Capital allocation remains disciplined, evidenced by consistent quarterly dividend payments near $2.0 million despite the volatility in non-interest income that peaked at $12.2 million in 2024Q4.
| 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 from Operations | 72.85M | 72.31M | 50.82M | 77.67M | 184.9M | 109.01M | -32.32M | 9.18M | 21.44M | 15.08M | 3.59M | -7.06M | -4.03M | 6.1M | -759K | 4.72M | 5.38M | 1.16M | 335.77K | 2.46M |
| Operating CF Growth % | 7103.77% | 42.28% | -34.56% | -57.99% | 69.62% | 437.31% | -452.15% | -57.19% | 42.12% | 320.4% | 150.8% | -75.39% | -166.03% | 903.56% | -116.07% | -12.13% | 364.25% | 244.88% | -86.36% | - |
| Net Income | 33.16M | 33.35M | 35.02M | 36.05M | 29.65M | 37.41M | 39.26M | 22.72M | 24.35M | 14.09M | 10.5M | 8.88M | 4.54M | 3.92M | 5.29M | 1.54M | 1.6M | -4.57M | -4.13M | 1.25M |
| Depreciation & Amortization | 11.88M | 11.94M | 10.57M | 12.65M | 14M | 15.18M | 13.62M | 12M | 5.26M | 3.94M | 5.21M | 2.43M | 2.73M | 2.22M | 972K | 847K | 907K | 1M | 796.63K | 652.4K |
| Deferred Taxes | -1.61M | -294K | -4.3M | -693K | -844K | 1.75M | -2.39M | 988K | 768K | -718K | 206K | 501K | 1.1M | 1.92M | -2.23M | 536K | 552K | 0 | -1.29M | 546.14K |
| Other Non-Cash Items | 13.2M | 24.72M | 4.85M | 31.38M | 138.93M | 57.17M | -95.24M | -21.73M | -9.57M | -5.69M | -9.27M | -20.7M | -15.38M | -2.45M | -6.46M | 2.82M | 2.03M | 6.06M | 2.15M | -863.31K |
| Working Capital Changes | 13.87M | 350K | 2.87M | -3.73M | 1.19M | -5.72M | 10.1M | -7.18M | -1.35M | 1.41M | -4.67M | 431K | 2.05M | 45K | 1.38M | -478K | 282K | -1.33M | 2.81M | 880.19K |
| Cash from Investing | -196.03M | -206.43M | -104.2M | 77.67M | -504.04M | -310.83M | -270.69M | -55.2M | -186.96M | -169.41M | 53.26M | -139.77M | -99.89M | -31.73M | -80.78M | -10.19M | -7.63M | -19.31M | -11.75M | -2.73M |
| Purchase of Investments | -162.68M | -99.62M | -110.34M | -76.03M | -23.97M | -130.14M | -106.89M | -61.28M | -31.31M | -47.27M | -55.81M | -17.4M | -22.69M | -29.31M | -32M | -21.55M | -7.32M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 85.75M | 73.28M | 119.62M | 17.3M | 21.2M | 29.86M | 50.18M | 34.85M | 34.55M | 46.68M | 27.67M | 10.55M | 31.27M | 14.01M | 16.37M | 2.74M | 158K | 2.32M | 11.28M | 1.51M |
| Net Investment Activity | -76.93M | -26.34M | 9.28M | -58.73M | -2.77M | -100.28M | -56.71M | -26.43M | 3.25M | -588K | -28.14M | -6.85M | 8.57M | -15.3M | -15.63M | -18.81M | -7.16M | 2.32M | 11.28M | 1.51M |
| Acquisitions | 0 | 0 | 0 | 336.16M | 0 | 0 | 0 | 0 | 23.75M | 0 | 180.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -112.52M | -159.72M | -111.84M | -198.08M | -499.73M | -208.57M | -212.6M | -26.3M | -210.16M | -167.81M | -95.36M | -131.41M | -107.59M | -14.36M | -61.51M | 10.03M | 1.13M | -21.43M | -19.93M | -1.71M |
| Cash from Financing | 99.14M | 130.7M | 19.32M | -131.08M | 334.09M | 136.74M | 348.81M | 59.02M | 179.39M | 136.79M | -44.85M | 155.74M | 81.01M | 57.3M | 69.08M | -10.54M | 8.97M | 32.23M | 10.45M | -996.22K |
| Dividends Paid | -10.25M | -10.26M | -8.27M | -7.76M | -7.1M | -4.6M | -3.57M | -2.86M | -1.92M | -1.33M | -1.09M | -826K | -704K | -451K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -12.75M | -15.42M | -2.89M | -578K | -15.82M | -14.17M | -9.8M | -4.8M | -251K | -275K | -4.9M | -101K | -2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 658K | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.62M | 0 | 0 | 0 | 0 | 31.24M | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -12.09M | -14.26M | -2.89M | -578K | -15.82M | -14.17M | -9.8M | -4.8M | -251K | 25.34M | -4.9M | -101K | -2.22M | 0 | 31.24M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 370K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K |
| Other Financing | 22.98M | 333.73M | -183.58M | -29.96M | 213.01M | 239.46M | 281.24M | 119.22M | 88.68M | 117.92M | 47.24M | 64.74M | 83.57M | 47.93M | 39.9M | 2.46M | 12.97M | 15.73M | 4.05M | -4M |
| Net Change in Cash | -24.04M | -3.42M | -34.06M | 24.25M | 14.95M | -65.08M | 45.8M | 13M | 13.86M | -17.54M | 12M | 8.9M | -22.9M | 31.67M | -12.47M | -16M | 6.72M | 14.08M | -967.84K | -1.26M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 28.22M | 31.64M | 65.69M | 41.44M | 26.49M | 91.58M | 45.78M | 32.78M | 18.91M | 36.46M | 24.45M | 15.55M | 38.46M | 6.79M | 19.25M | 35.25M | 28.53M | 14.46M | 6.43M | 7.69M |
