FS Bancorp (FSBW) investor relations material

Executive summary

• Q3 2026 net income was $4.9M, or $0.63 per diluted share, versus $7.9M/$1.04 QoQ and $9.2M/$1.18 YoY; 9M net income was $20.7M, down from $24.9M in 9M 2025.

• Pacific West acquisition closed August 19; deposits and loans expanded, while acquisition costs and higher credit-loss provision weighed on earnings.

Financial highlights

• Q3 net interest income rose 6% YoY to $35.7M; provision for credit losses was $3.5M versus $2.3M YoY, and net interest income after provision was $32.2M.

• Q3 noninterest income was $6.2M, including a $1.7M nontaxable bargain purchase gain; noninterest expense rose to $32.3M, including $2.5M of acquisition costs.

• 9M revenue from net interest income was $100.9M, up from $96.8M; net income was $20.7M and diluted EPS was $2.62, down from $24.9M and $3.18.

• Total assets increased 16% QoQ to $3.68B; loans receivable, net, rose 14% QoQ to $3.01B, and deposits increased 17% QoQ to $2.87B.

Outlook and guidance

• Most remaining acquisition-related expenses, primarily system integration and core conversion costs, were expected to be recognized in Q4 2026.

• Pacific West systems integration became effective October 5, 2026; planned work included core processing conversion and continued integration of operations.