FS Bancorp, Inc. Reports First Quarter Net Income of $8.0 Million or $1.01 Per Diluted Share and the Forty-Ninth Consecutive Quarterly Cash Dividend

Core Viewpoint - FS Bancorp, Inc. reported a net income of $8.0 million for the first quarter of 2025, reflecting a slight decrease compared to the same quarter last year, while deposit growth exceeded expectations, positioning the bank well for future loan opportunities [1][2]. Financial Performance - Net income for Q1 2025 was $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, in Q1 2024 [1]. - Total deposits increased by $275.7 million, or 11.8%, reaching $2.62 billion as of March 31, 2025, driven primarily by a $226.9 million increase in brokered deposits [6][17]. - Borrowings decreased significantly by $239.0 million, or 77.6%, to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024 [6][22]. Segment Reporting - The Commercial and Consumer Banking segment generated a net income of $7.8 million, while the Home Lending segment contributed $241,000 in net income for Q1 2025 [6]. - The total average assets for the period ended March 31, 2025, were $3.03 billion, reflecting an increase from $2.97 billion at March 31, 2024 [10]. Loan Portfolio - Loans receivable, net remained stable at $2.50 billion as of March 31, 2025, with a slight increase of $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024 [6][11]. - Consumer loans decreased by $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter [6][11]. Shareholder Returns - The Board of Directors approved a cash dividend of $0.28 per common share, marking the forty-ninth consecutive quarterly dividend, to be paid on May 22, 2025 [3]. - The company repurchased 98,317 shares of common stock at an average price of $39.06 per share during Q1 2025, with an additional $5.0 million authorized for future repurchases [6][23]. Capital and Equity - Total stockholders' equity increased by $3.1 million to $298.8 million at March 31, 2025, compared to $295.8 million at December 31, 2024 [23]. - Book value per share rose to $39.12 at March 31, 2025, up from $38.26 at December 31, 2024, and $36.06 at March 31, 2024 [23].