The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.10, though the concentration of $3.0 billion in securities warrants caution regarding potential unrealized losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'07 | Dec'06 |
|---|
| Cash & Short Term Investments | 607M | 302.17M | 200.75M | 194.22M | 275.4M | 308.39M | 281.87M | 192.74M | 152.06M | 119.5M | 133.58M | 92.09M | 68.84M | 97.32M | 52.73M | 46.15M | 35.25M | 28.53M | 5.9M | 7.16M |
| Cash & Due from Banks | 12.42M | 13.5M | 33.36M | 89.86M | 46.15M | 37.03M | 103.85M | 66.68M | 54.85M | 37.02M | 51.7M | 36.88M | 20.1M | 41.09M | 9.41M | 19.25M | 35.25M | 28.53M | 5.9M | 7.16M |
| Short Term Investments | 0 | 288.67M | 167.39M | 104.36M | 229.25M | 271.36M | 178.02M | 126.06M | 97.2M | 82.48M | 81.88M | 55.22M | 48.74M | 56.24M | 43.31M | 26.9M | 0 | 0 | 0 | 0 |
| Total Investments | 3.02B | 2.91B | 2.82B | 2.73B | 2.45B | 2.13B | 1.9B | 1.53B | 1.46B | 897.5M | 727.75M | 602.68M | 461.9M | 348.5M | 327.13M | 244.03M | 238.46M | 232.04M | 242.43M | 233.58M |
| Investments Growth % | 26.63% | 3.28% | 3.33% | 11.43% | 14.79% | 12.45% | 23.81% | 4.87% | 62.78% | 23.33% | 20.75% | 30.48% | 32.54% | 6.53% | 34.05% | 2.33% | 2.77% | -4.28% | 3.79% | - |
| Long-Term Investments | 11.4B | 2.62B | 2.65B | 2.62B | 2.22B | 1.86B | 1.72B | 1.41B | 1.36B | 815.02M | 645.87M | 547.46M | 413.16M | 292.27M | 283.82M | 217.13M | 238.46M | 232.04M | 242.43M | 233.58M |
| Accounts Receivables | 15.33M | 14.61M | 13.88M | 14.01M | 11.14M | 7.59M | 7.03M | 5.91M | 5.76M | 3.57M | 2.52M | 2.11M | 1.56M | 1.26M | 1.22M | 1.02M | 914K | 952K | 1.08M | 1.08M |
| Goodwill & Intangibles | 13.37M | 14.11M | 26.51M | 38.11M | 23.7M | 23.34M | 19.66M | 19.33M | 18.96M | 10.42M | 12.49M | 5.81M | 3.06M | 2.09M | 1.06M | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 3.59M | 3.59M | 3.59M | 3.59M | 2.31M | 2.31M | 2.31M | 2.31M | 2.31M | 2.31M | 2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 9.77M | 10.52M | 22.91M | 34.52M | 21.39M | 21.03M | 17.35M | 17.02M | 16.65M | 8.11M | 10.18M | 5.81M | 3.06M | 2.09M | 1.06M | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 43.61M | 44.06M | 35.13M | 37.2M | 31.34M | 31.15M | 32.29M | 33.79M | 29.11M | 15.46M | 16.01M | 13.86M | 13.58M | 13.82M | 12.66M | 9.85M | 9.25M | 9.72M | 11.3M | 8.96M |
| Other Assets | 86.51M | 191.72M | 93.82M | 58.23M | 65.22M | 54.06M | 53.46M | 55.25M | 52.04M | 17.81M | 17.45M | 16.23M | 9.55M | 11.61M | 6.67M | 9.64M | 8.46M | 10.59M | 2.36M | 5.16M |
| Total Current Assets | 27.76M | 316.79M | 214.63M | 208.23M | 286.55M | 315.99M | 288.9M | 198.65M | 157.82M | 123.07M | 136.1M | 94.2M | 70.4M | 98.58M | 53.95M | 47.17M | 36.16M | 29.49M | 6.98M | 8.27M |
| Total Non-Current Assets | 3.18B | 2.88B | 2.81B | 2.76B | 2.35B | 1.97B | 1.82B | 1.51B | 1.46B | 858.71M | 691.82M | 583.36M | 439.35M | 320.6M | 305.08M | 236.62M | 256.17M | 252.35M | 256.09M | 248.12M |
| Total Assets | 3.2B | 3.2B | 3.03B | 2.97B | 2.63B | 2.29B | 2.11B | 1.71B | 1.62B | 981.78M | 827.93M | 677.56M | 509.75M | 419.19M | 359.03M | 283.79M | 292.33M | 281.84M | 263.07M | 256.39M |
| Asset Growth % | 26.03% | 5.54% | 1.9% | 12.9% | 15.16% | 8.19% | 23.36% | 5.64% | 65.17% | 18.58% | 22.19% | 32.92% | 21.61% | 16.76% | 26.51% | -2.92% | 3.72% | 7.14% | 2.61% | - |
