FS Bancorp (FSBW) Investor presentation summary

Franchise overview and growth

• Total assets reached $3.07 billion as of March 31, 2025, with 29 branches and 16 loan production offices across Washington and Oregon.

• Asset growth has been driven by strategic acquisitions, including Anchor Bancorp in 2018 and Columbia Bank branches in 2023.

• Tangible common equity increased to $282 million in Q1 2025, with total net loans at $2.53 billion and deposits at $2.62 billion.

• The bank has paid forty-nine consecutive quarterly cash dividends of $0.28 per share.

• Focus remains on expanding commercial business lending and maintaining strong asset quality.

Financial performance and capital

• Q1 2025 net income was $8.0 million, with diluted EPS of $1.01 and ROAA of 1.07%.

• Tangible book value per share grew to $36.96, and the efficiency ratio was 69.39%.

• Net interest margin stood at 4.32%, and nonperforming assets were 0.47% of total assets.

• The bank repurchased 98,317 shares at an average price of $39.06, with $873,000 remaining under the repurchase plan.

• Regular dividend payout ratio was 27.7% in Q1 2025.

Lending and deposit composition

• Gross loans totaled $2.5 billion, with a diversified portfolio: 25% one-to-four-family, 24% indirect home improvement/consumer, 11% C&I, and 11% construction/development.

• Consumer lending portfolio was $609 million, primarily indirect home improvement and marine loans, with an average yield of 7.73%.

• Commercial & industrial commitments were $660.7 million, with $455.8 million outstanding.

• Construction and development loans had $518.9 million committed and $337.8 million outstanding, with an 8.51% average coupon.

• Total deposits reached $2.6 billion, with a cost of deposits at 2.18% in Q1 2025.