FS Bancorp reports Q1 EPS $1.04, consensus $1.02

Reports Q1 net interest income increased $7.9M , to $30.7M for the three months ended March 31, from $22.7M for the three months ended March 31. The increase was primarily the result of an increase in loans and variable rate interest-earning assets repricing higher following recent increases in market interest rates. Interest income for the three months ended March 31 , increased $14M compared to the same period last year, primarily due to an increase of $12.9M in interest income on loans receivable, including fees, impacted primarily by loan growth and rising interest rates. For the three months ended March 31 interest expense increased $6.0 million, primarily as a result of higher market interest rates. .On February 24, the Bank completed the purchase of seven retail branches from Columbia State Bank , with two branches in Washington state and five in Oregon and $382.1 million in deposits at March 31, 2023. "We were pleased to complete the Branch Acquisition that resulted in approximately $336.0 million in net cash to the Bank during a period of liquidity stress in the financial system," stated Joe Adams, CEO. "We are also pleased that our Board of Directors approved our forty-first consecutive quarterly cash dividend of $0.25 per share, which will be paid on May 25, 2023, to shareholders of record as of May 11 " concluded Adams.