FS Bancorp, Inc. Reports $7.4 Million of Net Income or $0.92 Per Diluted Share for 2024 and 3.7% Increase in Its Quarterly Dividend

MOUNTLAKE TERRACE, Wash., Jan. 21, 2025 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”), today reported fourth quarter net income of $7.4 million, or $0.92 per diluted share, compared to $9.8 million, or $1.23 per diluted share, for the comparable quarter one year ago. The decrease in net income during the fourth quarter of 2024, compared to the preceding quarter, was primarily due to a $420,000 tax benefit recorded during the preceding quarter, compared to a $2.5 million tax provision recorded for the fourth quarter of 2024. The tax benefit for the third quarter of 2024 was due to $28.4 million of energy tax credits purchased during the third quarter related to the Inflation Reduction Act of 2022. Net income for the year ended December 31, 2024 was $35.0 million, or $4.36 per diluted share, compared to $36.1 million, or $4.56 per diluted share for 2023. “Despite economic volatility that has impacted interest rates for loans and deposits these past few years, we are proud to have, primarily through organic loan growth, surpassed $3 billion in total assets,” stated Joe Adams, CEO. “We are also thankful to our Board of Directors for increasing our forty-eighth consecutive quarterly cash dividend by $0.01 to $0.28 per common share. The quarterly dividend will be paid on February 20, 2025, to shareholders of record as of February 6, 2025,” concluded Adams. “Tangible book value (non-GAAP) per share was $36.02 at December 31, 2024, compared to $31.64 at December 31, 2023, a 13.8% increase year over year. The focus on risk adjusted returns and growing tangible book value remains a mainstay for the Company's shareholders,” noted Matthew Mullet, President and CFO. 2024 Fourth Quarter and Year End Highlights Net income was $7.4 million for the fourth quarter of 2024, compared to $10.3 million in the previous quarter, and $9.8 million for the comparable quarter one year ago;Net interest margin (“NIM”) was 4.31% for the fourth quarter of 2024, compared to 4.35% in the previous quarter, and 4.24% for the comparable quarter one year ago;Total deposits decreased $87.9 million, or 3.6%, to $2.34 billion at December 31, 2024, primarily due to a $107.9 million decrease in brokered deposits, compared to $2.43 billion at September 30, 2024, and decreased $182.9 million, or 7.3%, from $2.52 billion at December 31, 2023. Noninterest-bearing deposits were $638.2 million at December 31, 2024, $657.8 million at September 30, 2024, and $670.8 million at December 31, 2023;Loans receivable, net increased $38.3 million, or 1.6%, to $2.50 billion at December 31, 2024, compared to $2.46 billion at September 30, 2024, and increased $100.5 million, or 4.2%, from $2.40 billion at December 31, 2023;Consumer loans, of which 87.4% are home improvement loans, decreased $12.2 million, or 1.9%, to $620.2 million at December 31, 2024, compared to $632.4 million in the previous quarter and decreased $26.6 million, or 4.1% from $646.8 million in the comparable quarter one year ago. During the three months ended December 31, 2024, 81.2% of consumer portfolio originations for home improvement loans had a Fair Isaac Corporation (“FICO”) score above 720 and 80.7% were secured with a UCC-2 filing;Borrowings increased $144.0 million, or 87.9%, to $307.8 million at December 31, 2024, compared to $163.8 million at September 30, 2024, and increased $214.1 million, or 228.3%, from $93.7 million at December 31, 2023;A $2.5 million provision for income taxes was recorded during the fourth quarter of 2024, compared to a $420,000 tax benefit during the third quarter of 2024, as a result of $28.4 million of energy tax credits purchased during the third quarter of 2024;Repurchased 35,000 shares of the Company's common stock in the fourth quarter of 2024 at an average price of $48.47 per share with $4.7 million remaining for future purchases under the existing share repurchase plan;Book value per share increased $0.81 to $38.26 at December 31, 2024, compared to $37.45 at September 30, 2024, and increased $3.91 from $34.36 at December 31, 2023. Tangible book value per share (non-GAAP financial measure) increased $0.92 to $36.02 at December 31, 2024, compared to $35.10 at September 30, 2024, and increased $6.62 from $31.64 at December 31, 2023. See, “Non-GAAP Financial Measures.”Segment reporting in the fourth quarter of 2024 reflected net income of $7.4 million for the Commercial and Consumer Banking segment and a net loss of $39,000 for the Home Lending segment, compared to net income of $9.3 million and $1.0 million in the prior quarter, and net income of $10.0 million and net loss of $254,000 in the fourth quarter of 2023, respectively; andRegulatory capital ratios at the Bank were 14.2% for total risk-based capital and 11.2% for Tier 1 leverage capital at December 31, 2024, compared to 13.4% for total risk-based capital and 10.4% for Tier 1 leverage capital at December 31, 2023. Segment Reporting The Company reports two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending portfolios and cash management services. This segment is also responsible for the management of the investment portfolio and other assets of the Bank. