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Mar 31, 2023
FS Bancorp Q1 2023 Earnings Report
Net income of $8.2 million, or $1.04 per diluted share, was reported for the first quarter.
Key Takeaways
FS Bancorp reported a net income of $8.2 million, or $1.04 per diluted share, for the first quarter of 2023, compared to $6.9 million, or $0.83 per diluted share, for the same quarter last year. The Bank completed the purchase of seven retail branches from Columbia State Bank, resulting in approximately $336.0 million in net cash.
Net income was $8.2 million for the first quarter of 2023, compared to $6.9 million for the comparable quarter one year ago.
Net interest margin improved to 4.70%.
Loans receivable, net increased to $2.30 billion.
Commercial and Consumer Banking segment and the Home Lending segment reported net income of $7.3 million and $873,000, respectively.
FS Bancorp
FS Bancorp
FS Bancorp Revenue by Segment
Revenue by Segment
Commercial and Consumer Banking Revenue
CapyFin.comHome Lending Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements that are subject to various risks and uncertainties, and actual results may differ materially from those projected.
Positive Outlook
- Management remains focused on matching deposit/liability duration with the duration of loans/assets where appropriate.
- The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 13.0%, a Tier 1 leverage capital ratio of 8.9%, and a CET1 ratio of 9.7% at March 31, 2023.
- Gross margins on home loan sales increased to 3.05% for the quarter ended March 31, 2023, compared to 2.15% in the previous quarter and increased from 2.94% in the same quarter one year ago.
- The Bank is considered well capitalized under the capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”)
- Management believes these non-GAAP financial measures provide useful and comparative information to assess trends reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers.
Challenges Ahead
- Potential adverse impacts to economic conditions in the Company’s local market areas.
- Increased competitive pressures, changes in the interest rate environment.
- Adverse changes in the securities markets.
- 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.
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income