FSBW earnings analysis
What we found in FSBW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
FS Bancorp’s Q2 2026 results were mixed: diluted EPS increased to $1.04 from $1.02 in Q1 2026 and $0.99 in Q2 2025, while reported revenue of $38.798 million exceeded the supplied consensus estimate by 1.8%. The 10-Q provides no quantitative forward guidance, and the extracted filing contains no segment, balance-sheet, cash-flow, margin, or detailed MD&A data sufficient to assess those trends. Risk factors and market-risk disclosures were unchanged from the 2025 Form 10-K, while the company completed its $5.0 million repurchase authorization.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS increased sequentially and year over year
- Reported diluted EPS was $1.04, up from $1.02 in Q1 2026 and $0.99 in Q2 2025, according to the supplied quarterly earnings data.
- Revenue exceeded consensus
- Reported revenue was $38.798 million, exceeding the supplied consensus estimate of $38.12 million by approximately $0.678 million, or 1.8%.
- Controls remained effective
- Disclosure controls and procedures were concluded to be effective as of June 30, 2026; management also reported no changes in internal control over financial reporting during the three months ended June 30, 2026.
- Share repurchases continued
- The company repurchased 101,560 shares during Q2 2026 at an average price of $41.89 per share, including 87,000 shares under the publicly announced program.
- Repurchase authorization completed
- The company completed its $5.0 million repurchase program on April 28, 2026, eliminating the remaining authorization under that program.
- No material legal exposure identified
- Management stated that liabilities from legal proceedings in the normal course of business would not have a material adverse effect on business or financial condition.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Earnings missed consensus
- Diluted EPS of $1.04 was $0.05 below the supplied consensus estimate of $1.09, a miss of approximately 4.6%, despite revenue of $38.798 million exceeding the $38.12 million estimate.
- Current buyback authorization is exhausted
- The $5.0 million repurchase program was completed on April 28, 2026, and the filing reported $0 of remaining value available under the program, limiting additional authorized buybacks unless a new program is approved.
- Control systems have inherent limitations
- Management cautioned that controls provide only reasonable, rather than absolute, assurance; the filing states that errors or fraud may remain undetected despite controls being deemed effective as of June 30, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.04
What they said about what is next.
No quantitative forward revenue or EPS outlook was provided in the extracted 10-Q. Management also stated there were no material changes to the market-risk disclosures in the 2025 Form 10-K.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 12, 2026
- FS Bancorp reported a solid Q1 2026 with revenues of $37.946 million and EPS of $1.02, both exceeding consensus expectations. Management highlighted strong loan origination growth while addressing challenges in asset…
- 10-Q · May 8, 2026
- FS Bancorp delivered a solid Q1 2026 performance, reporting revenue of $37.946 million and EPS of $1.02, surpassing consensus estimates. The bank showed strong growth in loan origination relative to the previous year…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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