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what it is
It gathers deposits and makes loans across Washington and Oregon through 27 branches and local lending offices.
how it gets paid
Last year Fs Bancorp brought in about $143M in total revenue— mostly ~$125M net interest income, with the rest fees and non-interest income (banks do not report “revenue” like a retailer).
what just happened
Treat ~$1.18 last reported EPS (consensus trail) as the headline print. Parsed filing fields sometimes show nonsense quarterly “revenue” for banks— use NII (~$125M) and ~$143M total revenue context instead of a $2M line.
At a glance
B balance sheet — gets the job done, barely
70/100 earnings predictability — reasonably predictable
10.3x trailing p/e — the market's not buying it — or you found a deal
3.0% dividend yield — cash in your pocket every quarter
$4.36 fy2024 eps est
xvary composite: 55/100 — below average
What they do
It gathers deposits and makes loans across Washington and Oregon through 27 branches and local lending offices.
This is neighborhood banking with a map. FS Bancorp serves customers through 27 branches and loan offices across Washington and Oregon, with 567 employees focused on local borrowers. If you want a commercial real estate or home loan, having the lender nearby matters because relationships (repeat business from people who know you) drive deposits and loans, and switching banks is a hassle.
How they make money
~$143M
annual total revenue (approx.) · mostly net interest income
Net interest income
~$125M
core spread
Non-interest income
~$18M
fees & other
The products that matter
lends across its footprint
Commercial & Consumer Loans
$2.4B loan portfolio
this is the core engine: a $2.4B loan book that produces most of the bank's $125.0M in net interest income.
earnings engine
funds the loan book
Deposit Accounts
+14% deposit growth
deposits grew 14% last year. that's the raw material for a bank — more funding means more room to lend, assuming the cost stays reasonable.
funding base
fees and other banking income
Non-interest Income
$18.1M · 13% of revenue
this part of the business brought in $18.1M. it's useful, but it is still small next to the $125.0M interest spread machine.
limited diversification
Key numbers
56%
debt to capital
Long-term debt is $357M, or 56% of capital. Plain English: more than half the funding stack is debt. So what: tighter credit can squeeze your margin for error fast.
10.3x
trailing p/e
P/E → price-to-earnings → how much you pay for each dollar of profit. So what: you are not paying a premium for this bank.
3.0%
dividend yield
Dividend yield → annual cash payout relative to stock price → your cash return while you wait. So what: FSBW pays you to sit through the cycle.
$4.36
2024 EPS
EPS → profit per share → the cleanest snapshot of earnings power. So what: the bank stayed profitable even after slipping from $4.56 in 2023.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 80 / 100
- long-term debt $357M (56% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FSBW right now.
source: institutional data · return history unavailable
What just happened
read carefully
Last reported EPS is about $1.18 on the consensus trail— bank “revenue” in raw feeds is often mis-mapped.
Anchor the story on ~$143M total revenue and ~$125M net interest income (see “how they make money”). Ignore single-digit-million “revenue” spikes from parsers. Compare EPS and credit trends to peers, not broken top-line fields.
~$143M
annual total revenue (approx.)
~$1.18
last quarter EPS (consensus)
~87%
NII / total revenue
the number that mattered
Spread income concentration (~$125M of ~$143M) matters more than any one noisy quarterly “revenue” field— when funding costs move, almost the whole income statement moves.
source: SEC filing data and consensus data, 2026
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What could go wrong
the #1 risk here is credit deterioration in a loan book that drives most of the earnings.
high
rising loan losses
Net charge-offs reached 0.34% of loans. For a bank that earned $33.4M last year, credit costs do not need to rise much to matter.
what it hits: earnings quality first, valuation second.
med
net interest income concentration
$125.0M of $143.1M revenue came from net interest income. That's 87% of the business tied to spreads and funding costs.
what it hits: almost the entire income statement at once.
med
merger execution
The snapshot data references a $34.6M Pacific West Bancorp deal. Small-bank acquisitions can help scale, but they also import systems work, culture risk, and credit surprises.
what it hits: expenses, integration timing, and investor patience.
low
leadership transition
A new CEO for 1st Security Bank took over in sep 2025. You do not have a long public track record yet for how this team manages a tougher credit cycle.
what it hits: execution confidence more than today's numbers.
Between 0.34% charge-offs and an 87% dependence on net interest income, most of the risk here runs straight through earnings.
source: institutional data · regulatory filings · risk analysis
Pay attention to
credit
net charge-offs
0.34% is still manageable. It is also the one number moving the wrong way. If it keeps rising, the cheap 10.3x earnings multiple stops looking cheap.
funding
deposit growth versus deposit cost
Deposits grew 14% last year. That's good. The next question is whether that funding stays cheap enough to protect the spread business.
calendar
next quarterly print
After a $1.12 EPS quarter on $36.8M revenue, you want the next report to show that earnings held while credit stayed under control.
strategy
scale story from the Pacific West deal
The snapshot data points to a $34.6M merger. Watch whether management talks about branch overlap, cost savings, and credit quality with actual specificity.
Analyst rankings
earnings predictability
70 / 100
earnings are reasonably steady for a small bank. in human-speak, analysts see a business you can model — but not one that is immune to credit surprises.
risk rank
3
risk rank 3 means this sits around the middle of the pack on safety. not a bunker stock, not a panic case.
source: institutional data
Institutional activity
institutional ownership data for FSBW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$42
current price
n/a
target midpoint · n/a from current
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