Core Points - FS Bancorp, Inc. reported a fourth quarter net income of $7.4 million, down from $9.8 million in the same quarter last year, primarily due to a tax provision of $2.5 million compared to a tax benefit of $420,000 in the previous quarter [1][6] - The company achieved total assets surpassing $3 billion, driven mainly by organic loan growth [2] - The tangible book value per share increased by 13.8% year-over-year to $36.02 as of December 31, 2024 [3] Financial Performance - Fourth quarter net income was $7.4 million, a decrease from $10.3 million in the previous quarter and $9.8 million year-over-year [6] - Net interest margin for the fourth quarter was 4.31%, slightly down from 4.35% in the previous quarter and up from 4.24% year-over-year [6] - Total deposits decreased by $87.9 million, or 3.6%, to $2.34 billion at December 31, 2024, primarily due to a $107.9 million decrease in brokered deposits [6][22] - Loans receivable increased by $38.3 million, or 1.6%, to $2.50 billion at December 31, 2024, compared to $2.46 billion in the previous quarter [6][11] Segment Reporting - The Commercial and Consumer Banking segment reported net income of $7.4 million, while the Home Lending segment recorded a net loss of $39,000 [8] - Net interest income for the Commercial and Consumer Banking segment was $28.6 million, while the Home Lending segment reported $2.6 million [8] - Total average assets for the Commercial and Consumer Banking segment were $2.38 billion, and $606.8 million for the Home Lending segment [8] Asset and Loan Portfolio - Total assets increased by $59.0 million, or 2.0%, to $3.03 billion at December 31, 2024 [10] - The total loans receivable, net increased by $38.3 million to $2.50 billion at December 31, 2024, with significant growth in real estate loans [11][20] - Consumer loans decreased by $12.2 million, primarily due to a decrease in home improvement loans [11] Dividends and Shareholder Returns - The Board of Directors increased the quarterly cash dividend by $0.01 to $0.28 per common share, marking the forty-eighth consecutive quarterly dividend increase [2] - The company repurchased 35,000 shares of common stock at an average price of $48.47 per share, with $4.7 million remaining for future purchases under the existing share repurchase plan [6]
FS Bancorp, Inc. Reports $7.4 Million of Net Income or $0.92 Per Diluted Share for 2024 and 3.7% Increase in Its Quarterly Dividend