| Return on Assets (ROA) | 1.04% | 1.07% | 1.17% | 1.29% | 1.21% | 1.7% | 2.05% | 1.36% | 1.87% | 1.56% | 1.39% | 1.5% | 0.98% | 1.01% | 1.65% | 0.54% | 0.56% | -1.68% | -1.59% | 0.49% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 222.55M | 141.08M | 354.96M | 60.27M | 242.46M | 96.71M | 117.7M | 99.96M | 147.01M | 17.37M | 22.5M | 108.57M | 17.03M | 16.66M | 6.84M | 8.9M | 21.9M | 25.9M | 19.8M | 13.4M |
| Net Debt | 210.13M | 127.58M | 321.59M | -29.59M | 196.31M | 59.68M | 13.85M | 33.28M | 92.16M | -19.65M | -29.21M | 71.7M | -3.06M | -24.42M | -2.57M | -10.35M | -13.35M | -2.63M | 13.9M | 6.24M |
| Long-Term Debt | 216.98M | 129.31M | 349.4M | 53.42M | 235.99M | 91.92M | 112.53M | 94.75M | 147.01M | 17.37M | 22.5M | 108.57M | 17.03M | 16.66M | 6.84M | 8.9M | 21.9M | 25.9M | 19.8M | 13.4M |
| Short-Term Debt | 1.99M | 5.89M | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 2.67B | 0 | 39.04M | 125.59M | 31M | 25.24M | 91.4M | 18.47M | 20.01M | 11.96M | 10.64M | 7.18M | 5.63M | 3.33M | 3.34M | 1.71M | 1.68M | 1.64M | 2.71M | 3.39M |
| Total Current Liabilities | 1.99M | 2.75B | 2.34B | 2.52B | 2.13B | 1.92B | 1.67B | 1.39B | 1.27B | 829.84M | 712.59M | 485.18M | 420.44M | 336.88M | 288.95M | 246.42M | 243.96M | 230.99M | 208.86M | 204.82M |
| Total Non-Current Liabilities | 2.89B | 135.19M | 393.99M | 185.86M | 273.46M | 123.14M | 209.16M | 120.41M | 167.39M | 29.94M | 34.3M | 117.04M | 23.47M | 20M | 10.18M | 10.61M | 23.58M | 27.54M | 22.51M | 16.79M |
| Total Liabilities | 2.89B | 2.89B | 2.73B | 2.71B | 2.4B | 2.04B | 1.88B | 1.51B | 1.44B | 859.78M | 746.89M | 602.22M | 443.92M | 356.87M | 299.13M | 257.03M | 267.54M | 258.52M | 231.38M | 221.61M |
| Total Equity | 313.85M | 307.69M | 295.77M | 264.49M | 231.7M | 247.51M | 230.01M | 200.24M | 180.04M | 122M | 81.03M | 75.34M | 65.84M | 62.31M | 59.9M | 26.77M | 24.8M | 23.32M | 31.69M | 34.78M |
| Equity Growth % | 17.71% | 4.03% | 11.83% | 14.15% | -6.39% | 7.61% | 14.86% | 11.22% | 47.57% | 50.56% | 7.56% | 14.44% | 5.65% | 4.03% | 123.77% | 7.95% | 6.35% | -26.43% | -8.89% | - |
| Equity / Assets (Capital Ratio) | 9.8% | 9.62% | 9.76% | 8.9% | 8.8% | 10.83% | 10.88% | 11.69% | 11.1% | 12.43% | 9.79% | 11.12% | 12.92% | 14.87% | 16.68% | 9.43% | 8.48% | 8.27% | 12.05% | 13.57% |
| Return on Equity (ROE) | 10.88% | 11.05% | 12.5% | 14.53% | 12.37% | 15.67% | 18.25% | 11.95% | 16.12% | 13.87% | 13.43% | 12.57% | 7.09% | 6.42% | 12.22% | 5.99% | 6.66% | -16.63% | -12.42% | 3.58% |
| Book Value per Share | 41.00 | 40.20 | 37.47 | 33.45 | 28.92 | 28.58 | 26.41 | 22.14 | 23.26 | 18.54 | 13.55 | 12.44 | 11.02 | 10.25 | 9.96 | 4.13 | 3.83 | 3.60 | 4.89 | 5.37 |
| Tangible BV per Share | 39.25 | 38.35 | 34.11 | 28.63 | 25.96 | 25.89 | 24.15 | 20.00 | 20.81 | 16.95 | 11.46 | 11.48 | 10.51 | 9.91 | 9.78 | 4.13 | 3.83 | 3.60 | 4.89 | 5.37 |
| Common Stock | 75K | 75K | 78K | 78K | 77K | 82K | 85K | 44K | 45K | 37K | 31K | 32K | 32K | 32K | 32K | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 43.67M | 43.25M | 55.72M | 57.36M | 55.19M | 67.96M | 81.28M | 89.27M | 91.47M | 55.13M | 27.33M | 30.69M | 29.45M | 30.1M | 29.89M | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 285.85M | 280.2M | 257.11M | 230.35M | 202.06M | 179.22M | 146.41M | 110.72M | 90.85M | 68.42M | 55.58M | 46.17M | 38.13M | 35.22M | 31.75M | 26.45M | 24.91M | 23.3M | 31.68M | 35.81M |
