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  4. [8-K] FS Bancorp, Inc. Reports Material Event

FS Bancorp Q3 2026 earnings fall 46% to $4.9M

The $0.29 quarterly cash dividend is payable November 20 to shareholders of record November 6.

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Filing Sentiment

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Rhea-AI Filing Summary

FS Bancorp, Inc. (FSBW) reported third-quarter 2026 net income of $4.9 million, or $0.63 per diluted share, down from $9.2 million and $1.18 a year earlier. For the nine months ended September 30, 2026, net income was $20.7 million, versus $24.9 million in the comparable 2025 period. Third-quarter net interest income was $35.7 million, up 6% year over year, while noninterest expense rose 27% to $32.3 million.

The company completed its Pacific West Bancorp acquisition on August 19, 2026; Pacific West shareholders received 430,149 FS Bancorp shares and $16.9 million in cash, for approximately $35.3 million in total consideration. The acquisition included $476.5 million of assets and $439.5 million of liabilities. Nonperforming loans were $25.1 million at September 30, including $8.6 million in acquired nonaccrual loans. The board declared a $0.29 per-share quarterly cash dividend, payable November 20 to holders of record November 6; it was the 55th consecutive quarterly dividend.

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Positive

  • Moderate pointNet interest income increased 6% year over year to $35.7 million.

Negative

  • Moderate pointNet income fell 46% year over year to $4.9 million.
  • Minor pointNonperforming loans reached $25.1 million, including $8.6 million in acquired nonaccrual loans.

Filing Explained

Acquisition shares dilute existing ownership absent offsets; most remaining acquisition-related expenses are expected in fourth-quarter 2026.

The 8-K's earnings release reports that the Pacific West acquisition closed on August 19, 2026, with 430,149 FS Bancorp common shares delivered as part of the seller consideration.

Issuing those shares increases the total share count and reduces existing holders’ percentage ownership absent offsetting changes.

Third-quarter net income of $4.9 million included a preliminary bargain-purchase gain of $1.7 million; the company also incurred $2.5 million in merger-related expenses during the quarter.

The company reports systems integration effective October 5, 2026, while core processing conversion remains planned for the fourth quarter of 2026; it expects most remaining acquisition-related expenses, mainly integration and conversion costs, in that quarter.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Third-quarter net income $4.9 million Three months ended September 30, 2026
Diluted earnings per share $0.63 Three months ended September 30, 2026
Net interest income $35.7 million Three months ended September 30, 2026; up 6% year over year
Noninterest income $6.2 million Three months ended September 30, 2026; up 10% year over year
Quarterly cash dividend $0.29 per share Payable November 20, 2026
Pacific West acquisition consideration Approximately $35.3 million Based on FS Bancorp's closing share price on the acquisition date
FS Bancorp shares received by Pacific West shareholders 430,149 shares Pacific West acquisition completed August 19, 2026
Nonperforming loans $25.1 million As of September 30, 2026
bargain purchase gain financial
"recognized a preliminary bargain purchase gain of $1.7 million"
A bargain purchase gain happens when a buyer acquires another company's assets for less than those assets' estimated fair value, producing an immediate accounting profit for the buyer. For investors, it matters because that one-time gain boosts the acquirer's reported earnings and can signal a very favorable deal — like finding a valuable item at a steep discount — but it may also prompt scrutiny about whether asset values or the deal terms were estimated correctly.
acquisition method of accounting financial
"The acquisition was accounted for using the acquisition method of accounting"
An accounting method used when one company obtains control of another; the acquirer records the purchase by measuring the fair value of the consideration it gives up, identifying and measuring the acquiree’s identifiable assets and liabilities at their fair values, and recognizing either goodwill for excess purchase price or a gain if the fair value of net assets exceeds consideration. Measurement-period adjustments are allowed to revise provisional amounts as more information becomes available; the method applies only when control is obtained and replaces earlier approaches that combined owners’ interests without fair-value measurement.
nonaccrual financial
"The acquired loans were on nonaccrual status"
A nonaccrual asset is a loan or investment that a lender stops counting as earning interest because the borrower is not making scheduled payments or the lender doubts future payments. Think of it like putting a subscription on hold when you stop receiving payments; it reduces reported income and signals a higher risk that the lender may not get repaid, which can affect a bank's profits and the value of its loan portfolio.
net interest margin financial
"Net interest margin (NIM) (annualized) was 4.36%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
allowance for credit losses financial
"allowance for credit losses on acquired loans of $3.9 million"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Net income $4.9 million -46% year over year
Diluted earnings per share $0.63 -47% year over year
Net interest income $35.7 million +6% year over year
Noninterest income $6.2 million +10% year over year
Guidance

Management anticipates that the majority of the remaining acquisition-related expenses, consisting primarily of system integration and core conversion costs, will be recognized during the fourth quarter of 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did FSBW earn in the third quarter of 2026?
FS Bancorp reported $4.9 million in net income, or $0.63 per diluted share, for the quarter ended September 30, 2026. In the comparable 2025 quarter, net income was $9.2 million, or $1.18 per diluted share.

When is FSBW's quarterly dividend payable?
The $0.29 per-share cash dividend is payable November 20, 2026, to shareholders of record as of the close of business on November 6, 2026. It is the company's 55th consecutive quarterly cash dividend.

What did Pacific West shareholders receive in the FSBW acquisition?
Pacific West shareholders received 430,149 FS Bancorp shares and $16.9 million in cash. The total consideration was approximately $35.3 million, based on FS Bancorp's closing share price on the acquisition date.

Why did FS Bancorp's nonperforming loans increase?
The increase compared with June 30, 2026, was primarily driven by $8.6 million of acquired loans that were on nonaccrual status at the acquisition date.

How did FS Bancorp account for the Pacific West acquisition gain?
FS Bancorp recognized a preliminary $1.7 million bargain purchase gain in noninterest income. The company stated that the gain is not taxable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001530249 0001530249 2026-10-21 2026-10-21
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ​
FORM 8-K
 ​
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 ​
Date of Report (Date of earliest event reported): October 21, 2026
 ​
FS BANCORP, INC.
(Exact name of registrant as specified in its charter)
 ​
Washington
001-35589
45-4585178
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
 ​
 ​
6920 220th Street SW
Mountlake Terrace, Washington
​98043
(Address of principal executive offices)
(Zip Code)
 ​
Registrant's telephone number, including area code:  (425) 771-5299
 ​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
 ​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 ​
Securities registered pursuant to Section 12(b) of the Act:
 ​
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $.01 per share
 
FSBW
 
The NASDAQ Stock Market LLC
 ​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 ​
 
 
 
Item 2.02 Results of Operations and Financial Condition
 ​
On October 21, 2026, FS Bancorp, Inc. (the Company), the parent corporation of 1st Security Bank of Washington, issued its earnings release for the quarter ended September 30, 2026.  A copy of the press release is furnished with this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
 
Item 8.01 Other Events
 
On October 21, 2026, the Company announced its Board of Directors declared a regular quarterly cash dividend on Company common stock of $0.29 per share, payable on November 20, 2026, to stockholders of record as of the close of business on November 6, 2026.
 ​
Item 9.01 Exhibits
 ​
 
(d)
Exhibits
 ​
 
99.1
Press release of FS Bancorp, Inc. dated October 21, 2026
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 ​ 
 
 
​
SIGNATURES
 ​
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 ​
 ​
Date: October 21, 2026
FS BANCORP, INC.
​
​
​
/s/Phillip D. Whittington
​
Phillip D. Whittington
​
Chief Financial Officer
​
 
 ​

  Exhibit 99.1

logo.jpg

 

 

FS Bancorp, Inc. Reports Third Quarter Net Income of $4.9 Million or $0.63 Per Diluted Share and Declares 55th Consecutive Quarterly Cash Dividend 

 

MOUNTLAKE TERRACE, WA – October 21, 2026 – FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2026 third quarter net income of $4.9 million, or $0.63 per diluted share, compared to $7.9 million, or $1.04 per diluted share, for the prior quarter, and $9.2 million, or $1.18 per diluted share, for the comparable quarter one year ago. For the nine months ended September 30, 2026, net income was $20.7 million, or $2.62 per diluted share, compared to net income of $24.9 million, or $3.18 per diluted share, for the comparable nine-month period in 2025.

 

“We are excited to work with the Pacific West Bank team members to further expand the deposit and loan opportunities in the greater Portland, Oregon and Vancouver, Washington markets, and we appreciate all of the hard work that went into the successful systems integration, effective October 5, 2026, through the collaboration of our newly combined teams,” stated Matthew Mullet, President and CEO of FS Bancorp, Inc. “We are also pleased to announce that our Board of Directors has approved our 55th consecutive quarterly cash dividend of $0.29 per common share, demonstrating our commitment to returning capital to long-term shareholders. The cash dividend will be paid on November 20, 2026, to shareholders of record as of November 6, 2026,” concluded Mullet.

 

Recent Events

 

At the close of business on August 19, 2026, the Company completed its acquisition of Pacific West Bancorp (“Pacific West”) and its wholly-owned subsidiary, Pacific West Bank. Pacific West shareholders received 430,149 shares of FS Bancorp common stock and $16.9 million in cash, for a total consideration of approximately $35.3 million based on the closing price of FS Bancorp common stock on the acquisition date. 

 

The acquisition was accounted for using the acquisition method of accounting.  Accordingly, the purchase price was allocated to the assets acquired, including identifiable intangible assets, and the liabilities assumed, based on their estimated fair values as of the acquisition date. These fair values represent management's best estimates based on information available and facts and circumstances in existence on the acquisition date and are subject to adjustment during a measurement period not to exceed one year from the acquisition date. 

 

The Company acquired assets with a fair value of $476.5 million, including loans of $256.5 million and a core deposit intangible of $5.3 million, and assumed liabilities of $439.5 million, including deposits of $435.6 million.  In accordance with Accounting Standards Update (“ASU”) 2025-08, which the Company early adopted effective January 1, 2026, the allowance for credit losses on acquired loans of $3.9 million was established at the acquisition date through a gross-up of the loans' amortized cost rather than through the provision for credit losses.  Because the fair value of net assets acquired exceeded the consideration paid, the Company recognized a preliminary bargain purchase gain of $1.7 million in noninterest income, which is not taxable. The Company incurred $2.5 million in merger-related expenses during the quarter.

