Quarterly Period Covered: Second quarter of fiscal year 2026 (six months ended June 30, 2026), filed August 10, 2026 Company Overview: FS Bancorp, Inc. is a savings institution (non-federally chartered) incorporated in Washington, headquartered in Mountlake Terrace, WA, with common stock authorized at 45 million shares and 7,423,772 shares outstanding as of June 30, 2026 Financial Position…

Our analysis rates this filing CAUTIOUS. FS Bancorp presents a cautious but not critical risk profile. The most material concern is the dramatic 83% reduction in brokered deposits within the commercial real estate segment, which represents a significant $167M outflow and signals either strategic…

Concern level: ELEVATED (5.8/10). Key factors: Deposit composition deterioration: 83% decline in brokered deposits ($167M outflow) in commercial real estate segment signals potential customer flight and increased wholesale funding dependence; Capital allocation tension: Simultaneous share buybacks (1.1% reduction) and dividend increases (3.6% raise to $0.29/share) during deposit outflows may…

Notable risk changes: Significant deposit composition shift: Brokered deposits in commercial real estate segment fell 83% from $202.1M to $35.1M, signaling potential customer flight and increased wholesale funding dependence; Share buyback activity: Common stock shares outstanding decreased from 7,507,519 to 7,423,772 shares (1.1% reduction), indicating capital return program but also potential capital constraints;…

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.