FS Bancorp, Inc.
For the period ended Jul 21, 2026. Filed Jul 21, 2026.
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Jul 21, 2026 · Filed Jul 21, 2026
Contents
EX-99.1 · Segment Reporting
Segment Reporting
The 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 to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment also manages the Bank's investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.
The tables below provide a summary of segment reporting at or for thethree and six months ended June 30, 2026 and 2025 (dollars in thousands):
| Condensed income statement: | Commercial and Consumer Banking | Home Lending | Total |
|---|---|---|---|
| Net interest income (1) | $29,662 | $2,986 | $32,648 |
| Provision for credit losses | (2,297) | (344) | (2,641) |
| Noninterest income (2) | 2,740 | 3,410 | 6,150 |
| Noninterest expense (3) | (21,413) | (4,691) | (26,104) |
| Income before provision for income taxes | 8,692 | 1,361 | 10,053 |
| Provision for income taxes | (1,899) | (218) | (2,117) |
| Net income | $6,793 | $1,143 | $7,936 |
| Total average assets for period ended | $2,511,682 | $668,842 | $3,180,524 |
| Full-time employees ("FTEs") | 476 | 117 | 593 |
| Condensed income statement: | Commercial and Consumer Banking | Home Lending | Total |
|---|---|---|---|
| Net interest income (1) | $29,179 | $2,933 | $32,112 |
| Provision for credit losses | (1,849) | (172) | (2,021) |
| Noninterest income (2) | 2,298 | 2,872 | 5,170 |
| Noninterest expense (3) | (20,314) | (5,188) | (25,502) |
| Income before provision for income taxes | 9,314 | 445 | 9,759 |
| Provision for income taxes | (1,938) | (93) | (2,031) |
| Net income | $7,376 | $352 | $7,728 |
| Total average assets for period ended | $2,466,917 | $649,443 | $3,116,360 |
| FTEs | 452 | 115 | 567 |
| Condensed income statement: | Commercial and Consumer Banking | Home Lending | Total |
|---|---|---|---|
| Net interest income (1) | $59,214 | $5,979 | $65,193 |
| Provision for credit losses | (4,842) | (328) | (5,170) |
| Noninterest income (2) | 5,204 | 6,347 | 11,551 |
| Noninterest expense (3) | (42,275) | (9,349) | (51,624) |
| Income before provision for income taxes | 17,301 | 2,649 | 19,950 |
| Provision for income taxes | (3,762) | (422) | (4,184) |
| Net income | $13,539 | $2,227 | $15,766 |
| Total average assets for period ended | $2,527,284 | $663,600 | $3,190,884 |
| FTEs | 476 | 117 | 593 |
| Condensed income statement: | Commercial and Consumer Banking | Home Lending | Total |
|---|---|---|---|
| Net interest income (1) | $57,585 | $5,508 | $63,093 |
| Provision for credit losses | (3,170) | (443) | (3,613) |
| Noninterest income (2) | 4,543 | 5,753 | 10,296 |
| Noninterest expense (3) | (40,489) | (10,067) | (50,556) |
| Income before provision for income taxes | 18,469 | 751 | 19,220 |
| Provision for income taxes | (3,314) | (157) | (3,471) |
| Net income | $15,155 | $594 | $15,749 |
| Total average assets for period ended | $2,440,654 | $634,013 | $3,074,667 |
| FTEs | 452 | 115 | 567 |
| (1) | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets. |
| (2) | Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three and six months ended June 30, 2026, the Company recorded a net increase of $45,000 and a net decrease of $56,000 in fair value, respectively, compared to a net increase of $3,000 and a net increase of $266,000 in fair value for the three and six months ended June 30, 2025, respectively. As of both June 30, 2026 and 2025, there were $13.2 million in residential mortgage loans recorded at fair value, which had previously been transferred from loans held for sale to loans held for investment. |
| (3) | Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three and six months ended June 30, 2026 and 2025, the Home Lending segment included allocated overhead expenses of $1.7 million and $3.6 million, compared to $1.8 million and $3.7 million, respectively. |
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