FS Bancorp, Inc.

For the period ended Dec 31, 2025. Filed Mar 13, 2026.

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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.

FY2025 · Filed Mar 13, 2026

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, 2025. 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,
2025 · 2024 · 2023
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)	$2,625,703	$181,881	6.93%	$2,511,553	$170,857	6.80%	$2,384,577	$154,945	6.50%
Taxable investment securities (3)(4)	269,747	11,587	4.30	201,852	8,860	4.39	167,865	6,604	3.93
Tax-exempt investment securities (3)	78,499	1,862	2.37	89,332	2,218	2.48	128,787	2,503	1.94
FHLB stock	9,687	888	9.17	7,579	658	8.68	4,740	245	5.17
Interest-bearing deposits at other financial institutions	24,954	1,028	4.12	50,741	2,244	4.42	67,063	2,895	4.32
Total interest-earning assets	3,008,590	197,246	6.56	2,861,057	184,837	6.46	2,753,032	167,192	6.07
Interest-bearing liabilities:
Savings and money market	512,450	8,395	1.64	503,992	7,633	1.51	612,430	5,511	0.90
Interest-bearing checking	209,579	3,804	1.82	176,205	2,521	1.43	189,107	2,586	1.37
Certificates of deposit	1,190,110	45,470	3.82	1,104,246	43,009	3.89	930,805	28,654	3.08
Borrowings	169,788	7,229	4.26	153,926	6,627	4.31	110,328	5,196	4.71
Subordinated note	49,625	1,942	3.91	49,559	1,942	3.92	49,492	1,942	3.92
Total interest-bearing liabilities	2,131,552	66,840	3.14%	1,987,928	61,732	3.11%	1,892,162	43,889	2.32%
Net interest income		$130,406			$123,105			$123,303
Net interest rate spread			3.42%			3.35%			3.75%
Net earning assets	$877,038			$873,129			$860,870
Net interest margin			4.33%			4.30%			4.48%
Average interest-earning assets to average interest-bearing liabilities	141.15%			143.92%			145.50%

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

(2)	Includes net deferred fee amortization of $5.8 million, $4.9 million and $6.0 million for the years ended December 31, 2025, 2024, 2023, respectively.

(3)	Shown at amortized cost.

(4)	Includes income from fair value hedges of $1.1 million, $1.6 million, and $1.5 million for the years ended December 31, 2025, 2024, 2023, respectively.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.