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

Core Viewpoint - FS Bancorp, Inc. reported a decrease in net income for the fourth quarter of 2024, primarily due to a tax provision compared to a tax benefit in the previous quarter, while total assets surpassed $3 billion through organic loan growth [1][2]. Financial Performance - Fourth quarter net income was $7.4 million, or $0.92 per diluted share, down from $9.8 million, or $1.23 per diluted share, in the same quarter last year [1]. - Net income for the year ended December 31, 2024, was $35.0 million, or $4.36 per diluted share, compared to $36.1 million, or $4.56 per diluted share for 2023 [1]. - The company recorded a net interest margin of 4.31% for the fourth quarter of 2024, slightly down from 4.35% in the previous quarter and up from 4.24% in the same quarter last year [4]. Asset and Deposit Trends - Total assets increased by $59.0 million, or 2.0%, to $3.03 billion at December 31, 2024, compared to $2.97 billion at both September 30, 2024, and December 31, 2023 [11]. - 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 [4][20]. Loan Portfolio - Loans receivable, net increased by $38.3 million, or 1.6%, to $2.50 billion at December 31, 2024, compared to $2.46 billion at September 30, 2024, and increased by $100.5 million, or 4.2%, from $2.40 billion at December 31, 2023 [4][13]. - Consumer loans decreased by $12.2 million, or 1.9%, to $620.2 million at December 31, 2024, compared to $632.4 million in the previous quarter [4]. Capital and Dividends - The company’s tangible book value per share increased by 13.8% year over year to $36.02 at December 31, 2024, compared to $31.64 at December 31, 2023 [3]. - The Board of Directors approved a quarterly cash dividend increase of $0.01 to $0.28 per common share, marking the forty-eighth consecutive quarterly dividend [2]. Segment Performance - 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 for the fourth quarter of 2024 [4][6]. - Total average assets for the Commercial and Consumer Banking segment were $2.38 billion, while the Home Lending segment had total average assets of $606.8 million [7].