FS Bancorp reports Q2 EPS $1.13, consensus $1.02

Reports Q2 net interest income decreased $1.2 M to $30.4M for the three months ended June 30 from $31.6 M for the three months ended June 30 due to an increase in interest expense on deposits and borrowings, partially offset by an increase in interest and dividend income. Total interest income for the three months ended June 30 increased $5.1M compared to the same period last year, primarily due to an increase of $4.2M in interest income on loans receivable, including fees, primarily as a result of new loans being originated at higher rates and variable rate loans repricing higher. Total interest expense for the three months ended June 30 increased $6.2M compared to the same period last year, primarily as a result of higher market interest rates, higher utilization of borrowings and a shift in deposit mix from transactional accounts to higher cost CDs. “I am pleased with our financial results for the second quarter, and I am excited about Matthew D. Mullet’s recent well-deserved promotion to Bank President,” stated Joe Adams, CEO. “Matthew will make a great president and we are both thankful to our Board of Directors for increasing our forty-sixth consecutive quarterly cash dividend by $0.01 to $0.27 per common share and expanding our share repurchase plan, demonstrating our continued commitment to enhancing shareholder value. The cash dividend will be paid on August 21, 2024, to shareholders of record as of August 7, 2024,” concluded Adams.