Company Profile
- FS Bancorp, Inc. (NASDAQ: FSBW) (“the company”) is $3.0 billion asset bank holding company operating through its lead subsidiary, 1st Security Bank of Washington. Through its 27 branches and 16 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 (raised $32 million of equity capital).
- Growth, which has outpaced peers at times, has largely come through organic means, outside of its 2018 acquisition of Anchor Bank. In 1Q23, FSBW completed its acquisition of seven branches including $425 million of deposits from Columbia Banking System, Inc. (NASDAQ: COLB), marking the company’s expansion into neighboring Oregon.
- Currently, FSBW's $2.5 billion loan portfolio reflects reasonable…