
with or furnished to the Securities and Exchange Commission (the
“SEC”), in press releases or other public stockholder
communications, or in oral statements made with the approval of an
authorized executive officer, the words or phrases “believe,”
“will,” “will likely result,” “are expected to,” “will continue,”
“is anticipated,” “estimate,” “project,” “plans,” or similar
expressions are intended to identify “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not historical facts but
instead represent management's current expectations and forecasts
regarding future events, many of which are inherently uncertain and
outside of our control. Actual results may differ, possibly
materially from those currently expected or projected in these
forward-looking statements. Factors that could cause the Company’s
actual results to differ materially from those described in the
forward-looking statements, include but are not limited to, the
following: potential adverse impacts to economic conditions in the
Company’s local market areas, other markets where the Company has
lending relationships, or other aspects of the Company’s business
operations or financial markets, including, without limitation, as
a result of employment levels; labor shortages, the effects of
inflation, a potential recession or slowed economic
growth; changes in the interest rate environment, including
the past increases in the Federal Reserve benchmark rate and
duration at which such increased interest rate levels are
maintained, which could adversely affect our revenues and expenses,
the values of our assets and obligations, and the availability and
cost of capital and liquidity; the impact of continuing high
inflation and the current and future monetary policies of the
Federal Reserve in response thereto; the effects of any federal
government shutdown; increased competitive pressures, changes
in the interest rate environment, adverse changes in the securities
markets, the Company’s ability to execute its plans to grow
its residential construction lending, mortgage banking, and
warehouse lending operations, and the geographic expansion of its
indirect home improvement lending; challenges arising from
expanding into new geographic markets, products, or services;
secondary market conditions for loans and the Company’s ability to
originate loans for sale and sell loans in the secondary market;
volatility in the mortgage industry; fluctuations in deposits;
liquidity issues, including our ability to borrow funds or raise
additional capital, if necessary; the impact of bank failures or
adverse developments at other banks and related negative press
about the banking industry in general on investor and depositor
sentiment; legislative and regulatory changes, including changes in
banking, securities and tax law, in regulatory policies and
principles, or the interpretation of regulatory capital or other
rules; disruptions, security breaches, or other adverse
events, failures or interruptions in, or attacks on, our
information technology systems or on the third-party vendors who
perform critical processing functions for us; the effects of
climate change, severe weather events, natural disasters,
pandemics, epidemics and other public health crises, acts of war or
terrorism, and other external events on our business; and
other factors described in the Company’s latest Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed
with or furnished to the SEC which are available on its
website at www.fsbwa.com and on the SEC's website at www.sec.gov.
Any of the forward-looking statements that the Company makes in
this press release and in the other public statements are based
upon management's beliefs and assumptions at the time they are made
and may turn out to be incorrect because of the inaccurate
assumptions the Company might make, because of the factors
illustrated above or because of other factors that cannot be
foreseen by the Company. Therefore, these factors should be
considered in evaluating the forward-looking statements, and undue
reliance should not be placed on such statements. The Company does
not undertake and specifically disclaims any obligation to revise
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements. These risks could cause the Company’s actual
results for 2024 and beyond to differ materially from those
expressed in any forward-looking statements made by, or on behalf
of the Company and could negatively affect its operating and stock
performance.
