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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% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 119.67 | 141.37 | 141.98 | 149.76 |
| Operating Revenue | - | 119.67 | 141.37 | 141.98 | 149.76 |
| Selling General And Administration | - | 49.75 | 57.36 | 58.41 | 61.34 |
| Interest Income | - | 118.69 | 167.19 | 184.84 | 197.25 |
| Interest Expense | - | 14.41 | 43.89 | 61.73 | 66.84 |
| Net Interest Income | - | 104.28 | 123.30 | 123.10 | 130.41 |
| Pretax Income | - | 36.99 | 45.27 | 41.58 | 41.12 |
| Tax Provision | - | 7.34 | 9.22 | 6.56 | 7.77 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.18 | -0.30 | 1.33 | -0.01 |
| Net Income Continuous Operations | - | 29.65 | 36.05 | 35.02 | 33.35 |
| Net Income From Continuing And Discontinued Operation | - | 29.65 | 36.05 | 35.02 | 33.35 |
| Net Income From Continuing Operation Net Minority Interest | - | 29.65 | 36.05 | 35.02 | 33.35 |
| Net Income | - | 29.65 | 36.05 | 35.02 | 33.35 |
| Net Income Common Stockholders | - | 29.10 | 35.48 | 34.45 | 32.78 |
| Net Income Including Noncontrolling Interests | - | 29.65 | 36.05 | 35.02 | 33.35 |
| Normalized Income | - | 30.37 | 37.22 | 27.96 | 33.39 |
| Diluted NI Availto Com Stockholders | - | 29.10 | 35.48 | 34.45 | 32.78 |
| Basic Average Shares | - | 7.91 | 7.79 | 7.82 | 7.67 |
| Diluted Average Shares | - | 8.01 | 7.91 | 8.03 | 7.77 |
| Reconciled Depreciation | - | 14 | 12.65 | 10.57 | 11.94 |
| Total Unusual Items | - | -0.90 | -1.46 | 8.39 | -0.05 |
| Total Unusual Items Excluding Goodwill | - | -0.90 | -1.46 | 8.39 | -0.05 |
| 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 |
| General And Administrative Expense | - | 48.86 | 56.01 | 57.10 | 60.09 |
| Other Gand A | 15.74 | - | - | - | - |
| Salaries And Wages | - | 47.63 | 53.62 | 55.09 | 57.78 |
| Insurance And Claims | - | 1.22 | 2.39 | 2 | 2.31 |
| Selling And Marketing Expense | - | 0.90 | 1.35 | 1.31 | 1.25 |
| Otherunder Preferred Stock Dividend | - | 0.55 | 0.58 | 0.57 | 0.57 |
| Amortization | - | 0.69 | 3.46 | 3.63 | 3.19 |
| Amortization Of Intangibles Income Statement | - | 0.69 | 3.46 | 3.63 | 3.19 |
| Occupancy And Equipment | - | 5.16 | 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 | 22.74 |
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 | $297M | 8.91↓ discount | 0.97 | 10.8% | - |
| Citizens Financial Services, Inc. | CZFS | $308M | 8.43 | 0.91 | 10.8% | - |
| Value Line, Inc. | VALU | $305M | 14.75 | 3.06 | 20.8% | 37.84 |
| NI Holdings, Inc. | NODK | $299M | - | 1.24 | -4.3% | - |
| John Marshall Bancorp, Inc. | JMSB | $299M | 14.06 |
| - |
| - |
| - |
| - |
| 1.12 |
| 8.0% |
| - |
| Blue Ridge Bankshares, Inc. | BRBS | $295M | 27.54 | 0.91 | 3.3% | - |
| MBIA Inc. | MBI | $291M | -1.65 | -0.13 | 7.9% | - |
| First Community Corporation | FCCO | $289M | 15.07 | 1.73 | 11.5% | - |
| FVCBankcorp, Inc. | FVCB | $288M | 13.08 | 1.14 | 8.7% | - |
| Peer Median | - | 14.06 | 1.13 | 8.3% | 37.84 | |