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FS Bancorp (FSBW) Financials

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$39.20 +0.50 (+1.29%)
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Annual Income Statements for FS Bancorp

Annual Income Statements for FS Bancorp

This table shows FS Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 30 36 35
Consolidated Net Income / (Loss)		 30 36 35
Net Income / (Loss) Continuing Operations		 30 36 35
Total Pre-Tax Income 		37 45 42
Total Revenue		 122 144 145
Net Interest Income / (Expense)		 104 123 123
Total Interest Income		 119 167 185
Loans and Leases Interest Income		 112 155 171
Investment Securities Interest Income		 7.05 12 14
Total Interest Expense		 14 44 62
Deposits Interest Expense		 9.42 37 53
Long-Term Debt Interest Expense		 4.99 7.14 8.57
Total Non-Interest Income		 18 20 22
Other Service Charges		 9.32 13 11
Net Realized & Unrealized Capital Gains on Investments		 7.92 6.71 9.08
Other Non-Interest Income		 0.88 0.92 0.99
Provision for Credit Losses		 6.22 4.77 5.51
Total Non-Interest Expense		 79 94 98
Salaries and Employee Benefits		 48 54 55
Net Occupancy & Equipment Expense		 11 13 15
Marketing Expense		 0.90 1.35 1.31
Property & Liability Insurance Claims		 1.22 2.39 2.01
Other Operating Expenses		 17 18 20
Amortization Expense		 0.69 3.46 3.63
Impairment Charge		 -0.00 0.05 -0.04
Restructuring Charge		 0.90 1.56 0.00
Other Special Charges		 0.00 -0.15 0.00
Income Tax Expense		 7.34 9.22 6.56
Basic Earnings per Share		 $3.75 $4.63 $4.48
Weighted Average Basic Shares Outstanding		 7.74M 7.81M 7.76M
Diluted Earnings per Share		 $3.70 $4.56 $4.36
Weighted Average Diluted Shares Outstanding		 7.74M 7.81M 7.76M
Weighted Average Basic & Diluted Shares Outstanding		 7.74M 7.81M 7.76M
Cash Dividends to Common per Share		 $0.90 $1.00 $1.06

Quarterly Income Statements for FS Bancorp

This table shows FS Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 8.46 7.62 8.21 9.12 8.95 9.77 8.40 8.96 10 7.38
Consolidated Net Income / (Loss)		 8.46 7.62 8.21 9.12 8.95 9.77 8.40 8.96 10 7.38
Net Income / (Loss) Continuing Operations		 8.46 7.62 8.21 9.12 8.95 9.77 8.40 8.96 10 7.38
Total Pre-Tax Income 		11 9.56 10 11 11 12 11 11 9.87 9.85
Total Revenue		 32 33 36 36 36 36 35 36 37 36
Net Interest Income / (Expense)		 28 29 31 32 31 30 30 30 31 31
Total Interest Income		 31 36 39 41 43 44 45 46 47 47
Loans and Leases Interest Income		 30 34 36 38 40 41 41 42 44 44
Investment Securities Interest Income		 1.74 2.06 2.62 2.65 3.40 3.58 3.88 3.53 3.24 3.32
Total Interest Expense		 3.78 6.52 7.95 9.32 13 14 15 16 16 16
Deposits Interest Expense		 2.60 3.98 6.62 7.61 10 12 13 13 13 14
Long-Term Debt Interest Expense		 1.18 2.54 1.33 1.71 2.17 1.93 1.65 2.29 2.31 2.32
Total Non-Interest Income		 4.18 3.70 5.22 4.83 4.98 5.46 5.11 5.87 5.97 4.61
Other Service Charges		 2.56 2.88 3.52 2.66 2.87 3.80 2.82 3.01 3.04 2.62
Net Realized & Unrealized Capital Gains on Investments		 1.40 0.59 1.48 1.95 1.88 1.41 2.06 2.61 2.68 1.73
Other Non-Interest Income		 0.22 0.22 0.22 0.23 0.23 0.24 0.24 0.24 0.25 0.26
Provision for Credit Losses		 1.72 1.59 2.11 0.72 0.55 1.40 1.40 1.08 1.51 1.52
Total Non-Interest Expense		 19 22 24 24 24 22 24 24 26 24
Salaries and Employee Benefits		 11 13 14 14 14 13 14 13 14 14
Net Occupancy & Equipment Expense		 2.89 3.04 3.09 3.25 3.43 3.47 3.66 3.73 3.82 4.07
Marketing Expense		 0.22 0.25 0.19 0.43 0.45 0.28 0.23 0.38 0.38 0.33
Property & Liability Insurance Claims		 0.46 0.42 0.58 0.59 0.56 0.66 0.53 0.45 0.53 0.49
Other Operating Expenses		 4.19 4.55 3.84 5.34 4.64 4.41 4.52 5.06 5.72 4.99
Amortization Expense		 0.17 0.17 0.46 1.02 1.00 0.98 0.94 0.92 0.90 0.88
Impairment Charge		 0.00 - 0.00 -0.00 0.00 0.05 0.09 -0.05 0.51 -0.58
Income Tax Expense		 2.19 1.94 2.04 2.35 2.53 2.30 2.13 2.38 -0.42 2.47
Basic Earnings per Share		 $1.09 $0.98 $1.06 $1.17 $1.15 $1.25 $1.07 $1.15 $1.32 $0.94
Weighted Average Basic Shares Outstanding		 7.70M 7.74M 7.74M 7.75M 7.80M 7.81M 7.80M 7.75M 7.82M 7.76M
Diluted Earnings per Share		 $1.08 $0.98 $1.04 $1.16 $1.13 $1.23 $1.06 $1.13 $1.29 $0.88
Weighted Average Diluted Shares Outstanding		 7.70M 7.74M 7.74M 7.75M 7.80M 7.81M 7.80M 7.75M 7.82M 7.76M
Weighted Average Basic & Diluted Shares Outstanding		 7.70M 7.74M 7.74M 7.75M 7.80M 7.81M 7.80M 7.75M 7.82M 7.76M

