Thu, Mar 20, 10:01 AM (32 days ago)
**FS Bancorp, Inc. (FSBW) - 10-K Summary** **Financial Performance (FY 2024):** - **Revenue:** $184.8 million (up from $167.2 million in 2023) - **Net Income:** $35.0 million (down from $36.1 million in 2023) - **Earnings per Share (EPS):** $4.48 (down from $4.63 in 2023) - **Operating Expenses:** $97.6 million (up from $93.7 million in 2023) - **Provision for Credit Losses:** $5.5 million (up from $4.8 million in 2023) **Strategic Overview:** - Focus on community-based savings bank with 27 full-service branches. - Expansion through acquisitions, including seven branches from Columbia State Bank in 2023. - Strategic plan includes growth in commercial and consumer banking and home lending. **Future Outlook:** - Continued expansion and acquisition strategy. - Focus on digital banking and customer experience. - Emphasis on risk management and credit quality. **Risk Factors:** - Economic downturns affecting loan portfolio. - Interest rate fluctuations impacting net interest income. - Regulatory changes and compliance costs. - Technological risks and cybersecurity threats. **Financial Condition:** - Strong capital position with well-capitalized ratings. - Total assets of $3.03 billion (up from $2.97 billion in 2023). - Total deposits of $2.34 billion (down from $2.52 billion in 2023). - Loan portfolio growth with a focus on credit quality. **Market Position Changes:** - Increased market share in the Pacific Northwest. - Expanded product offerings and services. - Enhanced digital banking capabilities. **Amendment Details (10-K/A):** - **Reason for Amendment:** Correction of a typographical error in the opinion of Moss Adams LLP. - **Impact:** No changes to financial statements or disclosures. - **Effect on Investors:** No material impact on financial condition or results of operations. **Ticker:** FSBW