 

2026 Third Quarter Highlights

 

 

●

Net income totaled $4.9 million for the third quarter of 2026, compared to $7.9 million for the previous quarter, and $9.2 million for the comparable quarter one year ago;

 

 

●

Total deposits increased $418.3 million, or 17.1%, to $2.87 billion at September 30, 2026, compared to $2.45 billion at June 30, 2026, primarily reflecting the Pacific West Bancorp Acquisition (“Pacific West Acquisition”) which had $442.8 million in deposits at September 30, 2026. Transactional deposits increased $377.6 million during the quarter, of which $351.6 million was attributable to the Pacific West Acquisition. Compared to September 30, 2025, total deposits increased $180.7 million, or 6.7%; 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 2

 

 

●

Loans receivable, net increased $379.1 million to $3.01 billion at September 30, 2026, from $2.63 billion at June 30, 2026, and increased $408.5 million from $2.60 billion at September 30, 2025. The increases from both prior periods reflected the Pacific West Acquisition, which included $252.7 million in loans that remained outstanding at September 30, 2026, and $131.7 million of loan growth during the third quarter;

 

 

●

The Commercial and Consumer Banking segment reported net income of $5.7 million for the third quarter of 2026, compared to $6.8 million for the prior quarter and $8.4 million for the third quarter of 2025.  The Home Lending segment reported a net loss of $806,000 for the third quarter of 2026 due to rising interest rates, compared to net income of $1.1 million for the prior quarter, and $775,000 for the third quarter of 2025;

 

 

●

Repurchased 44,664 shares of the Company's common stock in the open market for $1.9 million in the third quarter of 2026, at an average price of $43.41 per share;

 

 

●

Book value per share decreased $0.52, or 1.2%, to $43.05 at September 30, 2026, compared to $43.57 at June 30, 2026, and increased $2.62, or 6.5%, from $40.43 at September 30, 2025. Tangible book value per share (non-GAAP financial measure) decreased $1.00 to $40.84 at September 30, 2026, compared to $41.84 at June 30, 2026, and increased $2.41 from $38.43 at September 30, 2025. See, “Non-GAAP Financial Measures;” 

 

 

●

Regulatory capital ratios at the Bank were 12.6% for total risk-based capital and 11.2% for Tier 1 leverage capital at September 30, 2026, compared to 14.0% for total risk-based capital and 11.4% for Tier 1 leverage capital at June 30, 2026. The Bank remained well capitalized under applicable regulatory capital standards.

 

Segment Reporting

 

The Company operates through two reportable 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 and cash management services. This segment also manages the Bank's investment portfolio and other assets. 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 and nine months ended September 30, 2026 and 2025 (dollars in thousands):

 

 

 

At or For the Three Months Ended September 30, 2026

 

Condensed income statement:

 

Commercial and Consumer Banking

 

 

Home Lending

 

 

Total

 

Net interest income (1)

 

$31,888

 

 

$3,798

 

 

$35,686

 

Provision for credit losses

 

 

(2,855)

 

 

 

(607)

 

 

 

(3,462)

 

Noninterest income (2)

 

 

4,776

 

 

 

1,400

 

 

 

6,176

 

Noninterest expense (3)

 

 

(26,703)

 

 

 

(5,611)

 

 

 

(32,314)

 

Income before provision for income taxes

 

 

7,106

 

 

 

(1,020)

 

 

 

6,086

 

(Provision) benefit for income taxes

 

 

(1,374)

 

 

 

214

 

 

 

(1,160)

 

Net income (loss)

 

$5,732

 

 

$(806)

 

 

$4,926

 

Total average assets for period ended

 

$2,685,235

 

 

$718,565

 

 

$3,403,800

 

Full-time employees ("FTEs")

 

 

513

 

 

 

113

 

 

 

626

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 3

 

 

 

At or For the Three Months Ended September 30, 2025

 

Condensed income statement:

 

Commercial and Consumer Banking

 

 

Home Lending

 

 

Total

 

Net interest income (1)

 

$30,810

 

 

$2,880

 

 

$33,690

 

Provision for credit losses

 

 

(2,150)

 

 

(159)

 

 

(2,309)

Noninterest income (2)

 

 

2,079

 

 

 

3,515

 

 

 

5,594

 

Noninterest expense (3)

 

 

(20,134)

 

 

(5,254)

 

 

(25,388)

Income before provision for income taxes

 

 

10,605

 

 

 

982

 

 

 

11,587

 

Provision for income taxes

 

 

(2,203)

 

 

(207)

 

 

(2,410)

Net income

 

$8,402

 

 

$775

 

 

$9,177

 

Total average assets for period ended

 

$2,523,410

 

 

$662,047

 

 

$3,185,457

 

FTEs

 

 

460

 

 

 

115

 

 

 

575

 

 

 

 

At or For the Nine Months Ended September 30, 2026

 

Condensed income statement:

 

Commercial and Consumer Banking

 

 

Home Lending

 

 

Total

 

Net interest income (1)

 

$91,102

 

 

$9,777

 

 

$100,879

 

Provision for credit losses

 

 

(7,697)

 

 

 

(935)

 

 

 

(8,632)

 

Noninterest income (2)

 

 

9,980

 

 

 

7,747

 

 

 

17,727

 

Noninterest expense (3)

 

 

(68,978)

 

 

 

(14,960)

 

 

 

(83,938)

 

Income before provision for income taxes

 

 

24,407

 

 

 

1,629

 

 

 

26,036

 

Provision for income taxes

 

 

(5,136)

 

 

 

(208)

 

 

 

(5,344)

 

Net income

 

$19,271

 

 

$1,421

 

 

$20,692

 

Total average assets for period ended

 

$2,580,513

 

 

$682,123

 

 

$3,262,636

 

FTEs

 

 

513

 

 

 

113

 

 

 

626

 

 

 

 

At or For the Nine Months Ended September 30, 2025

 

Condensed income statement:

 

Commercial and Consumer Banking

 

 

Home Lending

 

 

Total

 

Net interest income (1)

 

$88,397

 

 

$8,387

 

 

$96,784

 

Provision for credit losses

 

 

(5,320)

 

 

(602)

 

 

(5,922)

Noninterest income (2)

 

 

6,621

 

 

 

9,269

 

 

 

15,890

 

Noninterest expense (3)

 

 

(60,624)

 

 

(15,321)

 

 

(75,945)

Income before provision for income taxes

 

 

29,074

 

 

 

1,733

 

 

 

30,807

 

Provision for income taxes

 

 

(5,517)

 

 

(364)

 

 

(5,881)

Net income

 

$23,557

 

 

$1,369

 

 

$24,926

 

Total average assets for period ended

 

$2,468,543

 

 

$643,460

 

 

$3,112,003

 

FTEs

 

 

460

 

 

 

115

 

 

 

575

 

________________________

 

(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 and nine months ended September 30, 2026, the Company recorded a net decrease of $742,000 and $799,000 in fair value, compared to a net increase of $203,000 and $469,000 in fair value for the three and nine months ended September 30, 2025, respectively.  As of September 30, 2026 and 2025, there were $13.9 million and $12.8 million, respectively, in residential mortgage loans recorded at fair value, which had previously been 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 and nine months ended September 30, 2026 and 2025, the Home Lending segment included allocated overhead expenses of $1.9 million and $5.5 million, compared to $1.8 million and $5.5 million, respectively.    

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 4

 

Asset Summary

 

The following table summarizes the composition of total assets, including the dollar and percentage changes from the linked quarter and prior-year period.

 

ASSETS

 

 

 

​

 

 

 

​

 

 

 

​

 

Linked Quarter

 

 

Prior Year

 

(Dollars in thousands)

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

Change

 

 

Quarter Change

 

 

 

2026

 

 

2026

 

 

2025

 

 

$

 

 

%

 

 

$

 

 

%

 

Cash and due from banks

 

$

29,022

 

 

$

12,835

 

 

$

12,391

 

 

$

16,187

 

 

 

126

%

 

$

16,631

 

 

 

134

%

Interest-bearing deposits at other financial institutions

 

 

14,925

 

 

 

16,875

 

 

 

48,889

 

 

 

(1,950

)

 

 

(12

)

 

 

(33,964

)

 

 

(69

)

Total cash and cash equivalents

 

 

43,947

 

 

 

29,710

 

 

 

61,280

 

 

 

14,237

 

 

 

48

 

 

 

(17,333

)

 

 

(28

)

Securities available-for-sale, at fair value

 

 

342,185

 

 

 

269,460

 

 

 

311,695

 

 

 

72,725

 

 

 

27

 

 

 

30,490

 

 

 

10

 

Securities held-to-maturity, net

 

 

37,734

 

 

 

34,845

 

 

 

31,386

 

 

 

2,889

 

 

 

8

 

 

 

6,348

 

 

 

20

 

Loans held for sale, at fair value

 

 

22,820

 

 

 

30,548

 

 

 

38,579

 

 

 

(7,728

)

 

 

(25

)

 

 

(15,759

)

 

 

(41

)

Loans receivable, net

 

 

3,008,129

 

 

 

2,628,992

 

 

 

2,599,601

 

 

 

379,137

 

 

 

14

 

 

 

408,528

 

 

 

16

 

Accrued interest receivable

 

 

16,901

 

 

 

14,263

 

 

 

15,122

 

 

 

2,638

 

 

 

18

 

 

 

1,779

 

 

 

12

 

Premises and equipment, net

 

 

49,148

 

 

 

43,455

 

 

 

32,444

 

 

 

5,693

 

 

 

13

 

 

 

16,704

 

 

 

51

 

Long-lived assets held for sale

 

 

3,258

 

 

 

3,258

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,258

 

 

NM

 

Operating lease right-of-use

 

 

7,799

 

 

 

6,655

 

 

 

6,832

 