Annual Cash Flow Statements for FS Bancorp

This table details how cash moves in and out of FS Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 15 24 -34
Net Cash From Operating Activities		 185 78 51
Net Cash From Continuing Operating Activities		 185 78 51
Net Income / (Loss) Continuing Operations		 30 36 35
Consolidated Net Income / (Loss)		 30 36 35
Provision For Loan Losses		 6.22 4.77 5.51
Depreciation Expense		 14 13 11
Non-Cash Adjustments to Reconcile Net Income		 134 28 -3.15
Changes in Operating Assets and Liabilities, net		 1.19 -3.73 2.87
Net Cash From Investing Activities		 -504 78 -104
Net Cash From Continuing Investing Activities		 -504 78 -104
Purchase of Property, Leasehold Improvements and Equipment		 -1.55 -1.67 -1.64
Purchase of Investment Securities		 -570 -275 -264
Divestitures		 0.00 336 0.00
Sale and/or Maturity of Investments		 67 18 161
Net Cash From Financing Activities		 334 -131 19
Net Cash From Continuing Financing Activities		 334 -131 19
Net Change in Deposits		 212 -31 -183
Issuance of Debt		 3,004 2,164 968
Repayment of Debt		 -2,860 -2,257 -754
Repurchase of Common Equity		 -16 -0.22 -2.51
Payment of Dividends		 -7.10 -7.76 -8.27
Other Financing Activities, Net		 0.88 0.39 -0.94
Cash Interest Paid		 11 39 63
Cash Income Taxes Paid		 4.69 10 2.37

Quarterly Cash Flow Statements for FS Bancorp

This table details how cash moves in and out of FS Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 131 -118 17 74 -51 -15 -20 -12 7.33 -8.71
Net Cash From Operating Activities		 35 21 18 24 23 13 0.28 10 -0.63 41
Net Cash From Continuing Operating Activities		 35 21 18 24 23 13 0.28 10 -0.63 41
Net Income / (Loss) Continuing Operations		 8.46 7.62 8.21 9.12 8.95 9.77 8.40 8.96 10 7.38
Consolidated Net Income / (Loss)		 8.46 7.62 8.21 9.12 8.95 9.77 8.40 8.96 10 7.38
Provision For Loan Losses		 1.72 1.59 2.11 0.72 0.55 1.40 1.40 1.08 1.51 1.52
Depreciation Expense		 2.78 3.54 3.36 2.86 3.29 3.14 2.84 2.94 2.17 2.62
Non-Cash Adjustments to Reconcile Net Income		 18 8.96 4.23 14 8.91 0.52 -16 2.17 -16 28
Changes in Operating Assets and Liabilities, net		 3.63 -0.76 0.57 -3.28 1.19 -2.21 4.13 -5.05 1.89 1.91
Net Cash From Investing Activities		 -150 -109 288 -62 -83 -65 2.56 12 -15 -104
Net Cash From Continuing Investing Activities		 -150 -109 288 -62 -83 -65 2.56 12 -15 -104
Purchase of Property, Leasehold Improvements and Equipment		 -0.29 -0.86 -0.95 -0.16 -0.28 -0.28 -0.36 -0.28 -0.62 -0.38
Purchase of Investment Securities		 -197 -112 -49 -69 -88 -69 -64 -57 -25 -118
Sale and/or Maturity of Investments		 47 3.77 2.50 6.26 4.73 4.52 66 70 10 15
Net Cash From Financing Activities		 247 -31 -290 113 9.14 37 -23 -35 23 54
Net Cash From Continuing Financing Activities		 247 -31 -290 113 9.14 37 -23 -35 23 54
Net Change in Deposits		 67 44 -109 -78 89 68 -57 -83 45 -88
Issuance of Debt		 831 1,849 383 661 682 439 175 383 150 260
Repayment of Debt		 -648 -1,923 -562 -469 -760 -467 -139 -331 -168 -116
Payment of Dividends		 -1.55 -1.54 -1.94 -1.94 -1.94 -1.95 -2.03 -2.03 -2.09 -2.11
Other Financing Activities, Net		 -0.34 1.09 0.30 0.28 0.09 -0.28 -0.21 0.25 -0.89 -0.11
Cash Interest Paid		 2.58 5.43 7.06 8.12 11 12 12 19 16 16
Cash Income Taxes Paid		 1.37 1.80 0.00 5.99 2.37 2.04 0.00 2.06 0.37 -0.07

