FS Bancorp announces Pacific West acquisition; margin compresses as credit costs rise

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

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  Announced $34.6M acquisition of Pacific West Bancorp, subject to regulatory and shareholder approval. Incurred $295K in deal costs during Q1 2026.

  Notes: Pacific West Bancorp acquisition verify on EDGAR →
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  Provision for credit losses rose 56% to $2.5M from $1.6M year-over-year, driven by higher nonperforming loans (up 26% to $18.3M) and net charge-offs ($2.1M vs $1.7M). Indirect home improvement charge-offs increased $624K.

  MD&A: Provision for credit losses verify on EDGAR →
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  Gross margin on home loan sales compressed 23 basis points to 3.03% from 3.26%, reflecting competitive pricing pressures despite a 68% surge in loan sales to $154.7M.

  MD&A: Loan sales and gross margin verify on EDGAR →