FS Bancorp, Inc.

Listed Company

FSBWCIK 0001530249NasdaqAcceleratedSavings Institutions, Not Federally CharteredWashingtonFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$33.35M

Total Assets

$3.20B

Equity

$307.69M

Shares Out

7.50M

Op. Cash Flow

$72.31M

Business

FS Bancorp, Inc. is a bank holding company that primarily operates through its wholly owned subsidiary, 1st Security Bank, providing full-service community banking. It offers deposit products, a broad range of lending products (including commercial real estate, construction and development, one-to-four-family residential, home equity, consumer fixture-secured and marine loans), mortgage origination and servicing, and related fee-based services. Key business units include retail banking, home lending, commercial and commercial real estate lending, consumer lending, and mortgage servicing. The company serves communities across the Puget Sound and broader Pacific Northwest through a network of branches and loan production offices and also originates and services loans for secondary market investors.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans receivable, including fees	182	171	155	112	91
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions	15	14	12	7	6
Total interest and dividend income	197	185	167	119	96
Deposits	58	53	37	9	7
Borrowings	7	7	5	3	1
Subordinated notes	2	2	2	2	2
Total interest expense	67	62	44	14	—
NET INTEREST INCOME	130	123	123	104	87
PROVISION FOR CREDIT LOSSES	10	6	5	6	500,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	121	118	119	98	86
Service charges and fee income	9	10	11	9	4
Gain on sale of loans	8	9	7	8	31
Gain on sale of MSRs	0	8	0	0	—
Loss on sale of investment securities, net	0	−8	0	0	—
Earnings on cash surrender value of BOLI	1	990,000	920,000	876,000	866,000
Other noninterest income	4	1	2	790,000	1
Total noninterest income	22	22	20	18	38
Salaries and benefits	58	55	54	48	50
Operations	15	14	13	11	11
Occupancy	7	7	6	5	5
Data processing	8	8	7	6	5
Gain on sale of OREO	0	0	−148,000	0	9,000
Loan costs	3	3	3	3	3
Professional and board fees	5	4	3	3	3
Federal Deposit Insurance Corporation (FDIC) insurance	2	2	2	1	636,000
Marketing and advertising	1	1	1	897,000	634,000
Acquisition cost	0	0	2	898,000	0
Amortization of core deposit intangible	3	4	4	691,000	691,000
Impairment (recovery) of MSRs	54,000	−38,000	48,000	−1,000	−2
Total noninterest expense	102	98	94	79	76
INCOME BEFORE PROVISION FOR INCOME TAXES	41	42	45	37	47
PROVISION FOR INCOME TAXES	8	7	9	7	10
NET INCOME	33	35	36	30	37
Basic earnings per share (in dollars per share)	4.35	4.48	4.63	3.75	4.48
Diluted earnings per share (in dollars per share)	4.29	4.36	4.56	3.7	4.37

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	14	19	17	11	12
Interest-bearing deposits at other financial institutions	15	12	49	31	14
Total cash and cash equivalents	28	32	66	41	26
Certificates of deposit at other financial institutions	0	2	24	5	11
Securities available-for-sale, at fair value (amortized cost of $310,097 and $310,272, net of allowance for credit losses of $0 and $0, respectively)	289	281	293	—	—
Securities held-to-maturity, at amortized cost (fair value of $34,396 and $8,144, net of allowance for credit losses of $277 and $45, respectively)	33	8	8	—	—
Loans held for sale, at fair value	44	28	26	20	126
Loans receivable, net of allowance for credit losses of $31,937 and $31,870 (includes loans of $13,183 and $12,728, at fair value, respectively)	2,623	2,502	2,401	—	—
Interest Receivable	15	14	14	11	8
Premises and equipment, net	44	30	31	25	27
Long-lived assets held for sale	3	0	—	—	—
Operating lease right-of-use (ROU) assets	6	5	7	6	5
Federal Home Loan Bank (FHLB) stock, at cost	8	16	2	11	5
Deferred tax asset, net	7	7	7	7	—
Bank owned life insurance (BOLI), net	36	39	38	37	37
Goodwill	4	4	4	2	2
Core deposit intangible, net	11	14	17	3	4
Other assets	38	40	18	17	12
TOTAL ASSETS	3,197	3,029	2,973	2,633	2,286
Noninterest-bearing accounts	658	638	671	554	581
Interest-bearing accounts	2,016	1,701	1,851	1,574	1,335
Total deposits	2,674	2,339	2,522	2,128	1,916
Borrowings	129	308	94	187	—
Principal amount	50	50	50	50	—
Unamortized debt issuance costs	−339,000	−406,000	−473,000	−539,000	−606,000
Total subordinated notes less unamortized debt issuance costs	50	50	50	49	—
Operating lease liabilities	6	6	7	6	5
Other liabilities	31	31	36	31	25
Total liabilities	2,889	2,733	2,708	2,401	2,039
COMMITMENTS AND CONTINGENCIES (NOTE 11)	—	—	—	—	—
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding	0	0	0	0	—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,507,519 and 7,833,014 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	75,000	78,000	78,000	77,000	82,000
Additional paid-in capital	43	56	57	55	—
Retained earnings	280	257	230	202	179
Accumulated other comprehensive loss, net of tax	−16	−17	−23	−26	252,000
Total stockholders equity	308	296	264	232	248
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	3,197	3,029	2,973	2,633	2,286

