FS Bancorp, Inc. — Form 8-K
Filed October 21, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 58/100
What the filing says
FS Bancorp closed the acquisition of Pacific West Bancorp on August 19, 2026, issuing 430,149 shares and $16.9M cash for total consideration of ~$35.3M. The deal added $476.5M in assets (including $256.5M loans, $435.6M deposits) and generated a $1.7M bargain purchase gain. Q3 2026 net income fell 46% to $4.9M ($0.63/diluted share) vs. $9.2M ($1.18/share) year-ago; YTD 2026 net income fell 17% to $20.7M ($2.62/share) vs. $24.9M ($3.18/share) in 2025. The company incurred $2.5M merger costs in Q3 and expects major integration expenses in Q4 2026.
Why this rating
Acquisition ~13.6% of market cap; material but dilutive in near term. Q3 earnings decline offsets growth benefit; integration risk ahead.
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