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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

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management's beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements included in this report or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. We caution readers not to place undue reliance on any forward-looking statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2013 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us, and could negatively affect the Company's operations and stock price performance. 

 
 
FS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
       
  December 31, September 30, December 31,
  2012 2012 2011
  Unaudited Unaudited Unaudited
ASSETS      
Cash and due from banks $ 4,003 $ 2,441 $ 2,356
Interest-bearing deposits at other financial institutions 5,410 9,736 16,897
Total cash and cash equivalents 9,413 12,177 19,253
Securities available-for-sale, at fair value 43,313 38,794 26,899
Federal Home Loan Bank stock, at cost 1,765 1,781 1,797
Loans held for sale 8,870 8,511 --
Loans receivable, net 274,949 259,157 217,131
Accrued interest receivable 1,223 1,283 1,020
Premises and equipment, net 12,663 12,448 9,852
Other real estate owned 2,127 2,321 4,589
Deferred tax asset 1,927 2,688 --
Other assets 2,780 2,053 3,252
TOTAL ASSETS $ 359,030 $ 341,213 $ 283,793
       
LIABILITIES      
Deposits      
Interest-bearing accounts $ 254,784 $ 243,390 $ 227,164
Noninterest-bearing accounts 34,165 31,434 19,254
Total deposits 288,949 274,824 246,418
Borrowings 6,840 4,100 8,900
Other liabilities 3,344 2,917 1,708
Total liabilities 299,133 281,841 257,026
COMMITMENTS AND CONTINGENCIES      
EQUITY      
Preferred stock, $.01 par value; 5,000,000 shares authorized; None issued -- -- --
Common stock, $.01 par value; 45,000,000 shares authorized; 3,240,125 shares issued and 3,006,836 outstanding at December 31, 2012, and 3,240,125 shares issued and outstanding at September 30, 2012, and none at December 31, 2011   32 32 --
Additional paid-in capital 29,894 29,863 --
Retained earnings 31,746 30,674 26,451
Accumulated other comprehensive income 597 1,439 316
Unearned shares - Employee Stock Ownership Plan (2,372) (2,636) --
Total equity 59,897 59,372 26,767
TOTAL LIABILITIES AND EQUITY $ 359,030 $ 341,213 $ 283,793
 
 
 
FS BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
         
  Three Months Ended December 31, Year Ended December 31,
  2012 2011 2012 2011
  Unaudited Unaudited Unaudited Unaudited
INTEREST INCOME        
Loans receivable $ 4,936 $ 4,060 $ 18,057 $ 16,191
Interest and dividends on investment securities, and cash and cash equivalents 209 111 730 287
Total interest income 5,145 4,171 18,787 16,478
INTEREST EXPENSE        
Deposits 493 632 2,208 2,826
Borrowings 37 47 155 180
Total interest expense 530 679 2,363 3,006
NET INTEREST INCOME 4,615 3,492 16,424 13,472
PROVISION FOR LOAN LOSSES 1,218 717 2,913 2,369
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 3,397 2,775 13,511 11,103
NONINTEREST INCOME        
Service charges and fee income 500 521 1,993 1,971
Gain on sale of loans 2,218 113 3,684 113
Gain on sale of equipment -- 41 -- 41
Gain on sale of investment securities 59 -- 165 18
Other noninterest income 63 95 322 332
Total noninterest income 2,840 770 6,164 2,475
NONINTEREST EXPENSE        
Salaries and benefits 2,772 1,472 8,495 5,616
Operations 769 501 2,530 1,949
Occupancy 343 286 1,232 1,103
Data processing 293 239 1,055 890
OREO fair value write-downs, net of (gain) loss on sales 119 270 847 601
OREO expenses, net 29 (15 184 138
Loan costs 317 102 867 459
Professional and board fees 136 243 618 631
FDIC insurance 72 61 257 391
Marketing and advertising 81 55 280 236
Impairment of mortgage servicing rights 7 19 112 19
Total noninterest expense 4,938 3,233 16,477 12,033
INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAX 1,299 312 3,198 1,545
(BENEFIT) PROVISION FOR INCOME TAX 226 -- (2,097) --
NET INCOME $ 1,073 $ 312 $ 5,295 $ 1,545
         
