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Includes $202.1 million and $143.1 million of brokered certificates of deposit at December 31, 2025 and 2024, respectively. These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2026, the amortized cost basis of the closed portfolios used in these hedging relationships was $178.1 million; the cumulative basis adjustments associated with these hedging relationships was $2.4 million; and the amount of the designated hedged items was $60.0 million. At December 31, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $179.4 million; the cumulative basis adjustment associated with these hedging relationships was a loss of $2.1 million; and the amount of the designated hedged items was $60.0 million. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35589

FS BANCORP, INC.

(Exact name of registrant as specified in its charter)

Washington		45-4585178
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

6920 220th Street SW, Mountlake Terrace, Washington 98043

(Address of principal executive offices; Zip Code)

(425) 771‑5299

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	FSBW	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☒
Non-accelerated filer ☐		Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of May 5, 2026, there were 5,414,542 outstanding shares of the registrant’s common stock.

Table of Contents

FS Bancorp, Inc.

Form 10‑Q

Table of Contents

		Page Number
PART I	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets at March 31, 2026 (Unaudited) and December 31, 2025	3

	Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	4

	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	5

	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	6

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	7 - 8

	Notes to Consolidated Financial Statements	9 - 44

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46 - 56

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56

Item 4.	Controls and Procedures	56

PART II	OTHER INFORMATION	57

Item 1.	Legal Proceedings	57

Item 1A.	Risk Factors	57

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57

Item 3.	Defaults Upon Senior Securities	58

Item 4.	Mine Safety Disclosures	58

Item 5.	Other Information	58

Item 6.	Exhibits	59

SIGNATURES		60

When we refer to “FS Bancorp” in this report, we are referring to FS Bancorp, Inc. When we refer to “Bank” or “1st Security Bank” in this report, we are referring to 1st Security Bank of Washington, the wholly owned subsidiary of FS Bancorp. As used in this report, the terms “we,” “our,” “us,” and “Company” refer to FS Bancorp, Inc. and its consolidated subsidiary, 1st Security Bank of Washington, unless the context indicates otherwise.

Table of Contents

Item 1. Financial Statements

FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(In thousands, except shares and per share amounts) (Unaudited)

	March 31,			December 31,
ASSETS	2026			2025
Cash and due from banks	$	12,424		$	13,504
Interest-bearing deposits at other financial institutions		26,278			14,715
Total cash and cash equivalents		38,702			28,219
Securities available-for-sale, at fair value (amortized cost of $293,844 and $310,097, net of allowance for credit losses of $0 and $0, respectively)		271,007			288,667
Securities held-to-maturity, at amortized cost (fair value of $34,303 and $34,396, net of allowance for credit losses of $277 and $277, respectively)		33,267			33,224
Loans held for sale, at fair value		56,275			43,705
Loans receivable, net of allowance for credit losses of $32,443 and $31,937 (includes loans of $12,977 and $13,183, at fair value, respectively)		2,624,091			2,623,172
Accrued interest receivable		15,333			14,614
Premises and equipment, net		43,612			44,065
Long-lived assets held for sale		3,258			3,258
Operating lease right-of-use (“ROU”) assets		5,472			5,789
Federal Home Loan Bank (“FHLB”) stock, at cost		8,701			7,971
Deferred tax asset, net		7,175			6,993
Bank owned life insurance (“BOLI”), net		36,508			36,249
Mortgage servicing rights (“MSRs”), held at the lower of cost or fair value		8,676			8,608
Goodwill		3,592			3,592
Core deposit intangible, net		9,774			10,518
Other assets		38,072			38,203
TOTAL ASSETS	$	3,203,515		$	3,196,847
LIABILITIES
Deposits:
Noninterest-bearing accounts	$	653,691		$	658,123
Interest-bearing accounts		1,983,885			2,015,519
Total deposits		2,637,576			2,673,642
Borrowings		167,305			129,305
Subordinated notes:
Principal amount		50,000			50,000
Unamortized debt issuance costs		(322	)		(339	)
Total subordinated notes less unamortized debt issuance costs		49,678			49,661
Operating lease liabilities		5,570			5,889
Other liabilities		29,534			30,656
Total liabilities		2,889,663			2,889,153
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding		—			—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,501,542 and 7,507,519 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		75			75
Additional paid-in capital		43,668			43,251
Retained earnings		285,854			280,197
Accumulated other comprehensive loss, net of tax		(15,745	)		(15,829	)
Total stockholders’ equity		313,852			307,694
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,203,515		$	3,196,847

See accompanying notes to these consolidated financial statements.