|
FS BANCORP, INC. AND
SUBSIDIARYCONSOLIDATED BALANCE
SHEETS(Dollars in thousands, except share amounts)
(Unaudited) |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked |
|
|
Year |
|
| |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
Quarter |
|
|
Over Year |
|
| |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
% Change |
|
|
% Change |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
17,149 |
|
|
$ |
17,083 |
|
|
$ |
21,481 |
|
|
|
— |
|
|
|
(20 |
) |
|
Interest-bearing deposits at other financial institutions |
|
|
28,257 |
|
|
|
48,608 |
|
|
|
36,700 |
|
|
|
(42 |
) |
|
|
(23 |
) |
|
Total cash and cash equivalents |
|
|
45,406 |
|
|
|
65,691 |
|
|
|
58,181 |
|
|
|
(31 |
) |
|
|
(22 |
) |
|
Certificates of deposit at other financial institutions |
|
|
23,222 |
|
|
|
24,167 |
|
|
|
4,712 |
|
|
|
(4 |
) |
|
|
393 |
|
|
Securities available-for-sale, at fair value |
|
|
279,643 |
|
|
|
292,933 |
|
|
|
232,373 |
|
|
|
(5 |
) |
|
|
20 |
|
|
Securities held-to-maturity, net |
|
|
8,455 |
|
|
|
8,455 |
|
|
|
8,469 |
|
|
|
— |
|
|
|
— |
|
|
Loans held for sale, at fair value |
|
|
49,957 |
|
|
|
25,668 |
|
|
|
23,310 |
|
|
|
95 |
|
|
|
114 |
|
|
Loans receivable, net |
|
|
2,415,379 |
|
|
|
2,401,481 |
|
|
|
2,299,649 |
|
|
|
1 |
|
|
|
5 |
|
|
Accrued interest receivable |
|
|
14,455 |
|
|
|
14,005 |
|
|
|
12,336 |
|
|
|
3 |
|
|
|
17 |
|
|
Premises and equipment, net |
|
|
30,326 |
|
|
|
30,578 |
|
|
|
31,781 |
|
|
|
(1 |
) |
|
|
(5 |
) |
|
Operating lease right-of-use |
|
|
6,202 |
|
|
|
6,627 |
|
|
|
7,414 |
|
|
|
(6 |
) |
|
|
(16 |
) |
|
Federal Home Loan Bank stock, at cost |
|
|
2,909 |
|
|
|
2,114 |
|
|
|
3,863 |
|
|
|
38 |
|
|
|
(25 |
) |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
570 |
|
|
|
NM |
|
|
|
(100 |
) |
|
Deferred tax asset, net |
|
|
4,832 |
|
|
|
6,725 |
|
|
|
5,860 |
|
|
|
(28 |
) |
|
|
(18 |
) |
|
Bank owned life insurance (“BOLI”), net |
|
|
37,958 |
|
|
|
37,719 |
|
|
|
37,020 |
|
|
|
1 |
|
|
|
3 |
|
|
MSRs, held at the lower of cost or fair value |
|
|
9,009 |
|
|
|
9,090 |
|
|
|
17,599 |
|
|
|
(1 |
) |
|
|
(49 |
) |
|
MSRs, held for sale, held at the lower of cost or fair value |
|
|
— |
|
|
|
8,086 |
|
|
|
— |
|
|
|
(100 |
) |
|
|
NM |
|
|
Goodwill |
|
|
3,592 |
|
|
|
3,592 |
|
|
|
3,592 |
|
|
|
— |
|
|
|
— |
|
|
Core deposit intangible, net |
|
|
16,402 |
|
|
|
17,343 |
|
|
|
20,348 |
|
|
|
(5 |
) |
|
|
(19 |
) |
|
Other assets |
|
|
21,958 |
|
|
|
18,395 |
|
|
|
15,731 |
|
|
|
19 |
|
|
|
40 |
|
| TOTAL
ASSETS |
|
$ |
2,969,705 |
|
|
$ |
2,972,669 |
|
|
$ |
2,782,808 |
|
|
|
— |
|
|
|
7 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing accounts |
|
$ |
646,899 |
|
|
$ |
670,831 |
|
|
$ |
746,922 |
|
|
|
(4 |
) |
|
|
(13 |
) |
|
Interest-bearing accounts |
|
|
1,818,398 |
|
|
|
1,851,492 |
|
|
|
1,696,351 |
|
|
|
(2 |
) |
|
|
7 |
|
|
Total deposits |
|
|
2,465,297 |
|
|
|
2,522,323 |
|
|
|
2,443,273 |
|
|
|
(2 |
) |
|
|
1 |
|
|
Borrowings |
|
|
129,940 |
|
|
|
93,746 |
|
|
|
7,528 |
|
|
|
39 |
|
|
|
1626 |
|
|
