FS Bancorp, Inc.

FS Bancorp, Inc. Authorizes Share Repurchase Program

FS Bancorp’s Board of Directors has authorized a new share repurchase program allowing the company to buy back up to $5.0 million of its outstanding common stock over the next 12 months. The repurchases may be conducted via open market or private transactions at management’s discretion, subject to market conditions and compliance with SEC regulations. FS Bancorp serves as the holding company for 1st Security Bank of Washington, which operates 33 branches across Washington and Oregon.

•2mo ago

FS Bancorp, Inc. Announces Completion of Acquisition of Pacific West Bancorp

FS Bancorp completed its acquisition of Pacific West Bancorp effective August 19, 2026, merging Pacific West Bank into 1st Security Bank of Washington. The transaction consideration totaled 430,176 shares of FS Bancorp common stock and $16.8 million in cash, subject to proration based on shareholder elections. Management stated the deal expands the company's presence in Oregon while maintaining its focus on relationship banking and local community support.

•2mo ago

FSBW: 10-Q · periodic report

FS Bancorp reported Q2 2026 net income of $7.9 million with diluted EPS of $1.04, up from $0.99 a year earlier, and first-half net income of $15.8 million versus $15.7 million in 2025. Asset quality improved as nonperforming loans fell to $15.6 million (0.59% of loans) and ACL coverage of nonperformers rose to 199.2%. The balance sheet shifted during the period: total deposits fell $224.8 million to $2.45 billion as the company replaced brokered CDs with FHLB/FRB borrowings, which rose to $324.5 million, lifting the loan-to-deposit ratio to 108.6%. Loans receivable grew modestly to $2.63 billion, led by CRE and one-to-four-family residential lending. The home lending segment rebounded sharply, earning $1.1 million versus $352,000 a year ago on a 104.9% jump in refinance originations, though gross margin on loan sales compressed to 3.01%. The company also completed its $5.0 million buyback program in April and paid a $0.29 quarterly dividend. The pending acquisition of Pacific West Bancorp, valued at approximately $34.6 million ($12.52 per Pacific West share), remains expected to close in Q3 2026, subject to regulatory approvals and Pacific West shareholder approval.

SEC 10-Q•2mo ago

FSBW: S-4/A · acquisition merger

FS Bancorp has filed an amendment to its registration statement to solicit shareholder votes for its proposed merger with Pacific West Bancorp. The transaction, valued at approximately $35.5 million based on recent trading prices, consists of $16.8 million in cash and 430,176 shares of FS Bancorp common stock. The companies have received regulatory approvals from the FDIC and state authorities in Oregon and Washington, with final approval from the Federal Reserve Board still pending. Pacific West shareholders are scheduled to vote on the merger agreement at a special meeting on August 13, 2026, with the board of directors unanimously recommending approval. The deal is structured as an election for Pacific West shareholders, who may choose to receive cash or stock, subject to proration, ensuring the aggregate consideration is equally allocated. Upon completion, Pacific West Bank will merge with and into 1st Security Bank of Washington, expanding FS Bancorp's presence in the Portland metropolitan area. The transaction is expected to close during the quarter ending September 30, 2026, assuming all conditions are met. Pacific West shareholders will collectively own approximately 5.8% of the outstanding shares of the combined company following the merger. Raymond James & Associates has issued a fairness opinion to the Pacific West board, confirming the financial fairness of the consideration to be received by Pacific West shareholders.

SEC S-4/A•3mo ago

FSBW: S-4 · acquisition merger

FS Bancorp, Inc. has filed a Form S-4 registration statement in connection with its proposed acquisition of Pacific West Bancorp. Under the terms of the merger agreement, Pacific West will merge with and into FS Bancorp, with FS Bancorp continuing as the surviving corporation and the owner of the combined banking operations. The aggregate merger consideration consists of a fixed pool of $16,832,742 in cash and 430,176 shares of FS Bancorp common stock. Based on the volume-weighted average price of FS Bancorp stock at the time of the agreement signing, the total transaction value was estimated at approximately $34.8 million. Completion of the merger is subject to the approval of a majority of Pacific West's outstanding common shares and regulatory clearance from the Federal Reserve Board, FDIC, and state regulators. The companies expect the transaction to close during the quarter ending September 30, 2026.

SEC S-4•3mo ago