Annual Balance Sheets for FS Bancorp

This table presents FS Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 2,633 2,973 3,029
Cash and Due from Banks		 11 17 19
Interest Bearing Deposits at Other Banks		 31 49 12
Time Deposits Placed and Other Short-Term Investments		 4.71 24 1.73
Trading Account Securities		 229 301 8.46
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Loans Held for Sale		 20 26 2,530
Premises and Equipment, Net		 25 31 30
Goodwill		 2.31 3.59 3.59
Intangible Assets		 3.37 17 14
Other Assets		 2,298 2,496 411
Total Liabilities & Shareholders' Equity		 2,633 2,973 3,029
Total Liabilities		 2,401 2,708 2,733
Non-Interest Bearing Deposits		 554 671 638
Interest Bearing Deposits		 1,574 1,851 1,701
Short-Term Debt		 187 94 308
Long-Term Debt		 49 50 50
Other Long-Term Liabilities		 37 43 37
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 232 264 296
Total Preferred & Common Equity		 232 264 296
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 232 264 296
Common Stock		 55 57 56
Retained Earnings		 202 230 257
Accumulated Other Comprehensive Income / (Loss)		 -26 -23 -17

Quarterly Balance Sheets for FS Bancorp

This table presents FS Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 2,652 2,783 2,906 2,920 2,970 2,941 2,970
Cash and Due from Banks		 12 21 18 18 17 20 18
Interest Bearing Deposits at Other Banks		 148 37 115 63 28 13 22
Time Deposits Placed and Other Short-Term Investments		 4.96 4.71 15 18 23 13 12
Trading Account Securities		 228 232 226 260 288 221 237
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 23 23 17 19 50 54 49
Premises and Equipment, Net		 25 32 31 31 30 30 30
Goodwill		 2.31 3.59 3.59 3.59 3.59 3.59 3.59
Intangible Assets		 3.54 20 19 18 16 15 15
Other Assets		 2,196 2,409 2,462 2,490 2,513 2,563 2,584
Total Liabilities & Shareholders' Equity		 2,652 2,783 2,906 2,920 2,970 2,941 2,970
Total Liabilities		 2,432 2,541 2,656 2,669 2,692 2,657 2,681
Non-Interest Bearing Deposits		 582 747 675 670 647 623 658
Interest Bearing Deposits		 1,502 1,696 1,690 1,784 1,818 1,759 1,770
Short-Term Debt		 261 - 200 122 130 182 164
Long-Term Debt		 -0.56 7.01 -0.51 50 50 50 50
Other Long-Term Liabilities		 88 91 91 44 47 43 41
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 221 242 250 251 278 284 289
Total Preferred & Common Equity		 221 242 250 251 278 284 289
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 221 242 250 251 278 284 289
Common Stock		 54 56 57 58 58 56 55
Retained Earnings		 196 208 216 223 237 244 252
Accumulated Other Comprehensive Income / (Loss)		 -29 -23 -22 -29 -16 -16 -18

