JOSEPH URBANSKI
President
Chief Executive Officer
CONTACT | FOR IMMEDIATE RELEASE | January 11, 2022 |
Stacy Merrifield | ||
Investor Relations | ||
260.463.7111 | ||
SMerrifield@GoFSB.com |
FS Bancorp Reports December 31, 2021 Financial Results
LAGRANGE, IN. - FS Bancorp (the "Company") (OTCPK: FXLG) parent company of Farmers State Bank (the "Bank") announced earnings for the year ended December 31, 2021.
FS Bancorp is pleased to report record earnings for the year ending December 31, 2021. Net income for the year ended December 31, 2021 was $15.5 million compared to $14.3 million for 2020. During the fourth quarter of 2021, net income for the Company was $3,856,000 compared to $3,718,000 for the fourth quarter of 2020. FS Bancorp experienced the following highlights during 2021:
- Total loans excluding warehouse participations and Paycheck Protection Program (PPP) loans totaled $664 million at December 31, 2021 compared to $605 million at December 31, 2020. At December 31, 2021 our one remaining PPP loan had an outstanding balance of $6,000 and warehouse participations totaled $8 million.
- During the fourth quarter our securities available for sale increased $78.3 million. This was primarily related to the purchase of $79 million of U.S. Treasury bonds. These U.S. Treasury bonds have an average maturity of approximately three years.
- We prepaid $43.5 million of Federal Home Loan Bank advances with penalties totaling $453,000 during 2021 compared to penalties of $439,000 during 2020.
- Total deposits grew to a record $979 million at December 31, 2021.
- Total shareholders' equity was more than $102 million at December 31, 2021 representing an increase of more than $7 million since December 31, 2020.
- PPP fee income was $111,000 and $535,000 for the three months ended December 31, 2021 and 2020 and $1,328,000 and $950,000 for the twelve months ended December 31, 2021 and 2020.
220 S. Detroit Street • LaGrange, Indiana 46761 • phone 1.260.463.7111 • fax 1.260.463.2209
www.GoFSB.com
- Gains on sale of securities was $533,000 during 2021 compared to $18,000 during 2020. During the second quarter of 2021, the Company experienced a gain of $387,000 on the sale of a restricted stock of a financial services company.
- During the second quarter of 2021, the Bank committed nearly $450,000 to area schools to support student athletes across our footprint. This expense is included in advertising and marketing expense.
- Asset quality remains very good through the fourth quarter of 2021. Net charge-offs during 2021 totaled $49,000, and total delinquencies were 0.16% of loans at December 31, 2021.
We are pleased to have achieved 10% loan growth (excluding warehouse participations and PPP loans) over the past twelve months. Of the $58.7 million of portfolio loan growth in 2021, $35.1 million occurred in the fourth quarter. Income from PPP loans has been a source of income for Farmers State Bank and other financial institutions over the past two years. We do not expect this to be a meaningful source of income going forward.
The Company's Board of Directors approved dividends totaling a record $1.78 per share during 2021 as well as a new stock repurchase program that allows the Company to repurchase up to $6 million of its stock during 2022 and 2023. Thank you for your continued investment in FS Bancorp and your support of our Farmers State Bank team.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. The Company's ability to predict future results involves a number of risks and uncertainties. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.
Founded in 1915 in Stroh, Indiana, Farmers State Bank is one of northeast Indiana's leading financial institutions and the home of Blue Button Banking. With corporate headquarters in LaGrange, Indiana, Farmers State Bank has been providing banking and financial services to both consumers and businesses for the past 100 years. To learn more, visit GoFSB.com.
