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

Net loans receivable increased $15.8 million to $275.0 million at December 31, 2012 from $259.2 million as of September 30, 2012 and increased $57.8 million from $217.1 million at December 31, 2011. Total real estate loans increased $14.1 million quarter over quarter due to increased growth in commercial real estate loans including residential construction lending. Quarter over quarter increases in other loan categories include a $12.0 million increase in commercial business loans including warehouse lending offset by a $9.5 million reduction in consumer loans associated with the marine loan sale.

LOAN PORTFOLIO
($ in thousands)
	December 31, 2012		September 30, 2012		December 31, 2011
	Amount	Percent	Amount	Percent	Amount	Percent
REAL ESTATE LOANS
Commercial	$ 33,250	11.9%	$ 32,779	12.5%	$ 28,931	13.1%
Home equity	15,474	5.5	14,693	5.6	14,507	6.6
Construction and development	31,893	11.4	24,480	9.3	10,144	4.6
One-to-four family (held for sale excluded)	13,976	5.0	10,340	3.9	8,752	4.0
Multi-family	3,202	1.2	1,397	0.5	1,175	0.5
Total real estate loans	97,795	35.0	83,689	31.8	63,509	28.8
CONSUMER LOANS:
Indirect home improvement	86,249	30.8	82,185	31.2	81,143	36.7
Recreational	17,968	6.4	30,773	11.7	24,471	11.1
Automobile	2,416	0.9	3,057	1.2	5,832	2.6
Home improvement	651	0.2	721	0.3	934	0.4
Other	1,386	0.5	1,430	0.5	1,826	0.8
Total consumer loans	108,670	38.8	118,166	44.9	114,206	51.6
COMMERCIAL BUSINESS LOANS	73,465	26.2	61,488	23.3	43,337	19.6
Total loans	279,930	100.0%	263,343	100.0%	221,052	100.0%
Allowance for loan losses	(4,698)		(4,359)		(4,345)
Deferred cost, fees, and discounts, net	(283)		173		424
Total loans receivable, net	$ 274,949		$ 259,157		$ 217,131

Originations of loans held for sale increased 43.9% to $61.5 million during the quarter ended December 31, 2012 compared to $42.8 million for the preceding quarter. Loans held for sale increased $359,000 to $8.9 million at December 31, 2012 from $8.5 million at September 30, 2012 and none at December 31, 2011. The Bank continues to expand home lending operations and to sell fixed-rate one-to-four family mortgage loans into the secondary market for asset /liability management purposes and to generate noninterest income. During the quarter ended December 31, 2012, the Bank sold $61.4 million of fixed-rate, one-to-four family mortgage loans compared to $38.3 million for the preceding quarter and none for the same quarter one year ago.

The allowance for loan losses at December 31, 2012 was $4.7 million, or 1.7% of gross loans receivable, compared to $4.4 million or 1.7% of gross loans receivable as of September 30, 2012 and $4.3 million, or 2.0% of gross loans receivable at December 31, 2011. Non-performing loans, consisting of non-accrual loans, decreased to $1.9 million at December 31, 2012 from $2.1 million at September 30, 2012 and $2.2 million at December 31, 2011.    Other real estate owned totaled $2.1 million at December 31, 2012, compared to $2.3 million at September 30, 2012 and $4.6 million at December 31, 2011. The $2.5 million or 53.7% reduction in other real estate owned year over year reflects the sale of $2.6 million in other real estate owned and write-downs to fair value of $812,000 during the year ended December 31, 2012. At December 31, 2012, the Bank also had $3.3 million in restructured loans of which $2.4 million were performing in accordance with their modified terms and $892,000 were on non-accrual.

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