FS Bancorp Inc (FSBW) - Net Assets
Based on the latest financial reports, FS Bancorp Inc (FSBW) has net assets worth $313.85 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.20 Billion) and total liabilities ($2.89 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check FS Bancorp Inc (FSBW) tangible equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $313.85 Million |
| % of Total Assets | 9.8% |
| Annual Growth Rate | 12.16% |
| 5-Year Change | 24.32% |
| 10-Year Change | 279.71% |
| Growth Volatility | 31.15 |
FS Bancorp Inc - Net Assets Trend (2006–2025)
This chart illustrates how FS Bancorp Inc's net assets have evolved over time, based on quarterly financial data. See FSBW defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for FS Bancorp Inc (2006–2025)
The table below shows the annual net assets of FS Bancorp Inc from 2006 to 2025. For live valuation and market cap data, see FS Bancorp Inc market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $307.69 Million | +4.03% |
| 2024-12-31 | $295.77 Million | +11.83% |
| 2023-12-31 | $264.49 Million | +14.15% |
| 2022-12-31 | $231.70 Million | -6.39% |
| 2021-12-31 | $247.51 Million | +7.61% |
| 2020-12-31 | $230.01 Million | +14.86% |
| 2019-12-31 | $200.24 Million | +11.22% |
| 2018-12-31 | $180.04 Million | +47.57% |
| 2017-12-31 | $122.00 Million | +50.56% |
| 2016-12-31 | $81.03 Million | +7.56% |
| 2015-12-31 | $75.34 Million | +14.44% |
| 2014-12-31 | $65.84 Million | +5.65% |
| 2013-12-31 | $62.31 Million | +4.03% |
| 2012-12-31 | $59.90 Million | +123.77% |
| 2011-12-31 | $26.77 Million | +7.95% |
| 2010-12-31 | $24.80 Million | +6.35% |
| 2009-12-31 | $23.32 Million | -26.43% |
| 2007-12-31 | $31.69 Million | -8.89% |
| 2006-12-31 | $34.78 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to FS Bancorp Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 682.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $280.20 Million | 91.06% |
| Common Stock | $75.00K | 0.02% |
| Other Comprehensive Income | $-15.83 Million | -5.14% |
| Other Components | $43.25 Million | 14.06% |
| Total Equity | $307.69 Million | 100.00% |
FS Bancorp Inc Competitors by Market Cap
The table below lists competitors of FS Bancorp Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Rossari Biotech Limited
NSE:ROSSARI
|
$306.92 Million |
|
Tong-Tai Machine Tool Co Ltd
TW:4526
|
$307.04 Million |
|
Digital Imaging Technology INC
KQ:110990
|
$307.05 Million |
|
Chongqing Wanli New Energy Co Ltd
SHG:600847
|
$307.08 Million |
|
NEWRON PHARMACEUT. EO-20
XETRA:NP5
|
$306.87 Million |
|
Berjaya Land Bhd
KLSE:4219
|
$306.86 Million |
|
Pinlive Foods Co Ltd
SHE:300892
|
$306.86 Million |
|
Empresas Tricot S.A
SN:TRICOT
|
$306.84 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in FS Bancorp Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 295,767,000 to 307,694,000, a change of 11,927,000 (4.0%).
- Net income of 33,346,000 contributed positively to equity growth.
- Dividend payments of 10,262,000 reduced retained earnings.
- Share repurchases of 15,423,000 reduced equity.
