{"product_id":"fsbw-vrio-analysis","title":"FS Bancorp, Inc. (FSBW): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eIs FS Bancorp, Inc. (FSBW) truly built to last? This VRIO analysis cuts straight to the core, dissecting the firm's Value, Rarity, Inimitability, and Organization to reveal the true source of its competitive edge - or where it critically falls short. Discover the hard truths about its sustainable advantage below.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e1. Deep Community Relationship Banking Model\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at FS Bancorp, Inc. (FSBW) and wondering if their deep local roots are just nice talk or a real moat. Honestly, the numbers from the third quarter of 2025 suggest it’s the latter; their community focus helps drive stable funding, which is crucial in this rate environment. This model supports their operations, evidenced by total assets reaching about \u003cstrong\u003e$3.21 billion\u003c\/strong\u003e as of September 30, 2025, and \u003cstrong\u003e27\u003c\/strong\u003e neighborhood branches across Washington and Oregon.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Drives customer loyalty and stable, lower-cost core deposits by emphasizing personalized service and local decision-making.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis personalized approach translates directly to the balance sheet. While total deposits hit \u003cstrong\u003e$2.69 billion\u003c\/strong\u003e by September 30, 2025, the emphasis on local relationships is what should keep the non-brokered, core deposit base sticky, even if brokered deposits saw a recent jump. The bank’s mission to treat every person like their \"only customer\" is the engine for this stability.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePersonalized service drives customer retention.\u003c\/li\u003e\n\u003cli\u003eLocal decision-making speeds up client needs.\u003c\/li\u003e\n\u003cli\u003eSupports a strong liquidity profile.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Medium. Many community banks claim this, but FS Bancorp’s consistent focus in the Northwest\/Midwest makes it a defining trait.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eWhile many banks talk community, FS Bancorp’s subsidiary, 1st Security Bank, has been operating in the Northwest since 1907, giving them a deep, verifiable history that's rare to match quickly. It’s not just a policy; it’s institutional memory.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: Difficult. It relies on ingrained culture and long-term local presence, not just a policy change.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eCulture is defintely hard to copy. You can’t just hire a consultant to install 100 years of local trust. Replicating the network of \u003cstrong\u003e27\u003c\/strong\u003e branches and the embedded community involvement - sponsoring things like the annual Poulsbo Kids Day - takes decades of consistent effort and local investment.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: High. The mission statement and branch involvement suggest the structure supports this local autonomy.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe structure seems aligned. The company reports strong earnings, with Q3 2025 net income at \u003cstrong\u003e$9.2 million\u003c\/strong\u003e, showing operational discipline that supports these community-facing activities. The local branch managers likely have the authority to make the relationship-based decisions that matter to clients.\u003c\/p\u003e\n\n\u003cp\u003eHere’s the quick math on the VRIO assessment:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eVRIO Dimension\u003c\/td\u003e\n\u003ctd\u003eScore\u003c\/td\u003e\n\u003ctd\u003eImplication\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue (V)\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eEnables strong deposit gathering.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity (R)\u003c\/td\u003e\n\u003ctd\u003eMedium\u003c\/td\u003e\n\u003ctd\u003eNot entirely unique, but deep.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImitability (I)\u003c\/td\u003e\n\u003ctd\u003eDifficult\u003c\/td\u003e\n\u003ctd\u003eCultural and historical barriers exist.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization (O)\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eStructure supports local execution.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained. This cultural asset is hard for larger, more centralized banks to replicate quickly.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eWhat this estimate hides is the cost for a large, centralized bank to unlearn its processes to adopt this model. For FS Bancorp, this deep relationship base is a key defense against competitors who rely solely on digital scale or national reach. The consistent dividend payments, marking 51 consecutive quarters as of Q3 2025, also signal stability to long-term investors.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eHard for national banks to match.\u003c\/li\u003e\n\u003cli\u003eSupports stable, lower-cost funding.\u003c\/li\u003e\n\u003cli\u003eProven by long operating history.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e2. Exceptional Asset Quality Control\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Minimizes credit losses, preserves capital, and supports strong net interest income, as seen by delinquencies at only \u003cstrong\u003e0.16%\u003c\/strong\u003e of loans on September 30, 2025. Net charge-offs for the third quarter of 2025 totaled \u003cstrong\u003e$14,000\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Medium. While many banks aim for low delinquencies, maintaining this level while achieving loan growth is noteworthy. Total loans were \u003cstrong\u003e$852 million\u003c\/strong\u003e at September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Medium. Good underwriting processes can be copied, but consistent execution over time is tougher.