FS Bancorp, Inc.

For the period ended Dec 31, 2024. Filed Mar 17, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 17, 2025

FSBW$43.55-0.5%Stored close · as of Nov 6, 2026

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Contents

Average Balances, Interest and Average Yields/Costs

Average Balances, Interest and Average Yields/Cost

The following table sets forth for the periods indicated, information regarding average balances of assets and liabilities, as well as the total dollar amounts of interest income from average interest-earning assets and interest expense on average interest-bearing liabilities, resultant yields, interest rate spread, net interest margin (otherwise known as net yield on interest-earning assets), and the ratio of average interest-earning assets to average interest-bearing liabilities. Also presented is the weighted average yield on interest-earning assets, rates paid on interest-bearing liabilities and the resultant spread at December 31, 2024. Income and all average balances are monthly average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield. The yields on tax-exempt municipal bonds have not been computed on a tax equivalent basis.

	Year Ended December 31,
2024 · 2023 · 2022
Average · Interest · Average · Interest · Average · Interest
	Balance	Earned	Yield/	Balance	Earned	Yield/	Balance	Earned	Yield/
(Dollars in thousands)	Outstanding	Paid	Rate	Outstanding	Paid	Rate	Outstanding	Paid	Rate
Interest-earning assets:
Loans receivable, net and loans held for sale (1)(2)	$2,511,553	$170,857	6.80%	$2,384,577	$154,945	6.50%	$2,014,017	$111,648	5.54%
Taxable AFS mortgage-backed securities (3)	122,261	4,385	3.59	93,661	1,596	1.70	86,626	1,842	2.13
Taxable AFS investment securities (3)(4)	71,091	4,535	6.38	65,704	4,578	6.97	60,729	1,431	2.36
Tax-exempt AFS investment securities (3)	89,332	1,728	1.93	128,787	2,503	1.94	130,744	2,488	1.90
Taxable HTM Investment securities	8,500	430	5.06	8,500	430	5.06	8,084	409	5.06
FHLB stock	7,579	658	8.68	4,740	245	5.17	7,231	401	5.55
Interest-bearing deposits at other financial institutions	50,741	2,244	4.42	67,063	2,895	4.32	32,689	475	1.45
Total interest-earning assets	2,861,057	184,837	6.46	2,753,032	167,192	6.07	2,340,120	118,694	5.07
Interest-bearing liabilities:
Savings and money market	503,992	7,633	1.51	612,430	5,511	0.90	781,763	3,775	0.48
Interest-bearing checking	176,205	2,521	1.43	189,107	2,586	1.37	176,204	495	0.28
Certificates of deposit	1,104,246	43,009	3.89	930,805	28,654	3.08	459,594	5,150	1.12
Borrowings	153,926	6,627	4.31	110,328	5,196	4.71	102,571	3,052	2.98
Subordinated note	49,559	1,942	3.92	49,492	1,942	3.92	49,425	1,942	3.93
Total interest-bearing liabilities	1,987,928	61,732	3.11%	1,892,162	43,889	2.32%	1,569,557	14,414	0.92%
Net interest income		$123,105			$123,303			$104,280
Net interest rate spread			3.35%			3.75%			4.15%
Net earning assets	$873,129			$860,870			$770,563
Net interest margin			4.30%			4.48%			4.46%
Average interest-earning assets to average interest-bearing liabilities	143.92%			145.50%			149.09%

(1)	The average loans receivable, net balances include nonaccrual loans, which carry a zero yield.

(2)	Includes net deferred fee recognition of $4.9 million, $6.0 million and $8.3 million for the years ended December 31, 2024, 2023, 2022, respectively.

(3)	Shown at amortized cost.

(4)	Includes income (loss) from fair value hedges of $1.6 million, $1.5 million, and $(4,000) for the years ended December 31, 2024, 2023, 2022, respectively.

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