- Other comprehensive income increased equity by 1,311,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $33.35 Million | +10.84% |
| Dividends Paid | $10.26 Million | -3.34% |
| Share Repurchases | $15.42 Million | -5.01% |
| Other Comprehensive Income | $1.31 Million | +0.43% |
| Other Changes | $2.96 Million | +0.96% |
| Total Change | $- | 4.03% |
Book Value vs Market Value Analysis
This analysis compares FS Bancorp Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.02x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 7.67x to 1.02x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-12-31 | $5.37 | $41.18 | x |
| 2007-12-31 | $4.89 | $41.18 | x |
| 2009-12-31 | $3.60 | $41.18 | x |
| 2010-12-31 | $3.83 | $41.18 | x |
| 2011-12-31 | $4.13 | $41.18 | x |
| 2012-12-31 | $9.96 | $41.18 | x |
| 2013-12-31 | $10.25 | $41.18 | x |
| 2014-12-31 | $11.02 | $41.18 | x |
| 2015-12-31 | $12.44 | $41.18 | x |
| 2016-12-31 | $13.55 | $41.18 | x |
| 2017-12-31 | $18.54 | $41.18 | x |
| 2018-12-31 | $23.26 | $41.18 | x |
| 2019-12-31 | $22.14 | $41.18 | x |
| 2020-12-31 | $26.41 | $41.18 | x |
| 2021-12-31 | $28.58 | $41.18 | x |
| 2022-12-31 | $28.92 | $41.18 | x |
| 2023-12-31 | $33.45 | $41.18 | x |
| 2024-12-31 | $37.47 | $41.18 | x |
| 2025-12-31 | $40.20 | $41.18 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently FS Bancorp Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.84%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 15.33%
- • Asset Turnover: 0.07x
- • Equity Multiplier: 10.39x
- Recent ROE (10.84%) is above the historical average (7.77%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2006 | 3.58% | 5.70% | 0.09x | 7.37x | $-2.23 Million |
| 2007 | -13.03% | -19.68% | 0.08x | 8.30x | $-7.30 Million |
| 2009 | -19.62% | -23.39% | 0.07x | 12.09x | $-6.91 Million |
| 2010 | 6.46% | 8.01% | 0.07x | 11.79x | $-877.50K |
| 2011 | 5.77% | 8.65% | 0.06x | 10.60x | $-1.13 Million |
| 2012 | 8.84% | 22.79% | 0.06x | 5.99x | $-694.70K |
| 2013 | 6.29% | 13.61% | 0.07x | 6.73x | $-2.31 Million |
| 2014 | 6.90% | 13.55% | 0.07x | 7.74x | $-2.04 Million |
| 2015 | 11.78% | 18.59% | 0.07x | 8.99x | $1.34 Million |
| 2016 | 12.96% | 17.72% | 0.07x | 10.22x | $2.40 Million |
| 2017 | 11.54% | 21.17% | 0.07x | 8.05x | $1.88 Million |
| 2018 | 13.52% | 30.81% | 0.05x | 9.01x | $6.34 Million |
| 2019 | 11.34% | 20.73% | 0.06x | 8.55x | $2.69 Million |
| 2020 | 17.07% | 27.63% | 0.07x | 9.19x | $16.26 Million |
| 2021 | 15.12% | 28.54% | 0.06x | 9.24x | $12.66 Million |
| 2022 | 12.80% | 22.11% | 0.05x | 11.36x | $6.48 Million |
| 2023 | 13.63% | 19.46% | 0.06x | 11.24x | $9.60 Million |
| 2024 | 11.84% | 17.19% | 0.07x | 10.24x | $5.45 Million |
| 2025 | 10.84% | 15.33% | 0.07x | 10.39x | $2.58 Million |
Industry Comparison
This section compares FS Bancorp Inc's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $389,399,400
- Average return on equity (ROE) among peers: 10.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| FS Bancorp Inc (FSBW) | $313.85 Million | 3.58% | 9.21x | $306.89 Million |
| Ameris Bancorp (ABCB) | $514.76 Million | 7.94% | 9.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $68.20 Million | 10.85% | 9.15x | $5.79 Billion |
| ACNB Corporation (ACNB) | $51.46 Million | 12.55% | 7.93x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $76.38 Million | 0.59% | 3.01x | $137.13 Million |
| Alerus Financial Corp (ALRS) | $127.25 Million | 8.42% | 8.09x | $736.27 Million |
| Amalgamated Bank (AMAL) | $508.95 Million | 16.01% | 14.41x | $1.27 Billion |
| Amerant Bancorp Inc. (AMTB) | $1.00 Billion | 3.23% | 8.67x | $974.56 Million |
| Arrow Financial Corporation (AROW) | $431.85 Million | 10.18% | 9.29x | $622.98 Million |
| Associated Banc-Corp (ASB) | $968.70 Million | 17.34% | 12.55x | $5.45 Billion |
| AmeriServ Financial Inc (ASRV) | $141.70 Million | 14.89% | 15.78x | $62.43 Million |
About FS Bancorp Inc
FS Bancorp, Inc. operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches in Washington. The company operates in two segments, Commercial and Consumer Banking; and Home Lending. It offers various deposit instruments, including checking accounts, money market deposit acc… Read more