 

 

1,144

 

 

 

17

 

 

 

967

 

 

 

14

 

Federal Home Loan Bank stock, at cost

 

 

13,073

 

 

 

14,420

 

 

 

7,975

 

 

 

(1,347

)

 

 

(9

)

 

 

5,098

 

 

 

64

 

Deferred tax asset, net

 

 

9,469

 

 

 

6,441

 

 

 

6,767

 

 

 

3,028

 

 

 

47

 

 

 

2,702

 

 

 

40

 

Bank owned life insurance (“BOLI”), net

 

 

41,857

 

 

 

36,771

 

 

 

38,531

 

 

 

5,086

 

 

 

14

 

 

 

3,326

 

 

 

9

 

MSRs, held at the lower of cost or fair value

 

 

8,887

 

 

 

8,912

 

 

 

8,506

 

 

 

(25

)

 

 

—

 

 

 

381

 

 

 

4

 

Goodwill

 

 

3,592

 

 

 

3,592

 

 

 

3,592

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Core deposit intangible, net

 

 

13,525

 

 

 

9,052

 

 

 

11,284

 

 

 

4,473

 

 

 

49

 

 

 

2,241

 

 

 

20

 

Other assets

 

 

54,327

 

 

 

38,706

 

 

 

35,231

 

 

 

15,621

 

 

 

40

 

 

 

19,096

 

 

 

54

 

TOTAL ASSETS

 

$

3,676,651

 

 

$

3,179,080

 

 

$

3,208,825

 

 

$

497,571

 

 

 

16

%

 

$

467,826

 

 

 

15

%

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 5

     

The following table summarizes the composition of the Company's loan portfolio by loan category as of September 30, 2026, compared to June 30, 2026 and September 30, 2025, including the dollar changes from the linked quarter and prior year period.       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior

 

LOAN PORTFOLIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linked

 

 

Year

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter

 

 

Quarter

 

COMMERCIAL REAL ESTATE

 

September 30, 2026

 

 

June 30, 2026

 

 

September 30, 2025

 

 

$

 

 

$

 

("CRE") LOANS

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Change

 

 

Change

 

CRE owner occupied

 

$224,764

 

 

 

7.3%

 

$184,136

 

 

 

6.9%

 

$170,714

 

 

 

6.5%

 

$40,628

 

 

$54,050

 

CRE non-owner occupied

 

 

298,385

 

 

 

9.8

 

 

 

188,258

 

 

 

7.1

 

 

 

172,713

 

 

 

6.6

 

 

 

110,127

 

 

 

125,672

 

Commercial and speculative construction and development

 

 

393,005

 

 

 

12.9

 

 

 

370,459

 

 

 

13.9

 

 

 

326,684

 

 

 

12.4

 

 

 

22,546

 

 

 

66,321

 

Multi-family

 

 

297,955

 

 

 

9.8

 

 

 

262,137

 

 

 

9.9

 

 

 

262,578

 

 

 

10.0

 

 

 

35,818

 

 

 

35,377

 

Total CRE loans

 

 

1,214,109

 

 

 

39.8

 

 

 

1,004,990

 

 

 

37.8

 

 

 

932,689

 

 

 

35.5

 

 

 

209,119

 

 

 

281,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESIDENTIAL REAL ESTATE LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-to-four-family (excludes HFS)

 

 

758,537

 

 

 

24.9

 

 

 

660,518

 

 

 

24.8

 

 

 

629,712

 

 

 

23.9

 

 

 

98,019

 

 

 

128,825

 

Home equity

 

 

93,020

 

 

 

3.1

 

 

 

88,214

 

 

 

3.3

 

 

 

86,895

 

 

 

3.3

 

 

 

4,806

 

 

 

6,125

 

Residential custom construction

 

 

56,677

 

 

 

1.9

 

 

 

44,765

 

 

 

1.7

 

 

 

53,296

 

 

 

2.0

 

 

 

11,912

 

 

 

3,381

 

Total residential real estate loans

 

 

908,234

 

 

 

29.9

 

 

 

793,497

 

 

 

29.8

 

 

 

769,903

 

 

 

29.2

 

 

 

114,737

 

 

 

138,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSUMER LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indirect home improvement

 

 

493,505

 

 

 

16.2

 

 

 

502,151

 

 

 

18.9

 

 

 

527,597

 

 

 

20.1

 

 

 

(8,646)

 

 

(34,092)

Marine

 

 

68,838

 

 

 

2.3

 

 

 

66,941

 

 

 

2.5

 

 

 

70,220

 

 

 

2.7

 

 

 

1,897

 

 

 

(1,382)

Other consumer

 

 

21,714

 

 

 

0.7

 

 

 

4,111

 

 

 

0.1

 

 

 

2,962

 

 

 

0.1

 

 

 

17,603

 

 

 

18,752

 

Total consumer loans

 

 

584,057

 

 

 

19.2

 

 

 

573,203

 

 

 

21.5

 

 

 

600,779

 

 

 

22.9

 

 

 

10,854

 

 

 

(16,722)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL BUSINESS LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial (“C&I”)

 

 

322,572

 

 

 

10.6

 

 

 

281,181

 

 

 

10.6

 

 

 

311,173

 

 

 

11.8

 

 

 

41,391

 

 

 

11,399

 

Warehouse lending

 

 

15,620

 

 

 

0.5

 

 

 

7,286

 

 

 

0.3

 

 

 

15,113

 

 

 

0.6

 

 

 

8,334

 

 

 

507

 

Total commercial business loans

 

 

338,192

 

 

 

11.1

 

 

 

288,467

 

 

 

10.9

 

 

 

326,286

 

 

 

12.4

 

 

 

49,725

 

 

 

11,906

 

Total loans receivable, gross

 

 

3,044,592

 

 

 

100.0%

 

 

2,660,157

 

 

 

100.0%

 

 

2,629,657

 

 

 

100.0%

 

 

384,435

 

 

 

414,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses ("ACL") on loans

 

 

(36,463)

 

 

 

 

 

 

 

(31,165)

 

 

 

 

 

 

(30,056)

 

 

 

 

 

 

(5,298)

 

 

 

(6,407)

 

Total loans receivable, net

 

$3,008,129

 

 

 

 

 

 

$2,628,992

 

 

 

 

 

 

$2,599,601

 

 

 

 

 

 

$379,137

 

 

$408,528

 

 

Loan growth during the three months ended September 30, 2026, reflected the Pacific West Acquisition, which included $252.7 million in loans that remained outstanding at September 30, 2026, as well as $131.5 million of loan growth excluding the acquired loans. Excluding the impact of the acquisition, loan growth was primarily concentrated in non-owner occupied commercial real estate and one-to-four family residential loans, which increased $29.8 million and $76.6 million, respectively, from June 30, 2026. Growth in one-to-four family residential loans included the purchase of $36.7 million of adjustable-rate residential mortgage loans. 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 6

 

The following table presents information on CRE loans scheduled to mature or reprice within the next two years, excluding loans that reprice automatically in connection with changes in the prime rate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

(Dollars in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

thousands)

 

For the Quarter Ended

 

 

 

 

 

 

Average

 

CRE by type:

 

Dec 31, 2026

 

 

Mar 31, 2027

 

 

Jun 30, 2027

 

 

Sep 30, 2027

 

 

Dec 31, 2027

 

 

Mar 31, 2028

 

 

Jun 30, 2028

 

 

Sep 30, 2028

 

 

Total

 

 

Rate

 

Apartment

 

$

54,457

 

 

$

10,183

 

 

$

5,598

 

 

$

7,892

 

 

$

14,007

 

 

$

16,719

 

 

$

382

 

 

$

3,874

 

 

$

113,112

 

 

 

5.74

%

Education/Worship

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,345

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,822

 

 

 

8,167

 

 

 

5.82

%

Industrial

 

 

10,122

 

 

 

6,038

 

 

 

3,608

 

 

 

6,277

 

 

 

5,290

 

 

 

3,155

 

 

 

7,261

 

 

 

7,588

 

 

 

49,339

 

 

 

5.33

%

Mixed use

 

 

768

 

 

 

2,369

 

 

 

—

 

 

 

413

 

 

 

3,192

 

 

 

442

 

 

 

—

 

 

 

406

 

 

 

7,590

 

 

 

5.77

%

Office

 

 

21,251

 

 

 

3,499

 

 

 

4,282

 

 

 

8,088

 

 

 

3,585

 

 

 

300

 

 

 

3,924

 

 

 

1,102

 

 

 

46,031

 

 

 

5.41

%

Other

 

 

2,681

 

 

 

269

 

 

 

1,713

 

 

 

666

 

 

 

24

 

 

 

—

 

 

 

853

 

 

 

8,468

 

 

 

14,674

 

 

 

6.11

%

Retail

 

 

3,272

 

 

 

3,737

 

 

 

5,753

 

 

 

7,326

 

 

 

—

 

 

 

14

 

 

 

432

 

 

 

—

 

 

 

20,534

 

 

 

4.73

%

Senior housing and assisted living

 

 

—

 

 

 

—

 

 

 

1,327

 

 

 

—

 

 

 

—

 

 

 

3,002

 

 

 

—

 

 

 

—

 

 

 

4,329

 

 

 

6.83

%

Total

 

$

92,551

 

 

$

26,095

 

 

$

22,281

 

 

$

33,007

 

 

$

26,098

 

 

$

23,632

 

 

$

12,852

 

 

$

27,260

 

 

$

263,776

 

 

 

5.57

%

 

The composition of CRE loans at the dates indicated were as follows:

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

CRE by Type:

 

September 30, 2026

 

 

June 30, 2026

 

 

September 30, 2025

 

CRE non-owner occupied:

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

$63,682

 

 

 

$43,705

 

 

 

$42,537

 

Retail

 

 

56,375

 

 

 

42,042

 

 

 

36,827

 

Hospitality/restaurant

 

 

51,126

 

 

 

24,499

 

 

 

25,798

 

Industrial

 

 

44,576

 

 

 

20,824

 

 

 

14,352

 

Mixed use

 

 