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment. The tables below provide a summary of segment reporting at or for the three months and years ended December 31, 2024 and 2023 (dollars in thousands): At or For the Three Months Ended December 31, 2024 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income(1) $28,555 $2,559 $31,114 (Provision) recovery for credit losses (1,597) 75 (1,522)Noninterest income(2) 2,308 2,302 4,610 Noninterest expense(3) (19,365) (4,986) (24,351)Income (loss) before (provision) benefit for income taxes 9,901 (50) 9,851 (Provision) benefit for income taxes (2,480) 11 (2,469)Net income (loss) $7,421 $(39) $7,382 Total average assets for period ended $2,383,885 $606,826 $2,990,711 Full-time employees ("FTEs") 447 115 562 At or For the Three Months Ended December 31, 2023 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income(1) $28,405 $2,050 $30,455 Provision for credit losses (939) (463) (1,402)Noninterest income(2) 2,602 2,854 5,456 Noninterest expense(3) (17,668) (4,765) (22,433)Income (loss) before (provision) benefit for income taxes 12,400 (324) 12,076 (Provision) benefit for income taxes (2,374) 70 (2,304)Net income (loss) $10,026 $(254) $9,772 Total average assets for period ended $2,395,363 $548,002 $2,943,365 FTEs 447 123 570 At or For the Year Ended December 31, 2024 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income(1) $113,304 $9,801 $123,105 Provision for credit losses (5,393) (118) (5,511)Noninterest income(2) 9,227 12,329 21,556 Noninterest expense(3) (77,615) (19,954) (97,569)Income before (provision) benefit for income taxes 39,523 2,058 41,581 (Provision) benefit for income taxes (6,733) 176 (6,557)Net income $32,790 $2,234 $35,024 Total average assets for period ended $2,373,295 $591,236 $2,964,531 FTEs 447 115 562 At or For the Year Ended December 31, 2023 Condensed income statement: Commercial and Consumer Banking Home Lending Total Net interest income(1) $111,737 $11,566 $123,303 Provision for credit losses (3,494) (1,280) (4,774)Noninterest income(2) 10,368 10,122 20,490 Noninterest expense(3) (73,767) (19,980) (93,747)Income before provision for income taxes 44,844 428 45,272 Provision for income taxes (9,132) (87) (9,219)Net income $35,712 $341 $36,053 Total average assets for period ended $2,315,806 $527,442 $2,843,248 FTEs 447 123 570 ________________________ (1) Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.(2) Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three months and year ended December 31, 2024, the Company recorded a net decrease in fair value of $396,000 and a net increase in fair value of $52,000, respectively, as compared to net increases in fair value of $733,000 and $447,000 for the three months and year ended December 31, 2023, respectively. As of December 31, 2024 and 2023, there were $12.7 million and $15.1 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.(3) Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three months and years ended December 31, 2024 and 2023, the Home Lending segment included allocated overhead expenses of $1.8 million and $6.6 million, compared to $1.4 million and $6.1 million, respectively. Asset Summary Total assets increased $59.0 million, or 2.0%, to $3.03 billion at December 31, 2024, compared to $2.97 billion at both September 30, 2024 and December 31, 2023. The increase in total assets at December 31, 2024, compared to September 30, 2024, was primarily due to increases of $53.0 million in securities available-for-sale (“AFS”), $38.3 million in loans receivable, net, and $6.1 million in FHLB stock, partially offset by decreases of $21.5 million in loans held for sale (“HFS”), $10.3 million in certificates of deposit (“CDs”) at other financial institutions, and $10.0 million in interest-bearing deposits at other financial institutions. The increase in securities AFS was attributable to purchases of variable and shorter duration securities. The increase in loans receivable, net was due to organic loan growth. The increase compared to December 31, 2023, was primarily due to increases in loans receivable, net of $100.5 million, other assets of $21.3 million, and FHLB stock of $13.5 million, partially offset by decreases in interest-bearing deposits at other financial institutions of $36.3 million, CDs at other financial institutions of $22.4 million, securities available-for-sale of $11.8 million, and mortgage servicing rights (“MSRs”) held for sale of $8.1 million. LOAN PORTFOLIO (Dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 Amount Percent Amount Percent Amount Percent REAL ESTATE LOANS Commercial $345,317 13.6% $352,933 14.1% $366,328 15.1%Construction and development 330,700 13.1 292,366 11.7 303,054 12.5 Home equity 75,147 3.0 75,063 3.0 69,488 2.9 One-to-four-family (excludes HFS) 617,322 24.4 591,666 23.7 567,742 23.3 Multi-family 245,222 9.7 238,462 9.6 223,769 9.2 Total real estate loans 1,613,708 63.8 1,550,490 62.1 1,530,381 63.0 CONSUMER LOANS Indirect home improvement 541,946 21.4 552,226 22.2 569,903 23.4 Marine 74,931 3.0 76,845 3.1 73,310 3.0 Other consumer 3,304 0.1 3,346 0.1 3,540 0.1 Total consumer loans 620,181 24.5 632,417 25.4 646,753 26.5 COMMERCIAL BUSINESS LOANS Commercial and industrial ("C&I") 287,014 11.3 296,773 11.9 238,301 9.8 Warehouse lending 12,918 0.4 15,249 0.6 17,580 0.7 Total commercial business loans 299,932 11.7 312,022 12.5 255,881 10.5 Total loans receivable, gross 2,533,821 100.0% 2,494,929 100.0% 2,433,015 100.0% Allowance for credit losses on loans (31,870) (31,232) (31,534) Total loans receivable, net $2,501,951 $2,463,697 $2,401,481 Loans receivable, net increased $38.3 million to $2.50 billion at December 31, 2024, from $2.46 billion at September 30, 2024, and increased $100.5 million from $2.40 billion at December 31, 2023. The increase in total real