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The low charge-offs of \u003cstrong\u003e$14,000\u003c\/strong\u003e in Q3 2025 show the credit team is well-organized.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Strong, but market cycles can test any underwriting standard; still, it’s a current strength.\u003c\/p\u003e\n\u003cp\u003eKey Asset Quality and Balance Sheet Metrics as of September 30, 2025:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eAmount\/Percentage\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$852 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Delinquencies (% of Loans)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.16%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Charge-offs\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,267,865 thousand\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFurther financial context from Q3 2025 reporting:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet income for Q3 2025 was \u003cstrong\u003e$9.2 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet interest income for the third quarter increased to \u003cstrong\u003e$33.7 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe provision for credit losses on loans was \u003cstrong\u003e$2.3 million\u003c\/strong\u003e for the third quarter.\u003c\/li\u003e\n\u003cli\u003eBook value per share rose to \u003cstrong\u003e$40.43\u003c\/strong\u003e at September 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e3. Strong Core Deposit Base Growth\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a stable, relatively low-cost funding source, crucial for Net Interest Income, with total deposits growing to \u003cstrong\u003e$2.69 billion\u003c\/strong\u003e as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e. Net Interest Income for the third quarter was \u003cstrong\u003e$33.7 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. Deposit growth is common, but the composition (which may include higher-cost brokered CDs recently) is the real story.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Easy. Competitors can raise rates to attract deposits, though relationship deposits are stickier.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Medium. They successfully grew deposits, but the reliance on brokered CDs mentioned in other reports suggests a tactical, not purely organic, organization.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Funding stability is key, but the mix is subject to immediate market rate changes.\u003c\/p\u003e\n\u003cp\u003eThe growth in the deposit base is quantified by the following movements:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal Deposits increased by \u003cstrong\u003e$133.1 million\u003c\/strong\u003e, or \u003cstrong\u003e5.2%\u003c\/strong\u003e, quarter-over-quarter from June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eYear-over-year, deposits grew by \u003cstrong\u003e10.7%\u003c\/strong\u003e from \u003cstrong\u003e$2.43 billion\u003c\/strong\u003e at September 30, 2024.\u003c\/li\u003e\n\u003cli\u003eThis growth was primarily driven by an increase in brokered certificates of deposit (CDs) and other deposits.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe following table details the recent deposit figures:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount as of September 30, 2025\u003c\/th\u003e\n\u003cth\u003eComparison Period\u003c\/th\u003e\n\u003cth\u003eChange\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.69 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e+5.2%\u003c\/strong\u003e \/ +$133.1 million\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.69 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2024\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e+10.7%\u003c\/strong\u003e from $2.43 billion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (Q3)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$33.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003eIncreased by $2.4 million from prior period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe balance sheet also reflects a significant reduction in borrowings during the same period:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eBorrowings decreased by \u003cstrong\u003e$105.0 million\u003c\/strong\u003e, or \u003cstrong\u003e44.8%\u003c\/strong\u003e, to \u003cstrong\u003e$129.3 million\u003c\/strong\u003e from the previous quarter.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e4. Consistent Earnings Momentum\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Allows for capital deployment, dividend increases, and stock repurchases, evidenced by Q3 2025 Net Income of \u003cstrong\u003e$5.4 million\u003c\/strong\u003e and EPS of \u003cstrong\u003e$1.18\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e \u003cstrong\u003eMedium\u003c\/strong\u003e. Strong year-over-year growth in Net Income for Q3 2025 compared to \u003cstrong\u003e$4.3 million\u003c\/strong\u003e in Q3 2024 is a good sign.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e \u003cstrong\u003eDifficult\u003c\/strong\u003e. Earnings are a result of all other capabilities working together effectively.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e \u003cstrong\u003eHigh\u003c\/strong\u003e. The team is clearly executing to drive core earnings growth.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e \u003cstrong\u003eSustained\u003c\/strong\u003e. If the drivers (like NII growth) are structural, this advantage holds.