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Get filing alertsFS Bancorp Q3 profit falls 46% on merger costs; completes Pacific West acquisition
Filed October 21, 2026 · Period ending October 21, 2026 · ~1 min read
Key Changes
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Q3 net income fell to $4.9M, or $0.63 per diluted share, from $9.2M, or $1.18 per share, a year earlier, driven by $2.5M in merger-related costs and a $1.1M drop in loan sale gains.
Item 2.02 verify on EDGAR → -
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Completed acquisition of Pacific West Bancorp on Aug 19, 2026 for $35.3M, adding $476.5M in assets, $256.5M in loans, and $435.6M in deposits; recognized a $1.7M bargain purchase gain.
Item 8.01 verify on EDGAR → -
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Total deposits rose 17.1% to $2.87B and net loans grew 14% to $3.01B, largely from the Pacific West acquisition.
Item 2.02 verify on EDGAR → -
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Declared 55th consecutive quarterly cash dividend of $0.29 per share, payable Nov 20, 2026 to holders of record Nov 6, 2026.
Item 8.01 verify on EDGAR →
Summary
FS Bancorp reported a sharp drop in third-quarter profit, with net income falling 46% from a year ago to $4.9 million. The decline was driven by $2.5 million in merger-related expenses and a $1.1 million decrease in gains on loan sales, while the Home Lending segment swung to a loss amid rising interest rates. The quarter also included the completion of the Pacific West Bancorp acquisition, which added significant assets, loans, and deposits, and resulted in a $1.7 million bargain purchase gain.
The acquisition drove strong balance sheet growth, with total deposits up 17.1% and net loans up 14% from the prior quarter. The company also declared its 55th consecutive quarterly dividend of $0.29 per share, signaling continued commitment to shareholder returns. For retail investors, the earnings decline reflects integration costs and mortgage headwinds, but the acquisition positions the bank for expanded scale and future earnings potential.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
FS Bancorp issued its Q3 2026 earnings release on October 21, 2026.
Added in current filing · verify on EDGAR →
On October 21, 2026, FS Bancorp, Inc. (the Company), the parent corporation of 1st Security Bank of Washington, issued its earnings release for the quarter ended September 30, 2026.
The company announced its quarterly earnings release, which is furnished as Exhibit 99.1. The 8-K itself does not include any financial figures; those are in the attached press release.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Show 1 minor / wording change
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the Company announced its Board of Directors declared a regular quarterly cash dividend on Company common stock of $0.29 per share, payable on November 20, 2026, to stockholders of record as of the close of business on November 6, 2026.
The Board declared a regular quarterly cash dividend of $0.29 per share. The dividend is payable on November 20, 2026, to stockholders of record as of November 6, 2026. This is a routine capital-return action with no disclosed change from prior quarters.
Event · Exhibit 99.1
FS Bancorp reports Q3 2026 net income of $4.9M, completes Pacific West acquisition, and declares 55th consecutive quarterly dividend.
Added in current filing · view on EDGAR →
2026 third quarter net income of $4.9 million, or $0.63 per diluted share, compared to $7.9 million, or $1.04 per diluted share, for the prior quarter, and $9.2 million, or $1.18 per diluted share, for the comparable quarter one year ago.
Net income fell 38% from the prior quarter and 46% from a year ago, driven by higher noninterest expense including $2.5 million in merger-related costs and a $1.1 million decrease in gain on sale of loans. The Home Lending segment swung to a net loss of $806,000 due to rising interest rates.
Added in current filing · view on EDGAR →
Total deposits increased $418.3 million, or 17.1%, to $2.87 billion at September 30, 2026, compared to $2.45 billion at June 30, 2026, primarily reflecting the Pacific West Bancorp Acquisition (“Pacific West Acquisition”) which had $442.8 million in deposits at September 30, 2026.
Total deposits grew 17.1% quarter-over-quarter to $2.87 billion, driven almost entirely by the Pacific West acquisition which contributed $442.8 million in deposits. Transactional deposits increased $377.6 million, of which $351.6 million came from the acquisition.
Added in current filing · view on EDGAR →
Loans receivable, net increased $379.1 million to $3.01 billion at September 30, 2026, from $2.63 billion at June 30, 2026, and increased $408.5 million from $2.60 billion at September 30, 2025. The increases from both prior periods reflected the Pacific West Acquisition, which included $252.7 million in loans that remained outstanding at September 30, 2026, and $131.7 million of loan growth during the third quarter;
Net loans grew 14% quarter-over-quarter to $3.01 billion, with $252.7 million from the Pacific West acquisition and $131.7 million of organic loan growth. Excluding acquired loans, growth was concentrated in non-owner occupied commercial real estate and one-to-four family residential loans.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 22, 2026 · How we verify