FS Bancorp Q2 Net Income Rises to $7.9M, Declares 54th Straight Dividend
FSBW sits 20% above its 52-week low of $36.66 on elevated volume (2.1× avg).
Summary
FS Bancorp reported Q2 net income of $7.9 million, or $1.04 per diluted share, up slightly from $7.8 million last quarter and $7.7 million a year ago. The board declared a $0.29 quarterly dividend, the 54th consecutive payout. Deposits fell 7.2% sequentially to $2.45 billion, driven by a $201 million drop in brokered deposits, while loans edged up to $2.63 billion. The company repurchased 87,000 shares for $3.6 million during the quarter. Book value per share rose to $43.57, and the bank remains well capitalized. The results are steady but unspectacular, with the pending Pacific West Bancorp merger remaining the key catalyst, and a shareholder vote on the deal is set for August 13.
At the time of this announcement, FSBW was trading at $43.81 on NASDAQ in the Finance sector, with a market capitalization of approximately $326.5M. The 52-week trading range was $36.66 to $45.85. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.