FS Bancorp, Inc. FSBW R2K

Financial Services · Banks - Regional · United States

https://www.fsbwa.com

FS 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 in Washington. 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 loans, home equity loan products, commercial business loans, commercial real estate loans, and construction and development loans, as well as consumer loans, which include personal lines of credit, credit cards, automobile, direct home improvement, loans on deposit, and recreational loans. Further, it provides online banking platforms, mobile banking apps, and telephone banking services, as well as cash management services. The company operates full bank service branches and home loan production offices in suburban communities in the greater Puget Sound area, including Snohomish, King, Pierce, Kitsap, Clallam, Jefferson, Grays Harbor, Thurston, and Benton counties; Oregon; and a loan production office in the market area of the Tri-Cities. The company was founded in 1936 and is headquartered in Mountlake Terrace, Washington.

Market & Price

Market Cap

$301.85M

Current Price

$40.71

High / Low (52W)

$43.28 / $36.41

Beta

0.67

Valuation

Stock P/E

9.47

Industry PE

12.01

Forward P/E

7.94

PEG Ratio

1.35

Book Value

$42.42

Price to Book

0.96

P/S

2.10

EV/EBITDA

Dividend Yield

2.82%

Profitability & Returns

ROCE

ROE

10.82%

ROA

1.06%

Profit Margin

23.02%

Op Margin

32.49%

EPS (Latest Qtr)

$1.02

EPS (TTM)

$4.30

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$222.82M

Total Assets

$3.20B

Current Assets

Working Capital

Ownership

Promoter Holding

8.82%

Chg in Prom Hold

FII / Inst Holding

68.11%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$396.57M

Total Revenue (TTM)

$144.04M

EBITDA

Free Cash Flow

Operating Cash Flow

$72.85M

Shares Outstanding

7.41M

Gross Margin

0.00%

Payout Ratio

26.28%

Growth (CAGR)

Revenue 5Y

7.76%

Profit 5Y

3.99%

Revenue (YoY)

2.60%

Earnings (YoY)

1.00%

PROS

Excellent profit margin of 23.0%.
Attractive dividend yield of 2.82%.

CONS

In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	FSBW FS Bancorp, Inc. R2K	40.71	9.47	$301.85M	2.82%	-	10.82%	7.76%	3.99%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2013	Mar 2014	Jun 2014	Sep 2014	Mar 2015	Jun 2015	Sep 2015	Mar 2016	Jun 2016	Sep 2016	Mar 2017	Jun 2017	Sep 2017	Mar 2018	Jun 2018	Sep 2018	Mar 2019	Jun 2019	Sep 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	694.00K	749.00K	724.00K	701.00K	589.00K	676.00K	688.00K	758.00K	777.00K	759.00K	809.00K	812.00K	914.00K	1.27M	1.24M	1.13M	1.17M	-	-	35.56M	36.56M	38.54M	39.10M	37.06M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15.81M	16.59M	17.28M	17.16M	16.79M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9.46M	9.76M	11.59M	10.31M	9.90M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.44M	2.03M	2.41M	1.89M	2.07M
Net Income	1.06M	875.00K	986.00K	1.15M	2.07M	2.79M	2.00M	1.66M	2.83M	3.46M	2.59M	4.36M	3.45M	4.32M	4.26M	4.05M	5.19M	4.46M	7.14M	5.17M	10.02M	12.71M	11.88M	8.55M	8.33M	6.87M	6.70M	8.46M	8.21M	9.12M	8.95M	8.40M	8.96M	-	-	8.02M	7.73M	9.18M	8.42M	7.83M
Diluted EPS	0.35	0.29	0.33	0.39	0.70	0.93	0.66	0.55	0.96	1.18	0.85	1.41	1.07	1.15	1.13	1.07	1.15	0.98	1.58	1.14	1.15	1.47	1.35	0.98	0.98	0.83	0.83	1.08	1.04	1.16	1.13	1.06	1.13	-	-	1.01	0.99	1.18	1.10	1.02

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	1.75M	2.91M	2.67M	-	119.67M	141.37M	141.98M	149.76M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	14.41M	43.89M	61.73M	66.84M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	36.99M	45.27M	41.58M	41.12M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	7.34M	9.22M	6.56M	7.77M
Net Income	1.54M	5.29M	3.92M	4.54M	8.88M	10.50M	14.09M	24.35M	22.72M	39.26M	-	29.65M	36.05M	35.02M	33.35M
Diluted EPS	-	1.76	1.29	1.52	2.93	3.51	4.28	6.29	5.01	4.49	-	3.70	4.56	4.36	4.29

