1st Security Bank issues second quarter numbers

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FS_logoFS Bancorp, Inc., the holding company for 1st Security Bank of Washington in Mountlake Terrace, reported 2014 second quarter net income of $986,000, or $0.33 per diluted share, compared to net income of $1.1 million or $0.36 per diluted share, for the same period last year.

“The second quarter reflects our continued commitment to loan revenue diversification, capital management, and strong asset quality. I am pleased to announce that our Board of Directors has approved our sixth quarterly cash dividend of $0.06 per share” said Joe Adams, CEO of FS Bancorp.

The dividend will be paid on Aug. 26, to shareholders of record as of Aug. 14.

The second quarter included a share repurchase of 129,605 shares at an average price including commissions of $17.15. The acquisition of open market shares below book value reduced cash balances at FS Bancorp to $9.5 million from $11.8 million as of June 30.

“We were pleased with the execution associated with the share repurchase and our ability to utilize excess capital to repurchase stock below the diluted book value per share of $21.53 at quarter end,” said Matthew Mullet, CFO of FS Bancorp.

2014 Second Quarter Highlights

  • Net income increased to $986,000 for the second quarter of 2014, compared to $875,000 in the first quarter of 2014, and a slight decrease from $1.1 million for the comparable quarter one year ago;
  • Earnings per diluted share were $0.33 for the second quarter of 2014, compared to $0.29 for the preceding quarter in 2014, and $0.36 for the second quarter of 2013;
  • Total loans increased $37.9 million, or 12.9 percent to $332.2 million at June 30, 2014, compared to $294.3 million at March 31, 2014, and $285.7 million at June 30, 2013;
  • Total non-performing assets, including other real estate owned decreased by $587,000, or 39.4 percent to $381,000 at June 30, 2014, compared to $968,000 at March 31, 2014, and $4.2 million at June 30, 2013;
  • The ratio of non-performing assets to total assets improved to 0.09 percent at June 30, 2014, compared to 0.2 percent at March 31, 2014, and 1.1 percent at June 30, 2013;
  • The net interest margin improved to 5.08 percent for the second quarter of 2014, compared to 4.96 percent in the first quarter of 2014, and decreased from 5.47 percent for the comparable quarter one year ago;

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