FS Bancorp, Inc. (FSBW) Financial Statements
Industry: Savings Institutions, Not Federally Chartered
In fiscal 2025, FS Bancorp reported revenue of $152.7M, up 5.5% from $144.7M the year before. Net income was $33.3M (a 21.8% net margin), or $4.29 per diluted share. Net interest income was $130.4M, and the efficiency ratio (noninterest expense / revenue) was 66.8%. Operating activities generated $72.3M of cash, leaving $51.9M of free cash flow. At fiscal year end, FS Bancorp held $3.20B in total assets against $2.89B in total liabilities, including $28.2M of cash and equivalents.
Open the full interactive FS Bancorp financials → Quarterly statements, key ratios, valuation history and price charts.
FS Bancorp Key Stats
| Share Price | $44.65 |
|---|---|
| Market Cap | $334.1M |
| P/E Ratio | 10.4 |
| Revenue YoY Growth | +5.5% |
| 52-Week Range | $36.36 – $44.97 |
| Shares Outstanding | 7.3 million (basic, 2026 Q2) |
FS Bancorp Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $74.1M | $86.6M | $104.3M | $123.3M | $123.1M | $130.4M |
| Provision for Credit Losses | $13.0M | $500,000 | $6.6M | $4.8M | $5.5M | $9.5M |
| Noninterest Income | $55.4M | $37.5M | $18.1M | $20.5M | $21.6M | $22.3M |
| Noninterest Expense | $66.6M | $76.2M | $79.2M | $93.7M | $97.6M | $102.0M |
| Revenue | $129.5M | $124.2M | $122.4M | $143.8M | $144.7M | $152.7M |
| Pre-Tax Income | $49.9M | $47.4M | $37.0M | $45.3M | $41.6M | $41.1M |
| Income Tax | $10.6M | $10.0M | $7.3M | $9.2M | $6.6M | $7.8M |
| Net Income | $39.3M | $37.4M | $29.6M | $36.1M | $35.0M | $33.3M |
| Diluted EPS | $4.49 | $4.32 | $3.70 | $4.56 | $4.36 | $4.29 |
FS Bancorp Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $39.3M | $40.0M | $37.9M | $38.8M |
| Net Income | $9.2M | $8.4M | $7.8M | $7.9M |
| Diluted EPS | $1.18 | $1.10 | $1.02 | $1.04 |
FS Bancorp Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $91.6M | $26.5M | $41.4M | $65.7M | $31.6M | $28.2M |
| Loans (Net) | — | — | — | — | $2.50B | $2.62B |
| Total Assets | $2.11B | $2.29B | $2.63B | $2.97B | $3.03B | $3.20B |
| Deposits | $1.67B | $1.92B | $2.13B | $2.52B | $2.34B | $2.67B |
| Total Long-Term Debt | $165.8M | $42.5M | $186.5M | $93.7M | $307.8M | $129.3M |
| Total Liabilities | $1.88B | $2.04B | $2.40B | $2.71B | $2.73B | $2.89B |
| Shareholders' Equity | $230.0M | $247.5M | $231.7M | $264.5M | $295.8M | $307.7M |
FS Bancorp Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$32.3M | $109.0M | $184.9M | $77.7M | $50.8M | $72.3M |
| Cash From Investing | -$270.7M | -$310.8M | -$504.0M | $77.7M | -$104.2M | -$206.4M |
| Cash From Financing | $348.8M | $136.7M | $334.1M | -$131.1M | $19.3M | $130.7M |
| Free Cash Flow | -$33.7M | $107.0M | $183.3M | $76.0M | $49.2M | $51.9M |
| Dividends Paid | $3.6M | $4.6M | $7.1M | — | — | — |
Figures from FS Bancorp's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full FS Bancorp financials page for every line item.
FS Bancorp Company Profile
| Ticker | FSBW |
|---|---|
| Exchange | Nasdaq |
| Industry | Savings Institutions, Not Federally Chartered |
| Headquarters | Mountlake Terrace, Washington |
| Incorporated in | Washington |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001530249 |
Frequently Asked Questions
What was FS Bancorp's revenue in fiscal 2025?
FS Bancorp (FSBW) reported revenue of $152.7M for fiscal 2025.
What is FS Bancorp's annual revenue history?
FS Bancorp's annual revenue by fiscal year: 2020: $129.5M; 2021: $124.2M; 2022: $122.4M; 2023: $143.8M; 2024: $144.7M; 2025: $152.7M.
What was FS Bancorp's net income in fiscal 2025?
FS Bancorp reported net income of $33.3M for fiscal 2025.
What was FS Bancorp's earnings per share (EPS) in fiscal 2025?
FS Bancorp's diluted EPS was $4.29 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did FS Bancorp generate in fiscal 2025?
FS Bancorp generated $51.9M of free cash flow in fiscal 2025.
What was FS Bancorp's revenue last quarter?
In its most recent reported quarter (2026 Q2), FS Bancorp reported revenue of $38.8M.
How much debt does FS Bancorp have?
FS Bancorp reported $129.3M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of FS Bancorp are outstanding?
FS Bancorp reported a weighted average of 7.3 million basic shares outstanding in 2026 Q2.
What is FS Bancorp's market cap?
Based on its latest closing price, FS Bancorp (FSBW) has a market capitalization of about $334.1M.
When does FS Bancorp's fiscal year end?
FS Bancorp's fiscal year end, as registered with the SEC, is December 31.
Where is FS Bancorp headquartered?
FS Bancorp lists its business address in Mountlake Terrace, Washington in its SEC filings.
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