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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Item 8. Consolidated Statements of Cash Flows
(Dollars in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | 2024 | 2023 | 2022 |
| Net income | $35,024 | $36,053 | $29,649 |
| Adjustments to reconcile net income to net cash from operating activities | |||
| Provision for credit losses | 5,511 | 4,774 | 6,217 |
| Depreciation, amortization and accretion | 10,566 | 12,649 | 14,004 |
| Compensation expense related to stock options and restricted stock awards | 1,806 | 2,010 | 1,971 |
| Benefit for deferred income taxes | (2,023) | (693) | (844) |
| Change in cash surrender value of BOLI | (990) | (920) | (876) |
| Gain on sale of loans held for sale | (8,557) | (6,711) | (7,321) |
| Gain on sale of portfolio loans | — | — | (596) |
| Gain on sale of MSRs | (8,356) | — | — |
| Loss on sale of investment securities, net | 7,836 | — | — |
| Origination of loans held for sale | (535,623) | (377,144) | (566,898) |
| Proceeds from sale of loans held for sale | 571,287 | 411,484 | 708,400 |
| Gain on purchase of tax credits | (2,277) | — | — |
| Purchase of tax credits | (26,217) | — | — |
| (Recovery) impairment of MSRs | (38) | 48 | (1) |
| Gain on sale of OREO | — | (148) | — |
| Changes in operating assets and liabilities | |||
| Accrued interest receivable | 124 | (2,331) | (3,550) |
| Other assets | 8,051 | (4,495) | 2,127 |
| Other liabilities | (5,301) | 3,093 | 2,616 |
| Net cash from operating activities | 50,823 | 77,669 | 184,898 |
| CASH FLOWS (USED BY) FROM INVESTING ACTIVITIES | |||
| Activity in securities available-for-sale: | |||
| Proceeds from sale of investment securities | 101,907 | — | — |
| Maturities, prepayments, and calls | 17,716 | 17,295 | 21,201 |
| Purchases | (110,340) | (76,030) | (22,968) |
| Activity in securities held-to-maturity: | |||
| Purchases | — | — | (1,000) |
| Maturities of certificates of deposit at other financial institutions | 25,148 | 4,186 | 5,830 |
| Purchase of certificates of deposit at other financial institutions | (2,708) | (23,641) | — |
| Portfolio loan originations and principal collections, net | (73,841) | (185,024) | (534,335) |
| Net cash from acquisitions | — | 336,157 | — |
| Proceeds from sale of MSRs | 16,309 | — | — |
| Proceeds from sale of portfolio loans | — | — | 39,034 |
| Purchase of portfolio loans | (63,427) | (2,818) | (5,736) |
| Proceeds from sale of OREO, net | — | 718 | 145 |
| Purchase of premises and equipment | (1,635) | (1,671) | (1,551) |
| Proceeds from bank owned life insurance death benefits | 181 | — | 1,169 |
| Change in FHLB stock, net | (13,507) | 8,497 | (5,833) |
| Net cash (used by) from investing activities | (104,197) | 77,669 | (504,044) |
| CASH FLOWS FROM (USED BY) FINANCING ACTIVITIES | |||
| Net (decrease) increase in deposits | (183,025) | (30,704) | 211,935 |
| Proceeds from borrowings | 967,769 | 2,164,338 | 3,003,617 |
| Repayments of borrowings | (753,709) | (2,257,120) | (2,859,617) |
| Dividends paid on common stock | (8,265) | (7,764) | (7,096) |
| (Disbursements) proceeds from stock options exercised, net | (1,633) | (273) | 568 |
| Common stock repurchased for employee/director taxes paid on restricted stock awards | (386) | (355) | (190) |
| Issuance of common stock - employee stock purchase plan | 1,075 | 1,017 | 503 |
| Common stock repurchased | (2,508) | (223) | (15,628) |
| Net cash from (used by) financing activities | 19,318 | (131,084) | 334,092 |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (34,056) | 24,254 | 14,946 |
| CASH AND CASH EQUIVALENTS, beginning of year | 65,691 | 41,437 | 26,491 |
| CASH AND CASH EQUIVALENTS, end of year | $31,635 | $65,691 | $41,437 |
| SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION | |||
|---|---|---|---|
| Cash paid during the period for: | |||
| Interest on deposits and borrowings | $63,061 | $38,744 | 10,968 |
| Income taxes | 2,370 | 10,396 | 4,693 |
| SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES | |||
| Change in fair value on available-for-sale investment securities | $6,665 | $6,779 | $(41,849) |
| Change in fair value on fair value and cash flow hedges | 1,188 | (3,814) | 8,857 |
| Change in fair value on portfolio loans measured under the fair value option | 52 | 447 | (1,654) |
| Retention in gross MSRs from loan sales | 2,415 | 2,772 | 5,400 |
| OREO received in settlement of loans | — | — | 145 |
| Transfer of closed retail branch to OREO | — | — | 570 |
| ROU assets in exchange for lease liabilities | 422 | 2,034 | 3,049 |
| Acquisitions: | |||
| Assets acquired | — | 87,512 | — |
| Liabilities assumed | — | 424,949 | — |
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