estate loans at December 31, 2024, compared to the prior quarter reflects increases in construction and development loans of $38.3 million, one-to-four-family loans (excluding loans HFS) of $25.7 million, and multi-family loans of $6.8 million. These increases were partially offset by a $7.6 million decrease in commercial real estate loans. Consumer loans decreased $12.2 million primarily due to a $10.3 million decrease in indirect home improvement loans and $1.9 million decrease in marine loans. Commercial business loans decreased $12.1 million, primarily as a result of a $9.8 million decrease in commercial and industrial (“C&I”) loans and $2.3 million decrease in warehouse lending. A breakdown of commercial real estate (“CRE”) loans at the dates indicated were as follows: (Dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 CRE by Type: Amount Amount Amount Agriculture $3,834 $3,610 $3,799 CRE Non-owner occupied: Office 39,697 40,672 42,739 Retail 36,568 36,070 38,691 Hospitality/restaurant 27,562 27,743 28,007 Self storage 19,111 19,130 21,381 Mixed use 17,721 17,881 19,331 Industrial 15,125 15,402 16,978 Senior housing/assisted living 7,565 7,621 8,505 Other(1) 6,631 6,684 8,365 Land 2,421 2,523 3,936 Education/worship 2,520 2,545 2,620 Total CRE non-owner occupied 174,921 176,271 190,553 CRE owner occupied: Industrial 67,064 63,577 66,048 Office 42,223 42,156 41,495 Retail 20,718 19,968 22,020 Hospitality/restaurant 10,396 10,528 11,065 Other(2) 8,612 8,116 8,522 Car wash — 9,575 7,767 Automobile related 7,325 8,874 7,530 Education/worship 4,608 4,609 4,606 Mixed use 5,616 5,649 2,923 Total CRE owner occupied 166,562 173,052 171,976 Total $345,317 $352,933 $366,328 ________________________ (1) Primarily includes loans secured by mobile home parks totaling $766,000, $774,000, and $2.3 million, RV parks totaling $685,000, $689,000, and $699,000, automobile-related collateral totaling $589,000, $594,000, and $608,000, and other collateral totaling $4.6 million, $4.6 million, and $4.4 million at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.(2) Primarily includes loans secured by gas stations totaling $1.5 million, $1.5 million, and $1.7 million, non-profit organization totaling $1.5 million, $901,000, and $922,000, and other collateral totaling $5.6 million, $5.7 million, and $5.5 million at December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate: (Dollars in thousands) For the Quarter Ended Current Weighted Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, AverageCRE by type: 2025 2025 2025 2025 2026 2026 2026 2026 Total RateAgriculture $840 $424 $— $312 $181 $— $300 $— $2,057 6.22%Apartment 9,177 6,167 1,826 18,617 1,893 13,951 9,780 7,163 68,574 4.98%Auto related — 2,075 — — — — — — 2,075 4.18%Hotel / hospitality 572 1,203 1,326 — 116 1,286 — — 4,503 4.39%Industrial 891 583 — 10,243 581 173 1,615 — 14,086 4.26%Mixed use 1,738 3,479 247 315 — — — 385 6,164 5.29%Office 10,448 453 4,172 977 523 1,654 562 7,805 26,594 4.89%Other 1,146 115 1,158 243 897 — 2,520 1,509 7,588 5.05%Retail 1,883 984 72 — 451 3,261 — 3,448 10,099 4.25%Senior housing and assisted living — — — — 2,172 — — — 2,172 4.75%Total $26,695 $15,483 $8,801 $30,707 $6,814 $20,325 $14,777 $20,310 $143,912 4.84% A breakdown of construction loans at the dates indicated were as follows: (Dollars in thousands) December 31, 2024 September 30, 2024 Construction Types: Amount Percent Amount Percent Commercial construction - retail $8,079 2.4% $8,710 3.0%Commercial construction - office 4,979 1.5 4,737 1.6 Commercial construction - self storage 13,480 4.1 10,408 3.5 Commercial construction - car wash — — 7,807 2.7 Multi-family 30,945 9.4 30,931 10.6 Custom construction - single family residential and single family manufactured residential 42,040 12.7 43,528 14.9 Custom construction - land, lot and acquisition and development 7,862 2.4 8,220 2.8 Speculative residential construction - vertical 180,381 54.5 145,549 49.8 Speculative residential construction - land, lot and acquisition and development 42,934 13.0 32,476 11.1 Total $330,700 100.0% $292,366 100.0% (Dollars in thousands) December 31, 2024 December 31, 2023 Construction Types: Amount Percent Amount Percent Commercial construction - retail $8,079 2.4% $— —%Commercial construction - office 4,979 1.5 4,699 1.5 Commercial construction - self storage 13,480 4.1 17,445 5.8 Commercial construction - car wash — — 7,742 2.5 Multi-family 30,945 9.4 56,065 18.5 Custom construction - single family residential and single family manufactured residential 42,040 12.7 47,230 15.7 Custom construction - land, lot and acquisition and development 7,862 2.4 6,377 2.1 Speculative residential construction - vertical 180,381 54.5 131,336 43.3 Speculative residential construction - land, lot and acquisition and development 42,934 13.0 32,160 10.6 Total $330,700 100.0% $303,054 100.0% Originations of one-to-four-family loans to purchase and to refinance a home for the periods indicated were as follows: (Dollars in thousands) For the Three Months Ended December 31, 2024 September 30, 2024 Amount Percent Amount Percent $ Change % Change Purchase $129,232 83.2% $168,088 85.7% $(38,856) (23.1)%Refinance 26,116 16.8 28,001 14.3 (1,885) (6.7)%Total $155,348 100.0% $196,089 100.0% $(40,741) (20.7)% (Dollars in thousands) For the Three Months Ended December 31, 2024 2023 Amount Percent Amount Percent $ Change % Change Purchase $129,232 83.2% $110,458 90.7% $18,774 17.0%Refinance 26,116 16.8 11,290 9.3 14,826 131.3%Total $155,348 100.0% $121,748 100.0% $33,600 27.6% (Dollars in