\u003c\/p\u003e\n\u003cp\u003eThe consistent momentum is supported by tangible capital allocation actions and underlying financial performance metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe Board approved the \u003cstrong\u003e51st consecutive quarterly cash dividend\u003c\/strong\u003e of \u003cstrong\u003e$0.28\u003c\/strong\u003e per share, payable November 20, 2025.\u003c\/li\u003e\n\u003cli\u003eThe Company authorized an additional repurchase of up to \u003cstrong\u003e$5.0 million\u003c\/strong\u003e of outstanding common stock over a 12-month period ending October 27, 2026.\u003c\/li\u003e\n\u003cli\u003eDuring Q3 2025, FS Bancorp repurchased \u003cstrong\u003e134,413 shares\u003c\/strong\u003e at an average price of \u003cstrong\u003e$41.15\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eBook value per share increased to \u003cstrong\u003e$40.43\u003c\/strong\u003e at September 30, 2025, compared to \u003cstrong\u003e$39.55\u003c\/strong\u003e at June 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eKey financial metrics illustrating earnings drivers for the reported period:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 Result\u003c\/td\u003e\n\u003ctd\u003eQ3 2024 Result\u003c\/td\u003e\n\u003ctd\u003eYear-over-Year Change\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$9.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$10.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecrease\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEarnings Per Share (EPS)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.18\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.29\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecrease\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (NII)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$33.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eIncreased \u003cstrong\u003e$2.4 million\u003c\/strong\u003e Year-over-Year\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.69 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.43 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncreased \u003cstrong\u003e10.7%\u003c\/strong\u003e Year-over-Year\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoans Receivable, Net\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.60 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eIncreased \u003cstrong\u003e5.5%\u003c\/strong\u003e Year-over-Year\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFurther details on balance sheet strength supporting earnings capability:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal deposits increased \u003cstrong\u003e5.2%\u003c\/strong\u003e quarter-over-quarter to \u003cstrong\u003e$2.69 billion\u003c\/strong\u003e at September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eBorrowings fell \u003cstrong\u003e44.8%\u003c\/strong\u003e quarter-over-quarter to \u003cstrong\u003e$129.3 million\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eNet interest margin (NIM) was \u003cstrong\u003e4.37%\u003c\/strong\u003e for Q3 2025, up from \u003cstrong\u003e4.35%\u003c\/strong\u003e in Q3 2024.\u003c\/li\u003e\n\u003cli\u003eTotal risk-based capital ratio was \u003cstrong\u003e13.8%\u003c\/strong\u003e at quarter-end.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e5. Diversified Lending Capabilities\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Mitigates risk by not over-relying on one sector, offering Commercial \u0026amp; Industrial, residential mortgage, consumer, and agricultural lending.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e \u003cstrong\u003eLow\u003c\/strong\u003e. Standard for a full-service community bank.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e \u003cstrong\u003eEasy\u003c\/strong\u003e. Competitors can hire loan officers in these areas.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e \u003cstrong\u003eMedium\u003c\/strong\u003e. They offer the products, but the quality of execution varies by segment.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e \u003cstrong\u003eNone\u003c\/strong\u003e. This is table stakes for a bank of this size.\u003c\/p\u003e\n\u003cp\u003eThe company operates through two reportable segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services, including residential, consumer, business, and commercial real estate lending.\u003c\/p\u003e\n\u003cp\u003eLatest reported total loans receivable, net was \u003cstrong\u003e$2.60 billion\u003c\/strong\u003e as of September 30, 2025. As of Q1 2025, total loans receivable, net was \u003cstrong\u003e$2.50 billion\u003c\/strong\u003e, up \u003cstrong\u003e3.5%\u003c\/strong\u003e year-over-year.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eConsumer loans stood at \u003cstrong\u003e$608.9 million\u003c\/strong\u003e as of Q1 2025, with \u003cstrong\u003e87.4%\u003c\/strong\u003e being home improvement loans.\u003c\/li\u003e\n\u003cli\u003eThe Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eA historical breakdown of real estate loans as of March 31, 2024, illustrates the mix within that major category:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eLoan Category (as of March 31, 2024)\u003c\/th\u003e\n\u003cth\u003eAmount (in millions)\u003c\/th\u003e\n\u003cth\u003eChange from Dec 31, 2023\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Real Estate Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,540.0\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e$5.8 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOne-to-four-family loans (excluding HFS)\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e$12.3 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHome Equity Loans\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e$3.8 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommercial Real Estate (“CRE”) Loans\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eDecreased by \u003cstrong\u003e$7.3 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConstruction and Development Loans\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eDecreased by \u003cstrong\u003e$1.7 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMulti-family Loans\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eDecreased by \u003cstrong\u003e$1.4 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eAdditional data points related to specific loan types or segments:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eResidential mortgage loans recorded at fair value were \u003cstrong\u003e$12.8 million\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eTotal loans were \u003cstrong\u003e$829 million\u003c\/strong\u003e at December 31, 2024.