MOUNTLAKE TERRACE, Wash., June 23, 2019 – Shares of (NASDAQ: ) showed the bearish trend with a lower momentum of -1.44% to $48.50. The company traded total volume of 18.926K shares as contrast to its average volume of 9.53K shares. The company has a market value of $221.16M and about 4.56M shares outstanding.

FS Bancorp, Inc. (FSBW), the holding company for 1st Bank of Washington recently reported 2019 first quarter net income of $5.20M, or $1.15 per diluted share, contrast to $4.30M, or $1.15 per diluted share for the same period last year.

2019 First Quarter Highlights:

  • Net income was $5.20M for the first quarter of 2019, contrast to $11.70M in the previous quarter which included a $7.40M bargain purchase gain from the acquisition of Anchor Bancorp (“Anchor Acquisition”), and $4.30M for the comparable quarter one year ago;
  • Net income for the first quarter adjusted for $374.0K of acquisition related costs, $131.0K of core deposit intangible (“CDI”) amortization and $321.0K of net accretion/amortization on loans, certificates of deposit (“CDs”) and borrowings (adjusted at a 21% tax rate) would have been $5.30M, or $1.18 per diluted share (See “Non-GAAP Financial Measures”);
  • Total assets increased to $1.630B at March 31, 2019, contrast to $1.620B at December 31, 2018, and $1.040B one year ago;
  • Total gross loans reduced $29.20M, or 2.2% during the quarter, mainly because of construction and construction warehouse loan payoffs, to $1.300B at March 31, 2019, contrast to $1.330B at December 31, 2018, and increased $479.40M, or 58.6%, from $817.70M at March 31, 2018, regarding the loans attained from the Anchor Acquisition of $311.60M at March 31, 2019;
  • Deposits increased $47.30M, or 3.7%, during the quarter to $1.320B at March 31, 2019, contrast to $1.270B at December 31, 2018, and increased $464.10M, or 54.1%, from $857.50M at March 31, 2018, mainly because of the deposits attained from the Anchor Acquisition of $343.60M at March 31, 2019; and Capital levels at the Bank were 14.7% for total risk-based capital and 11.0% for Tier 1 leverage capital at March 31, 2019, contrast to 13.5% and 10.7% at December 31, 2018, respectively.

Balance Sheet and Credit Quality:

Total assets increased $4.50M, or 0.3%, to $1.63B at March 31, 2019, contrast to $1.62B at December 31, 2018, and increased $582.50M, or 55.8%, from $1.04B at March 31, 2018.  The quarter over linked quarter increase in total assets included increases in total cash and cash equivalents of $30.30M, operating lease right-of-use asset of $4.80M, other assets of $2.70M, and securities available-for-sale of $2.60M, partially offset by a decrease in loans receivable, net of $28.60M, loans held for sale (“HFS”) of $5.60M, and Federal Home Loan Bank (“FHLB”) stock of $1.70M. The year over year increase was mainly because of the $474.90M of assets attained in the Anchor Acquisition, with the remaining growth partially funded by organic growth in deposits.

The Company offered net profit margin of 35.20%. ROE was recorded as 16.00% while beta factor was 0.99. The stock, as of recent close, has shown the weekly downbeat performance of -2.28% which was maintained at 13.11% in this year.

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