FSBWMEDIUM SIGNALFINANCIAL10-K

FSBW demonstrated strong operational performance with meaningfully higher operating cash flow and growing deposits, while enhancing cybersecurity risk management frameworks.

The bank's operating cash flow grew notably to $72.3M, suggesting improved operational efficiency and cash generation capabilities. The 14.3% growth in total deposits to $2.7B indicates successful customer acquisition and retention, providing a stronger funding base for future lending activities.

Comparing 2026-03-13 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

FSBW showed broad-based financial improvement with operating cash flow increasing 42.3% to $72.3M and revenue growing 44.8% to $4.6M, demonstrating strong operational momentum. Total deposits expanded meaningfully to $2.7B while cash and equivalents declined modestly to $28.2M, suggesting effective deployment of liquidity into higher-yielding assets. The company also increased dividend payments substantially to $7.1M, reflecting management's confidence in the underlying business performance and cash generation capacity.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
+54.2%
$4.6M$7.1M

Dividend payments increased 54.2% — management confidence in sustained cash generation.

Revenue
P&L
+44.8%
$3.2M$4.6M

Strong top-line growth of 44.8% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+42.3%
$50.8M$72.3M

Operating cash flow surged 42.3% — exceptional cash generation, highest quality earnings signal.

Total Deposits
Balance Sheet
+14.3%
$2.3B$2.7B

Deposits grew 14.3% — expanding customer base or increased trust in the institution.

Cash & Equivalents
Balance Sheet
-10.8%
$31.6M$28.2M

Cash decreased 10.8% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+10.3%
$13.5M$14.9M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-17
ADDED
false --12-31 FY 2025 The Information Security Program is based on regulation and guidance established by agencies, including but not limited to, the Federal Financial Institutions Counsel ( FFIEC ) and the FDIC.
The Information Security Program begins with risk assessment.
At least annually, the Company s Information Security team completes an information security risk assessment in accordance with regulatory guidance.
While cyber threats are included in the overall information security risk assessment, a targeted cybersecurity risk assessment is also completed, utilizing the FFIEC Cybersecurity Assessment Tool ( FFIEC CAT ).
The FFIEC CAT specifically assesses the maturity and effectiveness of the Bank s cybersecurity programs.
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REMOVED
At December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $189.0 million; the cumulative basis adjustments associated with these hedging relationships was $4.3 million; and the amounts of the designated hedged items was $60.0 million.
At December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $236.7 million; the cumulative basis adjustments associated with these hedging relationships was $3.2 million; and the amounts of the designated hedged items was $60.0 million.
Relating to items held at end of period included in other comprehensive income (loss).
The fair value of time deposits was calculated using a discounted cash flow analysis that calculated the present value of the projected cash flows from the portfolio versus the present value of a similar portfolio with a similar maturity profile at current market rates.
This adjustment represents a difference in interest rates from the time deposits acquired and the estimated wholesale funding rates used in the application of fair value accounting.
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