38,154

 

 

 

18,489

 

 

 

18,663

 

Self-storage

 

 

21,089

 

 

 

18,767

 

 

 

19,001

 

Senior housing/assisted living

 

 

10,818

 

 

 

6,882

 

 

 

7,390

 

Other

 

 

10,220

 

 

 

9,189

 

 

 

3,632

 

Education/worship

 

 

2,345

 

 

 

2,359

 

 

 

2,441

 

Land

 

 

—

 

 

 

1,502

 

 

 

2,072

 

Total CRE non-owner occupied

 

 

298,385

 

 

 

188,258

 

 

 

172,713

 

CRE owner occupied:

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

93,186

 

 

 

79,137

 

 

 

77,059

 

Office

 

 

44,588

 

 

 

31,862

 

 

 

31,981

 

Retail

 

 

30,272

 

 

 

27,433

 

 

 

17,399

 

Hospitality/restaurant

 

 

10,851

 

 

 

7,622

 

 

 

7,675

 

Education/worship

 

 

10,727

 

 

 

3,367

 

 

 

5,516

 

Other

 

 

10,654

 

 

 

10,539

 

 

 

10,521

 

Mixed use

 

 

9,720

 

 

 

9,239

 

 

 

4,622

 

Automobile related

 

 

6,697

 

 

 

6,745

 

 

 

7,164

 

Car wash

 

 

4,359

 

 

 

4,376

 

 

 

4,430

 

Agriculture

 

 

3,710

 

 

 

3,816

 

 

 

4,347

 

Total CRE owner occupied

 

 

224,764

 

 

 

184,136

 

 

 

170,714

 

Total

 

$523,149

 

 

$372,394

 

 

$343,427

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 7

 

The composition of construction loans at the dates indicated were as follows:

 

(Dollars in thousands)

 

September 30, 2026

 

 

June 30, 2026

 

 

September 30, 2025

 

Construction Types:

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

Commercial construction – self storage

 

$25,748

 

 

 

5.7%

 

$25,234

 

 

 

6.1%

 

$18,701

 

 

 

4.9%

Commercial construction – hotel

 

 

15,299

 

 

 

3.4

 

 

 

13,463

 

 

 

3.3

 

 

 

6,147

 

 

 

1.6

 

Commercial construction – retail

 

 

13,486

 

 

 

3.0

 

 

 

8,447

 

 

 

2.0

 

 

 

8,445

 

 

 

2.2

 

Commercial construction – office

 

 

7,164

 

 

 

1.6

 

 

 

7,164

 

 

 

1.7

 

 

 

9,250

 

 

 

2.4

 

Commercial construction – lots

 

 

2,945

 

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial construction – industrial

 

 

1,845

 

 

 

0.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial construction – auto service facility

 

 

1,465

 

 

 

0.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

52,127

 

 

 

11.6

 

 

 

46,186

 

 

 

11.1

 

 

 

29,751

 

 

 

7.8

 

Custom construction – single family residential and single family manufactured residential

 

 

43,921

 

 

 

9.8

 

 

 

33,944

 

 

 

8.2

 

 

 

44,299

 

 

 

11.7

 

Custom construction – land, lot and acquisition and development

 

 

12,766

 

 

 

2.8

 

 

 

10,821

 

 

 

2.6

 

 

 

8,998

 

 

 

2.4

 

Speculative residential construction – vertical

 

 

230,036

 

 

 

51.2

 

 

 

225,992

 

 

 

54.4

 

 

 

217,821

 

 

 

57.3

 

Speculative residential construction – land, lot and acquisition and development

 

 

42,890

 

 

 

9.5

 

 

 

43,973

 

 

 

10.6

 

 

 

36,668

 

 

 

9.7

 

Total

 

$449,692

 

 

 

100.0%

 

$415,224

 

 

 

100.0%

 

$380,080

 

 

 

100.0%

 

Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

 

(Dollars in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Year

 

thousands)

 

For the Three Months Ended

 

 

Linked Quarter

 

 

Quarter

 

 

 

September 30, 2026

 

 

June 30, 2026

 

 

September 30, 2025

 

 

$

 

 

%

 

 

$

 

 

%

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Change

 

 

Change

 

 

Change

 

 

Change

 

Purchase

 

$179,810

 

 

 

84.3%

 

$163,100

 

 

 

79.2%

 

$155,920

 

 

 

88.8%

 

$16,710

 

 

 

10.2

 

 

$23,890

 

 

 

15.3%

Refinance

 

 

33,367

 

 

 

15.7

 

 

 

42,741

 

 

 

20.8

 

 

 

19,714

 

 

 

11.2

 

 

 

(9,374)

 

 

(21.9)

 

 

13,653

 

 

 

69.3%

Total

 

$213,177

 

 

 

100.0%

 

$205,841

 

 

 

100.0%

 

$175,634

 

 

 

100.0%

 

$7,336

 

 

 

3.6

 

 

$37,543

 

 

 

21.4%

 

(Dollars in thousands)

 

For the Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

$ Change

 

 

% Change

 

Purchase

 

$482,012

 

 

 

76.8%

 

$446,631

 

 

 

85.8%

 

$35,381

 

 

 

7.9%

Refinance

 

 

145,438

 

 

 

23.2

 

 

 

73,697

 

 

 

14.2

 

 

 

71,741

 

 

 

97.3%

Total

 

$627,450

 

 

 

100.0%

 

$520,328

 

 

 

100.0%

 

$107,122

 

 

 

20.6%

 

During the quarter ended September 30, 2026, the Company sold $122.9 million of one-to-four-family loans, compared to $156.1 million during the previous quarter and $156.4 million during the same quarter one year ago. Gross margins on home loan sales increased to 3.55% for the quarter ended September 30, 2026, compared to 2.98% in the previous quarter and increased from 3.14% 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.

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 8

 

Liabilities and Equity Summary

 

The following table summarizes the components and changes in deposits, borrowings, equity, and book value per common share at the dates indicated, including the dollar changes from the linked quarter and prior year period.

(Dollars in thousands)

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

Linked

 

 

Prior Year

 

DEPOSITS

 

September 30, 2026

 

 

June 30, 2026

 

 

September 30, 2025

 

 

Quarter

 

 

Quarter

 

Transactional deposits:

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

$ Change

 

 

$ Change

 

Noninterest-bearing checking

 

$

738,715

 

 

 

25.9

%

 

$

629,799

 

 

 

25.7

%

 

$

648,661

 

 

 

24.2

%

 

$

108,916

 

 

$

90,054

 

Interest-bearing checking

 

 

293,069

 

 

 

10.2

 

 

 

209,721

 

 

 

8.6

 

 

 

199,527

 

 

 

7.4

 

 

 

83,348

 

 

 

93,542

 

Fintech partner deposits (1)

 

 

177,463

 

 

 

6.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

177,463

 

 

 

177,463

 

Escrow accounts related to mortgages serviced (2)

 

 

19,976

 

 

 

0.7

 

 

 

12,057

 

 

 

0.5

 

 

 

17,192

 

 

 

0.6

 

 

 

7,919

 

 

 

2,784

 

Subtotal

 

 

1,229,223

 

 

 

43.0

 

 

 

851,577

 

 

 

34.8

 

 

 

865,380

 

 

 

32.2

 

 

 

377,646

 

 

 

363,843

 

Savings and money market:

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Savings

 

 

181,400

 

 

 

6.3

 

 

 

173,092

 

 

 

7.1

 

 

 

167,006

 

 

 

6.2

 

 

 

8,308

 

 

 

14,394

 

Money market

 

 

433,851

 

 

 

15.1

 

 

 

375,833

 

 

 

15.3

 

 

 

354,082

 

 

 

13.2

 

 

 

58,018

 

 

 

79,769

 

Subtotal

 

 

615,251

 

 

 

21.4

 

 

 

548,925

 

 

 

22.4

 

 

 

521,088

 

 

 

19.4

 

 

 

66,326

 

 

 

94,163

 

Certificates of deposit:

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

CDs

 

 

946,667

 

 

 

33.0

 

 

 

922,022

 

 

 

37.6

 

 

 

930,371

 

 

 

34.6

 

 

 

24,645

 

 

 

16,296

 

Brokered Deposits

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

 

 

 

​

Non-maturity brokered deposits

 

 

1,003

 

 

 

—

 

 

 

4,027

 

 

 

0.2

 

 

 

251

 

 

 

—

 

 

 

(3,024

)

 

 

752

 

Maturity brokered deposits

 

 

75,060

 

 

 

2.6

 

 

 

122,331

 

 

 

5.0

 

 

 

369,402

 

 

 

13.8

 

 

 

(47,271

)

 

 

(294,342

)

Subtotal

 

 

76,063

 

 

 

2.6

 

 

 

126,358

 

 

 

5.2

 

 

 

369,653

 

 

 

13.8

 

 

 

(50,295

)

 

 

(293,590

)

Total deposits

 

$

2,867,204

 

 

 

100.0

%

 

$

2,448,882

 

 

 

100.0

%

 

$

2,686,492

 

 

 

100.0

%

 

$

418,322

 

 

$

180,712

 

Borrowings (3)

 

$

373,500

 

 

 

 

​

 

$

324,500

 

 

 

 

​

 

$

129,305

 

 

 

 

​

 

$

49,000

 

 

$

244,195

 

Stockholders' equity

 

$

333,206

 

 

 

 

​

 

$

318,960

 

 

 

 

​

 

$

300,511

 

 

 

 

​

 

$

14,246

 

 

$

32,695

 

Book value per common share

 

$

43.05

 

 

 

 

​

 

$

43.57

 

 

 

 

​

 

$

40.43

 

 

 

 

​

 

$

(0.52

)

 

$

2.62

 

 

(1)

Fintech partner deposits are deposits associated with the Bank’s Banking-as-a-Service relationships with financial technology companies.

(2)

Primarily noninterest-bearing accounts based on applicable state law.

(3)

Comprised of FHLB advances and Federal Reserve Bank borrowings.

