FS Bancorp (FSBW) has reported a 26.29 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.55 million, or $0.86 a share in the quarter, compared with $2.02 million, or $0.66 a share for the same period last year.
Revenue during the quarter grew 25.66 percent to $14.04 million from $11.17 million in the previous year period. Net interest income for the quarter rose 18.58 percent over the prior year period to $9.19 million. Non-interest income for the quarter rose 40.74 percent over the last year period to $5.44 million.
FS Bancorp has made provision of $0.60 million for loan losses during the quarter, up 33.33 percent from $0.45 million in the same period last year.
Net interest margin contracted 29 basis points to 4.66 percent in the quarter from 4.95 percent in the last year period. Efficiency ratio for the quarter deteriorated to 68.91 percent from 68.30 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"The improved fourth quarter year over year results reflect our ongoing strategy for growth, including the integration of the purchased Olympic Peninsula branches" stated Joe Adams, chief executive officer. "I am also pleased to announce that our Board of Directors has approved our sixteenth quarterly cash dividend in the amount of $0.10 per share." The dividend will be paid on February 22, 2017, to shareholders of record as of February 8, 2017
Deposits stood at $712.59 million as on Dec. 31, 2016, up 46.87 percent compared with $485.18 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $152.91 million or 21.46 percent of total deposits on Dec. 31, 2016, compared with $72.25 million or 14.89 percent of total deposits on Dec. 31, 2015.
Investments stood at $81.88 million as on Dec. 31, 2016, up 48.28 percent or $26.66 million from year-ago. Shareholders equity was at $81.03 million as on Dec. 31, 2016.
Return on average assets was stable at 1.23 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 202 basis points to 12.92 percent in the quarter from 10.90 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.09 percent in the quarter, down from 0.15 percent in the last year period.
Book value per share was $28.32 for the quarter, up 12.47 percent or $3.14 compared to $25.18 for the same period last year.
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