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FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches in Washington. The company operates in two segments, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company provides one-to-four-family residential first mortgages loans, home equity loan products, commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. Further, it provides online banking platforms, mobile banking apps, and telephone banking services, as well as cash management services. The company operates full bank service branches and home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Kitsap, Clallam, Jefferson, Grays Harbor, Thurston, and Benton counties; Oregon; and a loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is headquartered in Mountlake Terrace, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $150M | - | $33M | $52M | 10.8% | 5.5% | -4.8% |
| 2024 | $142M | - | $35M | $49M | 11.8% | 0.4% | -2.9% |
| 2023 | $141M | - | $36M | $76M | 13.6% | 18.1% | 21.6% |
| 2022 | $120M | - | $30M | $183M | 12.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 119.67 | 141.37 | 141.98 | 149.76 |
| Pretax Income | 36.99 | 45.27 | 41.58 | 41.12 |
| Tax Provision | 7.34 | 9.22 | 6.56 | 7.77 |
| Net Income | 29.65 | 36.05 | 35.02 | 33.35 |
| Net Income Common Stockholders | 29.09 | 35.48 | 34.45 | 32.78 |
| Interest Expense | 14.41 | 43.89 | 61.73 | 66.84 |
| Interest Income | 118.69 | 167.19 | 184.84 | 197.25 |
| Selling General And Administration | 49.75 | 57.36 | 58.41 | 61.34 |
| Normalized Income | 30.37 | 37.22 | 27.96 | 33.39 |
| Basic EPS | 3.75 | 4.63 | 4.48 | 0 |
| Diluted EPS | 3.70 | 4.56 | 4.36 | 0 |
| Tax Effect Of Unusual Items | -0.18 | -0.30 | 1.33 | -0.01 |
| Tax Rate For Calcs | 0.20 | 0.20 | 0.16 | 0.19 |
| Total Unusual Items | -0.90 | -1.46 | 8.39 | -0.05 |
| Total Unusual Items Excluding Goodwill | -0.90 | -1.46 | 8.39 | -0.05 |
| Net Income From Continuing Operation Net Minority Interest | 29.65 | 36.05 | 35.02 | 33.35 |
| Reconciled Depreciation | 14 | 12.65 | 10.57 | 11.94 |
| Net Interest Income | 104.28 | 123.30 | 123.11 | 130.41 |
| Net Income From Continuing And Discontinued Operation | 29.65 | 36.05 | 35.02 | 33.35 |
| Diluted Average Shares | 8.01 | 7.91 | 8.03 | 0 |
| Basic Average Shares | 7.91 | 7.79 | 7.82 | 0 |
| Diluted NI Availto Com Stockholders | 29.09 | 35.48 | 34.45 | 32.78 |
| Otherunder Preferred Stock Dividend | 0.55 | 0.58 | 0.57 | 0.57 |
| Net Income Including Noncontrolling Interests | 29.65 | 36.05 | 35.02 | 33.35 |
| Net Income Continuous Operations | 29.65 | 36.05 | 35.02 | 33.35 |
| Special Income Charges | -0.90 | -1.61 | 0.04 | -0.05 |
| Impairment Of Capital Assets | 0 | 0.05 | -0.04 | 0.05 |
| Restructuring And Mergern Acquisition | 0.90 | 1.56 | 0 | 0 |
| Gain On Sale Of Security | 0 | 0 | -7.84 | 0 |
| Depreciation Amortization Depletion Income Statement | 0.69 | 3.46 | 3.63 | 3.19 |
| Depreciation And Amortization In Income Statement | 0.69 | 3.46 | 3.63 | 3.19 |
| Amortization | 0.69 | 3.46 | 3.63 | 3.19 |
| Amortization Of Intangibles Income Statement | 0.69 | 3.46 | 3.63 | 3.19 |
| Selling And Marketing Expense | 0.90 | 1.35 | 1.31 | 1.25 |
| General And Administrative Expense | 48.86 | 56.01 | 57.10 | 60.09 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 1.22 | 2.39 | 2 | 2.31 |
| Salaries And Wages | 47.63 | 53.62 | 55.09 | 57.78 |
| Operating Revenue | 119.67 | 141.37 | 141.98 | 149.76 |
| Occupancy And Equipment | 5.17 | 6.38 | 6.86 | 7.13 |
| Professional Expense And Contract Services Expense | 3.15 | 2.58 | 4.07 | 4.65 |
| Other Non Interest Expense | 16.80 | 19.92 | 21.95 | 22.73 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| FS Bancorp, Inc.this co. | FSBW | $311M | 9.65 | 0.98 | 10.8% | - |
| LINKBANCORP, Inc. | LNKB | $322M | 9.54 | 1.05 | 10.9% | - |
| The First Bancorp, Inc. | FNLC | $320M | 8.77 | 1.13 | 12.1% | - |
| BayCom Corp | BCML | $320M | 12.13 | 0.92 | 7.1% | - |
| Timberland Bancorp, Inc. | TSBK | $320M | 10.54 | 1.19 |
| 11.1% |
| - |
| Norwood Financial Corp. | NWFL | $317M | 10.68 | 1.11 | 11.5% | - |
| Citizens Financial Services, Inc. | CZFS | $312M | 7.92 | 0.92 | 10.8% | - |
| Blue Ridge Bankshares, Inc. | BRBS | $308M | 31.18 | 1.07 | 3.3% | - |
| CoastalSouth Bancshares, Inc. | COSO | $305M | 11.58 | 1.16 | 9.6% | - |
| Peer Median | - | 10.61 | 1.09 | 10.9% | - | |