FS Bancorp, Inc. (FSBW) 10-Year Financial Performance & Capital Metrics

FSBW • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingWest Coast Community Banks

AboutFS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches. The company operates in two segments, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit accounts, savings accounts, and certificates of deposit. The company provides one-to-four-family residential first mortgages, second mortgage/home equity loan products, non-mortgage commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which primarily include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. As of December 31, 2021, it operated 21 full bank service branches and 10 home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Jefferson, Kitsap, Clallam, Grays Harbor, Thurston, and Lewis counties; and one loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is headquartered in Mountlake Terrace, Washington.Show more

Net Interest Income $123M -0.2%
Total Revenue $204M +10.0%
Net Income $35M -2.9%
Return on Equity 12.5% -14.0%
Net Interest Margin 4.06% -2.0%
Efficiency Ratio 46.58% -5.5%
ROA 1.17% -9.3%
Equity / Assets 9.76% +9.7%
Book Value per Share 37.47 +12.0%
Tangible BV/Share 34.11 +19.1%
Debt/Equity 1.20 +426.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 4.1%
✓Efficient operations: 46.6% efficiency ratio
✓12 consecutive years of dividend growth
✓Healthy dividend yield of 2.5%
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.78%

5Y13.2%

3Y15.83%

TTM-

Profit (Net Income) CAGR

10Y22.67%

5Y9.04%

3Y-2.17%

TTM-13.65%

EPS CAGR

10Y19.09%

5Y11.77%

3Y0.31%

TTM-12.74%

ROCE

10Y Avg10.55%

5Y Avg10.01%

3Y Avg8.41%

Latest7.29%

Peer Comparison

West Coast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BCALSouthern California Bancorp	608.64M	18.83	85.59	45.45%	2.94%	11.23%	8.17%	0.17
CWBCCommunity West Bancshares	447.97M	23.38	51.96	51.89%	4.67%	6.95%	3.83%	0.56
GBCIGlacier Bancorp, Inc.	6.29B	48.39	28.80	11.64%	15.27%	6.57%	3.34%	1.18
GBFHGBank Financial Holdings Inc.	465.21M	32.36	23.28	2%	30.99%	11.8%	5.65%	0.22
BOHBank of Hawaii Corporation	2.86B	71.86	20.77	6.6%	14.57%	10.28%	5.9%	0.45
HFWAHeritage Financial Corporation	867.93M	25.56	20.61	4.64%	13.64%	6.33%	7.03%	0.47
HTBKHeritage Commerce Corp	786.28M	12.82	19.42	3.35%	16.12%	6.19%	4.75%	0.06
NRIMNorthrim BanCorp, Inc.	640.63M	29.00	17.47	23.77%	18.87%	19.99%		0.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	28.05M	33.86M	41.25M	52.1M	70.31M	74.12M	86.65M	104.28M	123.3M	123.11M
NII Growth %	0.27%	0.21%	0.22%	0.26%	0.35%	0.05%	0.17%	0.2%	0.18%	-0%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	31.71M	38.02M	46.18M	62.33M	89.63M	88.84M	96.37M	118.69M	167.19M	184.84M
Interest Expense	3.66M	4.16M	4.93M	10.23M	19.32M	14.72M	9.72M	14.41M	43.89M	61.73M
Loan Loss Provision	2.25M	2.4M	750K	1.54M	2.88M	13.04M	500K	6.22M	4.77M	5.51M
Non-Interest Income+	16.05M	21.21M	20.36M	16.71M	19.96M	53.29M	34.71M	15.39M	18.06M	18.87M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	47.75M	59.23M	66.54M	79.03M	109.59M	142.13M	131.08M	134.08M	185.26M	203.71M
Revenue Growth %	0.43%	0.24%	0.12%	0.19%	0.39%	0.3%	-0.08%	0.02%	0.38%	0.1%