\u003c\/li\u003e\n\u003cli\u003eTotal loans were \u003cstrong\u003e$795 million\u003c\/strong\u003e at December 31, 2023.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e6. Proactive Shareholder Capital Return\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Signals confidence to the market and supports the stock price by returning capital via dividends and buybacks. The latest Board-approved repurchase program authorizes up to \u003cstrong\u003e$5,000,000\u003c\/strong\u003e of common stock over a 12-month period ending \u003cstrong\u003eOctober 27, 2026\u003c\/strong\u003e. The last declared quarterly cash dividend was \u003cstrong\u003e$0.28\u003c\/strong\u003e per share, paid on \u003cstrong\u003eNovember 20, 2025\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Commitment to consistent dividend increases and active buyback authorizations is a strong signal. The company declared its \u003cstrong\u003e46th\u003c\/strong\u003e consecutive quarterly cash dividend in July 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Competitors can authorize buybacks, though capacity is dictated by capital levels and regulatory constraints. Open market purchases follow SEC Rule \u003cstrong\u003e10b-18\u003c\/strong\u003e limitations.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The Board is actively approving and executing these programs, with repurchases made at management's discretion based on market conditions and alternative capital uses.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Dependent on capital generation and Board approval cycles.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCapital Return Metrics and History\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eDate\/Period Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLatest Quarterly Dividend Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.28\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePaid \u003cstrong\u003eNovember 20, 2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnualized Dividend Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.12\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBased on recent quarterly payments\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Yield (Approximate)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.67%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of late 2025 data\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Payout Ratio (TTM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e32.78%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSustainable level\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLatest Share Repurchase Authorization Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5,000,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAuthorization ending \u003cstrong\u003eOctober 27, 2026\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025 Earnings Per Share (EPS)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.18\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThird Quarter 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eDividend Consistency Milestones\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eConsecutive Quarterly Dividend Increases: \u003cstrong\u003e46\u003c\/strong\u003e (as of July 2024 announcement).\u003c\/li\u003e\n\u003cli\u003eYears of Consecutive Dividend Increase: \u003cstrong\u003e12\u003c\/strong\u003e years.\u003c\/li\u003e\n\u003cli\u003eDividend Growth CAGR (3 Year): \u003cstrong\u003e24.07%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eDividend Growth CAGR (5 Year): \u003cstrong\u003e26.67%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRecent Dividend Declarations (2025)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEx-Dividend Date: \u003cstrong\u003eNovember 06, 2025\u003c\/strong\u003e, Amount: \u003cstrong\u003e$0.2800\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEx-Dividend Date: \u003cstrong\u003eAugust 07, 2025\u003c\/strong\u003e, Amount: \u003cstrong\u003e$0.2800\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEx-Dividend Date: \u003cstrong\u003eMay 08, 2025\u003c\/strong\u003e, Amount: \u003cstrong\u003e$0.2800\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEx-Dividend Date: \u003cstrong\u003eFebruary 06, 2025\u003c\/strong\u003e, Amount: \u003cstrong\u003e$0.2800\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e7. Specialized Treasury Management Services\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ch3 id=\"value\"\u003eValue\u003c\/h3\u003e\n\n\u003cp\u003e\nCreates stickier, high-value relationships with small and medium-sized businesses by helping them manage liquidity and payments.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ch3 id=\"rarity\"\u003eRarity\u003c\/h3\u003e\n\n\u003cp\u003e\nNot all community banks offer sophisticated treasury services.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ch3 id=\"imitability\"\u003eImitability\u003c\/h3\u003e\n\n\u003cp\u003e\nRequires specific software and trained personnel, which takes time to build.