FS Bancorp, Inc. (FSBW)
NASDAQFinancialsBanks - RegionalSnapshot 2026-09-09
$43.50+0.97%
Close 2026-09-09 · 1-day change
NASDAQFinancialsBanks - RegionalSnapshot 2026-09-09
Broken: Primary pillar broken — Earnings per share growth: FY26 EPS $4.34 vs $4.51 target.
FS Bancorp grows by integrating Pacific West Bancorp, expanding its market. It pays steady dividends of about $0.29 per share quarterly. Analysts expect earnings per share to rise from $4.51 in 2026 to $5.13 in 2027. The bank trades cheaply with a price-to-earnings ratio below peers.
Revenue is expected to decline about 9% next year, reflecting challenges in growth. Recent earnings misses and management changes add uncertainty. Dividend sustainability could be pressured if earnings weaken further.
The market prices in about 9% revenue decline and a roughly 11% discount to our valuation. Our view aligns with expected earnings growth but sees risk if revenue falls more sharply.
Breaks if: dividend cut below $0.29 per share
Continue paying a consistent quarterly cash dividend to shareholders, demonstrating commitment to returning capital.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment is in a financial services company with a mixed management execution record. The current thesis state is cautious, as recent performance has not met industry standards, but there are positive developments in acquisitions and share buybacks.
The market currently views FSBW as cheap compared to its peers, with a slight expectations gap indicating that some negative news may already be factored in. The valuation reflects a low fragility tier, suggesting that while execution quality is weak, it is not overly priced for risk.
Management is focused on integrating the Pacific West Bancorp acquisition and maintaining a consistent cash dividend. Recent financial performance has been stable, but the company has missed earnings expectations in the past, which adds a layer of risk.
The long-term thesis hinges on the successful integration of acquisitions and the performance of sector bellwethers like HDB, IBN, and PNC. If these companies continue to perform well, it could provide a favorable environment for FSBW.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. FS Bancorp completed its acquisition of Pacific West Bancorp, expanding its presence in Oregon. However, the company reported a miss in its latest earnings, which raises concerns. This mixed outcome suggests both potential growth and ongoing challenges for the company.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 2 of last 2 quarters. The company declared and paid a consistent quarterly cash dividend of $0.29 per share in both 2026-Q1 and 2026-Q2, marking the 53rd and 54th consecutive quarters respectively. Management has maintained this commitment, and the trajectory is delivering consistent capital return.
“Board approved 54th consecutive quarterly cash dividend of $0.29 per common share.”
“Board approved 53rd consecutive quarterly cash dividend of $0.29 per common share.”
Breaks if: EPS falls below $4.51 in FY26 or fails to grow in FY27
Breaks if: revenue growth falls below 0% in FY27
Breaks if: P/E ratio rises above peer median of 11.98
In the next 1 to 3 years, FSBW's performance will depend on management's execution and sector dynamics. Not investment advice.