Annual Metrics And Ratios for FS Bancorp

This table displays calculated financial ratios and metrics derived from FS Bancorp's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 -1.43% 17.49% 0.60%
EBITDA Growth		 -18.55% 13.59% -9.97%
EBIT Growth		 -22.00% 22.40% -8.15%
NOPAT Growth		 -20.75% 21.60% -2.85%
Net Income Growth		 -20.75% 21.60% -2.85%
EPS Growth		 -15.33% 23.24% -4.39%
Operating Cash Flow Growth		 69.62% -57.99% -34.56%
Free Cash Flow Firm Growth		 -205.13% 197.33% -319.20%
Invested Capital Growth		 37.79% -12.81% 60.18%
Revenue Q/Q Growth		 2.02% 2.07% -0.13%
EBITDA Q/Q Growth		 -2.03% 3.79% -5.01%
EBIT Q/Q Growth		 -2.86% 5.87% -5.08%
NOPAT Q/Q Growth		 -3.35% 6.34% -6.39%
Net Income Q/Q Growth		 -3.35% 6.34% -6.39%
EPS Q/Q Growth		 -7.04% 4.83% -7.43%
Operating Cash Flow Q/Q Growth		 6.61% -9.67% 127.12%
Free Cash Flow Firm Q/Q Growth		 41.23% 3.59% -391.55%
Invested Capital Q/Q Growth		 -2.73% -3.39% 30.04%
Profitability Metrics		 - - -
EBITDA Margin		 41.66% 40.28% 36.05%
EBIT Margin		 30.22% 31.48% 28.74%
Profit (Net Income) Margin		 24.23% 25.07% 24.21%
Tax Burden Percent		 80.16% 79.64% 84.23%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 19.84% 20.36% 15.77%
Return on Invested Capital (ROIC)		 7.35% 8.24% 6.60%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.35% 8.24% 6.60%
Return on Net Nonoperating Assets (RNNOA)		 5.03% 6.30% 5.90%
Return on Equity (ROE)		 12.37% 14.53% 12.50%
Cash Return on Invested Capital (CROIC)		 -24.43% 21.93% -39.66%
Operating Return on Assets (OROA)		 1.50% 1.62% 1.39%
Return on Assets (ROA)		 1.21% 1.29% 1.17%
Return on Common Equity (ROCE)		 12.37% 14.53% 12.50%
Return on Equity Simple (ROE_SIMPLE)		 12.80% 13.63% 11.84%
Net Operating Profit after Tax (NOPAT)		 30 36 35
NOPAT Margin		 24.23% 25.07% 24.21%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 48.83% 47.43% 49.55%
Operating Expenses to Revenue		 64.70% 65.20% 67.45%
Earnings before Interest and Taxes (EBIT)		 37 45 42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 51 58 52
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.04 1.05 1.08
Price to Tangible Book Value (P/TBV)		 1.07 1.14 1.14
Price to Revenue (P/Rev)		 1.97 1.93 2.20
Price to Earnings (P/E)		 8.12 7.72 9.10
Dividend Yield		 2.56% 2.80% 2.60%
Earnings Yield		 12.31% 12.96% 10.99%
Enterprise Value to Invested Capital (EV/IC)		 0.92 0.81 0.98
Enterprise Value to Revenue (EV/Rev)		 3.52 2.31 4.44
Enterprise Value to EBITDA (EV/EBITDA)		 8.45 5.73 12.33
Enterprise Value to EBIT (EV/EBIT)		 11.65 7.33 15.46
Enterprise Value to NOPAT (EV/NOPAT)		 14.53 9.20 18.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 2.33 4.27 12.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 3.46 0.00
Leverage & Solvency		 - - -
Debt to Equity		 1.02 0.54 1.21
Long-Term Debt to Equity		 0.21 0.19 0.17
Financial Leverage		 0.68 0.76 0.89
Leverage Ratio		 10.27 11.30 10.71
Compound Leverage Factor		 10.27 11.30 10.71
Debt to Total Capital		 50.46% 35.14% 54.72%
Short-Term Debt to Total Capital		 39.88% 22.99% 47.13%
Long-Term Debt to Total Capital		 10.58% 12.15% 7.59%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 49.54% 64.86% 45.28%
Debt to EBITDA		 4.63 2.47 6.85
Net Debt to EBITDA		 3.72 0.92 6.21
Long-Term Debt to EBITDA		 0.97 0.86 0.95
Debt to NOPAT		 7.96 3.97 10.20
Net Debt to NOPAT		 6.40 1.48 9.25
Long-Term Debt to NOPAT		 1.67 1.37 1.42
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -99 96 -210
Operating Cash Flow to CapEx		 11,921.21% 4,648.06% 3,108.44%
Free Cash Flow to Firm to Interest Expense		 -6.84 2.19 -3.41
Operating Cash Flow to Interest Expense		 12.83 1.77 0.82
Operating Cash Flow Less CapEx to Interest Expense		 12.72 1.73 0.80
Efficiency Ratios		 - - -
Asset Turnover		 0.05 0.05 0.05
Fixed Asset Turnover		 4.73 5.16 4.80
Capital & Investment Metrics		 - - -
Invested Capital		 468 408 653
Invested Capital Turnover		 0.30 0.33 0.27
Increase / (Decrease) in Invested Capital		 128 -60 245
Enterprise Value (EV)		 431 332 643
Market Capitalization		 241 278 319
Book Value per Share		 $30.07 $33.92 $37.84
Tangible Book Value per Share		 $29.34 $31.23 $35.62
Total Capital		 468 408 653
Total Debt		 236 143 357
Total Long-Term Debt		 49 50 50
Net Debt		 190 53 324
Capital Expenditures (CapEx)		 1.55 1.67 1.64
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 236 143 357
Total Depreciation and Amortization (D&A)		 14 13 11
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $3.75 $4.63 $4.48
Adjusted Weighted Average Basic Shares Outstanding		 7.74M 7.81M 7.76M
Adjusted Diluted Earnings per Share		 $3.70 $4.56 $4.36
Adjusted Weighted Average Diluted Shares Outstanding		 7.74M 7.81M 7.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 7.74M 7.81M 7.76M
Normalized Net Operating Profit after Tax (NOPAT)		 30 37 35
Normalized NOPAT Margin		 24.81% 25.88% 24.19%
Pre Tax Income Margin		 30.22% 31.48% 28.74%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 2.57 1.03 0.67
NOPAT to Interest Expense		 2.06 0.82 0.57
EBIT Less CapEx to Interest Expense		 2.46 0.99 0.65
NOPAT Less CapEx to Interest Expense		 1.95 0.78 0.54
Payout Ratios		 - - -
Dividend Payout Ratio		 23.93% 21.54% 23.60%
Augmented Payout Ratio		 76.64% 22.15% 30.76%

