FS Bancorp, Inc
investorrelations.fsbwa.comWhat Do They Do?
Provides deposit accounts and loans to local families and regional businesses across the Pacific Northwest.
10-K for FY2025, filed Mar 13, 2026 1st Security Bank is a relationship-focused community bank dedicated to serving local families, regional businesses, and industry niches…View ↗
The Company is a diversified lender that specializes in originating various types of loans, including commercial real estate (“CRE”)…View ↗
The commercial and consumer banking segment provides diversified financial products and services to our commercial and consumer customers…View ↗
How Do They Make Money?
Commercial and consumer banking earns interest on loans and investments, offset by interest paid on deposits and borrowings, as well as service and loan fees. Home lending earns money from mortgage sales and servicing fees.
10-K for FY2025, filed Mar 13, 2026The Company’s earnings are primarily dependent upon net interest income, the difference between interest income and interest expense.…View ↗
The Company's earnings are also affected by fee income from mortgage banking activities, the provision for (reversal of) credit losses…View ↗
The Company’s reportable segments are determined by the Chief Financial Officer (“CFO”), who is the designated chief operating decision…View ↗
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10-K for FY2025, filed Mar 13, 2026
FY2025 revenue by reportable segment ↗
$197.2M
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10-K for FY2025, filed Mar 13, 2026
$197.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Commercial And Consumer Banking
Recurring
10-K for FY2025, filed Mar 13, 2026 |
82%
FY2022: 84%
|
Commercial And Consumer Banking, FY2025
$161.5M Sources
|
Recurring |
|
Home Lending
Mix
10-K for FY2025, filed Mar 13, 2026 |
18%
FY2022: 16%
|
Home Lending, FY2025
$35.7M Sources
|
Mix |
Who Are Their Customers?
Local families and businesses use bank branches and digital or telephone channels; home mortgages are sourced through real-estate agents, financial planners, builders and existing customers, while home-improvement loans come through contractor and dealer networks.
10-K for FY2025, filed Mar 13, 2026 1st Security Bank is a relationship-focused community bank dedicated to serving local families, regional businesses, and industry niches…View ↗
The commercial and consumer banking segment provides diversified financial products and services to our commercial and consumer customers…View ↗
Indirect home improvement loans to finance window, gutter, siding replacement, solar panels, spas, and other improvement renovations are a…View ↗
The Company originates one-to-four-family residential mortgage loans through referrals from real estate agents, financial planners…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 26 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 21, 2026
Completed acquisition of Pacific West Bancorp
Pacific West Bank merged into 1st Security Bank, expanding its Oregon presence.
Sources
8-K, filed Aug 21, 2026
Effective August 19, 2026, FS Bancorp, Inc., Mountlake Terrace, Washington (“FS Bancorp”), the parent company of 1st Security Bank of…View ↗
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Jun 1, 2026
Matthew Mullet became company CEO
Joe Adams retired as CEO and remains a director.
Sources
8-K, filed Jun 1, 2026
On June 1, 2026, FS Bancorp, Inc. (“Company”) (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security Bank”…View ↗
Growing. Revenue grew 65.6x in 4 years, from $3M in FY2021 to $197.2M in FY2025, about 185% a year.
Broader lending focus
The earlier report describes consumer loans as the bank’s historical mainstay and says it added commercial and real-estate lending; the latest report continues emphasizing commercial real estate, construction and commercial business loans while retaining consumer lending.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 13, 2026The Company is a diversified lender with a focus on the origination of commercial real estate, one-to-four-family, and home equity loans…View ↗
In recent years, the Company has continued to originate consumer loans, while placing an increased emphasis on commercial real estate…View ↗
Who Do They Compete With?
Competes with Wells Fargo, Bank of America, and Chase
10-K for FY2025, filed Mar 13, 2026The Company’s market areas have a high concentration of financial institutions, including branches of large money centers and regional…View ↗
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