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FSBW

FS Bancorp, Inc.

FSBW

FS Bancorp, Inc. • NASDAQ
$40.95 ▲ 0.76% (+0.31)
Market Cap $312.09 M
52w High $48.00
52w Low $34.61
Dividend Yield 1.34%
P/E 10.01
Volume 7.98K
Outstanding Shares 7.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $55.821M ▲ $24.642M ▼ $9.177M ▲ 16.44% ▲ $1.21 ▲ $14.775M ▲
Q2-2025 $53.154M ▲ $24.783M ▲ $7.728M ▼ 14.539% ▼ $1 ▼ $13.678M ▲
Q1-2025 $51.366M ▼ $24.507M ▼ $8.021M ▲ 15.615% ▲ $1.02 ▲ $11.798M ▼
Q4-2024 $59.159M ▲ $31.926M ▲ $7.382M ▼ 12.478% ▼ $0.94 ▼ $12.469M ▲
Q3-2024 $52.203M $25.025M $10.286M 19.704% $1.32 $12.04M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $258.631M ▲ $3.209B ▲ $2.908B ▲ $300.511M ▲
Q2-2025 $33.771M ▼ $3.176B ▲ $2.879B ▲ $297.203M ▼
Q1-2025 $64.301M ▼ $3.066B ▲ $2.767B ▲ $298.84M ▲
Q4-2024 $200.748M ▼ $3.029B ▲ $2.733B ▲ $295.767M ▲
Q3-2024 $280.54M $2.97B $2.681B $288.902M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.177M ▲ $44.636M ▲ $-35.762M ▲ $19.211M ▼ $28.085M ▲ $41.613M ▲
Q2-2025 $7.728M ▼ $7.146M ▼ $-133.328M ▼ $96.636M ▲ $-29.546M ▼ $5.854M ▼
Q1-2025 $8.021M ▲ $8.176M ▼ $-8.179M ▲ $31.109M ▼ $31.106M ▲ $7.826M ▼
Q4-2024 $7.382M ▼ $41.081M ▲ $-103.64M ▼ $53.854M ▲ $-8.705M ▼ $40.699M ▲
Q3-2024 $10.286M $-629K $-15.335M $23.293M $7.329M $-1.25M

Revenue by Products

Product Q2-2023Q3-2023Q4-2023Q1-2024
Bank Servicing
Bank Servicing
 $0 ▲$0 ▲$0 ▲$0 ▲
Debit Card
Debit Card
 $0 ▲$0 ▲$0 ▲$0 ▲
Debit Card Interchange Fees
Debit Card Interchange Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Deposit service and account maintenance fees
Deposit service and account maintenance fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement FS Bancorp’s income statement shows a bank that has been consistently profitable with relatively stable margins over the past several years. Revenue has inched up rather than surged, reflecting steady, measured growth rather than rapid expansion. Earnings per share have been solid, with only small year‑to‑year fluctuations, which suggests reasonably good cost control even as funding and credit costs have likely moved around with the interest‑rate cycle. The small dip in earnings recently, despite slightly higher revenue, points to some margin pressure—common for community and regional banks in a higher‑rate environment—rather than a fundamental break in the business model.

Balance Sheet

Balance Sheet The balance sheet reflects a gradually expanding bank with growing assets and a larger equity base over time, which is generally a healthy sign. Capital levels appear to have been built up steadily, indicating a conservative approach to balance sheet strength. One notable change is a sizeable increase in debt in the most recent year, after a period of relatively modest borrowings. That likely reflects tactical funding decisions in a tougher deposit and interest‑rate environment. Cash balances move around from year to year but do not appear structurally weak; the bigger story is a bank that is somewhat more leveraged than a year ago and still focused on maintaining solid capital.

Cash Flow

Cash Flow Cash flow has been more volatile than earnings, which is typical for a lending‑driven business where loan growth and funding shifts can swing reported cash flows. There was a weak year earlier in the period, followed by a very strong year of operating cash generation, and then a normalization to more moderate but positive cash flows. Importantly, capital spending is light, so most operating cash flow effectively becomes free cash flow. That gives management flexibility, but it also highlights how dependent the cash profile is on lending volumes and funding conditions rather than large investment projects.

Competitive Edge

Competitive Edge FS Bancorp competes as a community‑focused regional bank with deep roots in the Pacific Northwest. Its strength lies in relationship banking, localized decision‑making, and a meaningful presence in niche lending segments like home improvement, marine financing, and custom construction loans. These specializations give it an expertise and referral network that many generic lenders lack, which can help support pricing and customer loyalty. The bank also benefits from a relatively stable, well‑insured deposit base, which adds to perceived safety. On the other hand, its focus on a specific region and certain loan types means it is exposed to local economic conditions and competition from both larger banks and digital‑only players.

Innovation and R&D

Innovation and R&D While FS Bancorp is not a heavy R&D spender in the tech‑company sense, it has been deliberate about adopting practical innovations that support its core strengths. It offers a modern digital banking suite with mobile, online banking, and common convenience features, but its more distinctive moves are in lending: electronic platforms for dealer and contractor loan applications, rapid decisioning and funding, and hybrid e‑closings with remote notarization. These tools make the bank easier to do business with for both end‑customers and partners, reinforcing its niche positions. Looking ahead, the key innovation levers appear to be deeper fintech partnerships, expanded specialized lending programs, and careful technology integration around any future acquisitions, all under the guidance of new leadership as the planned CEO transition plays out.

Summary

Overall, FS Bancorp looks like a steady, community‑oriented regional bank that has delivered consistent profitability and gradual growth rather than headline‑grabbing expansion. The income statement suggests resilient earnings with some margin pressure, the balance sheet points to solid capital but higher use of borrowings, and cash flows show the normal ups and downs of an active lending business. Competitively, its differentiation comes from strong local relationships and targeted niche lending, supported by practical, customer‑centric technology rather than cutting‑edge experimentation. Key things to monitor going forward include funding costs and leverage, credit performance in its specialized loan portfolios, how it navigates the interest‑rate cycle, and whether new leadership continues to balance community focus with incremental digital and product innovation.

NEWS

October 27, 2025 · 4:00 PM UTC

FS Bancorp, Inc. Authorizes Additional Share Repurchases

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October 21, 2025 · 4:30 PM UTC

FS Bancorp, Inc. Reports Third Quarter Net Income of $9.2 Million or $1.18 Per Diluted Share and Declares 51st Consecutive Quarterly Cash Dividend

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