FS Bancorp, Inc. (NASDAQ: FSBW) (“the company”) is a $3.0 billion asset bank holding company operating through its lead subsidiary, 1st Security Bank of Washington. Through its 29 branches and 14 LPOs, FSBW primarily serves the Seattle MSA and the western counties of Washington state, as well as a more limited footprint in Oregon. FSBW's operating history dates back multiple decades, with the company completing its IPO in 2012.
Currently, FSBW's $2.4 billion loan portfolio reflects reasonable diversification, comprised of residential mortgage (27%), consumer (27%), C&D (12%), C&I (15%), multifamily (10%), and non-owner occupied CRE (8%). Historically, consumer loans, specifically point-of-sale home improvement loans, have represented the largest portion of the FSBW’s loan portfolio, though more recently, the company has emphasized real estate and commercial business lending.
Growth, which has outpaced peers at times, has largely come…
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