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and accretion	12	11	13	14	15
Compensation expense related to stock options and restricted stock awards	2	2	2	2	1
Benefit for deferred income taxes	−294,000	−2	−693,000	−844,000	2
Earnings on cash surrender value of BOLI	−1	−990,000	−920,000	−876,000	−866,000
Gain on sale of loans held for sale	−8	−9	−7	−7	−31
Gain on sale of portfolio loans	−63,000	0	0	−596,000	−106,000
Loss on sale of investment securities, net	0	8	0	0	—
Change in fair value on portfolio loans measured under the fair value option	−534,000	0	0	−2	—
Origination of loans held for sale	−528	−536	−377	−567	−1,354
Proceeds from sale of loans held for sale	561	571	411	708	1,444
Gain on purchase of tax credits	−660,000	−2	0	0	—
Loss on disposal of fixed assets	39,000	0	0	—	—
Purchase of tax credits	−8	−26	0	0	—
Accrued interest receivable	−733,000	124,000	−2	−4	−564,000
Other assets	5	8	−4	2	−4
Other liabilities	−4	−5	3	3	−1
Net cash from operating activities	72	51	78	185	109
Proceeds from sale of investment securities	0	102	0	0	0
Maturities, prepayments, and calls	68	18	17	21	30
Purchases	−69	−110	−76	−23	−130
Purchases	−30	0	0	−1	0
Maturities, prepayments, and calls	6	0	0	6	2
Maturities of certificates of deposit at other financial institutions	2	25	4	6	2
Purchase of certificates of deposit at other financial institutions	0	−3	−24	0	0
Portfolio loan originations and principal collections, net	−170	−74	−185	−534	−214
Net cash from acquisitions	0	0	336	0	0
Proceeds from sale of MSRs	0	16	0	0	—
Proceeds from sale of portfolio loans	2	0	0	—	—
Purchase of portfolio loans	−4	−63	−3	−6	−2
Proceeds from sale of OREO, net	0	0	718,000	145,000	81,000
Purchase of premises and equipment	−20	−2	−2	−2	−2
Proceeds from bank owned life insurance death benefits	3	181,000	0	1	0
Change in FHLB stock, net	8	−14	8	−6	3
Net cash (used by) from investing activities	−206	−104	78	−504	−311
Net increase (decrease) in deposits	334	−183	−31	212	242
Proceeds from borrowings	950	968	2,164	3,004	149
Repayments of borrowings	−1,128	−754	−2,257	−2,860	−272
Dividends paid on common stock	−10	−8	−8	−7	−5
Disbursements from stock options exercised, net	−57,000	−2	−273,000	568,000	−2
Common stock repurchased for employee/director taxes paid on restricted stock awards	−464,000	−386,000	−355,000	−190,000	−211,000
Issuance of common stock - employee stock purchase plan	1	1	1	503,000	0
Common stock repurchased	−15	−3	−223,000	−16	−14
Net cash from (used by) financing activities	131	19	−131	334	137
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−3	−34	24	15	−65
Interest on deposits and borrowings	65	63	39	11	8
Income taxes	184,000	2	10	5	11
Change in fair value on available-for-sale investment securities	8	7	7	−42	−5
Change in fair value on fair value and cash flow hedges	−6	1	−4	9	2
Change in fair value on portfolio loans measured under the fair value option	0	52,000	447,000	—	—
Retention in gross MSRs from loan sales	2	2	3	5	10
ROU assets in exchange for lease liabilities	2	422,000	2	3	979,000
Assets acquired	0	0	88	0	0
Liabilities assumed	0	0	425	0	0

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