Item 2.02 - Results of Operations and Financial Condition: FS Bancorp, Inc. reported financial results on July 21, 2026 Item 8.01 - Other Events: The filing includes disclosure of other events relevant to the company Item 9.01 - Financial Statements and Exhibits: The filing includes financial statements and exhibits as supporting documentation Company Information: FS Bancorp, Inc. is a…

Our analysis rates this filing NEUTRAL. FS Bancorp presents a balanced risk profile appropriate for a MODERATE concern level and NEUTRAL assessment. While the company faces legitimate operational headwinds—particularly deposit outflows and funding cost pressures—these are being managed within the…

Concern level: ELEVATED (5.2/10). Key factors: Deposit outflow of $188.7M (7.2% QoQ) with shift from brokered to higher-cost borrowed funds pressuring net interest margins; Consumer loan portfolio contraction of $33.1M (5.5% YoY) indicating competitive market headwinds and customer payoff activity; Merger integration with Pacific West Bank creates execution risk during concurrent operational…

Notable risk changes: Deposit funding mix shifting from brokered to borrowed funds - cost of deposits decreased to 2.18% from 2.24% but reflects higher-cost borrowing strategy, not deposit rate cuts; Merger integration with Pacific West Bank ongoing - company managing dual operational priorities while maintaining earnings growth trajectory; Book value per share increased 10.2% YoY to $43.57, tangible book value up…

No analyst consensus data provided for comparison.

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.