Subordinated notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
50,000 |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
— |
|
|
|
— |
|
|
Unamortized debt issuance costs |
|
|
(456 |
) |
|
|
(473 |
) |
|
|
(523 |
) |
|
|
(4 |
) |
|
|
(13 |
) |
|
Total subordinated notes less unamortized debt issuance costs |
|
|
49,544 |
|
|
|
49,527 |
|
|
|
49,477 |
|
|
|
— |
|
|
|
— |
|
|
Operating lease liability |
|
|
6,410 |
|
|
|
6,848 |
|
|
|
7,651 |
|
|
|
(6 |
) |
|
|
(16 |
) |
|
Other liabilities |
|
|
40,582 |
|
|
|
35,737 |
|
|
|
33,045 |
|
|
|
14 |
|
|
|
23 |
|
|
Total liabilities |
|
|
2,691,773 |
|
|
|
2,708,181 |
|
|
|
2,540,974 |
|
|
|
(1 |
) |
|
|
6 |
|
| COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value; 5,000,000 shares authorized; none
issued or outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock, $.01 par value; 45,000,000 shares authorized;
7,805,795 shares issued and outstanding at March 31, 2024,
7,800,545 at December 31, 2023, and 7,743,283 at March 31,
2023 |
|
|
78 |
|
|
|
78 |
|
|
|
77 |
|
|
|
— |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
57,552 |
|
|
|
57,362 |
|
|
|
56,138 |
|
|
|
— |
|
|
|
3 |
|
|
Retained earnings |
|
|
236,720 |
|
|
|
230,354 |
|
|
|
208,342 |
|
|
|
3 |
|
|
|
14 |
|
|
Accumulated other comprehensive loss, net of tax |
|
|
(16,418 |
) |
|
|
(23,306 |
) |
|
|
(22,723 |
) |
|
|
(30 |
) |
|
|
(28 |
) |
|
Total stockholders’ equity |
|
|
277,932 |
|
|
|
264,488 |
|
|
|
241,834 |
|
|
|
5 |
|
|
|
15 |
|
| TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
2,969,705 |
|
|
$ |
2,972,669 |
|
|
$ |
2,782,808 |
|
|
|
— |
|
|
|
7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FS BANCORP, INC. AND
SUBSIDIARYCONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share amounts)
(Unaudited) |
| |
| |
|
Three Months Ended |
|
|
|
|
|
|
Prior |
|
| |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
Linked Qtr. |
|
|
Year Qtr. |
|
| |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
% Change |
|
|
% Change |
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable, including
fees |
|
$ |
40,997 |
|
|
$ |
40,863 |
|
|
$ |
35,992 |
|
|
|
— |
|
|
|
14 |
|
| Interest and dividends on
investment securities, cash and cash equivalents, and certificates
of deposit at other financial institutions |
|
|
3,883 |
|
|
|
3,580 |
|
|
|
2,620 |
|
|
|
8 |
|
|
|
48 |
|
|
Total interest and dividend income |
|
|
44,880 |
|
|
|
44,443 |
|
|
|
38,612 |
|
|
|
1 |
|
|
|
16 |
|
| INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
12,882 |
|
|
|
12,055 |
|
|
|
6,624 |
|
|
|
7 |
|
|
|
94 |
|
| Borrowings |
|
|
1,167 |
|
|
|
1,447 |
|
|
|
841 |
|
|
|
(19 |
) |
|
|
39 |
|
| Subordinated notes |
|
|
485 |
|
|
|
486 |
|
|
|
485 |
|
|
|
— |
|
|
|
— |
|
|
Total interest expense |
|
|
14,534 |
|
|
|
13,988 |
|
|
|
7,950 |
|
|
|
4 |
|
|
|
83 |
|
| NET INTEREST
INCOME |
|
|
30,346 |
|
|
|
30,455 |
|
|
|
30,662 |
|
|
|
— |
|
|
|
(1 |
) |
| PROVISION FOR CREDIT
LOSSES |
|
|
1,399 |
|
|
|
1,402 |
|
|
|
2,108 |
|
|
|
— |
|
|
|
(34 |
) |
| NET INTEREST INCOME