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FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except shares and per share amounts) (Unaudited)

	Three Months Ended March 31,
INTEREST INCOME	2026			2025
Loans receivable, including fees	$	46,012		$	43,303
Interest and dividends on investment securities, cash and cash equivalents, and interest-bearing deposits at other financial institutions		3,321			3,485
Total interest and dividend income		49,333			46,788
INTEREST EXPENSE
Deposits		14,713			13,058
Borrowings		1,384			2,263
Subordinated notes		691			485
Total interest expense		16,788			15,806
NET INTEREST INCOME		32,545			30,982
PROVISION FOR CREDIT LOSSES		2,529			1,592
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		30,016			29,390
NONINTEREST INCOME
Service charges and fee income		2,073			2,244
Gain on sale of loans		2,384			1,700
Earnings on cash surrender value of BOLI		259			250
Other noninterest income		685			932
Total noninterest income		5,401			5,126
NONINTEREST EXPENSE
Salaries and benefits		14,854			14,533
Operations		3,380			3,445
Occupancy		1,876			1,717
Data processing		1,594			2,045
Loan costs		882			548
Professional and board fees		1,014			1,186
Federal Deposit Insurance Corporation (“FDIC”) insurance		627			538
Marketing and advertising		309			221
Acquisition costs		295			—
Amortization of core deposit intangible		744			831
Recovery of MSRs		(55	)		(9	)
Total noninterest expense		25,520			25,055
INCOME BEFORE PROVISION FOR INCOME TAXES		9,897			9,461
PROVISION FOR INCOME TAXES		2,067			1,440
NET INCOME	$	7,830		$	8,021
Basic earnings per share	$	1.04		$	1.02
Diluted earnings per share	$	1.02		$	1.01

See accompanying notes to these consolidated financial statements.

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FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands) (Unaudited)

	Three Months Ended
	March 31,
	2026			2025
Net income	$	7,830		$	8,021
Other comprehensive income:
Securities available-for-sale:
Unrealized (loss) gain during period		(1,407	)		3,496
Income tax benefit (provision) related to unrealized gain		303			(752	)
Derivative financial instruments:
Unrealized derivative gain (loss) during period		1,750			(2,423	)
Income tax (provision) benefit related to unrealized derivative gain		(376	)		514
Reclassification adjustment for realized gain, net included in net income		(237	)		(871	)
Income tax provision related to reclassification, net		51			188
Other comprehensive income, net of tax		84			152
COMPREHENSIVE INCOME	$	7,914		$	8,173

See accompanying notes to these consolidated financial statements.

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FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands, except per share amounts) (Unaudited)

Three Months Ended March 31, 2026 and 2025

													Accumulated
													Other
							Additional						Comprehensive			Total
	Common Stock						Paid-in			Retained			Loss,			Stockholders'
	Shares			Amount			Capital			Earnings			Net of Tax			Equity
BALANCE, January 1, 2025		7,833,014		$	78		$	55,716		$	257,113		$	(17,140	)	$	295,767
Net income		—			—			—			8,021			—			8,021
Dividends paid ($0.28 per share)		—			—			—			(2,189	)		—			(2,189	)
Share-based compensation		—			—			512			—			—			512
Issuance of common stock - employee stock purchase plan		8,210			—			336			—			—			336
Common stock repurchased – repurchase plan		(98,317	)		(1	)		(3,758	)		—			—			(3,759	)
Other comprehensive income, net of tax		—			—			—			—			152			152
BALANCE, March 31, 2025		7,742,907		$	77		$	52,806		$	262,945		$	(16,988	)	$	298,840

BALANCE, January 1, 2026		7,507,519		$	75		$	43,251		$	280,197		$	(15,829	)	$	307,694
Net income		—			—			—			7,830			—			7,830
Dividends paid ($0.29 per share)		—			—			—			(2,173	)		—			(2,173	)
Share-based compensation		—			—			627			—			—			627
Issuance of common stock - employee stock purchase plan		9,048			—			383			—			—			383
Common stock repurchased for employee/director taxes paid on restricted stock awards		—			—			27			—			—			27
Common stock repurchased - repurchase plan		(15,025	)		—			(620	)		—			—			(620	)
Other comprehensive income, net of tax		—			—			—			—			84			84
BALANCE, March 31, 2026		7,501,542		$	75		$	43,668		$	285,854		$	(15,745	)	$	313,852

See accompanying notes to these consolidated financial statements.

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FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

	Three Months Ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES	2026			2025
Net income	$	7,830		$	8,021
Adjustments to reconcile net income to net cash from operating activities
Provision for credit losses		2,529			1,592
Depreciation, amortization and accretion		2,278			2,337
Compensation expense related to stock options and restricted stock awards		627			512
Earnings on cash surrender value of BOLI		(259	)		(250	)
Gain on sale of loans held for sale		(2,384	)		(1,700	)
Change in fair value on portfolio loans measured under the fair value option		101			(263	)
Origination of loans held for sale		(158,613	)		(84,728	)
Proceeds from sale of loans held for sale		155,758			93,068
Gain on purchase of tax credits		—			(660	)
Purchase of tax credits		—			(7,587	)
Recovery of MSRs		(55	)		(9	)
Changes in operating assets and liabilities
Accrued interest receivable		(719	)		(525	)
Other assets		1,737			1,932
Other liabilities		(118	)		(3,564	)
Net cash from operating activities		8,712			8,176
CASH FLOWS FROM (USED BY) INVESTING ACTIVITIES
Activity in securities available-for-sale:
Maturities, prepayments, and calls		20,961			6,278
Purchases		(5,195	)		(13,049	)
Activity in securities held-to-maturity:
Purchases		(975	)		(2,000	)
Maturities, prepayments, and calls		1,000			—
Maturities of certificates of deposit at other financial institutions		—			493
Portfolio loan originations and principal collections, net		(11,726	)		(9,916	)
Purchase of portfolio loans		(383	)		—
Purchase of premises and equipment		(273	)		(350	)
Change in FHLB stock, net		(730	)		10,365
Capital contributions to affordable housing tax credit investments		(452	)		—
Net cash from (used by) investing activities		2,227			(8,179	)
CASH FLOWS (USED BY) FROM FINANCING ACTIVITIES
Net (decrease) increase in deposits		(36,073	)		275,722
Proceeds from borrowings		105,000			152,999
Repayments of borrowings		(67,000	)		(392,000	)
Dividends paid on common stock		(2,173	)		(2,189	)
Common stock repurchased for employee/director taxes paid on restricted stock awards		27			—
Issuance of common stock - employee stock purchase plan		383			336
Common stock repurchased		(620	)		(3,759	)
Net cash (used by) from financing activities		(456	)		31,109
NET INCREASE IN CASH AND CASH EQUIVALENTS		10,483			31,106