thousands) For the Year Ended December 31, 2024 2023 Amount Percent Amount Percent $ Change % Change Purchase $626,937 87.6% $497,669 91.6% $129,268 26.0%Refinance 88,662 12.4 45,925 8.4 42,737 93.1%Total $715,599 100.0% $543,594 100.0% $172,005 31.6% During the quarter ended December 31, 2024, the Company sold $138.9 million of one-to-four-family loans compared to $167.6 million during the previous quarter and $87.5 million during the same quarter one year ago. Gross margins on home loan sales increased to 3.14% for the quarter ended December 31, 2024, compared to 2.96% in the previous quarter and 3.09% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs. Liabilities and Equity Summary Changes in deposits at the dates indicated were as follows: (Dollars in thousands) December 31, 2024 September 30, 2024 Transactional deposits: Amount Percent Amount Percent $ Change % Change Noninterest-bearing checking $627,679 26.8% $641,270 26.4% $(13,591) (2.1)%Interest-bearing checking(1) 176,561 7.5 165,944 6.8 10,617 6.4 Escrow accounts related to mortgages serviced(2) 10,479 0.5 16,483 0.7 (6,004) (36.4)Subtotal 814,719 34.8 823,697 33.9 (8,978) (1.1)Savings 154,188 6.6 151,364 6.2 2,824 1.9 Money market(3) 341,615 14.6 340,049 14.0 1,566 0.5 Subtotal 495,803 21.2 491,413 20.2 4,390 0.9 Certificates of deposit less than $100,000(4) 440,257 18.8 533,441 22.0 (93,184) (17.5)Certificates of deposit of $100,000 through $250,000 455,594 19.5 452,705 18.7 2,889 0.6 Certificates of deposit greater than $250,000 133,045 5.7 126,075 5.2 6,970 5.5 Subtotal 1,028,896 44.0 1,112,221 45.9 (83,325) (7.5)Total $2,339,418 100.0% $2,427,331 100.0% $(87,913) (3.6)% (Dollars in thousands) December 31, 2024 December 31, 2023 Transactional deposits: Amount Percent Amount Percent $ Change % Change Noninterest-bearing checking $627,679 26.8% $654,048 25.9% $(26,369) (4.0)%Interest-bearing checking(1) 176,561 7.5 244,028 9.7 (67,467) (27.6)Escrow accounts related to mortgages serviced(2) 10,479 0.5 16,783 0.7 (6,304) (37.6)Subtotal 814,719 34.8 914,859 36.3 (100,140) (10.9)Savings 154,188 6.6 151,630 6.0 2,558 1.7 Money market(3) 341,615 14.6 359,063 14.2 (17,448) (4.9)Subtotal 495,803 21.2 510,693 20.2 (14,890) (2.9)Certificates of deposit less than $100,000(4) 440,257 18.8 587,858 23.3 (147,601) (25.1)Certificates of deposit of $100,000 through $250,000 455,594 19.5 429,373 17.0 26,221 6.1 Certificates of deposit greater than $250,000 133,045 5.7 79,540 3.2 53,505 67.3 Subtotal 1,028,896 44.0 1,096,771 43.5 (67,875) (6.2)Total $2,339,418 100.0% $2,522,323 100.0% $(182,905) (7.3)% _______________________ (1) There were no brokered deposits at December 31, 2024 and September 30, 2024, and $70.2 million of brokered deposits at December 31, 2023.(2) Noninterest-bearing accounts.(3) Includes $279,000, $1.0 million, and $1,000 of brokered deposits at December 31, 2024, September 30, 2024 and December 31, 2023, respectively.(4) Includes $143.1 million, $250.2 million, and $361.3 million of brokered deposits at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. At December 31, 2024, CDs, which include retail and nonretail CDs, totaled $1.03 billion, compared to $1.11 billion at September 30, 2024, and $1.10 billion at December 31, 2023, with nonretail CDs representing 15.0%, 22.5% and 34.2% of total CDs at such dates, respectively. At December 31, 2024, nonretail CDs, which include brokered CDs, online CDs, and public funds CDs, decreased $108.1 million to $154.8 million, compared to $262.9 million at September 30, 2024, primarily due to a decrease of $107.2 million in brokered CDs. Nonretail CDs totaled $154.8 million at December 31, 2024, compared to $374.5 million at December 31, 2023. The decrease in brokered CDs was primarily due to more favorable rates in FHLB borrowings at maturity. At December 31, 2024, the Bank had uninsured deposits of approximately $652.7 million, compared to approximately $644.9 million in September 30, 2024, and approximately $606.5 million at December 31, 2023. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank's regulatory reporting requirements. At December 31, 2024, borrowings increased $144.0 million to $307.8 million from $163.8 million at September 30, 2024, and increased $214.1 million, from $93.7 million at December 31, 2023. These increases coincide primarily with the decreases in brokered CDs mentioned above due to more favorable rates in FHLB borrowings. The borrowings were comprised of FHLB advances of $258.8 million and overnight borrowings of $49.0 million. Total stockholders’ equity increased $6.9 million, to $295.8 million at December 31, 2024, from $288.9 million at September 30, 2024, and increased $31.3 million from $264.5 million at December 31, 2023. The increase in stockholders’ equity at December 31, 2024, compared to September 30, 2024, reflects net income of $7.4 million, partially offset by dividends paid of $2.1 million. Stockholders’ equity was also positively impacted by a $1.1 million net decrease in accumulated other comprehensive loss, net of tax, reflecting changes in market interest rates during the quarter. Book value per common share was $38.26 at December 31, 2024, compared to $37.45 at September 30, 2024, and $34.36 at December 31, 2023. The Bank is considered well capitalized under the minimum capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”) with a total risk-based capital ratio of 14.2%, a Tier 1 leverage capital ratio of 11.2%, and a common equity Tier 1 (“CET1”) capital ratio of 12.9% at December 31, 