Quarterly Metrics And Ratios for FS Bancorp

This table displays calculated financial ratios and metrics derived from FS Bancorp's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 2.11% 7.95% 25.47% 25.10% 12.33% 8.83% -1.18% -0.32% 4.48% -0.52%
EBITDA Growth		 -3.32% -7.48% 6.50% 22.70% 9.92% 16.15% -1.79% -0.36% -18.47% -18.07%
EBIT Growth		 -3.49% -10.23% 20.75% 38.40% 7.79% 26.27% 2.73% -1.13% -14.07% -18.43%
NOPAT Growth		 1.52% -11.87% 19.53% 36.08% 5.85% 28.21% 2.25% -1.72% 14.89% -24.46%
Net Income Growth		 1.52% -11.87% 19.53% 36.08% 5.85% 28.21% 2.25% -1.72% 14.89% -24.46%
EPS Growth		 10.20% -8.41% 25.30% 39.76% 4.63% 25.51% 1.92% -2.59% 14.16% -28.46%
Operating Cash Flow Growth		 33.96% 120.92% -81.14% -23.67% -34.59% -39.70% -98.50% -57.38% -102.75% 225.14%
Free Cash Flow Firm Growth		 -258.25% -285.49% -37.17% -1,337.33% 135.63% 157.78% -761.49% 59.18% -203.29% -441.51%
Invested Capital Growth		 70.29% 37.79% -8.14% 49.73% -12.22% -12.81% 83.82% 14.72% 19.00% 60.18%
Revenue Q/Q Growth		 9.02% 4.07% 8.74% 1.40% -2.11% 0.83% -1.26% 2.29% 2.60% -4.00%
EBITDA Q/Q Growth		 15.07% -2.46% 3.84% 5.28% 3.09% 3.06% -12.19% 6.81% -15.65% 3.56%
EBIT Q/Q Growth		 28.59% -10.21% 7.16% 11.86% 0.15% 5.17% -12.81% 7.66% -12.96% -0.15%
NOPAT Q/Q Growth		 26.26% -9.88% 7.74% 11.01% -1.79% 9.15% -14.07% 6.69% 14.81% -28.23%
Net Income Q/Q Growth		 26.26% -9.88% 7.74% 11.01% -1.79% 9.15% -14.07% 6.69% 14.81% -28.23%
EPS Q/Q Growth		 30.12% -9.26% 6.12% 11.54% -2.59% 8.85% -13.82% 6.60% 14.16% -31.78%
Operating Cash Flow Q/Q Growth		 12.72% -40.10% -11.84% 28.23% -3.41% -44.77% -97.81% 3,544.04% -106.23% 6,631.16%
Free Cash Flow Firm Q/Q Growth		 -1,849.15% 36.51% 125.09% -562.99% 148.32% 2.95% -387.21% 71.43% -22.25% -240.38%
Invested Capital Q/Q Growth		 60.22% -2.73% -46.79% 80.57% -6.07% -3.39% 12.18% 12.69% -2.56% 30.04%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 42.37% 39.71% 37.92% 39.37% 41.46% 42.38% 37.69% 39.36% 32.36% 34.90%
EBIT Margin		 33.59% 28.98% 28.56% 31.51% 32.24% 33.63% 29.70% 31.25% 26.51% 27.58%
Profit (Net Income) Margin		 26.67% 23.10% 22.89% 25.05% 25.14% 27.21% 23.68% 24.70% 27.64% 20.66%
Tax Burden Percent		 79.40% 79.69% 80.12% 79.51% 77.97% 80.92% 79.75% 79.04% 104.26% 74.94%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 20.60% 20.31% 19.88% 20.49% 22.03% 19.08% 20.25% 20.96% -4.26% 25.06%
Return on Invested Capital (ROIC)		 8.39% 7.01% 11.42% 9.16% 7.84% 8.94% 9.61% 7.34% 8.66% 5.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.39% 7.01% 11.42% 9.16% 7.84% 8.94% 9.61% 7.34% 8.66% 5.64%
Return on Net Nonoperating Assets (RNNOA)		 5.50% 4.79% 1.00% 5.37% 7.19% 6.83% 3.45% 5.92% 6.18% 5.04%
Return on Equity (ROE)		 13.88% 11.80% 12.42% 14.52% 15.03% 15.77% 13.06% 13.25% 14.84% 10.67%
Cash Return on Invested Capital (CROIC)		 -43.97% -24.43% 20.41% -30.91% 20.52% 21.93% -48.80% -6.24% -9.26% -39.66%
Operating Return on Assets (OROA)		 1.65% 1.44% 1.46% 1.63% 1.63% 1.73% 1.48% 1.53% 1.30% 1.33%
Return on Assets (ROA)		 1.31% 1.15% 1.17% 1.29% 1.27% 1.40% 1.18% 1.21% 1.36% 1.00%
Return on Common Equity (ROCE)		 13.88% 11.80% 12.42% 14.52% 15.03% 15.77% 13.06% 13.25% 14.84% 10.67%
