{"id":1012349,"date":"2026-10-21T18:03:45","date_gmt":"2026-10-21T22:03:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/"},"modified":"2026-10-21T18:03:45","modified_gmt":"2026-10-21T22:03:45","slug":"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","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","title":{"rendered":"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"},"content":{"rendered":"
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MOUNTLAKE TERRACE, Wash., Oct. 21, 2026 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the \u201cCompany\u201d), the holding company for 1st Security Bank of Washington (the \u201cBank\u201d) 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.<\/p>\n

\u201cWe 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,\u201d stated Matthew Mullet, President and CEO of FS Bancorp, Inc. \u201cWe are also pleased to announce\u00a0that\u00a0our Board of Directors has approved\u00a0our 55th\u00a0consecutive quarterly cash dividend of $0.29\u00a0per common share, demonstrating our commitment to returning capital to long-term shareholders. The cash dividend\u00a0will be paid on November\u00a020, 2026, to shareholders of record as of November 6, 2026,\u201d concluded Mullet.<\/p>\n

\n Recent Events<\/strong>\n <\/p>\n

At the close of business on August 19, 2026, the Company completed its acquisition of Pacific West Bancorp (\u201cPacific West\u201d) 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.\u00a0<\/p>\n

The acquisition was accounted for using the acquisition method of accounting. \u00a0Accordingly, 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.\u00a0<\/p>\n

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. \u00a0In accordance with Accounting Standards Update (\u201cASU\u201d) 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. \u00a0Because 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.<\/p>\n

\n 2026<\/strong>
\n \u00a0Third\u00a0Quarter Highlights<\/strong>\n <\/p>\n