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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

The Bank is well capitalized with a Total Risk-Based Capital ratio of 16.0% and a Tier 1 Leverage Capital ratio of 13.3% at December 31, 2012. The Company reflects Total Risk-Based Capital and Tier 1 Leverage Capital ratios of 19.8% and 16.7%, respectively, as of December 31, 2012.

Operating Results

Net interest income before the provision for loan losses increased $1.1 million, or 32.2%, to $4.6 million for the three months ended December 31, 2012, from $3.5 million for the three months ended December 31, 2011.   For the year ended December 31, 2012, net interest income, before the provision for loan losses, increased $3.0 million, or 21.9%, to $16.4 million compared to $13.5 million for the same period in the prior year.

The net interest margin increased 24 basis points to 5.43% for the year ended December 31, 2012, from 5.19% for the same period of the prior year. The increase was primarily due to a shift in assets during the period from lower yielding cash and cash equivalents into higher yielding loans and investment securities and a lower level of non-performing loans, coupled with a 37 basis point decline in the cost of funds to 0.94% for the year ended December 31, 2012 from 1.31% for the same period in the prior year.

The provision for loan losses was $1.2 million for the three months ended December 31, 2012, compared to $717,000 for the three months ended December 31, 2011.  The $501,000 increase in the provision primarily relates to the increase in net new loans during the three months ended December 31, 2012.  The provision for loan losses increased $544,000 to $2.9 million for the year ended December 31, 2012, from $2.4 million for the year ended December 31, 2011. Non-performing loans were $1.9 million, or 0.7% of total loans at December 31, 2012, compared to $2.2 million, or 1.0% of total loans, at December 31, 2011.  During the year ended December 31, 2012, net charge-offs totaled $2.6 million compared to $3.9 million during the year ended December 31, 2011.

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