Return on Equity Simple (ROE_SIMPLE)		 13.91% 0.00% 12.82% 13.37% 13.53% 0.00% 13.04% 12.70% 12.95% 0.00%
Net Operating Profit after Tax (NOPAT)		 8.46 7.62 8.21 9.12 8.95 9.77 8.40 8.96 10 7.38
NOPAT Margin		 26.67% 23.10% 22.89% 25.05% 25.14% 27.21% 23.68% 24.70% 27.64% 20.66%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 45.77% 47.90% 47.77% 47.24% 48.81% 45.91% 49.21% 48.20% 48.86% 51.99%
Operating Expenses to Revenue		 60.99% 66.21% 65.56% 66.52% 66.22% 62.47% 66.36% 65.78% 69.42% 68.16%
Earnings before Interest and Taxes (EBIT)		 11 9.56 10 11 11 12 11 11 9.87 9.85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 13 13 14 14 15 15 13 14 12 12
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.90 1.04 0.92 0.90 0.88 1.05 0.96 0.99 1.19 1.08
Price to Tangible Book Value (P/TBV)		 0.92 1.07 1.02 0.99 0.96 1.14 1.03 1.07 1.27 1.14
Price to Revenue (P/Rev)		 1.65 1.97 1.71 1.63 1.56 1.93 1.86 1.97 2.37 2.20
Price to Earnings (P/E)		 6.46 8.12 7.14 6.70 6.50 7.72 7.37 7.82 9.16 9.10
Dividend Yield		 2.93% 2.56% 2.97% 3.11% 3.34% 2.80% 2.95% 2.82% 2.35% 2.60%
Earnings Yield		 15.49% 12.31% 14.00% 14.92% 15.38% 12.96% 13.58% 12.78% 10.91% 10.99%
Enterprise Value to Invested Capital (EV/IC)		 0.61 0.92 0.66 0.62 0.70 0.81 0.83 0.91 1.00 0.98
Enterprise Value to Revenue (EV/Rev)		 2.45 3.52 1.28 2.02 2.08 2.31 2.64 3.27 3.48 4.44
Enterprise Value to EBITDA (EV/EBITDA)		 5.64 8.45 3.19 5.07 5.26 5.73 6.55 8.12 9.18 12.33
Enterprise Value to EBIT (EV/EBIT)		 7.71 11.65 4.27 6.59 6.86 7.33 8.29 10.30 11.50 15.46
Enterprise Value to NOPAT (EV/NOPAT)		 9.57 14.53 5.34 8.27 8.66 9.20 10.43 12.97 13.47 18.35
Enterprise Value to Operating Cash Flow (EV/OCF)		 1.69 2.33 1.57 2.82 3.41 4.27 6.35 10.20 22.52 12.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 3.12 0.00 3.17 3.46 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.18 1.02 0.03 0.80 0.68 0.54 0.65 0.81 0.74 1.21
Long-Term Debt to Equity		 0.00 0.21 0.03 0.00 0.20 0.19 0.18 0.17 0.17 0.17
Financial Leverage		 0.66 0.68 0.09 0.59 0.92 0.76 0.36 0.81 0.71 0.89
Leverage Ratio		 10.59 10.27 10.58 11.23 11.83 11.30 11.07 10.95 10.92 10.71
Compound Leverage Factor		 10.59 10.27 10.58 11.23 11.83 11.30 11.07 10.95 10.92 10.71
Debt to Total Capital		 54.13% 50.46% 2.82% 44.38% 40.61% 35.14% 39.24% 44.90% 42.48% 54.72%
Short-Term Debt to Total Capital		 54.25% 39.88% 0.00% 44.49% 28.88% 22.99% 28.41% 35.29% 32.61% 47.13%
Long-Term Debt to Total Capital		 -0.12% 10.58% 2.82% -0.11% 11.73% 12.15% 10.83% 9.61% 9.87% 7.59%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 45.87% 49.54% 97.18% 55.62% 59.39% 64.86% 60.76% 55.10% 57.52% 45.28%
Debt to EBITDA		 5.00 4.63 0.14 3.66 3.07 2.47 3.11 4.02 3.89 6.85
Net Debt to EBITDA		 1.84 3.72 -1.08 0.96 1.31 0.92 1.92 3.22 2.93 6.21
Long-Term Debt to EBITDA		 -0.01 0.97 0.14 -0.01 0.89 0.86 0.86 0.86 0.90 0.95
Debt to NOPAT		 8.48 7.96 0.23 5.97 5.06 3.97 4.95 6.41 5.70 10.20
Net Debt to NOPAT		 3.11 6.40 -1.80 1.57 2.16 1.48 3.06 5.15 4.30 9.25
Long-Term Debt to NOPAT		 -0.02 1.67 0.23 -0.02 1.46 1.37 1.37 1.37 1.33 1.42