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ch3 id=\"organization\"\u003eOrganization\u003c\/h3\u003e\n\n\u003cp\u003e\nThey deliver these solutions, suggesting a dedicated commercial banking focus.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ch3 id=\"competitive-advantage\"\u003eCompetitive Advantage\u003c\/h3\u003e\n\n\u003cp\u003e\nTemporary. Provides a slight edge in winning and retaining commercial clients.\n\u003c\/p\u003e\n\u003cp\u003e\nThe scale of commercial banking operations supporting these services is reflected in the following financial metrics:\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eDate\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.69 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.43 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNoninterest-bearing Deposits\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$657.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommercial Business Loans\u003c\/td\u003e\n\u003ctd\u003eMarch 31, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$264.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Noninterest Income (Q3)\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,775,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Noninterest Income (Q3)\u003c\/td\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,568,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\nAdditional data points related to the Commercial and Consumer Banking segment:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eTotal employees reported as \u003cstrong\u003e562\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal employees reported as \u003cstrong\u003e567\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe company operates through the Commercial and Consumer Banking segment.\u003c\/li\u003e\n\u003cli\u003eCash management services are listed as a product offering within the commercial and consumer banking segment.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e8. Stable, Long-Tenured Leadership Transition\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Reduces execution risk during leadership changes by having the retiring CEO, Joe Adams, remain until \u003cstrong\u003eMay 2026\u003c\/strong\u003e, while Matt Mullet steps into the President\/CEO role at the bank level in \u003cstrong\u003eAugust 2025\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Medium. Smooth, planned transitions are not always the norm in finance.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult. Requires strong internal relationships and mutual respect between departing and incoming leaders.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The staggered timeline shows deliberate organizational planning.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. A stable leadership pipeline is a huge, often overlooked, advantage.\u003c\/p\u003e\n\u003cp\u003eThe transition plan leverages deep institutional knowledge, with Matthew D. Mullet having served as Chief Financial Officer from \u003cstrong\u003eSeptember 2011\u003c\/strong\u003e until \u003cstrong\u003eMay 1, 2025\u003c\/strong\u003e, and as President of both the Bank and FS Bancorp since \u003cstrong\u003eJuly 2024\u003c\/strong\u003e. Joseph C. Adams has served as CEO of 1st Security Bank since \u003cstrong\u003e2004\u003c\/strong\u003e and as CEO of the holding company since \u003cstrong\u003e2012\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eRole\u003c\/th\u003e\n\u003cth\u003eIncumbent\u003c\/th\u003e\n\u003cth\u003eStart Date\/Tenure Context\u003c\/th\u003e\n\u003cth\u003eTransition Date\/Status\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCEO, 1st Security Bank\u003c\/td\u003e\n\u003ctd\u003eJoseph C. Adams\u003c\/td\u003e\n\u003ctd\u003eSince \u003cstrong\u003e2004\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eRetiring effective \u003cstrong\u003eSeptember 1, 2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePresident\/CEO, 1st Security Bank\u003c\/td\u003e\n\u003ctd\u003eMatthew D. Mullet\u003c\/td\u003e\n\u003ctd\u003ePresident since \u003cstrong\u003eJuly 2024\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eAssumes role effective \u003cstrong\u003eSeptember 1, 2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCEO, FS Bancorp, Inc.\u003c\/td\u003e\n\u003ctd\u003eJoseph C. Adams\u003c\/td\u003e\n\u003ctd\u003eSince \u003cstrong\u003e2012\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eContinues until \u003cstrong\u003eMay 2026\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCFO, FSBW Entities\u003c\/td\u003e\n\u003ctd\u003eMatthew D. Mullet\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eSeptember 2011\u003c\/strong\u003e to \u003cstrong\u003eMay 1, 2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eSucceeded by Phillip Whittington on \u003cstrong\u003eMay 1, 2025\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eRecent financial performance under the established leadership structure leading up to the transition announcement includes:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThird quarter net income of \u003cstrong\u003e$9.2 million\u003c\/strong\u003e, compared to \u003cstrong\u003e$10.3 million\u003c\/strong\u003e in the prior year.\u003c\/li\u003e\n\u003cli\u003eThird quarter diluted Earnings Per Share (EPS) of \u003cstrong\u003e$1.18\u003c\/strong\u003e, compared to \u003cstrong\u003e$1.29\u003c\/strong\u003e in the same quarter last year.