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 (NASDAQ:FSBW) has demonstrated strong financial performance through 2022 and 2023 into 2024, with key trends in income, cash flow, and balance sheet stability that retail investors should consider.
- Consistent growth in net interest income, increasing from approximately $29.3 million in Q4 2022 to about $31.1 million in Q4 2024, indicating strong core earnings from lending and investment activities.
- Increasing quarterly net income, from $7.62 million in Q4 2022 to $7.38 million in Q4 2024, with some quarterly fluctuations but overall maintaining profitability.
- Stable earnings per share growth, with diluted EPS rising from roughly $0.98 in Q1 2023 to $0.88 in Q4 2024, reflecting moderate shareholder value creation over time given share counts.
- Strong operating cash flow generation, with quarterly net cash from operating activities swinging between positive $41 million (Q4 2024) and negative in some quarters but supported by solid net income.
- Effective provision management for credit losses, with provisions staying relatively controlled, generally in a range around $1.0-$1.5 million quarterly, which supports stable asset quality.
- Robust equity base growth, increasing from about $220 million in Q3 2022 to approximately $289 million by Q3 2024, strengthening shareholder equity and capital adequacy.
- Controlled non-interest expenses, with total non-interest expenses in a range near $21-$24 million quarterly, showing efficiency in operating cost management.
- The company has experienced fluctuations in deposits and debt financing activities; issuance and repayments of debt in hundreds of millions reflect active balance sheet management but also add complexity to liquidity risk.
- FS Bancorp's loan portfolio is comprised notably by "Loans Held for Sale" rather than traditional loans, which stood around $49 million to $54 million through 2024, signaling possible specialized loan sales focus or securitization activity.
- Negative trends in cash and equivalents at times as seen in net cash changes, including a notable decline of $118 million in Q4 2022, which could pressure liquidity if sustained and require close monitoring.
Overall, FS Bancorp displays stable profitability with rising net interest income supporting total revenues. Its consistent net income, manageable credit loss provisions, and operating cash flows suggest healthy core banking operations. However, investors should watch the dynamic financing activities and liquidity movements, as large swings in deposits, debt issuance/repayments, and cash balances introduce financial variability. Maintaining cost controls and growing equity are positive signs, but loan composition and investment strategies will need ongoing assessment for risk.
08/09/25 04:20 AMAI Generated. May Contain Errors.