Item 2.02 - Results of Operations and Financial Condition: The filing reports FS Bancorp, Inc.'s results of operations and financial condition as of January 21, 2026 Item 8.01 - Other Events: The filing includes disclosure of other events deemed material to shareholders Item 9.01 - Financial Statements and Exhibits: The filing includes financial statements and exhibits as supporting documentation…

Our analysis rates this filing NEUTRAL. FS Bancorp presents a balanced risk profile with offsetting positive and negative signals. The company demonstrates operational strength with Q4 EPS growth of 19.6% year-over-year and maintains a track record of consistent dividend increases (52 consecutive…

Concern level: ELEVATED (5.2/10). Key factors: Commercial construction credit concentration: $1.0M provision for single relationship signals emerging credit stress requiring portfolio monitoring (severity 5/10); Capital ratio compression: Total risk-based capital declined from 14.2% to 14.0% and Tier 1 leverage from 11.2% to 11.0% year-over-year, though ratios remain well above regulatory…

Notable risk changes: Commercial construction credit deterioration: $1.0M provision recognized for single relationship signals emerging credit stress requiring portfolio monitoring; Capital ratio compression: Both total risk-based capital (14.2% → 14.0%) and Tier 1 leverage (11.2% → 11.0%) declined year-over-year, though remain adequate; Loan growth deceleration: Quarterly loan growth slowed to 0.9% vs. 4.8%…

Q4 2025 EPS increased 19.6% YoY ($1.10 vs $0.92); Full year 2025 EPS declined 1.6% YoY ($4.29 vs $4.36); Full year 2025 net income declined 4.9% YoY ($33.3M vs $35.0M).

The model predicts FSBW will underperform the S&P 500 by about 0.0% over 30 days. This is model analysis for research, not investment advice.