FS Bancorp Q3 net income drops on acquisition costs
FSBW•FS Bancorp reported Q3 net income of $4.90 million and EPS of $0.63, both down sharply from the prior quarter and year-ago period. The Pacific West Bancorp acquisition boosted loans and deposits.
1. Quarterly results
FS Bancorp's Q3 net income and EPS fell sharply from the prior quarter and year-ago period, to $4.90 million and $0.63, respectively. Net interest income was $35.70 million, net interest margin was 4.36%, and the company declared a $0.29 dividend.
2. Acquisition and shares
The company said loan and deposit growth was primarily due to its completed acquisition of Pacific West Bancorp, and that higher loan interest income drove increased net interest income. It repurchased 44,664 shares for $1.9 million during the quarter.
