Fs Bancorp, Inc. ( (FSBW) ) has released its Q3 earnings. Here is a breakdown of the information Fs Bancorp, Inc. presented to its investors.
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FS Bancorp, Inc., the holding company for 1st Security Bank of Washington, operates in the financial sector, offering a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. In its latest earnings report, FS Bancorp, Inc. announced a third-quarter net income of $9.2 million, or $1.18 per diluted share, marking a decrease from $10.3 million, or $1.29 per diluted share, in the same quarter last year. Despite the decline, the company declared its 51st consecutive quarterly cash dividend, reinforcing its commitment to long-term shareholders. Key financial highlights include a 5.2% increase in total deposits to $2.69 billion and a significant reduction in borrowings by 44.8% to $129.3 million. The company’s net interest income rose to $33.7 million, driven by higher loan yields and effective management of deposit costs. However, FS Bancorp faced challenges with increased provisions for credit losses and higher net charge-offs, reflecting volatile economic conditions. Looking ahead, FS Bancorp remains focused on managing its strong net interest margins and maintaining a stable funding mix, with an emphasis on balance sheet growth through loan origination and selective investment activity.