$42.850
+0.150 (+0.35%)At close
FSBW News
FSBW Events
FS Bancorp Authorizes Up to $5M Share Repurchase Program
FS Bancorp, the holding company for 1st Security Bank of Washington, announced that its board of directors has authorized a share repurchase program of up to $5M in shares of the company's outstanding common stock in the open market, in privately negotiated transactions from time to time over a 12-month period until August 24, 2027, at such prices as may be determined by the company's management. The repurchase program will commence no sooner than the second trading day after the public announcement of this repurchase program. The repurchase program permits shares to be repurchased in open market or private transactions or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
FS Bancorp Announces $0.29 Cash Dividend Per Share
Reports Q2 tangible book value per share $41.84. Reports Q2 CET1 capital ratio 12.84%. "From the announcement of our proposed merger with Pacific West Bank in the first quarter of 2026, our teams have been diligently working toward a successful integration, while concurrently contributing to our financial success this quarter," stated Matthew Mullet, president and CEO of FS Bancorp. "We are also pleased to announce that our Board of Directors has approved our 54th consecutive quarterly cash dividend of $0.29 per common share, demonstrating our commitment to returning capital to long-term shareholders. The cash dividend will be paid on August 21, 2026, to shareholders of record as of August 7, 2026," concluded Mullet.
FS Bancorp Appoints Matthew Mullet as CEO
FS Bancorp has named Matthew Mullet CEO of the Company, effective June 1. This appointment is part of the CEO succession plan that was previously announced on August 15, 2025. Matt Mullet has served as President and CEO of 1st Security Bank and as President of the Company and will continue in those roles. Adams, who retired as CEO of the Company on May 31, will continue to serve as a director of the Company and the Bank.
FS Bancorp Reports Q1 Tangible Book Value of $40.61
Reports Q1 tangible book value per share $40.61. Reports Q1 CET1 capital ratio 11.15%. "Book value per share reached a split adjusted record of $42.42 in the first quarter of 2026, reflecting sustained earnings growth and disciplined capital management," stated Joe Adams, CEO of FS Bancorp, Inc. "We are also pleased to announce that our Board of Directors has approved our 53rd consecutive quarterly cash dividend of $0.29 per common share, demonstrating our commitment to returning capital to long-term shareholders. The cash dividend will be paid on May 21, 2026, to shareholders of record as of May 7, 2026," concluded Adams.
FS Bancorp and Pacific West Announce Merger Agreement Valued at Approximately $34.6M
FS Bancorp and Pacific West Bancorp announced the signing of a definitive merger agreement and plan of merger whereby Pacific West will merge into FS Bancorp in a stock and cash transaction valued at approximately $34.6M. As of December 31, 2025, on a pro forma consolidated basis, the combined company would have approximately $3.6B in assets, $3B in loans, $3B in deposits, and 31 branch locations throughout the Pacific Northwest. Pacific West, headquartered in West Linn, Oregon, is the holding company for Pacific West Bank, with approximately $386M in assets as of December 31, 2025. Under terms of the agreement, the aggregate consideration will consist of 430,176 shares of FS Bancorp common stock and $16.83M in cash. Pacific West shareholders will have the right to elect shares of FS Bancorp common stock or cash, subject to proration as provided in the agreement. Based on the closing price of FS Bancorp common stock of $41.26 on February 25, the consideration value for Pacific West was $34.6M, or approximately $12.52 per share. Upon completion of the merger, Pacific West shareholders would hold, in aggregate, approximately 5.4% of FS Bancorp's outstanding common stock. The transaction is expected to be immediately accretive to FS Bancorp's earnings per share, with projected 2027 EPS accretion of 7.4%, and dilutive to FS Bancorp's tangible book value with projected TBV dilution at close of 2.2% and an earnback period of approximately 2.4 years. The boards of directors of FS Bancorp and Pacific West have unanimously approved the proposed merger. The closing is expected to occur in the third quarter of 2026 and is subject to customary closing considerations, including obtaining approval by Pacific West's shareholders and bank regulatory authorities.
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