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -190 -121 30 -140 68 70 -200 -57 -70 -238
Operating Cash Flow to CapEx		 11,896.60% 2,447.66% 1,936.16% 14,896.23% 8,112.77% 4,577.90% 77.59% 3,670.55% -101.29% 10,754.19%
Free Cash Flow to Firm to Interest Expense		 -50.31 -18.51 3.81 -15.04 5.36 4.98 -13.77 -3.68 -4.43 -15.01
Operating Cash Flow to Interest Expense		 9.26 3.22 2.32 2.54 1.81 0.90 0.02 0.65 -0.04 2.59
Operating Cash Flow Less CapEx to Interest Expense		 9.18 3.08 2.20 2.53 1.79 0.88 -0.01 0.63 -0.08 2.57
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Fixed Asset Turnover		 4.55 4.73 4.48 4.80 5.00 5.16 4.62 4.67 4.75 4.80
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 481 468 249 449 422 408 457 515 502 653
Invested Capital Turnover		 0.31 0.30 0.50 0.37 0.31 0.33 0.41 0.30 0.31 0.27
Increase / (Decrease) in Invested Capital		 198 128 -22 149 -59 -60 209 66 80 245
Enterprise Value (EV)		 294 431 165 276 294 332 378 468 504 643
Market Capitalization		 198 241 221 224 220 278 267 282 343 319
Book Value per Share		 $28.55 $30.07 $31.25 $32.28 $32.33 $33.92 $35.61 $36.43 $37.29 $37.84
Tangible Book Value per Share		 $27.79 $29.34 $28.16 $29.32 $29.50 $31.23 $33.04 $33.99 $34.94 $35.62
Total Capital		 481 468 249 449 422 408 457 515 502 653
Total Debt		 260 236 7.01 199 171 143 179 231 213 357
Total Long-Term Debt		 -0.56 49 7.01 -0.51 50 50 50 50 50 50
Net Debt		 96 190 -56 53 73 53 111 186 161 324
Capital Expenditures (CapEx)		 0.29 0.86 0.95 0.16 0.28 0.28 0.36 0.28 0.62 0.38
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 260 236 7.01 199 171 143 179 231 213 357
Total Depreciation and Amortization (D&A)		 2.78 3.54 3.36 2.86 3.29 3.14 2.84 2.94 2.17 2.62
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.09 $0.98 $1.06 $1.17 $1.15 $1.25 $1.07 $1.15 $1.32 $0.94
Adjusted Weighted Average Basic Shares Outstanding		 7.70M 7.74M 7.74M 7.75M 7.80M 7.81M 7.80M 7.75M 7.82M 7.76M
Adjusted Diluted Earnings per Share		 $1.08 $0.98 $1.04 $1.16 $1.13 $1.23 $1.06 $1.13 $1.29 $0.88
Adjusted Weighted Average Diluted Shares Outstanding		 7.70M 7.74M 7.74M 7.75M 7.80M 7.81M 7.80M 7.75M 7.82M 7.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 7.70M 7.74M 7.74M 7.75M 7.80M 7.81M 7.80M 7.75M 7.82M 7.76M
Normalized Net Operating Profit after Tax (NOPAT)		 8.46 8.34 9.42 9.16 8.95 9.81 8.47 8.92 7.26 6.95
Normalized NOPAT Margin		 26.67% 25.27% 26.24% 25.18% 25.14% 27.32% 23.89% 24.58% 19.51% 19.44%
Pre Tax Income Margin		 33.59% 28.98% 28.56% 31.51% 32.24% 33.63% 29.70% 31.25% 26.51% 27.58%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 2.82 1.47 1.29 1.23 0.91 0.86 0.72 0.73 0.62 0.62
NOPAT to Interest Expense		 2.24 1.17 1.03 0.98 0.71 0.70 0.58 0.58 0.65 0.47
EBIT Less CapEx to Interest Expense		 2.74 1.34 1.17 1.21 0.89 0.84 0.70 0.71 0.59 0.60
NOPAT Less CapEx to Interest Expense		 2.16 1.04 0.91 0.96 0.69 0.68 0.55 0.56 0.61 0.44
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 22.08% 23.93% 23.87% 20.85% 21.70% 21.54% 21.69% 22.03% 21.66% 23.60%
Augmented Payout Ratio		 77.32% 76.64% 23.87% 26.03% 21.70% 22.15% 21.69% 29.19% 28.96% 30.76%