AFTER PROVISION FOR CREDIT LOSSES |
|
|
28,947 |
|
|
|
29,053 |
|
|
|
28,554 |
|
|
|
— |
|
|
|
1 |
|
| NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service charges and fee
income |
|
|
2,552 |
|
|
|
2,786 |
|
|
|
2,608 |
|
|
|
(8 |
) |
|
|
(2 |
) |
| Gain on sale of loans |
|
|
1,838 |
|
|
|
1,413 |
|
|
|
1,476 |
|
|
|
30 |
|
|
|
25 |
|
| Gain on sale of MSRs |
|
|
8,215 |
|
|
|
— |
|
|
|
— |
|
|
|
NM |
|
|
|
NM |
|
| Loss on sale of investment
securities |
|
|
(7,998 |
) |
|
|
— |
|
|
|
— |
|
|
|
NM |
|
|
|
NM |
|
| Earnings on cash surrender
value of BOLI |
|
|
240 |
|
|
|
239 |
|
|
|
221 |
|
|
|
— |
|
|
|
9 |
|
| Other noninterest income |
|
|
264 |
|
|
|
1,018 |
|
|
|
914 |
|
|
|
(74 |
) |
|
|
(71 |
) |
|
Total noninterest income |
|
|
5,111 |
|
|
|
5,456 |
|
|
|
5,219 |
|
|
|
(6 |
) |
|
|
(2 |
) |
| NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and benefits |
|
|
13,557 |
|
|
|
12,742 |
|
|
|
13,864 |
|
|
|
6 |
|
|
|
(2 |
) |
| Operations |
|
|
3,008 |
|
|
|
3,326 |
|
|
|
2,692 |
|
|
|
(10 |
) |
|
|
12 |
|
| Occupancy |
|
|
1,705 |
|
|
|
1,708 |
|
|
|
1,520 |
|
|
|
— |
|
|
|
12 |
|
| Data processing |
|
|
1,958 |
|
|
|
1,760 |
|
|
|
1,568 |
|
|
|
11 |
|
|
|
25 |
|
| Gain on sale of OREO |
|
|
— |
|
|
|
(148 |
) |
|
|
— |
|
|
|
(100 |
) |
|
|
NM |
|
| Loan costs |
|
|
585 |
|
|
|
497 |
|
|
|
470 |
|
|
|
18 |
|
|
|
24 |
|
| Professional and board
fees |
|
|
923 |
|
|
|
583 |
|
|
|
678 |
|
|
|
58 |
|
|
|
36 |
|
| FDIC insurance |
|
|
532 |
|
|
|
660 |
|
|
|
580 |
|
|
|
(19 |
) |
|
|
(8 |
) |
| Marketing and advertising |
|
|
227 |
|
|
|
277 |
|
|
|
190 |
|
|
|
(18 |
) |
|
|
19 |
|
| Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
1,501 |
|
|
|
NM |
|
|
|
(100 |
) |
| Amortization of core deposit
intangible |
|
|
941 |
|
|
|
980 |
|
|
|
459 |
|
|
|
(4 |
) |
|
|
105 |
|
| Impairment of servicing
rights |
|
|
93 |
|
|
|
48 |
|
|
|
2 |
|
|
|
94 |
|
|
|
4,550 |
|
|
Total noninterest expense |
|
|
23,529 |
|
|
|
22,433 |
|
|
|
23,524 |
|
|
|
5 |
|
|
|
— |
|
| INCOME BEFORE
PROVISION FOR INCOME TAXES |
|
|
10,529 |
|
|
|
12,076 |
|
|
|
10,249 |
|
|
|
(13 |
) |
|
|
3 |
|
| PROVISION FOR INCOME
TAXES |
|
|
2,132 |
|
|
|
2,304 |
|
|
|
2,037 |
|
|
|
(7 |
) |
|
|
5 |
|
| NET
INCOME |
|
$ |
8,397 |
|
|
$ |
9,772 |
|
|
$ |
8,212 |
|
|
|
(14 |
) |
|
|
2 |
|
| Basic earnings per share |
|
$ |
1.07 |
|
|
$ |
1.25 |
|
|
$ |
1.06 |
|
|
|
(14 |
) |
|
|
1 |
|
| Diluted earnings per
share |
|
$ |
1.06 |
|
|
$ |
1.23 |
|
|
$ |
1.04 |
|
|
|
(14 |
) |
|
|
2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL RATIOS AND DATA (Unaudited)
| |
|
For the Three Months Ended |
|
| |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
PERFORMANCE RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets (ratio of net income to average total assets)
(1) |
|
|
1.14 |
% |
|
|
1.32 |
% |
|
|
1.23 |
% |
|
Return on equity (ratio of net income to average equity) (1) |
|
|
12.29 |
|
|
|
15.01 |
|
|
|
13.85 |
|
|
Yield on average interest-earning assets (1) |
|
|
6.30 |
|
|
|
6.19 |
|
|
|
5.91 |
|
|
