FS Bancorp (FSBW) investor relations material

Executive summary

• Net income for Q4 2025 was $8.4 million ($1.10 per diluted share), up from $7.4 million ($0.92 per share) year-over-year, but down from $9.2 million in the prior quarter.

• Full-year 2025 net income was $33.3 million ($4.29 per diluted share), compared to $35.0 million ($4.36 per share) in 2024.

• Quarterly dividend increased 3.6% to $0.29 per share, marking the 52nd consecutive quarterly dividend.

• Book value per share rose to $41.55 and tangible book value per share to $39.65 at year-end 2025.

Financial highlights

• Net interest income for Q4 2025 was $33.6 million, up from $31.1 million in Q4 2024; full-year net interest income was $130.4 million, up from $123.1 million in 2024.

• Net interest margin (NIM) for Q4 2025 was 4.35%, up from 4.31% a year ago; full-year NIM was 4.33%, up from 4.30%.

• Total deposits at year-end were $2.67 billion, up 14.3% year-over-year.

• Loans receivable, net, increased 4.8% year-over-year to $2.62 billion.

• Noninterest income for Q4 2025 was $6.4 million, up from $4.6 million in Q4 2024, driven by $1.0 million in BOLI death benefits.

• Noninterest expense for Q4 2025 was $26.1 million, up from $24.4 million in Q4 2024, mainly due to higher salaries, benefits, and operations expense.

Outlook and guidance

• Management remains focused on growing book value and tangible book value, centralizing headquarters by end of 2026, and maintaining strong capital and operating performance.