FS Bancorp, Inc. FSBW
FS Bancorp, a Washington corporation, was organized in September 2011 for the purpose of becoming the holding company of 1st Security Bank upon the Bank's conversion from a mutual to a stock savings bank ("Conversion"). The Conversion was completed on July 9, 2012. At December 31, 2025, the Company had consolidated total assets of $3.2 billion, total loans receivable, net of $2.62 billion, total deposits of $2.67 billion, and total stockholders' equity of $307.7 million. The Company has not engaged in significant activities other than holding the stock of the Bank and providing capital to it through the debt and equity markets. Accordingly, the information set forth in this Form 10–K, including the consolidated financial statements and related data, relates primarily to the Bank.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.2M | $184.8M | $167.2M | $118.7M | $3.0M | $2.7M | $2.9M | $1.7M | $3.5M | $38.0M |
| SG&A | $14.9M | $13.5M | $13.1M | $10.7M | $10.8M | $10.5M | $9.7M | $6.7M | $6.2M | $6.0M |
| Interest expense | $130.4M | $123.1M | $123.3M | $104.3M | $9.7M | $14.7M | $19.3M | $10.2M | $4.9M | $4.2M |
| Pre-tax income | $41.1M | $41.6M | $45.3M | $37.0M | $47.4M | $49.9M | $28.1M | $28.6M | $20.6M | $16.1M |
| Income tax | $7.8M | $6.6M | $9.2M | $7.3M | $10.0M | $10.6M | $5.4M | $4.2M | $6.5M | $5.6M |
| Net income | $33.3M | $35.0M | $36.1M | $29.6M | $37.4M | $39.3M | $22.7M | $24.3M | $14.1M | $10.5M |
| EPS, basic | 4.35 | 4.48 | 4.63 | 3.75 | 4.48 | 4.58 | 5.13 | 6.58 | 4.55 | 3.63 |
| EPS, diluted | 4.29 | 4.36 | 4.56 | 3.70 | 4.37 | 4.49 | 5.01 | 6.29 | 4.28 | 3.51 |
| Shares, diluted (wtd. avg.) | $7.6M | $7.9M | $7.8M | $7.9M | $8.4M | $8.6M | $4.5M | $3.9M | $3.3M | $3.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.2M | $31.6M | $65.7M | $41.4M | $26.5M | $91.6M | $45.8M | $32.8M | $18.9M | $36.5M |
| Property, plant and equipment | $44.1M | $29.8M | $30.6M | $25.1M | $26.6M | $27.3M | $28.8M | $29.1M | $15.5M | $16.0M |
| Goodwill | $3.6M | $3.6M | $3.6M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M | $2.3M |
| Other intangibles | $10.5M | $13.7M | $17.3M | $3.4M | $4.1M | $4.8M | $5.5M | $6.2M | $1.3M | $1.7M |
| Total assets | $3.20B | $3.03B | $2.97B | $2.63B | $2.29B | $2.11B | $1.71B | $1.62B | $981.8M | $827.9M |
| Short-term debt | $129.3M | $307.8M | $93.7M | $186.5M | — | — | — | — | — | — |
| Long-term debt | — | — | — | $186.5M | $42.5M | $165.8M | $84.9M | — | — | — |
| Total liabilities | $2.89B | $2.73B | $2.71B | $2.40B | $2.04B | $1.88B | $1.51B | $1.44B | $859.8M | $746.9M |
| Retained earnings | $280.2M | $257.1M | $230.4M | $202.1M | $179.2M | $146.4M | $110.7M | — | — | — |
| Total equity | $307.7M | $295.8M | $264.5M | $231.7M | $247.5M | $230.0M | $200.2M | $180.0M | $122.0M | $81.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $72.3M | $50.8M | $77.7M | $184.9M | $109.0M | -$32.3M | $9.2M | $21.4M | $15.1M | $3.6M |
| Depreciation and amortisation | $2.8M | $2.5M | $2.6M | $2.5M | $2.7M | $2.8M | $2.8M | $1.8M | $1.6M | $1.4M |
| Stock-based compensation | $2.3M | $1.8M | $2.0M | $2.0M | $1.4M | — | $869.0K | $767.0K | $634.0K | $783.0K |
| Capital expenditure | $20.4M | $1.6M | $1.7M | $1.6M | $2.0M | $1.4M | $2.5M | $3.8M | $1.0M | $3.6M |
| Investing cash flow | -$206.4M | -$104.2M | $77.7M | -$504.0M | -$310.8M | -$270.7M | -$55.2M | -$187.0M | -$169.4M | $53.3M |
| Financing cash flow | $130.7M | $19.3M | -$131.1M | $334.1M | $136.7M | $348.8M | $59.0M | $179.4M | $136.8M | -$44.8M |
| Dividends paid | $10.3M | $8.3M | $7.8M | $7.1M | $4.6M | $3.6M | $2.9M | $1.9M | $1.3M | $1.1M |
| Buybacks | $15.4M | $2.5M | $223.0K | $15.6M | $14.0M | $9.8M | $4.8M | $251.0K | $275.0K | $4.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-011384.
Others in SIC 6036
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FLG | FLAGSTAR BANK, NATIONAL ASSOCIATION | $5.61B | — | -25.0% |
| BBT | Beacon Financial Corp | $2.67B | 31.0x | 81.1% |
| HFWA | HERITAGE FINANCIAL CORP /WA/ | $1.20B | 14.9x | 1.5% |
| NBBK | NB Bancorp, Inc. | $1.01B | 17.3x | 14.8% |
| SMBC | SOUTHERN MISSOURI BANCORP, INC. | $817.0M | 14.3x | 11.7% |
| TCBX | Third Coast Bancshares, Inc. | $767.0M | 12.2x | — |
| GCBC | GREENE COUNTY BANCORP INC | $607.0M | 19.5x | 13.5% |
| HBCP | HOME BANCORP, INC. | $553.8M | 12.0x | 4.9% |