FS Bancorp Inc (FSBW) Reports Q3 Net Income of $9.0 Million
FS Bancorp Inc (NASDAQ:FSBW) reported a net income of $9.0 million for Q3 2023, up from $8.5 million in the same quarter last year.
The company also announced its 43rd consecutive quarterly dividend of $0.25 per share.
Total assets increased by 0.5% to $2.92 billion compared to the previous quarter.
FS Bancorp Inc (NASDAQ:FSBW) was recently named the 'Number One Best Place to Work' in the extra-large company category by the Puget Sound Business Journal.
On October 25, 2023, FS Bancorp Inc (NASDAQ:FSBW) released its earnings report for the third quarter of 2023. The company reported a net income of $9.0 million, or $1.13 per diluted share, compared to $8.5 million, or $1.08 per diluted share, for the same quarter last year. For the nine months ended September 30, 2023, net income was $26.3 million, or $3.33 per diluted share, compared to net income of $22.0 million, or $2.73 per diluted share, for the same period in 2022.
Financial Highlights
FS Bancorp Inc (NASDAQ:FSBW) reported two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment saw a net income of $8.787 million, while the Home Lending segment reported a net income of $166,000. Total average assets for the period ended were $2,901,386.
The company's total assets increased by 0.5% to $2.92 billion at the end of Q3 2023, compared to $2.91 billion at the end of Q2 2023. This increase was primarily due to increases in loans receivable, net of $33.1 million and securities available-for-sale of $26.0 million.
Company Performance and Future Outlook
FS Bancorp Inc (NASDAQ:FSBW) also announced its 43rd consecutive quarterly cash dividend of $0.25 per share, demonstrating its continued commitment to returning value to shareholders. The cash dividend will be paid on November 22, 2023, to shareholders of record as of November 9, 2023.
The company's CEO, Joe Adams, stated,
We were honored to be recently named the Number One Best Place to Work in the extra-large company category by the Puget Sound Business Journal. We are also pleased that our Board of Directors approved our forty-third consecutive quarterly cash dividend of $0.25 per share, demonstrating our continued commitment to returning value to shareholders."
Despite the challenges posed by the current economic climate, FS Bancorp Inc (NASDAQ:FSBW) has demonstrated strong financial performance in Q3 2023. The company's continued commitment to shareholder value, coupled with its recent recognition as a top place to work, positions it well for future growth.
Explore the complete 8-K earnings release (here) from FS Bancorp Inc for further details.
This article first appeared on GuruFocus.
