FS Bancorp (FSBW) Investor presentation summary

Franchise overview and growth

• Total assets reached $3.03 billion at year-end 2024, with 29 branches and 16 loan production offices across Washington and Oregon.

• Asset growth has been steady, rising from $828 million in 2016 to $3.03 billion in 2024, supported by acquisitions and organic expansion.

• Tangible common equity increased to $278 million in 2024, with total net loans at $2.53 billion and deposits at $2.34 billion.

• The bank has completed several strategic acquisitions, including Anchor Bancorp in 2018 and a seven-branch deal in 2023.

• Forty-eighth consecutive quarterly cash dividend announced, now at $0.28 per share.

Financial performance and capital position

• 2024 net income was $35.0 million, with diluted EPS of $4.36 and tangible book value per share rising to $36.02.

• Return on average assets (ROAA) for 2024 was 1.18%, and return on average equity (ROAE) was 12.22%.

• Net interest margin remained strong at 4.30% for the year, with an efficiency ratio of 67.45%.

• All capital ratios are above "well-capitalized" thresholds; CET1 ratio stood at 12.93% at year-end.

• Repurchased 35,000 shares in Q4 2024, with $4.7 million remaining under the buyback plan.

Lending and deposit composition

• Gross portfolio loans totaled $2.5 billion, with a diversified mix: 24% indirect home improvement/consumer, 24% one-to-four-family, 18% commercial & industrial, 13% construction & development, and 10% multi-family.

• Consumer lending portfolio was $620 million, primarily indirect home improvement, with 84.6% of loans in this category.

• Commercial & industrial commitments were $694.3 million, with $470.3 million outstanding at year-end.

• Construction and development loans had $497 million committed and $330.7 million outstanding, with an 8.52% average coupon.

• Total deposits reached $2.3 billion, with a cost of deposits at 2.18% in 2024.