Net income per common share:        
Basic $ 0.36 nm (1) $ 1.76 nm (1)
Diluted $ 0.36 nm (1) $ 1.76 nm (1)
         
         
Weighted average common shares outstanding:        
Basic 3,006,836 nm (1) 3,006,836 nm (1)
Diluted 3,006,836 nm (1) 3,006,836 nm (1)
         
(1)  Earnings per share and share calculations are not meaningful as the Company completed the stock offering on July 9, 2012.
   
   
   
KEY FINANCIAL RATIOS AND DATA  Three Months Ended
($ in thousands, except per share amounts) (Unaudited) December 31, September 30, December 31,
  2012 2012 2011
       
PERFORMANCE RATIOS:      
Return on assets (ratio of net income to average total assets) (2) 1.22% 3.93% 0.44%
Return on equity (ratio of net income to average equity) (2)   7.13   26.17  4.66
Yield on average interest-earning assets  6.15  6.11  6.22 
Rate paid on average interest-bearing liabilities  0.82   0.89  1.15 
Interest rate spread information:      
Average during period  5.33   5.22  5.07
Net interest margin (2)  5.52   5.39  5.20 
Operating expense to average total assets  5.61    4.87  4.56
Average interest-earning assets to average interest-bearing liabilities  129.30   123.60  113.50
Efficiency ratio (3)  66.24   71.61  75.86
       
   Year Ended
  December 31,   December 31,
  2012   2011
PERFORMANCE RATIOS:      
Return on assets (ratio of net income to average total assets) (2) 1.64%   0.56%
Return on equity (ratio of net income to average equity) (2)    12.71    5.92
Yield on average interest-earning assets  6.21    6.35
Rate paid on average interest-bearing liabilities     0.94     1.31
Interest rate spread information:      
Average during period     5.27      5.04
Net interest margin (2)     5.43     5.19
Operating expense to average total assets    5.12     4.35
Average interest-earning assets to average interest-bearing liabilities    120.34    112.90
Efficiency ratio (3)   72.95    75.46
       
  December 31, September 30, December 31,
  2012 2012 2011
ASSET QUALITY RATIOS AND DATA:      
Non-performing assets to total assets at end of period (4) 1.13% 1.30% 2.43%
Non-performing loans to total gross loans (5)    0.68   0.80  1.01
Allowance for loan losses to non-performing loans (5)  246.48  208.17  195.11
Allowance for loan losses to gross loans receivable   1.68  1.66  1.97
       
       
CAPITAL RATIOS, BANK ONLY:      
Tier 1 Leverage Capital 13.26%  13.22% 9.30%
Tier 1 Risk-Based Capital 14.75  15.82   11.04
Total Risk-Based Capital 16.00  17.07  12.29
       
CAPITAL RATIOS, COMPANY, ONLY:      
Tier 1 Leverage Capital 16.66% 16.82% nm
Total Risk-Based Capital 19.82 21.21 nm
       
       
BOOK VALUES:      
Book value per common share  $19.92 (7) $18.32 (6) nm (1)
       
(1)  Earnings per share calculation are not meaningful as the Company became a public company on July 9, 2012.
(2)  Annualized.
(3)  Total noninterest expense as a percentage of net interest income and total other noninterest income.
(4)  Non-performing assets consists of non-performing loans (which include non-accruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
(5)  Non-performing loans consists of non-accruing loans and accruing loans more than 90 days past due.
(6)  Book value per common share was calculated using all shares outstanding of 3,240,125 at September 30, 2012.
(7)  Book value per common share was calculated using shares outstanding of 3,006,836 at December 31, 2012.
CONTACT: Joseph C. Adams,
         Chief Executive Officer
         Matthew D. Mullet,
         Chief Financial Officer
         (425) 771-5299
         www.FSBWA.com

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