Average total cost of funds (1) |
|
|
2.21 |
|
|
|
2.10 |
|
|
|
1.32 |
|
|
Interest rate spread information – average during period |
|
|
4.09 |
|
|
|
4.09 |
|
|
|
4.59 |
|
|
Net interest margin (1) |
|
|
4.26 |
|
|
|
4.24 |
|
|
|
4.70 |
|
|
Operating expense to average total assets (1) |
|
|
3.20 |
|
|
|
3.02 |
|
|
|
3.52 |
|
|
Average interest-earning assets to average interest-bearing
liabilities (1) |
|
|
144.51 |
|
|
|
143.45 |
|
|
|
145.72 |
|
|
Efficiency ratio (2) |
|
|
66.36 |
|
|
|
62.47 |
|
|
|
65.56 |
|
|
Common equity ratio (ratio of stockholders' equity to total
assets) |
|
|
9.36 |
|
|
|
8.90 |
|
|
|
8.69 |
|
|
Tangible common equity ratio (3) |
|
|
8.74 |
|
|
|
8.25 |
|
|
|
8.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
ASSET QUALITY RATIOS AND DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets at end of period (4) |
|
|
0.41 |
% |
|
|
0.37 |
% |
|
|
0.33 |
% |
|
Nonperforming loans to total gross loans (excluding loans held for
sale) (5) |
|
|
0.49 |
|
|
|
0.45 |
|
|
|
0.37 |
|
|
Allowance for credit losses – loans to nonperforming loans (5) |
|
|
260.24 |
|
|
|
288.11 |
|
|
|
323.26 |
|
|
Allowance for credit losses – loans to total gross loans (excluding
loans held for sale) |
|
|
1.29 |
|
|
|
1.30 |
|
|
|
1.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At or For the Three Months Ended |
|
| |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
1.07 |
|
|
$ |
1.25 |
|
|
$ |
1.06 |
|
|
Diluted earnings per share |
|
$ |
1.06 |
|
|
$ |
1.23 |
|
|
$ |
1.04 |
|
|
Weighted average basic shares outstanding |
|
|
7,703,789 |
|
|
|
7,696,429 |
|
|
|
7,623,580 |
|
|
Weighted average diluted shares outstanding |
|
|
7,824,460 |
|
|
|
7,795,383 |
|
|
|
7,778,418 |
|
|
Common shares outstanding at end of period |
|
|
7,707,651 |
(6) |
|
|
7,698,401 |
(7) |
|
|
7,631,018 |
(8) |
|
Book value per share using common shares outstanding |
|
$ |
36.06 |
|
|
$ |
34.36 |
|
|
$ |
31.69 |
|
|
Tangible book value per share using common shares outstanding
(3) |
|
$ |
33.47 |
|
|
$ |
31.64 |
|
|
$ |
28.55 |
|
_______________
|
(1) |
|
Annualized. |
|
|
|
|
|
(2) |
|
Total noninterest expense as a percentage of net interest
income and total noninterest income. |
|
|
|
|
|
(3) |
|
Represents a non-GAAP financial measure. For a
reconciliation to the most comparable GAAP financial measure, see
“Non-GAAP Financial Measures” below. |
|
|
|
|
|
(4) |
|
Nonperforming assets consist of nonperforming loans (which
include nonaccruing loans and accruing loans more than 90 days past
due), foreclosed real estate and other repossessed assets. |
|
|
|
|
|
(5) |
|
Nonperforming loans consist of nonaccruing loans and accruing
loans 90 days or more past due. |
|
|
|
|
|
(6) |
|
Common shares were calculated using shares outstanding of 7,805,795
at March 31, 2024, less 98,144 unvested restricted stock
shares. |
|
|
|
|
|
(7) |
|
Common shares were calculated using shares outstanding of
7,800,545 at December 31, 2023, less 102,144 unvested
restricted stock shares. |
|
|
|
|
|
(8) |
|
