Overview

* FS Bancorp ( FSBW ) Q2 net income falls to $7.7 mln, EPS at $0.99

* Total deposits decrease 2.4% qtr/qtr, borrowings rise 240.5%

* Co announces special dividend of $0.22 per share

Result Drivers

* LOAN DEMAND - Balance sheet growth driven by solid loan demand, per CFO Phillip Whittington

* DEPOSIT DECREASE - Total deposits decreased primarily due to a reduction in brokered deposits

* BORROWINGS INCREASE - Borrowings rose significantly, contributing to asset growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.99

Q2 Net $7.70

Income mln

Q2 Net $32.10

Interest mln

Income

Q2 $0.28

Dividend

Q2 Net 4.3%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for FS Bancorp Inc ( FSBW ) is $43.50, about 4.2% above its July 21 closing price of $41.67

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)