Compounded Sales Growth

5 Years:	7.76%
1 Year:	2.60%

Compounded Profit Growth

5 Years:	3.99%
1 Year:	1.00%

Stock Price Performance

1 Year:	+9.66%
6 Months:	+0.50%
3 Months:	+3.76%
1 Month:	-1.23%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	283.79M	359.03M	419.19M	509.75M	677.56M	827.93M	981.78M	1.62B	1.71B	2.11B	-	2.63B	2.97B	3.03B	3.20B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	35.25M	19.25M	6.79M	38.46M	15.55M	24.45M	36.46M	18.91M	32.78M	45.78M	91.58M	-	46.15M	89.86M	33.36M	28.22M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	11.14M	14.01M	13.88M	14.61M
Total Liabilities	-	257.03M	299.13M	356.87M	443.92M	602.22M	746.89M	859.78M	1.44B	1.51B	1.88B	-	2.40B	2.71B	2.73B	2.89B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	-	-	-	-	84.86M	165.81M	-	235.99M	53.42M	349.40M	178.97M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	242.46M	60.27M	354.96M	184.85M
Total Equity	-	26.77M	59.90M	62.31M	65.84M	75.34M	81.03M	122.00M	180.04M	200.24M	230.01M	-	231.70M	264.49M	295.77M	307.69M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	7.74M	7.80M	7.83M	7.51M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	4.73M	-759.00K	6.10M	-4.03M	-7.06M	3.59M	15.08M	21.44M	9.18M	-32.32M	109.01M	184.90M	77.67M	50.82M	72.31M
Investing Cash Flow	-10.19M	-80.78M	-31.73M	-99.89M	-139.77M	53.26M	-169.41M	-186.96M	-55.20M	-270.69M	-310.83M	-504.04M	77.67M	-104.20M	-206.43M
Financing Cash Flow	-10.54M	69.08M	57.30M	81.01M	155.73M	-44.85M	136.79M	179.39M	59.02M	348.81M	136.74M	334.09M	-131.08M	19.32M	130.70M
Capital Expenditure	-1.40M	-3.64M	-2.07M	-873.00K	-1.51M	-3.60M	-1.02M	-3.80M	-2.46M	-1.38M	-1.98M	-1.55M	-1.67M	-1.64M	-20.37M
Free Cash Flow	3.33M	-4.40M	4.03M	-4.90M	-8.57M	-7.00K	14.07M	17.64M	6.71M	-33.70M	107.03M	183.35M	76.00M	49.19M	51.94M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	14.95M	24.25M	-34.06M	-3.42M
Share Buybacks	-	-	0	2.22M	101.00K	4.90M	275.00K	251.00K	4.80M	9.80M	13.96M	15.63M	223.00K	2.51M	15.42M
Dividends Paid	-	0	451.00K	704.00K	826.00K	1.09M	1.33M	1.92M	2.86M	3.57M	4.60M	7.10M	-	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	1,395.2%	779.8%	1,473.3%	-	24.8%	25.5%	24.7%	22.3%
ROE %	5.8%	8.8%	6.3%	6.9%	11.8%	13.0%	11.5%	13.5%	11.3%	17.1%	-	12.8%	13.6%	11.8%	10.8%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

8.82%

Institutions

68.11%

Public Float

74.69%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	T. Rowe Price Investment Management, Inc.	18.43%	997.94K	$40.63M
2	Blackrock Inc.	8.07%	436.79K	$17.78M
3	Dimensional Fund Advisors LP	7.73%	418.29K	$17.03M
4	De Lisle Partners LLP	7.23%	391.65K	$15.94M
5	Vanguard Capital Management LLC	6.01%	325.25K	$13.24M
6	Pacific Ridge Capital Partners, LLC	3.84%	208.09K	$8.47M
7	Geode Capital Management, LLC	2.83%	153.01K	$6.23M
8	TCW Group, Inc.	2.81%	152.03K	$6.19M
9	Alliancebernstein L.P.	2.68%	144.84K	$5.90M
10	State Street Corporation	2.37%	128.31K	$5.22M

Analyst View

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FSBW · Financial Services

FS Bancorp, Inc.

About

Key Facts

Sector	Financial Services
Industry	Banks - Regional
Headquarters	United States
Employees	585
Website	https://www.fsbwa.com

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FS Bancorp, Inc. FSBW R2K

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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