Common shares were calculated using shares outstanding of
7,743,283 at March 31, 2023, less 112,265 unvested
restricted stock shares. |
|
|
|
|
| (Dollars in thousands) |
|
For the Three Months Ended March 31, |
|
|
Qtr. Over Qtr. |
|
| Average
Balances |
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans receivable, net (1) |
|
$ |
2,464,602 |
|
|
$ |
2,292,364 |
|
|
$ |
172,238 |
|
| Securities available-for-sale,
at amortized cost |
|
|
331,413 |
|
|
|
270,676 |
|
|
|
60,737 |
|
| Securities
held-to-maturity |
|
|
8,500 |
|
|
|
8,500 |
|
|
|
- |
|
| Interest-bearing deposits and
certificates of deposit at other financial institutions |
|
|
59,514 |
|
|
|
69,664 |
|
|
|
(10,150 |
) |
| FHLB stock, at cost |
|
|
2,174 |
|
|
|
6,335 |
|
|
|
(4,161 |
) |
|
Total interest-earning assets |
|
|
2,866,203 |
|
|
|
2,647,539 |
|
|
|
218,664 |
|
| Noninterest-earning
assets |
|
|
92,344 |
|
|
|
94,486 |
|
|
|
(6,366 |
) |
| Total
assets |
|
$ |
2,958,547 |
|
|
$ |
2,742,025 |
|
|
$ |
216,522 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing accounts |
|
$ |
1,832,767 |
|
|
$ |
1,688,037 |
|
|
$ |
144,730 |
|
| Borrowings |
|
|
101,150 |
|
|
|
79,339 |
|
|
|
21,811 |
|
| Subordinated notes |
|
|
49,533 |
|
|
|
49,467 |
|
|
|
66 |
|
|
Total interest-bearing liabilities |
|
|
1,983,450 |
|
|
|
1,816,843 |
|
|
|
166,607 |
|
| Noninterest-bearing
accounts |
|
|
657,083 |
|
|
|
620,071 |
|
|
|
37,012 |
|
| Other noninterest-bearing
liabilities |
|
|
43,246 |
|
|
|
34,434 |
|
|
|
8,812 |
|
| Total
liabilities |
|
$ |
2,683,779 |
|
|
$ |
2,471,348 |
|
|
$ |
212,431 |
|
_______________(1) Includes loans HFS.
Non-GAAP Financial Measures:
In addition to financial results presented in accordance with
generally accepted accounting principles utilized in the United
States (“GAAP”), this earnings release presents non-GAAP financial
measures that include total organic deposits, tangible book value
per share, and tangible common equity ratio. Management believes
that providing total organic deposit growth illustrates the
Company's commitment to expand its unique brand within the
communities it serves by excluding brokered deposits and
deposits acquired. Management also believes that providing the
Company’s tangible book value per share and tangible common equity
ratio is consistent with the capital treatment utilized by the
investment community, which excludes intangible assets from the
calculation of risk-based capital ratios and facilitates comparison
of the quality and composition of the Company's capital over time
and in comparison to its competitors. Where applicable, the Company
has also presented comparable GAAP information.
These non-GAAP financial measures have inherent limitations, are
not required to be uniformly applied, and are not audited. They
should not be considered in isolation or as a substitute for total
stockholders' equity or operating results determined in accordance
with GAAP. These non-GAAP measures may not be comparable to
similarly titled measures reported by other companies.