2024. The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 14.5%, a Tier 1 leverage capital ratio of 9.9%, and a CET1 ratio of 11.4% at December 31, 2024. Credit Quality The allowance for credit losses for loans (“ACLL”) was $31.9 million, or 1.26% of gross loans receivable (excluding loans HFS), at December 31, 2024, compared to $31.2 million, or 1.25% of gross loans receivable (excluding loans HFS), at September 30, 2024, and $31.5 million, or 1.30% of gross loans receivable (excluding loans HFS), at December 31, 2023. The increases in the ACLL at December 31, 2024, compared to the prior quarter and the same quarter a year ago was primarily due to loan growth, increases in nonperforming loans, and an increase in charge-offs. The allowance for credit losses on unfunded loan commitments decreased $98,000 to $1.4 million at December 31, 2024, compared to $1.5 million at both September 30, 2024, and December 31, 2023. Nonperforming loans increased $2.8 million to $13.6 million at December 31, 2024, from $10.8 million at September 30, 2024, and from $11.0 million at December 31, 2023. The increase in nonperforming loans at December 31, 2024, from the prior quarter was primarily due to increases in commercial real estate loans of $1.6 million, commercial business loans of $871,000, and construction and development loans of $242,000. The increase in nonperforming loans compared to the prior year was primarily due to increases in commercial real estate loans of $1.7 million, commercial business loans of $763,000, and construction and development loans of $280,000, partially offset by a decrease in indirect home improvement loans of $186,000 and marine loans of $53,000. Loans classified as substandard decreased $280,000 to $22.9 million at December 31, 2024, compared to $23.2 million at September 30, 2024, and decreased $1.6 million from $24.5 million at December 31, 2023. The decrease in substandard loans at December 31, 2024, compared to the prior quarter was primarily attributable to decreases of $592,000 in commercial and industrial loans and $93,000 in indirect home improvement loans, partially offset by an increase of $243,000 in construction and development loans. Compared to the prior year, the decrease in substandard loans was primarily due to decreases of $1.3 million in commercial and industrial loans, $318,000 in commercial real estate loans, and $186,000 in indirect home improvement loans, partially offset by an increase of $281,000 million in construction and development loans. There was no other real estate owned (“OREO”) property at December 31, 2024, September 30, 2024, and December 31, 2023. Operating Results Net interest income increased $659,000 to $31.1 million for the three months ended December 31, 2024, from $30.5 million for the three months ended December 31, 2023, primarily as a result of an increase in interest income on loans receivable, including fees, partially offset by an increase in interest expense. Total interest income for the three months ended December 31, 2024, increased $2.5 million compared to the same period last year, primarily due to an increase of $2.8 million in interest income on loans receivable, including fees. This growth was primarily attributable to new loans being originated at higher rates and variable rate loans repricing higher following increases in market interest rates. Total interest expense increased $1.9 million to $15.9 million for the three months ended December 31, 2024, compared to the same period last year, primarily the result of higher market interest rates on brokered deposits and borrowings. For the year ended December 31, 2024, net interest income decreased $198,000 to $123.1 million, from $123.3 million for the year ended December 31, 2023, as a $17.6 million increase in interest income was more than offset by a $17.8 million increase in interest expense. NIM increased seven basis points to 4.31% for the three months ended December 31, 2024, compared to 4.24% for the same period in the prior year. However, for the year ended December 31, 2024, NIM decreased 18 basis points to 4.30% from 4.48% for the year ended December 31, 2023. The increase in NIM for the three months ended December 31, 2024, compared to the same period in 2023, was due to higher net interest income, partially offset by a slight increase in average interest-earning assets. In contrast, the decrease in NIM for the year ended December 31, 2024, compared to the prior year, was primarily the result of higher average interest-earning assets and a slight decrease in net interest income between the periods. The average total cost of funds, including noninterest-bearing checking, increased 28 basis points to 2.38% for the three months ended December 31, 2024, from 2.10% for the three months ended December 31, 2023. This increase was predominantly due to higher market rates for deposits and increased utilization of higher cost borrowings. The average cost of funds increased 71 basis points to 2.43% for the year ended December 31, 2024, from 1.72% for the year ended December 31, 2023, also reflecting increases in market interest rates over last year and increased utilization of borrowings. Management remains focused on matching deposit/liability duration with the duration of loans/assets where feasible. For the three months and year ended December 31, 2024, the provision for credit losses on loans was $1.6 million and $5.6 million, compared to $1.7 million and $5.8 million, for the three months and year ended December 31, 2023, respectively. The provision for credit losses on loans