FS Bancorp Inc. Common Stock (FSBW)

FairStock Score: 58/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham-style investor, I start with the business. FS Bancorp is a small Washington bank holding company for 1st Security Bank, serving local families and businesses through commercial, consumer, and home lending. That can be a decent relationship business, but banking is largely a commodity industry, and I see no evidence of a durable wide moat in the data. The numbers are mixed. At the 2026-10-13 close of $44.65, the stock trades at 10.24 times earnings and 1.02 times book, with a 2.60% dividend yield. Those are not demanding prices. The FairStock-calculated ROE is 10.83%, which is respectable but not the 15%-plus I prefer for a high-quality bank. Profit growth has been negative: filed net income fell from $36.1M in FY2023 to $35.0M in FY2024 to $33.3M in FY2025, and diluted EPS went from $4.56 to $4.36 to $4.29. The Lynch category is a slow grower that is shrinking, with profit down about 3.2% a year over five years. Still, fiscal Q2 2026 showed net income of $7.9M and diluted EPS of $1.04, up from $7.7M and $0.99 in fiscal Q2 2025, so the latest quarter is better. Piotroski is 6/9, and beta is 0.67. What I cannot see matters: CET1, net interest margin, nonperforming loans, reserve coverage, combined ratio, and other credit measures are not in the data. Without those, I cannot judge underwriting risk or capital strength. A price near book can be fair or cheap, but with declining profits and missing credit detail, I would call it a watch-list candidate, not a clear bargain.

In plain English: FS Bancorp is a small bank holding company in Washington that takes deposits and makes loans to families and local businesses. Its profits have slipped over the past few years, though the most recent quarter was a little better than the same quarter a year earlier. The stock trades for about what its accounting value suggests and pays a small dividend, so the price looks roughly fair rather than clearly cheap or expensive.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer