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Mar 31, 2022
FS Bancorp Q1 2022 Earnings Report
Net income of $6.9 million, or $0.81 per diluted share, was reported for the first quarter.
Key Takeaways
FS Bancorp reported a net income of $6.9 million, or $0.81 per diluted share for Q1 2022, compared to $11.9 million, or $1.35 per diluted share for the same quarter last year. The company reaffirmed commitment to shareholders by repurchasing 115,356 shares and early adopted the Current Expected Credit Loss standard.
Early adoption of the Current Expected Credit Losses (“CECL”) standard as of January 1, 2022, resulted in a net-of-tax cumulative-effect adjustment of $297,000 to increase the beginning balance of retained earnings
Repurchased 115,356 shares of common stock during the first quarter and the Board of Directors approved an additional $10.0 million in repurchases
Net income was $6.9 million for the first quarter of 2022
Net interest margin (“NIM”) improved to 4.24%