reflects consumer charge-offs and organic loan growth during the periods. During the three months ended December 31, 2024, net charge-offs increased $348,000 to $983,000, compared to $635,000 for the same period last year, reflecting increased net charge-offs of $330,000 in indirect home improvement loans and $167,000 in marine loans, partially offset by decreases of $144,000 in commercial business loans and $10,000 in deposits and overdrafts. Net charge-offs increased $3.1 million to $5.3 million during the year ended December 31, 2024, compared to $2.2 million during the year ended December 31, 2023, reflecting increased net charge-off increases of $1.8 million in indirect home improvement loans, $905,000 in C&I loans, $313,000 in marine loans, and $71,000 in other consumer loans. Management attributes the increase in net charge-offs over the year primarily to volatile economic conditions. Noninterest income decreased $846,000 to $4.6 million, for the three months ended December 31, 2024, from $5.5 million for the three months ended December 31, 2023. The decrease reflects a $910,000 decrease in other noninterest income, primarily as a result of a reduction in fair value on loans held under the fair value option, and a decrease of $273,000 in service charges and fee income, primarily due to the sale of MSRs in the first quarter of 2024. These decreases were partially offset by a $320,000 increase in gain on sale of loans. Noninterest income increased $1.1 million to $21.6 million for the year ended December 31, 2024, from $20.5 million for the year ended December 31, 2023. This increase was primarily the result of an $8.4 million gain on sale of MSRs mentioned above with no similar transaction occurring in the same period in 2023, and a $1.8 million increase in gain on sale of loans, partially offset by a $7.8 million loss on sale of investment securities resulting from management's strategic decision to increase the yields and reduce the duration of the securities portfolio, and a $1.1 million decrease in service charges and fee income due to a reduction in loan servicing fees due to the sale of MSRs in the first quarter of 2024. Noninterest expense increased $1.9 million to $24.4 million for the three months ended December 31, 2024, from $22.4 million for the three months ended December 31, 2023. The increase in noninterest expense was primarily the result of an increase of $1.4 million in salaries and benefits, primarily driven by increased commissions for organic loan growth, $492,000 in data processing, reflecting loan growth, $455,000 in professional (consulting) and board fees, primarily related to the purchase of tax credits recorded in the third quarter. In addition, a $583,000 fair value recovery on servicing rights was recorded during the fourth quarter of 2024, compared to a $48,000 fair value impairment on servicing rights during the same period in 2023. Noninterest expense increased $3.8 million, to $97.6 million for the year ended December 31, 2024, from $93.7 million for the year ended December 31, 2023. This increase was primarily due to increases of $1.8 million in data processing, $1.5 million in professional (consulting) and board fees, $1.5 million in salaries and benefits, and $479,000 in occupancy, partially offset by a decrease of $1.6 million in acquisition costs as a result of no acquisition costs during the fourth quarter of 2024. About FS Bancorp FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 Bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities and Vancouver. Forward-Looking Statements When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially, from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decreases in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets; the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC's website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. FS BANCORP, INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS(Dollars in thousands, except share amounts) (Unaudited) Linked Prior Year December 31, September 30, December 31, Quarter Quarter 2024 2024 2023 % Change % Change ASSETS Cash and due from banks $19,280 $17,950 $17,083 7 13 Interest-bearing deposits at other financial institutions 12,355 22,390 48,608 (45) (75)Total cash and cash equivalents 31,635 40,340 65,691 (22) (52)Certificates of deposit at other financial institutions 1,727 12,001 24,167 (86) (93)Securities available-for-sale, at fair value 281,175 228,199 292,933 23 (4)Securities held-to-maturity, net 8,455 8,455 8,455 — — Loans held for sale, at fair value 27,835 49,373 25,668 (44) 8 Loans receivable, net 2,501,951 2,463,697 2,401,481 2 4 Accrued interest receivable 13,881 14,014 14,005 (1) (1)Premises and equipment, net 29,756 30,026 30,578 (1) (3)Operating lease right-of-use 5,378 5,365 6,627 — (19)Federal Home Loan Bank stock, at cost 15,621 9,504 2,114 64 639 Deferred tax asset, net 7,059 4,222 6,725 67 5 Bank owned life insurance (“BOLI”), net 38,528 38,453 37,719 — 2 MSRs, held at the lower of cost or fair value 9,204 8,739 9,090 5 1 MSRs, held for sale, held at the lower of cost or fair value — — 8,086 — (100)Goodwill 3,592 3,592 3,592 — — Core deposit intangible, net 13,710 14,586 17,343 (6) (21)Other assets 39,670 39,642 18,395 — 116 TOTAL ASSETS $3,029,177 $2,970,208 $2,972,669 2 2 LIABILITIES Deposits: Noninterest-bearing accounts $638,158 $657,753 $670,831 (3) (5)Interest-bearing accounts 1,701,260 1,769,578 1,851,492 (4) (8)Total deposits 2,339,418 2,427,331 2,522,323 (4) (7)Borrowings 307,806 163,806 93,746 