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MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington, reported second quarter net income of $7.7 million, or $0.99 per diluted share, compared to $9.0 million, or $1.13 per diluted share, for the same quarter last year. The $316 million market cap bank maintains a healthy P/E ratio of 9.4x, and according to InvestingPro data, the company’s overall financial health score is rated as "GOOD."
The company’s board of directors approved its 50th consecutive quarterly cash dividend of $0.28 per common share, along with a special dividend of $0.22 per share. Both dividends will be paid on August 21, 2025, to shareholders of record as of August 7, 2025. InvestingPro analysis reveals that FSBW has consistently raised its dividend for 12 consecutive years, with a current yield of 2.7%.
Total loans receivable increased $81.2 million, or 3.2%, to $2.58 billion at the end of the quarter, compared to $2.50 billion at March 31, 2025. Year-over-year, loans grew by $125.1 million, or 5.1%.
Total deposits decreased $61.8 million, or 2.4%, to $2.55 billion, primarily due to a $59.1 million decrease in brokered deposits. Borrowings increased $165.5 million to $234.3 million compared to the previous quarter.
"We are proud of the balance sheet growth this quarter driven by solid loan demand," stated Phillip Whittington, CFO, in the press release.
The company’s net interest margin was 4.30% for the quarter, up slightly from 4.29% in the same period last year. Nonperforming loans increased to $19.0 million from $11.4 million a year ago, partly driven by a single commercial construction loan.
During the quarter, FS Bancorp repurchased 132,282 shares of common stock at an average price of $38.92 per share. The company’s book value per share increased to $39.55 at June 30, 2025, compared to $39.12 at March 31, 2025, and $37.15 a year earlier.
The bank maintained strong capital ratios with total risk-based capital at 14.1% and Tier 1 leverage capital at 11.2% as of June 30, 2025. Trading near $41.30, the stock sits between its 52-week range of $34.61 to $49.15, with analysts setting price targets between $41 and $46. Discover more detailed financial insights and 7 additional ProTips by subscribing to InvestingPro.
In other recent news, FS Bancorp reported a net income of $8.0 million for the first quarter of 2025, which marks a slight decline from the $8.4 million achieved in the same period last year. The earnings per diluted share also saw a decrease, coming in at $1.01 compared to $1.06 a year earlier. The company experienced a significant rise in total deposits by $275.7 million, reaching $2.62 billion, largely driven by an increase in brokered deposits. Additionally, FS Bancorp’s Board of Directors authorized a new $5 million share repurchase program, allowing the company to buy back its common stock over the next year.
FS Bancorp made a change in its auditing firm, appointing Baker Tilly as its new auditor following the merger of its previous firm, Moss Adams LLP, with Baker Tilly US, LLP. At the company’s recent Annual Meeting, shareholders approved executive compensation and re-elected several directors, ensuring continuity in leadership. In another development, May-Ling Sowell was promoted to Chief Compliance Officer, bringing her extensive experience in regulatory compliance to the role. These updates reflect ongoing strategic and operational adjustments within FS Bancorp.
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