 

The Company acquired its fintech partner deposits through the acquisition of Pacific West Acquisition. Through these relationships, the Company provides deposit and related banking services to fintech partners and their end users. 

 

Brokered deposits declined from the prior quarter, partially offset by increased borrowings, which offered a slightly lower cost of funds.

 

In the table above, the increase in stockholders’ equity from June 30, 2026, to September 30, 2026, was primarily due to $18.4 million in common stock issued in the Pacific West Acquisition, and net income of $4.9 million. Changes in the fair value of available‑for‑sale securities and interest rate swap cash flow hedges decreased accumulated other comprehensive income (“AOCI”) by $5.3 million, net of tax, reflecting changes in market interest rates during the quarter. The increase in stockholders’ equity was partially offset by $1.9 million in open market share repurchases and $2.2 million in cash dividends paid.

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 9

 

The Bank is considered “well capitalized” under the capital requirement established by the Federal Deposit Insurance Corporation (“FDIC”) and the Company exceeded all regulatory capital requirements. At September 30, 2026, capital ratios presented for the Bank and the Company were as follows:

 

 

 

At September 30, 2026

 

 

Bank

 

Company

Total risk-based capital (to risk-weighted assets)

 

12.61%

 

12.35%

Tier 1 leverage capital (to average assets)

 

11.24%

 

9.89%

CET 1 capital (to risk-weighted assets)

 

11.44%

 

10.07%

 

Credit Quality

 

The following tables summarize changes in the ACL on loans for the periods indicated and the balances of nonperforming and classified loans at the dates indicated.

 

 

 

For the three months ended

 

 

Linked

 

 

Prior Year

 

ACL ON LOANS

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

Quarter

 

 

Quarter

 

(Dollars in thousands)

 

2026

 

 

2026

 

 

2025

 

 

$ Change

 

 

$ Change

 

Beginning ACL balance

 

$31,165

 

 

$32,443

 

 

$32,189

 

 

$(1,278)

 

 

$(1,024)

 

Provision

 

 

2,953

 

 

 

2,559

 

 

 

1,851

 

 

 

394

 

 

 

1,102

 

Merger day 1 ACL (1)

 

 

3,898

 

 

 

—

 

 

 

—

 

 

 

3,898

 

 

 

3,898

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indirect

 

 

(1,926)

 

 

 

(2,067)

 

 

(1,941)

 

 

141

 

 

 

15

 

Marine

 

 

(186)

 

 

 

(7)

 

 

(55)

 

 

(179)

 

 

 

(131)

 

Other

 

 

(22)

 

 

 

(49)

 

 

(49)

 

 

27

 

 

 

27

 

Commercial and speculative construction and development

 

 

—

 

 

 

(2,277)

 

 

 

(2,299)

 

 

 

2,277

 

 

 

2,299

 

Commercial business

 

 

(1)

 

 

 

(39)

 

 

—

 

 

 

38

 

 

 

(1)

 

Subtotal

 

 

(2,135)

 

 

 

(4,439)

 

 

(4,344)

 

 

2,304

 

 

 

2,209

 

Recoveries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indirect

 

 

511

 

 

 

584

 

 

 

323

 

 

 

(73)

 

 

 

188

 

Marine

 

 

17

 

 

 

3

 

 

 

16

 

 

 

14

 

 

 

1

 

Other

 

 

4

 

 

 

15

 

 

 

12

 

 

 

(11)

 

 

 

(8)

 

Commercial business

 

 

50

 

 

 

—

 

 

 

9

 

 

 

50

 

 

 

41

 

Subtotal

 

 

582

 

 

 

602

 

 

 

360

 

 

 

(20)

 

 

 

222

 

Ending ACL balance

 

$36,463

 

 

$31,165

 

 

$30,056

 

 

$5,298

 

 

$6,407

 

(1)

The Company early adopted ASU 2025-08. The guidance was applied prospectively to qualifying purchased seasoned loans acquired in connection with the Pacific West Acquisition.

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 10

 

 

NONPERFORMING LOANS

 

 

 

 

 

 

 

 

 

Linked

 

Prior Year
(Dollars in thousands)

 

September 30,

 

June 30,

 

September 30,

 

Quarter

 

Quarter
CRE LOANS

 

2026

 

2026

 

2025

 

$ Change

 

$ Change

CRE owner occupied

 

$3,542

 

$614

 

$2,047

 

$2,928

 

$1,495

CRE non-owner occupied

 

 

5,623

 

 

—

 

 

—

 

 

5,623

 

 

5,623

Commercial and speculative construction and development

 

 

7,824

 

 

7,164

 

 

9,150

 

 

660

 

 

(1,326)

Multi-family

 

 

130

 

 

—

 

 

—

 

 

130

 

 

130

Total CRE loans

 

 

17,119

 

 

7,778

 

 

11,197

 

 

9,341

 

 

5,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESIDENTIAL REAL ESTATE LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-to-four-family (excludes HFS)

 

 

2,327

 

 

1,973

 

 

1,799

 

 

354

 

 

528

Home equity

 

 

520

 

 

472

 

 

317

 

 

48

 

 

203

Total residential real estate loans

 

 

2,847

 

 

2,445

 

 

2,116

 

 

402

 

 

731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSUMER LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indirect home improvement

 

 

4,421

 

 

4,799

 

 

3,802

 

 

(378)

 

 

619

Marine

 

 

540

 

 

606

 

 

620

 

 

(66)

 

 

(80)

Other consumer

 

 

15

 

 

19

 

 

40

 

 

(4)

 

 

(25)

Total consumer loans

 

 

4,976

 

 

5,424

 

 

4,462

 

 

(448)

 

 

514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL BUSINESS LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C&I

 

 

199

 

 

—

 

 

600

 

 

199

 

 

(401)

Total nonperforming loans

 

$25,141

 

$15,647

 

$18,375

 

$9,494

 

$6,766

 

The increase in nonperforming loans at September 30, 2026, compared to June 30, 2026, was primarily driven by $8.6 million of nonaccrual loans acquired as part of the Pacific West Acquisition. The acquired loans were on nonaccrual status as of the acquisition date and booked at fair market value under acquisition accounting.

 

CLASSIFIED LOANS

 

 

 

 

 

 

 

 

 

Linked

 

Prior Year
(Dollars in thousands)

 

September 30,

 

June 30,

 

September 30,

 

Quarter

 

Quarter
CRE LOANS

 

2026

 

2026

 

2025

 

$ Change

 

$ Change

CRE owner occupied

 

$4,224

 

$1,212

 

$3,080

 

$3,012

 

$1,144

CRE non-owner occupied

 

 

9,952

 

 

3,024

 

 

2,435

 

 

6,928

 

 

7,517

Commercial and speculative construction and development

 

 

7,824

 

 

7,164

 

 

9,150

 

 

660

 

 

(1,326)

Multi-family

 

 

3,307

 

 

—

 

 

—

 

 

3,307

 

 

3,307

Total CRE loans

 

 

25,307

 

 

11,400

 

 

14,665

 

 

13,907

 

 

10,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESIDENTIAL REAL ESTATE LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-to-four-family (excludes HFS)

 

 

4,140

 

 

3,794

 

 

3,646

 

 

346

 

 

494

Home equity

 

 

520

 

 

472

 

 

317

 

 

48

 

 

203

Total residential real estate loans

 

 

4,660

 

 

4,266

 

 

3,963

 

 

394

 

 

697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSUMER LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indirect home improvement

 

 

4,421

 

 

4,799

 

 

3,802

 

 

(378)

 

 

619

Marine

 

 

540

 

 

606

 

 

620

 

 

(66)

 

 

(80)

Other consumer

 

 

15

 

 

19

 

 

40

 

 

(4)

 

 

(25)

Total consumer loans

 

 

4,976

 

 

5,424

 

 

4,462

 

 

(448)

 

 

514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL BUSINESS LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C&I

 

 

3,469

 

 

3,889

 

 

3,963

 

 

(420)

 

 

(494)
Total classified loans

 

$38,412

 

$24,979

 

$27,053

 

$13,433

 

$11,359

 

The increase in classified loans at September 30, 2026, compared to June 30, 2026, was primarily driven by $12.5 million of classified loans acquired as part of the Pacific West Acquisition.

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 11

 

Operating Results

 

Net interest income increased $2.0 million to $35.7 million for the three months ended September 30, 2026, from $33.7 million for the three months ended September 30, 2025.  The increase was primarily a result of a $2.7 million increase in interest income on loans receivable, including interest income from loans acquired in the Pacific West Acquisition and the impact of net loan growth, partially offset by a $452,000 increase in total interest expense.  The increase in total interest expense primarily reflected increases of $843,000 in interest expense on borrowings and $438,000 in interest expense on subordinated notes following their repricing at higher interest rates in 2026, partially offset by an $829,000 decrease in interest expense on deposits.  The decrease in deposit interest expense reflected fluctuations in market interest rates and changes in the composition of deposits and borrowings, including the impact of balances acquired in the Pacific West Acquisition.  

 

For the nine months ended September 30, 2026, net interest income increased $4.1 million to $100.9 million, from $96.8 million for the nine months ended September 30, 2025, with a $6.0 million increase in total interest income, partially offset by a $1.9 million increase in total interest expense.  The $6.0 million increase in total interest income was primarily due to an increase of $6.6 million in interest income on loans receivable, including fees, primarily attributable to loan growth and the Pacific West Acquisition. The $1.9 million increase in total interest expense was primarily due to a $1.1 million increase in interest expense on subordinated notes, as noted above, as well as a $576,000 increase in interest expense on borrowings, and a $214,000 increase in interest expense on deposits. 

 

Net interest margin (“NIM”) (annualized) was 4.36% for the three months ended September 30, 2026, compared to 4.37% for the same period in the prior year and 4.30% for the three months ended June 30, 2026. The six basis point increase from the prior quarter was primarily attributable to lower funding costs, including lower rates on certificates of deposit as those deposits repriced and the addition of the slightly lower-cost funding base acquired in the Pacific West Acquisition, as well as improved yields on the Company’s investment securities portfolio. Incremental interest accretion on loans acquired in the Pacific West Acquisition had an immaterial impact on NIM during the period.