88 228 Subordinated notes: Principal amount 50,000 50,000 50,000 — — Unamortized debt issuance costs (406) (423) (473) (4) (14)Total subordinated notes less unamortized debt issuance costs 49,594 49,577 49,527 — — Operating lease liability 5,556 5,548 6,848 — (19)Other liabilities 31,036 35,044 35,737 (11) (13)Total liabilities 2,733,410 2,681,306 2,708,181 2 1 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ EQUITY Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding — — — — — Common stock, $.01 par value; 45,000,000 shares authorized; 7,833,014 shares issued and outstanding at December 31, 2024, 7,817,172 at September 30, 2024, and 7,800,545 at December 31, 2023 78 78 78 — — Additional paid-in capital 55,716 55,264 57,362 1 (3)Retained earnings 257,113 251,843 230,354 2 12 Accumulated other comprehensive loss, net of tax (17,140) (18,283) (23,306) (6) (26)Total stockholders’ equity 295,767 288,902 264,488 2 12 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $3,029,177 $2,970,208 $2,972,669 2 2 FS BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Linked Prior Year December 31, September 30, December 31, Quarter Quarter 2024 2024 2023 % Change % Change INTEREST INCOME Loans receivable, including fees $43,654 $43,800 $40,863 — 7 Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 3,320 3,243 3,580 2 (7)Total interest and dividend income 46,974 47,043 44,443 — 6 INTEREST EXPENSE Deposits 13,543 13,486 12,055 — 12 Borrowings 1,831 1,828 1,447 — 27 Subordinated notes 486 485 486 — — Total interest expense 15,860 15,799 13,988 — 13 NET INTEREST INCOME 31,114 31,244 30,455 — 2 PROVISION FOR CREDIT LOSSES 1,522 1,513 1,402 1 9 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 29,592 29,731 29,053 — 2 NONINTEREST INCOME Service charges and fee income 2,513 2,482 2,786 — (10)Gain on sale of loans 1,733 2,523 1,413 (31) 23 Gain on sale of MSRs — 141 — (100) NM Gain on sale of investment securities, net — 11 — (100) NM Earnings on cash surrender value of BOLI 256 252 239 2 7 Other noninterest income 108 558 1,018 (81) (89)Total noninterest income 4,610 5,967 5,456 (23) (16)NONINTEREST EXPENSE Salaries and benefits 14,172 13,985 12,742 1 11 Operations 3,175 3,827 3,326 (17) (5)Occupancy 1,821 1,662 1,708 10 7 Data processing 2,252 2,156 1,760 4 28 Gain on sale of OREO — — (148) — (100)Loan costs 781 666 497 17 57 Professional and board fees 1,038 1,223 583 (15) 78 FDIC insurance 490 533 660 (8) (26)Marketing and advertising 329 377 277 (13) 19 Amortization of core deposit intangible 876 897 980 (2) (11)(Recovery) impairment of servicing rights (583) 506 48 NM NM Total noninterest expense 24,351 25,832 22,433 (6) 9 INCOME BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 9,851 9,866 12,076 — (18)PROVISION (BENEFIT) FOR INCOME TAXES 2,469 (420) 2,304 NM 7 NET INCOME $7,382 $10,286 $9,772 (28) (24)Basic earnings per share $0.94 $1.32 $1.25 (29) (25)Diluted earnings per share $0.92 $1.29 $1.23 (29) (25) FS BANCORP, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands, except per share amounts) (Unaudited) Year Ended Year December 31, December 31, Over Year 2024 2023 % Change INTEREST INCOME Loans receivable, including fees $170,857 $154,945 10 Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 13,980 12,247 14 Total interest and dividend income 184,837 167,192 11 INTEREST EXPENSE Deposits 53,163 36,751 45 Borrowings 6,627 5,196 28 Subordinated note 1,942 1,942 — Total interest expense 61,732 43,889 41 NET INTEREST INCOME 123,105 123,303 — PROVISION FOR CREDIT LOSSES 5,511 4,774 15 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 117,594 118,529 (1)NONINTEREST INCOME Service charges and fee income 10,026 11,138 (10)Gain on sale of loans 8,557 6,711 28 Gain on sale of MSRs 8,356 — NM Loss on sale of investment securities, net (7,836) — NM Earnings on cash surrender value of BOLI 990 920 8 Other noninterest income 1,463 1,721 (15)Total noninterest income 21,556 20,490 5 NONINTEREST EXPENSE Salaries and benefits 55,092 53,622 3 Operations 13,529 13,070 4 Occupancy 6,857 6,378 8 Data processing 8,424 6,852 23 Gain on sale of OREO — (148) (100)Loan costs 2,685 2,574 4 Professional and board fees 4,072 2,584 58 FDIC insurance 2,005 2,392 (16)Marketing and advertising 1,310 1,349 (3)Acquisition costs — 1,562 (100)Amortization of core deposit intangible 3,633 3,464 5 (Impairment) recovery of servicing rights (38) 48 NM Total noninterest expense 97,569 93,747 4 INCOME BEFORE PROVISION FOR INCOME TAXES 41,581 45,272 (8)PROVISION FOR INCOME TAXES 6,557 9,219 (29)NET INCOME $35,024 $36,053 (3)Basic earnings per share $4.48 $4.63 (3)Diluted earnings per share $4.36 $4.56 (4) KEY FINANCIAL RATIOS AND DATA (Unaudited) At or For the Three Months Ended December 31, September 30, December 31, PERFORMANCE RATIOS: 2024 2024 2023 Return on assets (ratio of net income to average total assets)(1) 0.98% 1.38% 1.32%Return on equity (ratio of net income to average total stockholders' equity)(1) 9.88 14.08 15.01 Yield on average interest-earning assets(1) 6.51 6.56 6.19 Average total cost of funds(1) 2.38 2.39 2.10 Interest rate spread information – average during period 4.13 4.17 4.09 Net interest margin(1) 4.31 4.35 4.24 Operating expense to average total assets(1) 3.24 3.47 3.02 Average interest-earning assets to average interest-bearing liabilities(1) 143.27 144.28 143.45 Efficiency ratio(2) 68.16 69.42 62.47 Common equity ratio (ratio of stockholders' equity to total assets) 9.76 9.73 8.90 Tangible common equity ratio(3) 9.25 9.17 8.25 For the Year Ended December 31, December 