Published on 21 Jan 2024 on GuruFocus.com via Yahoo Finance
FS Bancorp Inc (FSBW) Reports Solid Earnings Growth and Dividend Increase for 2023
Net Income: FS Bancorp Inc (NASDAQ:FSBW) reported a net income of $36.1 million for 2023, a significant increase from the $29.6 million in 2022.Earnings Per Share (EPS): Diluted EPS for 2023 stood at $4.56, up from $3.70 in the previous year.Quarterly Dividend: The company announced a 4% increase in its quarterly dividend to $0.26 per share.Asset Growth: Total assets grew by 12.9% year-over-year, reaching $2.97 billion at the end of 2023.Loan Portfolio: Loans receivable, net increased by $210.6 million compared to the previous year, indicating robust loan growth.Capital Ratios: FS Bancorp maintained strong capital ratios, with a total risk-based capital ratio of 13.7% and a CET1 ratio of 10.5% at the end of 2023.Credit Quality: The allowance for credit losses on loans (ACLL) increased to $31.5 million, or 1.30% of gross loans receivable.
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On January 24, 2024, FS Bancorp Inc (NASDAQ:FSBW) released its 8-K filing, detailing a robust financial performance for the year 2023. The company, which is the holding entity for 1st Security Bank, reported a substantial increase in net income and a hike in its quarterly dividend, reflecting its strong financial health and commitment to shareholder returns.