| Accumulated OCI | -15.74M | -15.83M | -17.14M | -23.31M | -25.63M | 252K | 2.53M | 788K | -1.48M | -475K | -536K | 78K | 117K | -898K | 597K | 316K | -111K | 11K | 6.42K | -1.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geographic and mortgage concentration
According to reported financial statements, FSBW's total assets have remained remarkably flat at $3.2 billion since 2025Q2, suggesting that the bank is prioritizing balance sheet preservation over aggressive expansion in the current competitive environment of the Puget Sound region.
The lack of meaningful asset growth over the last ten quarters indicates a conservative posture, likely reflecting management's caution regarding the regional economic outlook. This stability suggests that the bank is not currently pursuing aggressive market share gains, which may be a prudent strategy given the inherent volatility of its mortgage-heavy business model.
Based on the provided quarterly data, the equity-to-assets ratio has held steady at approximately 0.10, indicating that FSBW maintains a consistent capital buffer that appears sufficient to absorb potential shocks within its specialized indirect consumer and commercial loan portfolios.
Maintaining a stable capital ratio in the face of fluctuating earnings suggests a disciplined approach to capital management. Investors should monitor whether this level of capitalization remains adequate if the bank decides to pivot toward higher-risk lending segments or if credit losses begin to accelerate beyond current provisions.
As indicated by the bank's quarterly filings, investment securities account for nearly the entirety of the $3.2 billion asset base, which implies a high degree of liquidity but also suggests a significant sensitivity to interest rate movements within the bond portfolio.
The heavy concentration in investment securities relative to the total asset base suggests that the bank's liquidity profile is heavily tied to the valuation and duration of its bond holdings. This structure may limit the bank's ability to generate higher yields through traditional loan growth, potentially constraining future net interest income expansion.
Based on the reported figures, the bank's reliance on a $3.0 billion securities portfolio, as seen in 2026Q1, warrants further investigation into potential unrealized losses that could impact the tangible book value if interest rates remain elevated for an extended period.
While the balance sheet appears healthy on the surface, the concentration of assets in securities rather than loans creates a duration mismatch risk that is not immediately apparent in the headline figures. This exposure may leave the bank vulnerable to market-to-market volatility that could pressure equity levels if liquidity needs force the sale of these assets.
Quick answers to the most common questions about buying FSBW stock.
As of 2025, FS Bancorp, Inc. (FSBW) had total assets of $3.20B including $316.8M in current assets.
FS Bancorp, Inc. (FSBW) carries total debt of $141.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
FS Bancorp, Inc. (FSBW) has total shareholders' equity (book value) of $307.7M ($40.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
FS Bancorp, Inc. (FSBW) reported a current ratio of 0.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.