 

The average total cost of funds, including noninterest-bearing checking accounts, decreased nine basis points to 2.32% for the three months ended September 30, 2026, from 2.41% for the three months ended September 30, 2025. The decrease primarily reflected lower rates on certificates of deposit as those deposits repriced, as well as the addition of slightly lower-cost funding from the Pacific West Acquisition. The average cost of funds decreased two basis points to 2.37% for the nine months ended September 30, 2026, from 2.39% for the nine months ended September 30, 2025.

 

For the three and nine months ended September 30, 2026, the provision for credit losses on loans was $3.0 million and $8.2 million, compared to $2.3 million and $5.9 million for the three and nine months ended September 30, 2025, respectively. The year-to-date increase in the provision primarily reflected an increase in net charge-offs of $649,000 and additional reserve activity related to a single nonperforming construction and development loan.

 

During the three months ended September 30, 2026, net charge-offs decreased $2.4 million to $1.6 million, compared to $4.0 million for the three months ended September 30, 2025. The decrease was primarily attributable to a $2.3 million charge-off on a commercial construction loan relationship recognized during the three months ended September 30, 2025.

 

During the nine months ended September 30, 2026, net charge-offs increased $649,000 to $7.5 million, compared to $6.9 million for the nine months ended September 30, 2025. The increase was primarily due to higher net charge-offs in the indirect home improvement portfolio.

 

Total noninterest income increased $582,000 to $6.2 million for the three months ended September 30, 2026, from $5.6 million for the three months ended September 30, 2025. The increase was primarily due to the bargain purchase gain of $1.7 million from the Pacific West Acquisition, primarily offset by a decrease of $971,000 in gain on sale of loans, reflecting market interest rates putting pressure on home loan sales, and a decrease of $231,000 in other noninterest income. 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 12

 

Total noninterest income remained relatively unchanged at $6.2 million for the three months ended September 30, 2026, compared to $6.2 million for the three months ended June 30, 2026, as the $1.7 million bargain purchase gain from the Pacific West Acquisition was largely offset by a $1.1 million decrease in gain on sale of loans, reflecting lower loan sale volume as higher mortgage rates reduced saleable production, and a $742,000 fair value decrease on first lien residential mortgage loans accounted for under the fair value option, primarily due to higher mortgage rates during the period.

 

Total noninterest income increased $1.8 million to $17.7 million for the nine months ended September 30, 2026, from $15.9 million for the nine months ended September 30, 2025. This increase was mainly the result of a $1.7 million bargain purchase gain from the Pacific West Acquisition, and a $322,000 increase in gain on sale of loans.

 

Total noninterest expense increased $6.9 million to $32.3 million for the three months ended September 30, 2026, compared to $25.4 million for the three months ended September 30, 2025. The $6.9 million increase was largely comprised of a $2.8 million increase in salaries and benefits, primarily reflecting an increase in full-time-equivalent employees resulting from the Pacific West Acquisition, as well as higher overall benefit costs, and $2.5 million in acquisition-related costs associated with the transaction, compared to no acquisition costs in the prior year. 

 

Total noninterest expense increased $6.2 million to $32.3 million for the three months ended September 30, 2026, from $26.1 million for the three months ended June 30, 2026. The increase primarily reflected a $2.0 million increase in acquisition-related costs, a $1.6 million increase in salaries and benefits expense relating to the increase in full-time-equivalent employees from the Pacific West Acquisition and higher overall benefit costs, a $1.9 million increase in operations expense, and a $426,000 increase in data processing expense. The increases in operations and data processing expenses reflected additional operating costs associated with the Pacific West Acquisition, while the increase in operations expense also reflected certain expense adjustments recognized in the prior quarter.

 

Total noninterest expense increased $8.0 million to $83.9 million for the nine months ended September 30, 2026, from $75.9 million for the nine months ended September 30, 2025. This increase included a $4.6 million increase in salaries and benefits, a $3.2 million increase in acquisition costs, a $647,000 increase in occupancy, and a $573,000 increase in loan costs, partially offset by a $548,000 decrease in operations, primarily due to the same reasons mentioned above.

 

Merger-related activity during the third quarter was primarily focused on transaction completion and integration planning associated with the Pacific West Acquisition, including legal and professional fees, change-in-control costs, investment banking fees, and initial system integration activities related to the planned fourth quarter 2026 core processing conversion.  Acquisition-related expenses, as noted above, include these integration costs as well as costs incurred to complete and consolidate the operations of the two companies. Management anticipates that the majority of the remaining acquisition-related expenses, consisting primarily of system integration and core conversion costs, will be recognized during the fourth quarter of 2026.

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 13

 

 

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 32 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, as well as various communities in Oregon.

 

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”), other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “may,”  “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “anticipate,”  “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 economic conditions in the Company’s local market areas, other markets in which 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, recessionary pressures or slowing economic growth; credit risks of lending activities, including changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for credit losses; changes in interest rate levels and volatility, and the timing and pace of such changes, including actions by the Federal Reserve, which could adversely affect the Company's revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; inflationary pressures and related monetary and fiscal policy responses, and their impact on consumer and business behavior; geopolitical developments and international conflicts including but not limited to tensions or instability in Eastern Europe, the Middle East, South America, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets; global supply chains, commodity prices, or economic activity in specific industry sectors; the effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; increased competitive pressures, including repricing and competitors' pricing initiatives, and their impact on the Company's 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 the Company's ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment; the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking platforms, and cybersecurity; legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; vulnerabilities  in information systems or third-party service providers, including disruptions, breaches, or attacks; environmental, social and governance matters; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political 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 the Company's website at www.fsbwa.com and on the SEC's website at www.sec.gov.

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 14

 

Further, statements about the effects of the Company's acquisition of Pacific West, completed on August 19, 2026, on the Company's business, financial results, and condition may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in the forward-looking statements due to factors and future developments which are uncertain, unpredictable, and in many cases, beyond the Company's control, including the following: the expected cost savings, synergies and other financial benefits from the merger might not be realized within the expected time frames or at all; the integration of the combined company, including the conversion of operating systems and the retention of key personnel and customers, might not proceed as planned or may be more difficult, time-consuming or costly than expected; merger-related and integration expenses may be greater than expected; preliminary estimates of the fair value of acquired assets and assumed liabilities may change during the measuring period, and acquired loans may experience higher credit losses than anticipated; and the combined company might not perform as well as expected.

 

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 expressly disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. 

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 15

 

 

FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linked

 

 

Prior Year

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

Quarter

 

 

Quarter

 

ASSETS

 

2026

 

 

2026

 

 

2025

 

 

% Change

 

 

% Change

 

Cash and due from banks

 

$

29,022

 

 

$

12,835

 

 

$

12,391

 

 

 

126

 

 

 

134

 

Interest-bearing deposits at other financial institutions

 

 

14,925

 

 

 

16,875

 

 

 

48,889

 

 

 

(12

)

 

 

(69

)

Total cash and cash equivalents

 

 

43,947

 

 

 

29,710

 

 

 

61,280

 

 

 

48

 

 

 

(28

)

Securities available-for-sale, at fair value

 

 

342,185

 

 

 

269,460

 

 

 

311,695

 

 

 

27

 

 

 

10

 

Securities held-to-maturity, net

 

 

37,734

 

 

 

34,845

 

 

 

31,386

 

 

 

8

 

 

 

20

 

Loans held for sale, at fair value

 

 

22,820

 

 

 

30,548

 

 

 

38,579

 

 

 

(25

)

 

 

(41

)

Loans receivable, net

 

 

3,008,129

 

 

 

2,628,992

 

 

 

2,599,601

 

 

 

14

 

 

 

16

 

Accrued interest receivable

 

 

16,901

 

 

 

14,263

 

 

 

15,122

 

 

 

18

 

 

 

12

 

Premises and equipment, net

 

 

49,148

 

 

 

43,455

 

 

 

32,444

 

 

 

13

 

 

 

51

 

Long-lived assets held for sale

 

 

3,258

 

 

 

3,258

 

 

 

—

 

 

 

—

 

 

 

100

 

Operating lease right-of-use

 

 

7,799

 

 

 

6,655

 

 

 

6,832

 

 

 

17

 

 

 

14

 

Federal Home Loan Bank stock, at cost

 

 

13,073

 

 

 

14,420

 

 

 

7,975

 

 

 

(9)

 

 

 

64

 

Deferred tax asset, net

 

 

9,469

 

 

 

6,441

 

 

 

6,767

 

 

 

47

 

 

 

40

 

Bank owned life insurance (“BOLI”), net

 

 

41,857

 

 

 

36,771

 

 

 

38,531

 

 

 

14

 

 

 

9

 

MSRs, held at the lower of cost or fair value

 

 

8,887

 

 

 

8,912

 

 

 

8,506

 

 

 

—

 

 

 

4

 

Goodwill

 

 

3,592

 

 

 

3,592

 

 

 

3,592

 

 

 

—

 

 

 

—

 

Core deposit intangible, net

 

 

13,525

 

 

 

9,052

 

 

 

11,284

 

 

 

49

 

 

 

20

 

Other assets

 

 

54,327

 

 

 

38,706

 

 

 

35,231

 

 

 

40

 

 

 

54

 

TOTAL ASSETS

 

$

3,676,651

 

 

$

3,179,080

 

 

$

3,208,825

 

 

 

16

 

 

 

15

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing accounts

 

$

758,691

 

 

$

641,856

 

 

$

665,852

 

 

 

18

 

 

 

14

 

Interest-bearing accounts

 

 

2,108,513

 

 

 

1,807,026

 

 

 

2,020,640

 

 

 

17

 

 

 

4

 

Total deposits

 

 

2,867,204

 

 

 

2,448,882

 

 

 

2,686,492

 

 

 

17

 

 

 

7

 

Borrowings

 

 

373,500

 

 

 

324,500

 

 

 

129,305

 

 

 

15

 

 

 

189

 

Subordinated notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal amount

 

 

46,000

 

 

 

50,000

 

 

 