FS BANCORP
CONSOLIDATED BALANCE SHEETS
December 31, 2021 and 2020 (Unaudited)
December 31, | December 31, | |||
(Dollars in thousands) | 2021 | 2020 | ||
Assets | ||||
Cash and due from banks | $ | 72,304 | $ | 100,536 |
Investment securities | 318,617 | 173,542 | ||
Federal Home Loan Bank stock | 2,343 | 2,246 | ||
Total loans | 672,850 | 690,546 | ||
Less allowance for loan losses | (6,598) | (6,631) | ||
Loans, net | 666,252 | 683,915 | ||
Premises and equipment, net | 10,340 | 10,736 | ||
CSV- Insurance | 14,638 | 14,361 | ||
Goodwill and other intangible assets | 2,604 | 2,604 | ||
Other assets | 7,288 | 5,566 | ||
Total Assets | $ | 1,094,386 | $ | 993,506 |
Liabilities | ||||
Deposits | ||||
Noninterest-bearing demand | $ | 274,268 | $ | 261,891 |
Interest-bearing demand | 423,879 | 359,969 | ||
Savings | 188,500 | 124,153 | ||
Time under $250,000 | 72,635 | 87,540 | ||
Time $250,000 and over | 19,577 | 21,230 | ||
Total deposits | 978,859 | 854,783 | ||
Repurchase agreements | 7,607 | 8,012 | ||
Federal Home Loan Bank advances | - | 31,427 | ||
Other liabilities | 5,356 | 4,640 | ||
Total Liabilities | 991,822 | 898,862 | ||
Shareholders' Equity | ||||
Common stock: No par value, 5,000,000 shares | ||||
authorized; 2,381,952 shares issued and | ||||
2,166,158 and 2,173,534 shares outstanding 2021 | ||||
and 2020 | 149 | 149 | ||
Paid-in capital | 3,152 | 3,549 | ||
Retained earnings | 104,909 | 93,302 | ||
Net unrealized gains (losses) on securities | 1,861 | 4,399 | ||
Less treasury stock, at cost; 215,794 and 208,418 | ||||
shares 2021 and 2020 | (7,507) | (6,755) | ||
Total Shareholders' Equity | 102,564 | 94,644 | ||
Total Liabilities and Shareholders' Equity | $ | 1,094,386 | $ | 993,506 |
FS BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Three and Twelve Months Ended December 31, 2021 and 2020 (Unaudited)
Three Months Ended | Twelve Months Ended | |||||||
(Dollars in thousands except earnings per share) | December 31, | December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Interest Income | ||||||||
Interest and fees on loans | $ | 7,118 | $ | 8,215 | $ | 29,585 | $ | 31,497 |
Interest on investment securities | 1,319 | 858 | 4,317 | 3,088 | ||||
Other interest and dividend income | 83 | 66 | 316 | 476 | ||||
Total Interest Income | 8,520 | 9,139 | 34,218 | 35,061 | ||||
Interest Expense | ||||||||
Interest on deposits | 269 | 438 | 1,122 | 2,554 | ||||
Interest on FHLB advances and other borrowings | 19 | 169 | 306 | 682 | ||||
Total Interest Expense | 288 | 607 | 1,428 | 3,236 | ||||
Net Interest Income | 8,232 | 8,532 | 32,790 | 31,825 | ||||
Provision for loan losses | - | - | - | 380 | ||||
Net Interest Income after Provision for Loan | ||||||||
Losses | 8,232 | 8,532 | 32,790 | 31,445 | ||||
Noninterest Income | ||||||||
Service charges on deposit accounts | 480 | 428 | 1,706 | 1,617 | ||||
Credit and debit card income | 900 | 694 | 3,372 | 2,582 | ||||
Mortgage banking | 100 | 236 | 809 | 591 | ||||
Gains and losses on securities | - | 18 | 533 | 18 | ||||
Other income | 308 | 292 | 1,222 | 1,182 | ||||
Total Noninterest Income | 1,788 | 1,668 | 7,642 | 5,990 | ||||
Noninterest Expenses | ||||||||
Salaries and employee benefits | 3,071 | 3,253 | 12,496 | 11,795 | ||||
Occupancy expense on premises, furniture and | ||||||||
equipment, net | 499 | 533 | 1,958 | 1,903 | ||||
Data processing expense | 461 | 453 | 1,886 | 1,803 | ||||
Advertising and marketing expense | 140 | 140 | 951 | 507 | ||||
Other expenses | 1,379 | 1,358 | 4,735 | 4,247 | ||||
Total Noninterest Expenses | 5,550 | 5,737 | 22,026 | 20,255 | ||||
Income Before Income Taxes | 4,470 | 4,463 | 18,406 | 17,180 | ||||
Income tax expense (benefit) | 614 | 745 | 2,943 | 2,866 | ||||
Net Income | $ | 3,856 | $ | 3,718 | $ | 15,463 | $ | 14,314 |
Basic Earnings Per Share | $ | 1.78 | $ | 1.70 | $ | 7.14 | $ | 6.56 |
Diluted Earnings Per Common Share | $ | 1.77 | $ | 1.69 | $ | 7.09 | $ | 6.51 |
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F.S. Bancorp published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 18:15:04 UTC.