Non-Interest Expense	28.1M	36.57M	40.28M	38.69M	59.26M	64.53M	73.44M	76.47M	91.32M	94.88M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	13.75M	16.1M	20.58M	28.57M	28.13M	49.85M	47.42M	36.99M	45.27M	41.58M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.12%	0.17%	0.28%	0.39%	-0.02%	0.77%	-0.05%	-0.22%	0.22%	-0.08%
Pretax Income+	13.75M	16.1M	20.58M	28.57M	28.13M	49.85M	47.42M	36.99M	45.27M	41.58M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.87M	5.6M	6.49M	4.22M	5.41M	10.59M	10.01M	7.34M	9.22M	6.56M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	8.88M	10.5M	14.09M	24.35M	22.72M	39.26M	37.41M	29.65M	36.05M	35.02M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.96%	0.18%	0.34%	0.73%	-0.07%	0.73%	-0.05%	-0.21%	0.22%	-0.03%
Net Income (Continuing)	8.88M	10.5M	14.09M	24.35M	22.72M	39.26M	37.41M	29.65M	36.05M	35.02M
EPS (Diluted)+	1.47	1.76	2.14	3.15	2.50	4.49	4.32	3.70	4.56	4.36
EPS Growth %	0.93%	0.2%	0.22%	0.47%	-0.21%	0.8%	-0.04%	-0.14%	0.23%	-0.04%
EPS (Basic)	1.49	1.82	2.28	3.29	2.57	4.57	4.42	3.75	4.63	4.48
Diluted Shares Outstanding	6.06M	5.98M	6.58M	7.74M	9.05M	8.71M	8.66M	8.01M	7.91M	7.89M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	36.88M	51.7M	37.02M	54.85M	66.68M	103.85M	37.03M	46.15M	89.86M	33.36M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	602.68M	727.75M	897.5M	1.46B	1.53B	1.9B	2.13B	2.45B	2.73B	2.82B
Investments Growth %	0.3%	0.21%	0.23%	0.63%	0.05%	0.24%	0.12%	0.15%	0.11%	0.03%
Long-Term Investments	547.46M	645.87M	815.02M	1.36B	1.41B	1.72B	1.86B	2.22B	2.62B	2.65B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	2.31M	2.31M	2.31M	2.31M	2.31M	2.31M	2.31M	3.59M	3.59M
Intangible Assets	5.81M	10.18M	8.11M	16.65M	17.02M	17.35M	21.03M	21.39M	34.52M	22.91M
PP&E (Net)	13.86M	16.01M	15.46M	29.11M	33.79M	32.29M	31.15M	31.34M	37.2M	35.13M
Other Assets	16.23M	17.45M	17.81M	52.04M	55.25M	53.46M	54.06M	65.22M	58.23M	93.82M
Total Current Assets	94.2M	136.1M	123.07M	157.82M	198.65M	288.9M	315.99M	286.55M	208.23M	214.63M
Total Non-Current Assets	583.36M	691.82M	858.71M	1.46B	1.51B	1.82B	1.97B	2.35B	2.76B	2.81B
Total Assets+	677.56M	827.93M	981.78M	1.62B	1.71B	2.11B	2.29B	2.63B	2.97B	3.03B
Asset Growth %	0.33%	0.22%	0.19%	0.65%	0.06%	0.23%	0.08%	0.15%	0.13%	0.02%
Return on Assets (ROA)	0.01%	0.01%	0.02%	0.02%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	108.57M	22.5M	17.37M	147.01M	99.96M	117.7M	96.71M	242.46M	60.27M	354.96M
Net Debt	71.7M	-29.21M	-19.65M	92.16M	33.28M	13.85M	59.68M	196.31M	-29.59M	321.59M
Long-Term Debt	108.57M	22.5M	17.37M	147.01M	94.75M	112.53M	91.92M	235.99M	53.42M	349.4M
Short-Term Debt	0	0	0	0	0	0	0	0	0	1.71M
Other Liabilities	7.18M	10.64M	11.96M	20.01M	18.47M	91.4M	25.24M	31M	125.59M	39.04M
Total Current Liabilities	485.18M	712.59M	829.84M	1.27B	1.39B	1.67B	1.92B	2.13B	2.52B	2.34B
Total Non-Current Liabilities	117.04M	34.3M	29.94M	167.39M	120.41M	209.16M	123.14M	273.46M	185.86M	393.99M
Total Liabilities	602.22M	746.89M	859.78M	1.44B	1.51B	1.88B	2.04B	2.4B	2.71B	2.73B
Total Equity+	75.34M	81.03M	122M	180.04M	200.24M	230.01M	247.51M	231.7M	264.49M	295.77M
Equity Growth %	0.14%	0.08%	0.51%	0.48%	0.11%	0.15%	0.08%	-0.06%	0.14%	0.12%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.13%	0.13%	0.14%	0.16%	0.12%	0.18%	0.16%	0.12%	0.15%	0.13%
