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Sep 30, 2023
FS Bancorp Q3 2023 Earnings Report
Reported net income of $9.0 million, or $1.13 per diluted share.
Key Takeaways
FS Bancorp reported a net income of $9.0 million, or $1.13 per diluted share, for the third quarter of 2023, compared to $8.5 million, or $1.08 per diluted share, for the same quarter last year. The company's board also approved a quarterly cash dividend of $0.25 per share.
Net income was $9.0 million for Q3 2023, compared to $9.1 million in the previous quarter and $8.5 million in the comparable quarter one year ago.
Net interest margin compressed to 4.34%.
Total deposits increased $89.1 million, or 3.8%, to $2.45 billion at September 30, 2023.
Loans receivable, net increased $33.1 million, or 1.4%, to $2.38 billion at September 30, 2023.
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 earnings report contains forward-looking statements regarding future events and the company's financial performance, which are subject to various risks and uncertainties.
Positive Outlook
- The company's ability to successfully realize the anticipated benefits of the Branch Acquisition, including customer acquisition and retention
- 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
- Secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market
- Average interest-earning assets to average interest-bearing liabilities
- Book value per share using common shares outstanding
Challenges Ahead
- Potential adverse impacts to economic conditions in the Company’s local market areas
- Changes in the interest rate environment, including the recent increases in the Federal Reserve benchmark rate
- The impact of continuing high inflation and the current and future monetary policies of the Federal Reserve in response thereto
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income