• Announces Preliminary Results for the Quarter Ended June 30, 2012
• Provides post IPO Update Regarding Deferred Tax Asset Position
Mountlake Terrace, WA—July 31, 2012
FS Bancorp, Inc., (the “Company”) (NASDAQ:FSBW)
“We are very pleased to be able to complete the ESOP share purchases in a timely manner following our initial public offering which was completed on July 9, 2012. These shares will help us attract and retain quality employees as the Bank begins to deploy the additional capital from the IPO,” indicated Joe Adams, the Bank’s Chief Executive Officer (CEO).
The Bank also announced preliminary results for the quarter ended June 30, 2012, with net income of $621,000 and $898,000 for the three months and six months ended June 30, 2012, respectively. This compares to net income of $443,000 and $1,008,000 for the three months and six months ended June 30, 2011, respectively. Despite earnings for the six months ended June 30, 2012 and the full years of 2011 and 2010, the Bank carries a full valuation allowance related to its deferred tax assets of $2.9 million as of June 30, 2012 and $3.1 million as of December 31, 2011. Management will continue to evaluate all available positive and negative evidence in its determination of the need for a deferred tax valuation allowance in the third quarter. Management anticipates the filing of the Company’s quarterly Form 10-Q with the Securities and Exchange Commission in the second week of August.
This press release may contain certain forward-looking statements about FS Bancorp, Inc. and 1st Security Bank of Washington (http://www.fsbwa.com). Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,”
The shares of common stock of FS Bancorp, Inc. are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
FS Bancorp, Inc.
Joseph C. Adams, Chief Executive Officer
Matthew D. Mullet, Chief Financial Officer