Book Value per Share	12.44	13.55	18.54	23.26	22.14	26.41	28.58	28.92	33.45	37.47
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	32K	31K	37K	45K	44K	85K	82K	77K	78K	78K
Additional Paid-in Capital	30.69M	27.33M	55.13M	91.47M	89.27M	81.28M	67.96M	55.19M	57.36M	55.72M
Retained Earnings	46.17M	55.58M	68.42M	90.85M	110.72M	146.41M	179.22M	202.06M	230.35M	257.11M
Accumulated OCI	78K	-536K	-475K	-1.48M	788K	2.53M	252K	-25.63M	-23.31M	-17.14M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-7.06M	3.59M	15.08M	21.44M	9.18M	-32.32M	109.01M	184.9M	77.67M	50.82M
Operating CF Growth %	-0.75%	1.51%	3.2%	0.42%	-0.57%	-4.52%	4.37%	0.7%	-0.58%	-0.35%
Net Income	8.88M	10.5M	14.09M	24.35M	22.72M	39.26M	37.41M	29.65M	36.05M	35.02M
Depreciation & Amortization	2.43M	5.21M	3.94M	5.26M	12M	13.62M	15.18M	14M	12.65M	10.57M
Deferred Taxes	501K	206K	-718K	768K	988K	-2.39M	1.75M	-844K	-693K	-4.3M
Other Non-Cash Items	-20.7M	-9.27M	-5.69M	-9.57M	-21.73M	-95.24M	57.17M	138.93M	31.38M	4.85M
Working Capital Changes	431K	-4.67M	1.41M	-1.35M	-7.18M	10.1M	-5.72M	1.19M	-3.73M	2.87M
Cash from Investing+	-139.77M	53.26M	-169.41M	-186.96M	-55.2M	-270.69M	-310.83M	-504.04M	77.67M	-104.2M
Purchase of Investments	-17.4M	-55.81M	-47.27M	-31.31M	-61.28M	-106.89M	-130.14M	-23.97M	-76.03M	-110.34M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	180.36M	0	23.75M	0	0	0	0	336.16M	0
Other Investing	-131.41M	-95.36M	-167.81M	-210.16M	-26.3M	-212.6M	-208.57M	-499.73M	-198.08M	-111.84M
Cash from Financing+	155.74M	-44.85M	136.79M	179.39M	59.02M	348.81M	136.74M	334.09M	-131.08M	19.32M
Dividends Paid	-826K	-1.09M	-1.33M	-1.92M	-2.86M	-3.57M	-4.6M	-7.1M	-7.76M	-8.27M
Share Repurchases	-101K	-4.9M	-275K	-251K	-4.8M	-9.8M	-14.17M	-15.82M	-578K	-2.89M
Stock Issued	0	0	25.62M	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	1000K	-1000K	1000K
Other Financing	64.74M	47.24M	117.92M	88.68M	119.22M	281.24M	239.46M	213.01M	-29.96M	-183.58M
Net Change in Cash+	8.9M	12M	-17.54M	13.86M	13M	45.8M	-65.08M	14.95M	24.25M	-34.06M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	15.55M	24.45M	36.46M	18.91M	32.78M	45.78M	91.58M	26.49M	41.44M	65.69M
Cash at End	24.45M	36.46M	18.91M	32.78M	45.78M	91.58M	26.49M	41.44M	65.69M	31.64M
Interest Paid	3.66M	4.16M	4.9M	10.1M	18.71M	14.58M	8.17M	10.97M	38.74M	63.06M
Income Taxes Paid	3.95M	6.11M	8.1M	2.9M	4.35M	11.69M	11.08M	4.69M	10.4M	2.37M
Free Cash Flow+	-8.57M	-7K	14.07M	17.64M	6.71M	-33.7M	107.03M	183.35M	76M	49.19M
FCF Growth %	-0.75%	1%	2010.71%	0.25%	-0.62%	-6.02%	4.18%	0.71%	-0.59%	-0.35%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.57%	13.43%	13.87%	16.12%	11.95%	18.25%	15.67%	12.37%	14.53%	12.5%
Return on Assets (ROA)	1.5%	1.39%	1.56%	1.87%	1.36%	2.05%	1.7%	1.21%	1.29%	1.17%
Net Interest Margin	4.14%	4.09%	4.2%	3.21%	4.1%	3.51%	3.79%	3.96%	4.15%	4.06%
Efficiency Ratio	58.84%	61.73%	60.53%	48.96%	54.08%	45.4%	56.02%	57.03%	49.29%	46.58%
Equity / Assets	11.12%	9.79%	12.43%	11.1%	11.69%	10.88%	10.83%	8.8%	8.9%	9.76%
Book Value / Share	12.44	13.55	18.54	23.26	22.14	26.41	28.58	28.92	33.45	37.47
NII Growth	26.69%	20.71%	21.83%	26.3%	34.95%	5.42%	16.9%	20.35%	18.24%	-0.16%
Dividend Payout	9.31%	10.38%	9.45%	7.87%	12.57%	9.1%	12.3%	23.93%	21.54%	23.6%

