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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
Key Financial Trends
FS Bancorp, Inc. (NASDAQ:FSBW) has demonstrated steady financial performance over the last four years through Q4 2024, as observed from its income statements, cash flow statements, and balance sheets.
Key positive trends include:
- Net interest income has generally increased from approximately $29.3 million in Q4 2022 to about $31.1 million in Q4 2024, indicating growth in core banking income.
- Consistent net income growth is evident, rising from $7.62 million in Q4 2022 to $7.38 million in Q4 2024; the quarterly fluctuations align with seasonal and market conditions.
- Earnings per share (basic and diluted) have shown a healthy upward trajectory, with basic EPS moving from $0.98 in Q4 2022 to $0.94 in Q4 2024 reflecting solid shareholder value generation despite some quarterly variability.
- Non-interest income has increased moderately, driven by service charges and capital gains, supporting revenue diversification.
- Provision for loan losses has remained relatively controlled, generally ranging between $0.5 to $1.6 million per quarter, supporting credit quality stability.
- Operating expenses have been managed relatively well, with total non-interest expense increasing but balanced by revenue gains.
- Strong net cash from operating activities, notably $41.1 million in Q4 2024, indicates solid cash generation capability from core operations.
Neutral factors:
- The company holds zero loans and leases net of allowance, with assets focused primarily on trading account securities and loans held for sale, which may signal a conservative risk strategy or a shift in asset allocation.
- Total assets and total liabilities have gradually increased over the years, reflecting balance sheet growth; common equity has also increased, supporting capital adequacy.
- The company's dividend payments have remained stable per share, generally around $0.25-$0.27 per quarter, indicating a consistent shareholder return policy.
Negative considerations:
- Net cash from investing activities has consistently been negative, with significant purchases of investment securities leading to cash outflows; this could affect liquidity if not balanced by other sources.
- Debt issuance and repayment have been substantial and fluctuating, with large amounts of debt issued and repaid each quarter, possibly reflecting refinancing activity or volatility in funding.
- Some quarters show impairment charges and restructuring expenses, which, while not material in all periods, may pose risks if they increase.
- Net change in deposits has been volatile, sometimes showing substantial decreases (e.g., -$87.9 million in Q4 2024), which could impact funding stability.
Overall, FS Bancorp shows a stable net interest income base, controlled expenses, and consistent profitability with manageable credit losses over the past four years. The company maintains a solid common equity base and efficient operating cash flow. However, the variability in deposits, significant investing cash outflows, and high turnover in debt should be monitored closely by investors as potential risk factors.
09/17/25 07:02 PM ETAI Generated. May Contain Errors.