FS Bancorp (FSBW)
Runs 1st Security Bank's branch banking and home-lending platform across the Pacific Northwest.
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Operates through 1st Security Bank, pairing commercial and consumer banking with a separate home-lending segment. Revenue comes from deposits, lending, cash management and mortgage originations across a Washington and Oregon footprint.
Operates as the holding company for 1st Security Bank of Washington, with Commercial and Consumer Banking as the core segment and Home Lending as a separate reportable segment. Banking products include deposits, residential and consumer loans, business lending, commercial real estate lending, cash management and digital service channels.
The footprint is concentrated in the Pacific Northwest through branches in Washington and Oregon, plus loan-production offices serving regional markets. Home Lending originates one-to-four-family mortgages through referral networks and existing customer relationships, with loans either sold into secondary markets or kept for investment.
The business depends on regulated bank funding, credit performance, mortgage origination volumes, secondary-market execution and the local economic conditions of its Washington and Oregon markets.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jan 26, 2026 | DA Davidson | Reiterate | Neutral | $41 | $45 |
| Oct 22, 2025 | D.A. Davidson | Target | $44 | $41 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $282.3M · Total debt $380.9M · Total assets $3.18B · Shareholders' equity $319.0M
- Revenue
- $10.9M
- Operating income
- −$9.9M
- Net income
- $7.9M
Raised for 11 straight years — most recently to $0.29 from $0.28 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Aug 21 | $0.29 | |
| May 7, 2026 | May 7 | May 21 | $0.29 | |
| Feb 6, 2026 | Feb 6 | Feb 19 | $0.29 | raised from $0.28 |
| Nov 6, 2025 | Nov 6 | Nov 20 | $0.28 | |
| Aug 7, 2025 | Aug 7 | Aug 21 | $0.50 | special dividend |
| May 8, 2025 | May 8 | May 22 | $0.28 | |
| Feb 6, 2025 | Feb 6 | Feb 20 | $0.28 | raised from $0.27 |
| Nov 7, 2024 | Nov 7 | Nov 21 | $0.27 |
| Institutions110 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 66.21% | 4.91M shares | |
| Insiders17 holders · as of Aug 31, 2026 | 5.93% | 439.5K shares | |
| Strategic holders1 holder · as of Jan 29, 2024 | 6.34% | 469.9K shares | |
| Otherremainder | ≈ 21.52% | 1.60M shares |
7.41M company shares as of Sep 1, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (5.41M in the company's Sep 3, 2026 report, 7.41M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
T. Rowe Price Investment Management, Inc.Institution | 13.46% | 997,943 | 13Fas of Jun 30, 2026 |
BlackRock, Inc.Institution | 6.59% | 488,775 | 13Fas of Jun 30, 2026 |
BlackRock, Inc.Strategic | 6.34% | 469,908 | 13D/Gfiled Jan 29, 2024 ↗ |
Dimensional Fund Advisors LPInstitution | 5.69% | 421,646 | 13Fas of Jun 30, 2026 |
De Lisle Partners LLPInstitution | 5.28% | 391,651 | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Terri L. Degner | director | −975 | $43.25 |
| Aug 25, 2026 | Terri L. Degner | director | −1,694 | $42.72 |
| Aug 25, 2026 | Sean McCormick | officer: Chief Credit Admin. Officer | −907 | $42.86 |
| Nov 21, 2025 | Marina Cofer-Wildsmith | director | −2,371 | $40.00 |
| Nov 20, 2025 | Marina Cofer-Wildsmith | director | −161 | $40.00 |
- Columbia Banking System
Scaled Northwest branch and commercial-banking rival
- Banner
Close WA/OR branch, commercial, and mortgage-banking peer
- WaFd
Western bank peer with WA/OR loans, branches, and home lending
- Heritage Financial
Washington-rooted community bank with commercial and deposit overlap
- Coastal Financial
Puget Sound community-bank peer with CRE and residential overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| FS Bancorp | $43.27 | +1.98% | $319.6M | 9.9 | 9.8 | 1.8 | +6.1% |
| Columbia Banking System | $30.16 | +0.28% | $8.51B | 12.0 | 9.6 | 2.4 | +33.1% |
| Banner | $69.83 | −0.31% | $2.38B | 11.6 | 11.2 | 3.6 | +6.1% |
| WaFd | $35.93 | −0.01% | $2.66B | 11.0 | 10.8 | 1.9 | +10.3% |
| Heritage Financial | $29.23 | +2.35% | $1.20B | 13.9 | 12.0 | 3.6 | +48.9% |
| Coastal Financial | $48.52 | +2.86% | $739.9M | — | 10.0 | 0.9 | +54.6% |
| Median | 11.8 | 10.8 | 2.4 | +33.1% |