50,000

 

 

 

(8)

 

 

 

(8)

 

Unamortized debt issuance costs

 

 

(265)

 

 

 

(306

)

 

 

(356

)

 

 

(13

)

 

 

(26

)

Total subordinated notes less unamortized debt issuance costs

 

 

45,735

 

 

 

49,694

 

 

 

49,644

 

 

 

(8)

 

 

 

(8)

 

Operating lease liability

 

 

7,899

 

 

 

6,753

 

 

 

6,993

 

 

 

17

 

 

 

13

 

Other liabilities

 

 

49,107

 

 

 

30,291

 

 

 

35,880

 

 

 

62

 

 

 

37

 

Total liabilities

 

 

3,343,445

 

 

 

2,860,120

 

 

 

2,908,314

 

 

 

17

 

 

 

15

 

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; 7,867,367 shares issued and outstanding at September 30, 2026, 7,423,772 at June 30, 2026, and 7,535,330 at September 30, 2025

 

 

79

 

 

 

74

 

 

 

75

 

 

 

7

 

 

 

5

 

Additional paid-in capital

 

 

57,702

 

 

 

40,886

 

 

 

43,907

 

 

 

41

 

 

 

31

 

Retained earnings

 

 

294,408

 

 

 

291,635

 

 

 

273,882

 

 

 

1

 

 

 

7

 

Accumulated other comprehensive loss, net of tax

 

 

(18,983)

 

 

 

(13,635

)

 

 

(17,353

)

 

 

39

 

 

 

9

 

Total stockholders’ equity

 

 

333,206

 

 

 

318,960

 

 

 

300,511

 

 

 

4

 

 

 

11

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

3,676,651

 

 

$

3,179,080

 

 

$

3,208,825

 

 

 

16

 

 

 

15

 

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 16

 

FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share amounts) (Unaudited)

 

 

 

Three Months Ended

 

 

Linked

 

 

Prior Year

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

 

Quarter

 

 

Quarter

 

INTEREST INCOME

 

2026

 

 

2026

 

 

2025

 

 

% Change

 

 

% Change

 

Loans receivable, including fees

 

$49,346

 

 

$46,202

 

 

$46,664

 

 

 

7

 

 

 

6

 

Interest and dividends on investment securities, cash and cash equivalents, and interest-bearing deposits at other financial institutions

 

 

4,075

 

 

 

3,460

 

 

 

4,309

 

 

 

18

 

 

 

(5)

Total interest and dividend income

 

 

53,421

 

 

 

49,662

 

 

 

50,973

 

 

 

8

 

 

 

5

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

14,033

 

 

 

13,908

 

 

 

14,862

 

 

 

1

 

 

 

(6)

Borrowings

 

 

2,778

 

 

 

2,197

 

 

 

1,935

 

 

 

26

 

 

 

44

 

Subordinated notes

 

 

924

 

 

 

909

 

 

 

486

 

 

 

2

 

 

 

90

 

Total interest expense

 

 

17,735

 

 

 

17,014

 

 

 

17,283

 

 

 

4

 

 

 

3

 

NET INTEREST INCOME

 

 

35,686

 

 

 

32,648

 

 

 

33,690

 

 

 

9

 

 

 

6

 

PROVISION FOR CREDIT LOSSES

 

 

3,462

 

 

 

2,641

 

 

 

2,309

 

 

 

31

 

 

 

50

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

32,224

 

 

 

30,007

 

 

 

31,381

 

 

 

7

 

 

 

3

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fee income

 

 

2,424

 

 

 

2,281

 

 

 

2,326

 

 

 

6

 

 

 

4

 

Bargain purchase gain

 

 

1,658

 

 

 

—

 

 

 

—

 

 

 

NM

 

 

 

NM

 

Gain on sale of loans

 

 

1,468

 

 

 

2,581

 

 

 

2,439

 

 

 

(43)

 

 

 

(40)

 

Gain on sale of investment securities, net

 

 

11

 

 

 

—

 

 

 

—

 

 

 

NM

 

 

 

NM

 

Earnings on cash surrender value of BOLI

 

 

286

 

 

 

263

 

 

 

269

 

 

 

9

 

 

 

6

 

Other noninterest income

 

 

329

 

 

 

1,025

 

 

 

560

 

 

 

(68)

 

 

 

(41)

 

Total noninterest income

 

 

6,176

 

 

 

6,150

 

 

 

5,594

 

 

 

—

 

 

 

10

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

17,178

 

 

 

15,570

 

 

 

14,415

 

 

 

10

 

 

 

19

 

Operations

 

 

4,616

 

 

 

2,699

 

 

 

3,974

 

 

 

71

 

 

 

16

 

Occupancy

 

 

2,073

 

 

 

1,938

 

 

 

1,744

 

 

 

7

 

 

 

19

 

Data processing

 

 

2,252

 

 

 

1,826

 

 

 

1,784

 

 

 

23

 

 

 

26

 

Loan costs

 

 

803

 

 

 

900

 

 

 

746

 

 

 

(11)

 

 

 

8

 

Professional and board fees

 

 

1,067

 

 

 

1,060

 

 

 

1,093

 

 

 

1

 

 

 

(2)

FDIC insurance

 

 

630

 

 

 

531

 

 

 

592

 

 

 

19

 

 

 

6

 

Marketing and advertising

 

 

449

 

 

 

445

 

 

 

259

 

 

 

1

 

 

 

73

 

Acquisition costs

 

 

2,463

 

 

 

417

 

 

 

—

 

 

 

491

 

 

 

NM

 

Amortization of core deposit intangible

 

 

788

 

 

 

722

 

 

 

787

 

 

 

9

 

 

 

—

 

Recovery of servicing rights

 

 

(5)

 

 

 

(4)

 

 

(6)

 

 

 

25

 

 

 

(17)

Total noninterest expense

 

 

32,314

 

 

 

26,104

 

 

 

25,388

 

 

 

24

 

 

 

27

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

6,086

 

 

 

10,053

 

 

 

11,587

 

 

 

(39)

 

 

 

(47)

 

PROVISION FOR INCOME TAXES

 

 

1,160

 

 

 

2,117

 

 

 

2,410

 

 

 

(45)

 

 

 

(52)

 

NET INCOME

 

$4,926

 

 

$7,936

 

 

$9,177

 

 

 

(38)

 

 

 

(46)

 

Basic earnings per share

 

$0.65

 

 

$1.06

 

 

$1.20

 

 

 

(39)

 

 

 

(46)

 

Diluted earnings per share

 

$0.63

 

 

$1.04

 

 

$1.18

 

 

 

(39)

 

 

 

(47)

 

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 17

 

FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share amounts) (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

Nine Months Ended September 30,

 

 

Over Year

 

INTEREST INCOME

 

2026

 

 

2025

 

 

% Change

 

Loans receivable, including fees

 

$141,560

 

 

$135,004

 

 

 

5

 

Interest and dividends on investment securities, cash and cash equivalents, and interest-bearing deposits at other financial institutions

 

 

10,856

 

 

 

11,459

 

 

 

(5)

Total interest and dividend income

 

 

152,416

 

 

 

146,463

 

 

 

4

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

42,654

 

 

 

42,440

 

 

 

1

 

Borrowings

 

 

6,359

 

 

 

5,783

 

 

 

10

 

Subordinated notes

 

 

2,524

 

 

 

1,456

 

 

 

73

 

Total interest expense

 

 

51,537

 

 

 

49,679

 

 

 

4

 

NET INTEREST INCOME

 

 

100,879

 

 

 

96,784

 

 

 

4

 

PROVISION FOR CREDIT LOSSES

 

 

8,632

 

 

 

5,922

 

 

 

46

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

92,247

 

 

 

90,862

 

 

 

2

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fee income

 

 

6,778

 

 

 

6,894

 

 

 

(2)

Bargain purchase gain

 

 

1,658

 

 

 

—

 

 

NM

 

Gain on sale of loans

 

 

6,433

 

 

 

6,111

 

 

 

5

 

Gain on sale of investment securities, net

 

 

11

 

 

 

—

 

 

NM

 

Earnings on cash surrender value of BOLI

 

 

808

 

 

 

773

 

 

 

5

 

Other noninterest income

 

 

2,039

 

 

 

2,112

 

 

 

(3)

 

Total noninterest income

 

 

17,727

 

 

 

15,890

 

 

 

12

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

47,602

 

 

 

43,037

 

 

 

11

 

Operations

 

 

10,695

 

 

 

11,243

 

 

 

(5)

Occupancy

 

 

5,887

 

 

 

5,240

 

 

 

12

 

Data processing

 

 

5,672

 

 

 

5,966

 

 

 

(5)

Loan costs

 

 

2,585

 

 

 

2,012

 

 

 

28

 

Professional and board fees

 

 

3,141

 

 

 

3,435

 

 

 

(9)

FDIC insurance

 

 

1,788

 

 

 

1,684

 

 

 

6

 

Marketing and advertising

 

 

1,203

 

 

 

879

 

 

 

37

 

Acquisition costs

 

 

3,175

 

 

 

—

 

 

NM

 

Amortization of core deposit intangible

 

 

2,254

 

 

 

2,426

 

 

 

(7)

(Recovery) impairment of MSRs

 

 

(64)

 

 

 

23

 

 

 

(378)

Total noninterest expense

 

 

83,938

 

 

 

75,945

 

 

 

11

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

26,036

 

 

 

30,807

 

 

 

(15)

 

PROVISION FOR INCOME TAXES

 

 

5,344

 

 

 

5,881

 

 

 

(9)

 

NET INCOME

 

$20,692

 

 

$24,926

 

 

 

(17)

 

Basic earnings per share

 

$2.67

 

 

$3.23

 

 

 

(17)

 

Diluted earnings per share

 

$2.62

 

 

$3.18

 

 

 

(18)

 

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 18

 

KEY FINANCIAL RATIOS AND DATA (Unaudited)

 

 

 

For the Three Months Ended

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

PERFORMANCE RATIOS:

 

2026

 

 

2026

 

 

2025

 