| Cash at End | 38.7M | 28.22M | 31.64M | 65.69M | 41.44M | 26.49M | 91.58M | 45.78M | 32.78M | 18.91M | 36.46M | 24.45M | 15.55M | 38.46M | 6.79M | 19.25M | 35.25M | 28.53M | 5.46M | 6.43M |
| Interest Paid | 50.25M | 65.15M | 63.06M | 38.74M | 10.97M | 8.17M | 14.58M | 18.71M | 10.1M | 4.9M | 4.16M | 3.66M | 2.7M | 2.17M | 2.37M | 3M | 3.9M | 4.51M | 6.94M | 5.55M |
| Income Taxes Paid | 150K | 184K | 2.37M | 10.4M | 4.69M | 11.08M | 11.69M | 4.35M | 2.9M | 8.1M | 6.11M | 3.95M | 593K | 260K | 60K | 0 | 0 | 0 | 0 | 39K |
| Free Cash Flow | 52.55M | 51.94M | 49.19M | 76M | 183.35M | 107.03M | -33.7M | 6.71M | 17.64M | 14.07M | -7K | -8.57M | -4.9M | 4.03M | -4.4M | 3.33M | 3.78M | 958K | -2.77M | -74.64K |
| FCF Growth % | -7.96% | 5.59% | -35.28% | -58.55% | 71.31% | 417.62% | -601.88% | -61.94% | 25.4% | 201071.43% | 99.92% | -75% | -221.62% | 191.51% | -232.3% | -11.86% | 294.15% | 134.63% | -3606.33% | - |
Mortgage revenue volatility
Based on reported financial statements, FSBW maintains a consistent ability to generate net income, with quarterly figures averaging approximately $8.5 million, which provides a stable foundation for capital retention despite the inherent volatility observed in the bank's broader cash flow metrics over the last ten quarters.
The bank's ability to consistently generate positive net income suggests that organic capital formation remains intact, providing a buffer against potential credit deterioration. Investors should monitor whether this earnings power can be sustained if mortgage-related fee income continues to face cyclical headwinds.
As indicated by the bank's quarterly filings, investment activity has been characterized by significant fluctuations, with purchase volumes reaching as high as $84.8 million in 2025Q4, suggesting a tactical approach to managing liquidity and duration within the securities portfolio in response to shifting interest rate environments.
The frequent rotation between purchases and sales of investment securities implies that management is actively utilizing the portfolio to manage interest rate risk and liquidity needs. This high level of activity may indicate that the bank is attempting to optimize its yield profile in a challenging net interest margin environment.
According to recent SEC filings, FSBW has maintained a consistent dividend payout, typically ranging near $2.0 million per quarter, while simultaneously utilizing share buybacks to manage equity levels, reflecting a balanced approach to returning capital to shareholders despite the bank's exposure to cyclical mortgage market revenue.
The stability of dividend payments suggests that management views current earnings levels as sufficient to support shareholder returns without compromising regulatory capital buffers. However, the variability in buyback activity may indicate that capital return is being adjusted dynamically based on the bank's internal assessment of growth opportunities and market conditions.
Based on the provided data, the bank's provision for loan losses has shown a notable shift, increasing to $2.5 million in 2026Q1 from zero in 2025Q4, which may suggest a more cautious stance regarding the credit quality of the bank's specialized indirect consumer and commercial loan portfolios.
This recent uptick in provisioning warrants further investigation into whether it reflects specific asset quality concerns or a broader adjustment to the bank's CECL modeling assumptions. The lack of provisioning in prior periods followed by a sharp increase suggests that credit risk management is becoming a more critical factor in the bank's cash flow profile.
Quick answers to the most common questions about buying FSBW stock.
FS Bancorp, Inc. (FSBW) generated $72.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FS Bancorp, Inc. (FSBW) generated $51.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
FS Bancorp, Inc. (FSBW) spent $20.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FS Bancorp, Inc. (FSBW) returned $10.3M to shareholders via cash dividends and spent $15.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.