FS Bancorp, Inc. (FSBW) has reported 56.11 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.59 million, or $0.85 a share in the quarter, compared with $1.66 million, or $0.55 a share for the same period last year. Revenue during the quarter grew 24.70 percent to $14.40 million from $11.54 million in the previous year period. Net interest income for the quarter rose 14.73 percent over the prior year period to $8.98 million. Non-interest income for the quarter rose 25.43 percent over the last year period to $5.42 million.
Net interest margin improved 35 basis points to 4.54 percent in the quarter from 4.19 percent in the last year period. Efficiency ratio for the quarter improved to 72.09 percent from 73.47 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Strong relationship deposit growth in the first quarter provided a stable foundation for our continued loan growth" stated Joe Adams, chief executive officer of FS Bancorp, Inc. "I am also pleased to announce that our Board of Directors has approved our seventeenth quarterly cash dividend which is being increased 10% to $0.11 per share from $0.10 per share." The dividend will be paid on May 25, 2017, to shareholders of record as of May 11, 2017.
Deposits stood at $758.01 million as on Mar. 31, 2017, up 8.80 percent compared with $696.68 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $157.73 million or 20.81 percent of total deposits on Mar. 31, 2017, compared with $158.44 million or 22.74 percent of total deposits on Mar. 31, 2016.
Investments stood at $107.24 million as on Mar. 31, 2017, up 33.29 percent or $26.78 million from year-ago. Shareholders equity was at $83.96 million as on Mar. 31, 2017.
Return on average assets moved up 39 basis points to 1.25 percent in the quarter from 0.86 percent in the last year period. At the same time, return on average equity increased 398 basis points to 12.98 percent in the quarter from 9 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.09 percent in the quarter, down from 0.11 percent in the last year period.
Book value per share was $29.21 for the quarter, up 12.78 percent or $3.31 compared to $25.90 for the same period last year.
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