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FS Bancorp Inc. (FSBW-0.79%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $3.03 billion, an increase from $2.97 billion at the end of the previous year. This growth was primarily driven by an increase in loans receivable, net, which rose by $100.5 million.
Total liabilities increased by $25.2 million, primarily due to an increase in borrowings of $214.1 million, offset by a decrease in deposits of $182.9 million.
Net income for the year was $35.0 million, a decrease from $36.1 million the previous year. This was attributed to a slight decrease in net interest income and an increase in noninterest expenses.
The company's net interest margin decreased to 4.30% from 4.48% in the prior year, reflecting rising deposit and borrowing costs.
FS Bancorp's provision for credit losses increased to $5.5 million from $4.8 million in the previous year, mainly due to elevated net charge-offs.
Noninterest income increased by $1.1 million, driven by gains on the sale of loans and mortgage servicing rights, partially offset by a loss on the sale of investment securities.
Noninterest expenses rose by $3.8 million, primarily due to higher data processing expenses, professional fees, and salaries and benefits.
The allowance for credit losses on loans was $31.9 million, or 1.26% of gross loans receivable, compared to $31.5 million, or 1.30%, at the end of 2023.
FS Bancorp's capital ratios remained strong, with the Bank categorized as 'well capitalized' under regulatory guidelines.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FS Bancorp Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.