\u003c\/li\u003e\n\u003cli\u003eTotal deposits reached \u003cstrong\u003e$2.69 billion\u003c\/strong\u003e as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e, representing a \u003cstrong\u003e5.2%\u003c\/strong\u003e increase from \u003cstrong\u003eJune 30, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eYear-over-year deposit growth was \u003cstrong\u003e10.7%\u003c\/strong\u003e from \u003cstrong\u003e$2.43 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eLoans receivable, net stood at \u003cstrong\u003e$2.60 billion\u003c\/strong\u003e at the end of the third quarter, a \u003cstrong\u003e5.5%\u003c\/strong\u003e rise from a year earlier.\u003c\/li\u003e\n\u003cli\u003eReturn on Equity (ROE) was reported at \u003cstrong\u003e11%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eRegulatory total risk-based capital ratio was \u003cstrong\u003e13.8%\u003c\/strong\u003e, with a Tier 1 leverage capital ratio of \u003cstrong\u003e11.0%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eBook value per share was \u003cstrong\u003e$40.43\u003c\/strong\u003e at \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eFS Bancorp, Inc. (FSBW) - VRIO Analysis: \u003cstrong\u003e9. Tangible and Intangible Book Value\u003c\/strong\u003e\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a floor for valuation and supports lending capacity; Goodwill and other intangible assets stood at \u003cstrong\u003e$2,604 thousand\u003c\/strong\u003e as of September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e \u003cstrong\u003eLow\u003c\/strong\u003e. All banks have these, but the quality of the intangible assets matters.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e \u003cstrong\u003eEasy\u003c\/strong\u003e. Goodwill is an accounting artifact of past acquisitions.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e \u003cstrong\u003eHigh\u003c\/strong\u003e. The balance sheet is clearly reported, showing the asset base.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None. This is a baseline accounting resource.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eFinancial Metrics Snapshot (as of September 30, 2025, unless noted):\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eAmount\u003c\/td\u003e\n\u003ctd\u003eUnit\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGoodwill and other intangible assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2,604\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThousand\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,267,865\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThousand\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Equity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e124.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eMillion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBook Value per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$40.43\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUSD\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoans Receivable, net\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.60\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBillion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.69\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBillion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eKey Balance Sheet Components (Dollars in thousands as of September 30, 2025):\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eAsset\/Liability Component\u003c\/td\u003e\n\u003ctd\u003eAmount\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,267,865\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGoodwill and other intangible assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2,604\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Liabilities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,143,246\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDeposits (Total)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2,688,458\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eQ3 2025 Performance Data:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet Income for Q3 2025: \u003cstrong\u003e$5.4 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Income for Q3 2024: \u003cstrong\u003e$4.3 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Interest Income increase for the three months ended September 30, 2025, compared to 2024: \u003cstrong\u003e$1,659,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Charge-offs during Q3 2025: \u003cstrong\u003e$14,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal delinquencies as a percentage of loans at September 30, 2025: \u003cstrong\u003e0.16%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eFinance: 13-Week Cash Flow View Incorporation (Draft Outline)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe draft 13-week cash flow view, due by Friday, will incorporate the following key inputs:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eStarting Cash Balance (Prior Week End).\u003c\/li\u003e\n\u003cli\u003eCash Flow from Operations: Incorporate Q3 Net Income of \u003cstrong\u003e$5.4 million\u003c\/strong\u003e as a baseline for annualized\/normalized cash generation, adjusted for non-cash items (e.g., depreciation, amortization).\u003c\/li\u003e\n\u003cli\u003eCash Flow from Investing: Account for expected loan growth\/paydowns based on recent trends ($2.60B loans receivable, net as of 9\/30\/2025) and potential capital expenditures.\u003c\/li\u003e\n\u003cli\u003eCash Flow from Financing: Model the impact of the authorized \u003cstrong\u003e$5 million\u003c\/strong\u003e share repurchase program and the declared quarterly cash dividend of \u003cstrong\u003e$0.28 per share\u003c\/strong\u003e payable November 20, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516168888469,"sku":"fsbw-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/fsbw-vrio-analysis.png?v=1740176126","url":"https:\/\/dcf-model.com\/pt\/products\/fsbw-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}