31, PERFORMANCE RATIOS: 2024 2023 Return on assets (ratio of net income to average total assets) 1.18% 1.27%Return on equity (ratio of net income to average total stockholders' equity) 12.22 14.36 Yield on average interest-earning assets 6.46 6.07 Average total cost of funds 2.43 1.72 Interest rate spread information – average during period 4.03 4.36 Net interest margin 4.30 4.48 Operating expense to average total assets 3.29 3.30 Average interest-earning assets to average interest-bearing liabilities 143.92 145.50 Efficiency ratio(2) 67.45 65.20 December 31, September 30, December 31, ASSET QUALITY RATIOS AND DATA: 2024 2024 2023 Nonperforming assets to total assets at end of period(4) 0.45% 0.36% 0.37%Nonperforming loans to total gross loans (excluding loans HFS)(5) 0.54 0.43 0.45 Allowance for credit losses – loans to nonperforming loans(5) 234.55 290.07 288.11 Allowance for credit losses – loans to total gross loans (excluding loans HFS) 1.26 1.25 1.30 At or For the Three Months Ended December 31, September 30, December 31, PER COMMON SHARE DATA: 2024 2024 2023 Basic earnings per share $0.94 $1.32 $1.25 Diluted earnings per share $0.92 $1.29 $1.23 Weighted average basic shares outstanding 7,723,250 7,676,102 7,696,429 Weighted average diluted shares outstanding 7,897,099 7,854,389 7,795,383 Common shares outstanding at end of period 7,729,951 (6) 7,713,359 (7) 7,698,401 (8)Book value per share using common shares outstanding $38.26 $37.45 $34.36 Tangible book value per share using common shares outstanding(9) $36.02 $35.10 $31.64 ____________________________ (1) Annualized.(2) Total noninterest expense as a percentage of net interest income and total noninterest income.(3) Tangible common equity ratio excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.(4) Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans 90 days or more past due), foreclosed real estate and other repossessed assets.(5) Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.(6) Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.(7) Common shares were calculated using shares outstanding of 7,817,172 at September 30, 2024, less 103,813 unvested restricted stock shares.(8) Common shares were calculated using shares outstanding of 7,800,545 at December 31, 2023, less 102,144 unvested restricted stock shares.(9) Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below. (Dollars in thousands) For the Three Months Ended December 31, For the Year Ended December 31, Linked Qtr. Prior Year Qtr. Average Balances 2024 2023 2024 2023 $ Change $ Change Assets Loans receivable, net(1) $2,533,664 $2,448,946 $2,511,553 $2,384,577 $84,718 $126,976 Securities available-for-sale, at amortized cost 265,483 321,735 282,684 288,152 (56,252) (5,468)Securities held-to-maturity 8,500 8,500 8,500 8,500 - - Interest-bearing deposits and certificates of deposit at other financial institutions 53,286 66,769 50,741 67,063 (13,483) (16,322)FHLB stock, at cost 10,300 3,403 7,579 4,740 6,897 2,839 Total interest-earning assets 2,871,233 2,849,353 2,861,057 2,753,032 21,880 108,025 Noninterest-earning assets 119,478 94,012 103,474 90,216 25,466 13,258 Total assets $2,990,711 $2,943,365 $2,964,531 $2,843,248 $47,346 $121,283 Liabilities Interest-bearing deposit accounts $1,772,887 $1,817,369 $1,784,443 $1,732,342 $(44,482) $52,101 Borrowings 181,599 119,451 153,926 110,328 62,148 43,598 Subordinated notes 49,584 49,517 49,559 49,492 67 67 Total interest-bearing liabilities 2,004,070 1,986,337 1,987,928 1,892,162 17,733 95,766 Noninterest-bearing deposit accounts 652,564 659,080 549,405 662,998 (6,516) (113,593)Other noninterest-bearing liabilities 36,722 39,651 140,648 36,992 (2,929) 103,656 Total liabilities $2,693,356 $2,685,068 $2,677,981 $2,592,152 $8,288 $85,829 ____________________________ Non-GAAP Financial Measures: In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company's capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information. These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below. (Dollars in thousands, except share and per share amounts)December 31, September 30, December 31, Tangible Book Value Per Share:2024 2024 2023 Stockholders' equity (GAAP)$295,767 $288,902 $264,488 Less: goodwill and core deposit intangible, net (17,302) (18,178) (20,935) Tangible common stockholders' equity (non-GAAP)$278,465 $270,724 $243,553 Common shares outstanding at end of period 7,729,951 (1) 7,713,359 (2) 7,698,401 (3) Book value per share (GAAP)$38.26 $37.45 $34.36 Tangible book value per share (non-GAAP)$36.02 $35.10 $31.64 Tangible Common Equity Ratio: Total assets (GAAP)$3,029,177 $2,970,208 $2,972,669 Less: goodwill and core deposit intangible assets (17,302) (18,178) (20,935) Tangible assets (non-GAAP)$3,011,875 $2,952,030 $2,951,734 Common equity ratio (GAAP) 9.76 % 9.73 % 8.90 %Tangible common equity ratio (non-GAAP) 9.25 9.17 8.25 _______________________ (1) Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.(2) Common shares were calculated using shares outstanding of 7,817,172 at September 30, 2024, less 103,813 unvested restricted stock shares.(3) Common shares were calculated using shares outstanding of 7,800,545 at December 31, 2024, less 102,144 unvested restricted stock shares. Contacts: Joseph C. Adams,Chief Executive OfficerMatthew D. Mullet,President and Chief Financial Officer(425) 771-5299www.FSBWA.com

FS Bancorp, Inc. Reports $7.4 Million of Net Income or $0.92 Per Diluted Share for 2024 and 3.7% Increase in Its Quarterly Dividend

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