Revenue by Segment

	2018	2019	2020	2021	2022	2023
Debit Card	-	-	-	-	-	3.2M
Debit Card Growth	-	-	-	-	-	-
Bank Servicing	-	-	-	-	-	1.41M
Bank Servicing Growth	-	-	-	-	-	-
Debit Card Interchange Fees	-	1.85M	1.88M	2.25M	2.27M	-
Debit Card Interchange Fees Growth	-	-	1.68%	19.85%	0.62%	-
Deposit service and account maintenance fees	-	-	-	757K	919K	-
Deposit service and account maintenance fees Growth	-	-	-	-	21.40%	-
Deposit Service And Account Maintenance Fees	-	-	786K	-	-	-
Deposit Service And Account Maintenance Fees Growth	-	-	-	-	-	-
Non Sufficient Funds Fees	-	1.06M	-	-	-	-
Non Sufficient Funds Fees Growth	-	-	-	-	-	-
Commercial And Consumer Banking	561K	-	-	-	-	-
Commercial And Consumer Banking Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

FS Bancorp, Inc. (FSBW) has a price-to-earnings (P/E) ratio of 9.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

FS Bancorp, Inc. (FSBW) grew revenue by 10.0% over the past year. This is steady growth.

Yes, FS Bancorp, Inc. (FSBW) is profitable, generating $32.3M in net income for fiscal year 2024 (17.2% net margin).

Dividend & Returns

Yes, FS Bancorp, Inc. (FSBW) pays a dividend with a yield of 2.48%. This makes it attractive for income-focused investors.

FS Bancorp, Inc. (FSBW) has a return on equity (ROE) of 12.5%. This is reasonable for most industries.

Industry Metrics

FS Bancorp, Inc. (FSBW) has a net interest margin (NIM) of 4.1%. This indicates healthy earnings from lending activities.

FS Bancorp, Inc. (FSBW) has an efficiency ratio of 46.6%. This is excellent, indicating strong cost control.

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