This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

FS Bancorp, Inc. Reports Net Income For The Fourth Quarter Of $1.1 Million Or $0.36 Per Share And $5.3 Million Or $1.76 Per Share For The Year Ended December 31, 2012

Stocks in this article: FSBW

MOUNTLAKE TERRACE, Wash., Jan. 30, 2013 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (Nasdaq:FSBW) ("FS Bancorp" or "the Company"), the holding company for 1st Security Bank of Washington ("the Bank") today reported 2012 fourth quarter net income of $1.1 million, or $0.36 per diluted share, compared to $312,000 for the fourth quarter ended December 31, 2011. The 2012 fourth quarter net income of $1.1 million compares to $3.3 million for the third quarter of 2012 which included a $2.3 million reversal of the valuation allowance for the deferred tax asset. Net income for the year ended December 31, 2012 was $5.3 million including the $2.3 million reversal of the valuation allowance for the deferred tax asset compared to net income of $1.5 million for the year ended December 31, 2011. The Company completed its initial public offering on July 9, 2012 with the issuance of 3,240,125 shares of its common stock, which generated gross proceeds of $32.4 million; therefore, operating results before that date are for the Bank only.

"The focus on the successful implementation of the business plan has allowed the Bank to invest in an expanded infrastructure and also, at the same time, continue to increase earnings," stated Joe Adams, CEO of the Company and the Bank. "The Board is pleased with the diversified revenue streams that include expanded business lending, construction lending, and home lending to complement our strength in consumer lending."

As previously disclosed in the third quarter Form 10-Q, the Company completed the sale of 366 consumer marine loans on December 14, 2012 that had an aggregate principal balance of $12.6 million. In connection with the sale, a $67,000 reserve for potential loan recourse was established and will remain in effect until June 12, 2013. The sale of marine loans resulted in a pre-tax gain of $115,000, net of the reserve. The primary purpose in selling these consumer loans was to enable the Company to continue to diversify its balance sheet and manage interest rate risk.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,054.67 +0.96 0.01%
S&P 500 2,091.47 +2.70 0.13%
NASDAQ 4,805.14 -1.7190 -0.04%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs