FS Bancorp, Inc. (FSBW) has reported 73.28 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3.46 million, or $1.18 a share in the quarter, compared with $2 million, or $0.66 a share for the same period last year.
Revenue during the quarter surged 41.10 percent to $15.40 million from $10.91 million in the previous year period. Net interest income for the quarter rose 22.60 percent over the prior year period to $8.75 million. Non-interest income for the quarter rose 65.63 percent over the last year period to $7.25 million.
Net interest margin contracted 42 basis points to 4.55 percent in the quarter from 4.97 percent in the last year period. Efficiency ratio for the quarter improved to 64.46 percent from 68.03 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are extremely pleased by the record lending production volume and overall strong financial performance of the Company funded primarily with core deposits acquired from the new branches purchased in the first quarter of 2016," stated Joe Adams, chief executive officer of FS Bancorp.
Deposits stood at $703.16 million as on Sep. 30, 2016, up 40.67 percent compared with $499.88 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $153.10 million or 21.77 percent of total deposits on Sep. 30, 2016, compared with $69.72 million or 13.95 percent of total deposits on Sep. 30, 2015.
Investments stood at $80.76 million as on Sep. 30, 2016, up 50.45 percent or $27.08 million from year-ago. Shareholders equity was at $79.56 million as on Sep. 30, 2016.
Return on average assets moved up 38 basis points to 1.71 percent in the quarter from 1.33 percent in the last year period. At the same time, return on average equity increased 690 basis points to 18.08 percent in the quarter from 11.18 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.07 percent in the quarter, down from 0.13 percent in the last year period.
Book value per share was $27.89 for the quarter, up 13.65 percent or $3.35 compared to $24.54 for the same period last year.
