FS Bancorp, Inc.
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
FSBW$43.52-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
FOR THE YEARS ENDED December 31, 2024, 2023 and 2022
(Dollars in thousands, except earnings per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| INTEREST INCOME | |||
| Loans receivable, including fees | $170,857 | $154,945 | $111,648 |
| Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions | 13,980 | 12,247 | 7,046 |
| Total interest and dividend income | 184,837 | 167,192 | 118,694 |
| INTEREST EXPENSE | |||
| Deposits | 53,163 | 36,751 | 9,420 |
| Borrowings | 6,627 | 5,196 | 3,052 |
| Subordinated notes | 1,942 | 1,942 | 1,942 |
| Total interest expense | 61,732 | 43,889 | 14,414 |
| NET INTEREST INCOME | 123,105 | 123,303 | 104,280 |
| PROVISION FOR CREDIT LOSSES | 5,511 | 4,774 | 6,217 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 117,594 | 118,529 | 98,063 |
| NONINTEREST INCOME | |||
| Service charges and fee income | 10,026 | 11,138 | 8,525 |
| Gain on sale of loans | 8,557 | 6,711 | 7,917 |
| Gain on sale of MSRs | 8,356 | — | — |
| Loss on sale of investment securities, net | (7,836) | — | — |
| Earnings on cash surrender value of BOLI | 990 | 920 | 876 |
| Other noninterest income | 1,463 | 1,721 | 790 |
| Total noninterest income | 21,556 | 20,490 | 18,108 |
| NONINTEREST EXPENSE | |||
| Salaries and benefits | 55,092 | 53,622 | 47,632 |
| Operations | 13,529 | 13,070 | 10,743 |
| Occupancy | 6,857 | 6,378 | 5,165 |
| Data processing | 8,424 | 6,852 | 6,062 |
| Gain on sale of OREO | — | (148) | — |
| Loan costs | 2,685 | 2,574 | 2,718 |
| Professional and board fees | 4,072 | 2,584 | 3,154 |
| Federal Deposit Insurance Corporation (“FDIC”) insurance | 2,005 | 2,392 | 1,224 |
| Marketing and advertising | 1,310 | 1,349 | 897 |
| Acquisition cost | — | 1,562 | 898 |
| Amortization of core deposit intangible | 3,633 | 3,464 | 691 |
| (Recovery) impairment of MSRs | (38) | 48 | (1) |
| Total noninterest expense | 97,569 | 93,747 | 79,183 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 41,581 | 45,272 | 36,988 |
| PROVISION FOR INCOME TAXES | 6,557 | 9,219 | 7,339 |
| NET INCOME | $35,024 | $36,053 | $29,649 |
| Basic earnings per share | $4.48 | $4.63 | $3.75 |
| Diluted earnings per share | $4.36 | $4.56 | $3.70 |
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