FS Bancorp reports Q4 EPS 92c, consensus $1.08

Reports Q4 net interest income increased $659,000 to $31.1M for the three months ended December 31from $30.5M or the three months ended December 31, 2023, primarily as a result of an increase in interest income on loans receivable, including fees, partially offset by an increase in interest expense. Total interest income for the three months ended December 31 increased $2.5M compared to the same period last year, primarily due to an increase of $2.8 million in interest income on loans receivable, including fees. This growth was primarily attributable to new loans being originated at higher rates and variable rate loans repricing higher following increases in market interest rates. Total interest expense increased $1.9M to $15.9M for the three months ended December 31, 2024, compared to the same period last year, primarily the result of higher market interest rates on brokered deposits and borrowings.”Despite economic volatility that has impacted interest rates for loans and deposits these past few years, we are proud to have, primarily through organic loan growth, surpassed $3B in total assets,” stated Joe Adams, CEO. “We are also thankful to our Board of Directors for increasing our forty-eighth consecutive quarterly cash dividend by $0.01 to $0.28 per common share. The quarterly dividend will be paid on February 20, 2025, to shareholders of record as of February 6, 2025,” concluded Adams. “Tangible book value per share was $36.02 at December 31 compared to $31.64 at December 31, 2023, a 13.8% increase year over year. The focus on risk adjusted returns and growing tangible book value remains a mainstay for the Company’s shareholders,” noted Matthew Mullet, President and CFO.