Financials Breakdown Chart

Key Financial Trends

FS Bancorp (NASDAQ: FSBW) has demonstrated solid financial performance over the last four years through its quarterly results up to Q4 2024. Here is an analysis highlighting key trends and important factors from the income statements, cash flow statements, and balance sheets:

  • Steady Net Interest Income Growth: Net interest income has consistently grown from $29.3 million in Q4 2022 to approximately $31.1 million in Q4 2024, showing a stable core revenue stream from loan and deposit operations.
  • Non-Interest Income Increasing: Non-interest income, including service charges and capital gains, rose from about $3.7 million in Q4 2022 to $4.6 million in Q4 2024, adding revenue diversification.
  • Consistent Profitability: Net income has improved over the years, reaching $7.38 million in Q4 2024 compared to $7.62 million in Q4 2022, showing resilience despite some quarterly volatility.
  • Strong Operating Cash Flow: The latest quarter (Q4 2024) showed strong net cash from operating activities at roughly $41.1 million, supporting operational strength and liquidity.
  • Controlled Credit Loss Provisions: Provisions for credit losses have remained moderate and generally stable (around $1.5 million in Q4 2024), suggesting sound credit quality management.
  • Dividend Payments Maintained: The company has consistently paid dividends each quarter, around $0.25 to $0.27 per share, indicating steady shareholder returns.
  • Loan Portfolio Notes: The balance sheet shows zero net loans and leases but growing loans held for sale, reflecting the company's strategic approach to managing its loan book.
  • Significant Trading Account Securities: The firm maintains a very large portfolio of trading account securities (stable around $220-$290 million), which may influence earnings sensitivity to market fluctuations.
  • Fluctuations in Depreciation & Amortization: Depreciation and amortization expenses vary quarterly but do not show a clear trend affecting profitability significantly.
  • Rising Non-Interest Expenses: Non-interest expenses have increased from about $21.8 million in Q4 2022 to nearly $24.3 million in Q4 2024, with salaries, benefits, and operating expenses pushing costs higher.
  • Volatile Cash from Investing Activities: Large outflows in investment securities purchases were partially offset by sales/maturities, but net investing cash flow remains negative, reaching over -$103 million in Q4 2024, indicating heavy capital deployment that could pressure liquidity.
  • Net Change in Deposits Volatility: Deposits fluctuated significantly quarter to quarter, at times decreasing sharply (e.g., -$87.9 million in Q4 2024), potentially signaling customer volatility or changes in funding structure.

Summary: FS Bancorp has maintained consistent profitability and increasing net interest income, supported by diversified revenue with rising non-interest income. The company manages credit risk well, reflected in stable loan loss provisions and solid operating cash flow. However, rising non-interest expenses and large negative cash flows in investing activities present challenges to monitor. The fluctuating deposits and loan portfolio shifts also warrant investor attention.

Overall, FS Bancorp appears fundamentally sound with growth in key income metrics, but investors should watch expense trends and capital deployment risks closely as the bank navigates its asset and liability management strategy.

10/10/25 10:13 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About FS Bancorp's Financials

When does FS Bancorp's fiscal year end?

According to the most recent income statement we have on file, FS Bancorp's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has FS Bancorp's net income changed over the last 2 years?

FS Bancorp's net income appears to be on an upward trend, with a most recent value of $35.02 million in 2024, rising from $29.65 million in 2022. The previous period was $36.05 million in 2023. See where experts think FS Bancorp is headed by visiting FS Bancorp's forecast page.

How has FS Bancorp's revenue changed over the last 2 years?

Over the last 2 years, FS Bancorp's total revenue changed from $122.39 million in 2022 to $144.66 million in 2024, a change of 18.2%.

How much debt does FS Bancorp have?

FS Bancorp's total liabilities were at $2.73 billion at the end of 2024, a 0.9% increase from 2023, and a 13.8% increase since 2022.

How much cash does FS Bancorp have?

In the past 2 years, FS Bancorp's cash and equivalents has ranged from $10.53 million in 2022 to $19.28 million in 2024, and is currently $19.28 million as of their latest financial filing in 2024.

How has FS Bancorp's book value per share changed over the last 2 years?

Over the last 2 years, FS Bancorp's book value per share changed from 30.07 in 2022 to 37.84 in 2024, a change of 25.8%.


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This page (NASDAQ:FSBW) was last updated on 10/10/2025 by MarketBeat.com Staff
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