Reconciliation of the GAAP deposits and the non-GAAP organic
deposits with changes between the periods is presented below:
|
|
March 31, |
|
December 31, |
|
September 30, |
|
March 31, |
|
December 31, |
|
Linked |
|
Prior |
|
Prior Year |
| |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
Qtr. Change |
|
Qtr. Change |
|
Qtr. Change |
|
Total Deposits |
$ |
2,465,297 |
|
|
$ |
2,522,323 |
|
|
$ |
2,454,444 |
|
|
$ |
2,443,273 |
|
|
$ |
2,127,741 |
|
|
$ |
(57,026 |
) |
|
$ |
67,879 |
|
|
$ |
315,532 |
|
|
Brokered CDs Deposits |
|
(331,311 |
) |
|
|
(361,289 |
) |
|
|
(323,338 |
) |
|
|
(266,114 |
) |
|
|
(331,933 |
) |
|
|
29,978 |
|
|
|
(37,951 |
) |
|
|
65,819 |
|
|
Brokered Checking |
|
— |
|
|
|
(70,240 |
) |
|
|
(50,085 |
) |
|
|
(2,648 |
) |
|
|
(2,258 |
) |
|
|
70,240 |
|
|
|
(20,155 |
) |
|
|
(390 |
) |
|
Brokered Money Market |
|
(8,011 |
) |
|
|
(1 |
) |
|
|
(51 |
) |
|
|
(50,311 |
) |
|
|
(59,668 |
) |
|
|
(8,010 |
) |
|
|
50 |
|
|
|
9,357 |
|
|
Acquired Deposits- Columbia Bank |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(382,120 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(382,120 |
) |
| Total
Organic Deposits |
$ |
2,125,975 |
|
|
$ |
2,090,793 |
|
|
$ |
2,080,970 |
|
|
$ |
1,742,080 |
|
|
$ |
1,733,882 |
|
|
$ |
35,182 |
|
|
$ |
9,823 |
|
|
$ |
8,198 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of the GAAP book value per share and common
equity ratio and the non-GAAP tangible book value per share and
tangible common equity ratio is presented below.
| (Dollars in thousands, except
share and per share amounts) |
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
| Tangible Book Value
Per Share: |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
Stockholders' equity (GAAP) |
|
$ |
277,932 |
|
|
$ |
264,488 |
|
|
$ |
241,834 |
|
|
Less: goodwill and core deposit intangible, net |
|
|
(19,994 |
) |
|
|
(20,935 |
) |
|
|
(23,940 |
) |
|
Tangible common stockholders' equity (non-GAAP) |
|
$ |
257,938 |
|
|
$ |
243,553 |
|
|
$ |
217,894 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding at
end of period |
|
|
7,707,651 |
|
|
|
7,698,401 |
|
|
|
7,631,018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per share
(GAAP) |
|
$ |
36.06 |
|
|
$ |
34.36 |
|
|
$ |
31.69 |
|
| Tangible book value per share
(non-GAAP) |
|
$ |
33.47 |
|
|
$ |
31.64 |
|
|
$ |
28.55 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible Common Equity
Ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
2,969,705 |
|
|
$ |
2,972,669 |
|
|
$ |
2,782,808 |
|
|
Less: goodwill and core deposit intangible assets |
|
|
(19,994 |
) |
|
|
(20,935 |
) |
|
|
(23,940 |
) |
|
Tangible assets (non-GAAP) |
|
$ |
2,949,711 |
|
|
$ |
2,951,734 |
|
|
$ |
2,758,868 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Common equity ratio
(GAAP) |
|
|
9.36 |
% |
|
|
8.90 |
% |
|
|
8.69 |
% |
| Tangible common equity ratio
(non-GAAP) |
|
|
8.74 |
|
|
|
8.25 |
|
|
|
7.90 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Joseph C. Adams,Chief Executive
OfficerMatthew D. Mullet,Chief Financial Officer(425)
771-5299www.FSBWA.com
FS Bancorp (NASDAQ:FSBW)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
FS Bancorp (NASDAQ:FSBW)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