Return on assets (ratio of net income to average total assets) (1)

 

 

0.57

%

 

 

1.00

%

 

 

1.14

%

Return on equity (ratio of net income to average total stockholders' equity) (1)

 

 

5.85

 

 

 

9.94

 

 

 

11.97

 

Yield on average interest-earning assets (1)

 

 

6.52

 

 

 

6.54

 

 

 

6.61

 

Average total cost of funds (1)

 

 

2.32

 

 

 

2.41

 

 

 

2.41

 

Interest rate spread information – average during period

 

 

4.20

 

 

 

4.13

 

 

 

4.20

 

Net interest margin (1)

 

 

4.36

 

 

 

4.30

 

 

 

4.37

 

Operating expense to average total assets (1)

 

 

3.77

 

 

 

3.29

 

 

 

3.16

 

Average interest-earning assets to average interest-bearing liabilities

 

 

139.79

 

 

 

139.32

 

 

 

140.80

 

Efficiency ratio (2)

 

 

77.19

 

 

 

67.28

 

 

 

64.63

 

Common equity ratio (ratio of stockholders' equity to total assets)

 

 

9.06

 

 

 

10.03

 

 

 

9.37

 

Tangible common equity ratio (3)

 

 

8.64

 

 

 

9.67

 

 

 

8.94

 

 

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

PERFORMANCE RATIOS:

 

2026

 

 

2025

 

Return on assets (ratio of net income to average total assets) (1)

 

 

0.85%

 

 

1.07%

Return on equity (ratio of net income to average total stockholders' equity) (1)

 

 

8.55

 

 

 

11.03

 

Yield on average interest-earning assets (1)

 

 

6.53

 

 

 

6.55

 

Average total cost of funds (1)

 

 

2.37

 

 

 

2.39

 

Interest rate spread information – average during period

 

 

4.16

 

 

 

4.16

 

Net interest margin (1)

 

 

4.32

 

 

 

4.33

 

Operating expense to average total assets (1)

 

 

3.44

 

 

 

3.26

 

Average interest-earning assets to average interest-bearing liabilities

 

 

139.66

 

 

 

141.54

 

Efficiency ratio (2)

 

 

70.77

 

 

 

67.40

 

 

 

 

September 30,

 

 

June 30,

 

 

September 30,

 

ASSET QUALITY RATIOS AND DATA:

 

2026

 

 

2026

 

 

2025

 

Nonperforming assets to total assets at end of period (4)

 

 

0.68

%

 

 

0.49

%

 

 

0.57

%

Nonperforming loans to total gross loans (excluding loans HFS) (5)

 

 

0.83

 

 

 

0.59

 

 

 

0.70

 

ACL – loans to nonperforming loans (5)

 

 

145.03

 

 

 

199.15

 

 

 

163.77

 

ACL – loans to total gross loans (excluding loans HFS)

 

 

1.20

 

 

 

1.17

 

 

 

1.14

 

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 19

 

 

 

At or For the Three Months Ended

 

 

 

 

September 30,

 

 

 

June 30,

 

 

 

September 30,

 

 

PER COMMON SHARE DATA:

 

2026

 

 

 

2026

 

 

 

2025

 

 

Basic earnings per share

 

$0.65

 

 

 

$1.06

 

 

 

$1.20

 

 

Diluted earnings per share

 

$0.63

 

 

 

$1.04

 

 

 

$1.18

 

 

Weighted average basic shares outstanding

 

 

7,524,107

 

 

 

 

7,340,326

 

 

 

 

7,488,139

 

 

Weighted average diluted shares outstanding

 

 

7,677,572

 

 

 

 

7,483,199

 

 

 

 

7,623,243

 

 

Common shares outstanding at end of period

 

 

7,739,797

 

(6)

 

 

7,320,801

 

(7)

 

 

7,432,359

 

(8)

Book value per share using common shares outstanding

 

$43.05

 

 

 

$43.57

 

 

 

$40.43

 

 

Tangible book value per share using common shares outstanding (9)

 

$40.84

 

 

 

$41.84

 

 

 

$38.43

 

 

 

(1)

Annualized.

(2)

Total noninterest expense as a percentage of net interest income and total noninterest income.
(3)Represents a non-GAAP financial measure.  For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.

(4)

Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days 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 7,867,367 at September 30, 2026, less 127,570 unvested restricted stock shares.

(7)

Common shares were calculated using shares outstanding of 7,423,772 at June 30, 2026, less 102,971 unvested restricted stock shares.

(8)

Common shares were calculated using shares outstanding of 7,535,330 at September 30, 2025, less 102,971 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 September 30,

 

 

For the Nine Months Ended September 30,

 

 

QTR Over QTR

 

 

YTD Over YTD

 

Average Balances

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

$ Change

 

 

$ Change

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net (1)

 

$2,864,219

 

 

$2,651,111

 

 

$2,754,304

 

 

$2,608,338

 

 

$213,108

 

 

$145,966

 

Investment securities - taxable

 

 

277,518

 

 

 

285,111

 

 

 

259,243

 

 

 

267,657

 

 

 

(7,593)

 

 

(8,414)

Investment securities - nontaxable

 

 

76,796

 

 

 

79,341

 

 

 

77,462

 

 

 

78,386

 

 

 

(2,545)

 

 

(924)

Interest-bearing deposits and certificates of deposit at other financial institutions

 

 

14,954

 

 

 

34,857

 

 

 

17,251

 

 

 

23,575

 

 

 

(19,903)

 

 

(6,324)

 

FHLB stock, at cost

 

 

14,321

 

 

 

10,082

 

 

 

11,257

 

 

 

10,262

 

 

 

4,239

 

 

 

995

 

Total interest-earning assets

 

 

3,247,808

 

 

 

3,060,502

 

 

 

3,119,517

 

 

 

2,988,218

 

 

 

187,306

 

 

 

131,299

 

Noninterest-earning assets

 

 

155,992

 

 

 

124,955

 

 

 

143,119

 

 

 

123,785

 

 

 

31,037

 

 

 

19,334

 

Total assets

 

$3,403,800

 

 

$3,185,457

 

 

$3,262,636

 

 

$3,112,003

 

 

$218,343

 

 

$150,633

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposit accounts

 

$1,992,076

 

 

$1,947,830

 

 

$1,970,700

 

 

$1,880,007

 

 

$44,246

 

 

$90,693

 

Borrowings

 

 

283,054

 

 

 

176,234

 

 

 

213,712

 

 

 

181,633

 

 

 

106,820

 

 

 

32,079

 

Subordinated notes

 

 

48,230

 

 

 

49,633

 

 

 

49,188

 

 

 

49,617

 

 

 

(1,403)

 

 

 

(429)

 

Total interest-bearing liabilities

 

 

2,323,360

 

 

 

2,173,697

 

 

 

2,233,600

 

 

 

2,111,257

 

 

 

149,663

 

 

 

122,343

 

Noninterest-bearing deposit accounts

 

 

707,196

 

 

 

668,908

 

 

 

670,230

 

 

 

663,536

 

 

 

38,288

 

 

 

6,694

 

Other noninterest-bearing liabilities

 

 

39,239

 

 

 

38,746

 

 

 

35,051

 

 

 

35,081

 

 

 

493

 

 

 

(30)

Total liabilities

 

$3,069,795

 

 

$2,881,351

 

 

$2,938,881

 

 

$2,809,874

 

 

$188,444

 

 

$129,007

 

 

(1) Includes loans HFS.

 

 

FS Bancorp Q3 Earnings

October 21, 2026

 

Page 20

 

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 provides useful supplemental information regarding the Company’s capital position and facilitates comparisons of the quality and composition of the Company's capital over time and with that of its peers. Where applicable, the Company has also presented comparable GAAP information.

 

These non-GAAP financial measures have inherent limitations, may not be calculated in the same manner by other companies, and should not be considered in isolation or as a substitute for the Company’s financial position, results of operations or other financial measures 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 to 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)

 

September 30,

 

June 30,

 

September 30,

 

Tangible Book Value Per Share:

 

2026

 

2026

 

2025

 

Stockholders' equity (GAAP)

 

$

333,206

 

$

318,960

 

$

300,511

 

Less: goodwill and core deposit intangible, net

 

 

(17,117)

 

 

(12,644)

 

 

(14,876)

 

Tangible common stockholders' equity (non-GAAP)

 

$

316,089

 

$

306,316

 

$

285,635

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding at end of period

 

 

7,739,797

(1)

 

7,320,801

(2)

 

7,432,359

(3)

 

 

 

 

 

 

 

 

 

 

 

Book value per share (GAAP)

 

$

43.05

 

$

43.57

 

$

40.43

 

Tangible book value per share (non-GAAP)

 

$

40.84

 

$

41.84

 

$

38.43

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity Ratio:

 

 

 

 

 

 

 

 

 

 

Total assets (GAAP)

 

$

3,676,651

 

$

3,179,080

 

$

3,208,825

 

Less: goodwill and core deposit intangible assets

 

 

(17,117)

 

 

(12,644)

 

 

(14,876)

 

Tangible assets (non-GAAP)

 

$

3,659,534

 

$

3,166,436

 

$

3,193,949

 

 

 

 

 

 

 

 

 

 

 

 

Common equity ratio (GAAP)

 

 

9.06

%

 

10.03

%

 

9.37

%

Tangible common equity ratio (non-GAAP)

 

 

8.64

 

 

9.67

 

 

8.94

 

_________________________

 

(1)

Common shares were calculated using shares outstanding of 7,867,367 at September 30, 2026, less 127,570 unvested restricted stock shares.

(2)

Common shares were calculated using shares outstanding of 7,423,772 at June 30, 2026, less 102,971 unvested restricted stock shares.

(3)

Common shares were calculated using shares outstanding of 7,535,330 at September 30, 2025, less 102,971 unvested restricted stock shares.

 

 

 

Contacts:

Matthew D. Mullet,

President and Chief Executive Officer

Phillip D. Whittington,

Chief Financial Officer

 

(425) 771-5299

www.FSBWA.com

 

Source: View Original Filing on SEC EDGAR

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