FS Bancorp Inc (NASDAQ: FSBW) is a bank holding company that operates a community bank serving consumer and commercial customers. It makes money primarily through net interest income on loans and investment securities, with average interest-earning assets of $3.01 billion at a 6.56% yield for the year ended December 31, 2025. The loan portfolio averaged $2.63 billion in FY2025 at a 6.93% yield, up from $2.51 billion at 6.80% in FY2024. The bank originates residential mortgage loans, consumer loans including indirect fixture-secured home improvement loans ranging from $2,500 to $100,000, and holds taxable and tax-exempt investment securities. As of December 31, 2025, total risk-based capital stood at 13.96% of risk-weighted assets, well above the 10.00% threshold required to be considered well capitalized. The bank is regulated by the Washington State Department of Financial Institutions, the Federal Reserve, and the FDIC.

Revenue model

Net interest income generated on a loan portfolio averaging $2.63 billion (FY2025) and investment securities averaging $348 million (FY2025), funded by deposits and borrowings. Indirect dealer-originated fixture-secured consumer loans and residential mortgage loans are primary earning assets.

Products and services

Residential mortgage loans, consumer loans (including indirect fixture-secured home improvement loans with terms of seven to 20 years and amounts from $2,500 to $100,000), taxable and tax-exempt investment securities, FHLB stock, certificates of deposit at other financial institutions, bank owned life insurance (BOLI), and loans held for sale.

Customers and end markets

Consumer borrowers including home improvement and recreational vehicle buyers served through indirect dealer programs, residential mortgage borrowers, and deposit customers. The bank's community banking model targets retail and small business customers.

Value-chain role

Originating and holding bank. Underwrites loans directly and through indirect dealer channels using FICO scores and internal credit criteria. Subject to oversight by Washington DFI, the Federal Reserve, and FDIC for capital adequacy and consumer protection compliance.

Geographic exposure

Washington State, based on regulatory oversight by the Washington State Department of Financial Institutions and references to Puget Sound-area publications. No other states specified in filing excerpts.

Source: SEC 10-K, filed 2026-03-13

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