FS Bancorp, Inc.
For the period ended Dec 31, 2025. Filed Mar 13, 2026.
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FY2025 · Filed Mar 13, 2026
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 | 2025 | 2024 | 2023 |
| Net income | $33,346 | $35,024 | $36,053 |
| Adjustments to reconcile net income to net cash from operating activities | |||
| Provision for credit losses | 9,546 | 5,511 | 4,774 |
| Depreciation, amortization and accretion | 11,935 | 10,566 | 12,649 |
| Compensation expense related to stock options and restricted stock awards | 2,254 | 1,806 | 2,010 |
| Benefit for deferred income taxes | (294) | (2,023) | (693) |
| Earnings on cash surrender value of BOLI | (1,035) | (990) | (920) |
| Gain on sale of loans held for sale | (8,280) | (8,557) | (6,711) |
| Gain on sale of portfolio loans | (63) | — | — |
| Gain on sale of MSRs | — | (8,356) | — |
| Loss on sale of investment securities, net | — | 7,836 | — |
| Change in fair value on portfolio loans measured under the fair value option | (534) | — | — |
| Origination of loans held for sale | (527,976) | (535,623) | (377,144) |
| Proceeds from sale of loans held for sale | 561,218 | 571,287 | 411,484 |
| Gain on purchase of tax credits | (660) | (2,277) | — |
| Loss on disposal of fixed assets | 39 | — | — |
| Purchase of tax credits | (7,587) | (26,217) | — |
| Impairment (recovery) of MSRs | 54 | (38) | 48 |
| Gain on sale of OREO | — | — | (148) |
| Changes in operating assets and liabilities | |||
| Accrued interest receivable | (733) | 124 | (2,331) |
| Other assets | 4,661 | 8,051 | (4,495) |
| Other liabilities | (3,578) | (5,301) | 3,093 |
| Net cash from operating activities | 72,313 | 50,823 | 77,669 |
| 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 | 67,559 | 17,716 | 17,295 |
| Purchases | (69,136) | (110,340) | (76,030) |
| Activity in securities held-to-maturity: | |||
| Purchases | (30,485) | — | — |
| Maturities, prepayments, and calls | 5,725 | — | — |
| Maturities of certificates of deposit at other financial institutions | 1,727 | 25,148 | 4,186 |
| Purchase of certificates of deposit at other financial institutions | — | (2,708) | (23,641) |
| Portfolio loan originations and principal collections, net | (170,224) | (73,841) | (185,024) |
| Net cash from acquisitions | — | — | 336,157 |
| Proceeds from sale of MSRs | — | 16,309 | — |
| Proceeds from sale of portfolio loans | 2,309 | — | — |
| Purchase of portfolio loans | (4,498) | (63,427) | (2,818) |
| Proceeds from sale of OREO, net | — | — | 718 |
| Purchase of premises and equipment | (20,374) | (1,635) | (1,671) |
| Proceeds from bank owned life insurance death benefits | 3,314 | 181 | — |
| Change in FHLB stock, net | 7,650 | (13,507) | 8,497 |
| Net cash (used by) from investing activities | (206,433) | (104,197) | 77,669 |
| CASH FLOWS FROM (USED BY) FINANCING ACTIVITIES | |||
| Net increase (decrease) in deposits | 334,189 | (183,025) | (30,704) |
| Proceeds from borrowings | 949,937 | 967,769 | 2,164,338 |
| Repayments of borrowings | (1,128,438) | (753,709) | (2,257,120) |
| Dividends paid on common stock | (10,262) | (8,265) | (7,764) |
| Disbursements from stock options exercised, net | (57) | (1,633) | (273) |
| Common stock repurchased for employee/director taxes paid on restricted stock awards | (464) | (386) | (355) |
| Issuance of common stock - employee stock purchase plan | 1,222 | 1,075 | 1,017 |
| Common stock repurchased | (15,423) | (2,508) | (223) |
| Net cash from (used by) financing activities | 130,704 | 19,318 | (131,084) |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (3,416) | (34,056) | 24,254 |
| CASH AND CASH EQUIVALENTS, beginning of year | 31,635 | 65,691 | 41,437 |
| CASH AND CASH EQUIVALENTS, end of year | $28,219 | $31,635 | $65,691 |
| SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION | |||
|---|---|---|---|
| Cash paid during the period for: | |||
| Interest on deposits and borrowings | $65,154 | $63,061 | 38,744 |
| Income taxes | 184 | 2,370 | 10,396 |
| SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES | |||
| Change in fair value on available-for-sale investment securities | $7,667 | $6,665 | $6,779 |
| Change in fair value on fair value and cash flow hedges | (5,992) | 1,188 | (3,814) |
| Change in fair value on portfolio loans measured under the fair value option | — | 52 | 447 |
| Retention in gross MSRs from loan sales | 2,129 | 2,415 | 2,772 |
| ROU assets in exchange for lease liabilities | 1,975 | 422 | 2,034 |
| Acquisitions: | |||
| Assets acquired | — | — | 87,512 |
| Liabilities assumed | — | — | 424,949 |
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