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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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