CASH AND CASH EQUIVALENTS, beginning of period		28,219			31,635
CASH AND CASH EQUIVALENTS, end of period	$	38,702		$	62,741

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FS BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In thousands) (Unaudited)

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest on deposits and borrowings	$	15,874		$	14,902
Income taxes		—			34

SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES
Change in fair value on available-for-sale investment securities	$	(1,406	)	$	3,496
Change in fair value on fair value and cash flow hedges		1,497			(3,258	)
Retention of gross MSRs from loan sales		866			308

See accompanying notes to these consolidated financial statements.

Table of Contents

FS BANCORP, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Table Dollar Amounts in Thousands, Except Per Share Amounts)

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations – FS Bancorp, Inc. (the “Company”) was incorporated in September 2011 as the holding company for 1st Security Bank of Washington (the “Bank” or “1st Security Bank”) in connection with the Bank’s conversion from the mutual to stock form of ownership which was completed on July 9, 2012. The Bank is a community-based savings bank with 27 full-service bank branches, a headquarters that also originates loans and accepts deposits, and loan production offices in suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, Goldendale, Vancouver, and White Salmon, Washington and Manzanita, Newport, Ontario, Tillamook, and Waldport, Oregon. The Bank provides loan and deposit services to customers who are predominantly small- and middle-market businesses and individuals. The Company and its subsidiary are subject to regulation by certain federal and state agencies and undergo periodic examination by these regulatory agencies.

Financial Statement Presentation – The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10‑Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10‑K which includes all the audited financial statements and footnotes required by U.S. GAAP for complete financial statements for the year ended December 31, 2025. In the opinion of management, all normal adjustments and recurring accruals considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain prior-period amounts have been reclassified to conform to the current period presentation. These matters did not have an impact on net income or earnings per share for the periods presented.

On February 25, 2026, FS Bancorp, Inc. announced the signing of a definitive merger agreement whereby the Company will acquire Pacific West Bancorp (“Pacific West”) in a stock and cash transaction valued at approximately $34.6 million. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals and approval of the agreement by the shareholders of Pacific West. See “Note 15 – Definitive Agreement.”

The results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other future period. The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses (“ACL”).

Amounts presented in the consolidated financial statements and footnote tables are rounded and presented to the nearest thousands of dollars except per share amounts. If the amounts are above $1.0 million, they are rounded one decimal point, and if they are above $1.0 billion, they are rounded two decimal points.

Principles of Consolidation – The consolidated financial statements include the accounts of FS Bancorp and its wholly owned subsidiary, 1st Security Bank. All material intercompany accounts have been eliminated in consolidation.

Segment Reporting – The Company operates in two business segments through the Bank: commercial and consumer banking and home lending. The Company’s business segments are determined based on the products and services provided, as well as the nature of the related business activities, and they reflect the way financial information is regularly reviewed for the purpose of allocating resources and evaluating performance of the Company’s businesses. The results for these business segments are based on management’s accounting process, which assigns income statement items and assets to each responsible operating segment. This process is dynamic and is based on management’s view of the Company’s operations. See “Note 13 – Business Segments.”

Subsequent Events – The Company has evaluated events and transactions after March 31, 2026, for potential recognition or disclosure.

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RECENT ACCOUNTING PRONOUNCEMENTS

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments incorporate into the Accounting Standards Codification certain disclosure and presentation requirements currently included in SEC regulations. Each amendment will become effective prospectively upon the SEC’s removal of the related disclosure requirement from its rules. The Company is currently evaluating the impact of ASU 2023-06 and does not expect the adoption to have a material effect on its consolidated financial statements.

In January 2025, the FASB issued guidance within ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment in this ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. The Company is currently evaluating the impact of this ASU but does not expect it to have a material effect on its consolidated financial statements.

In December 2025, the FASB issued guidance within ASU 2025-11, Interim Reporting. The ASU intends to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU is effective for interim periods in fiscal years beginning after December 15, 2027 for public business entities, with a one-year deferral for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this ASU but does not expect it to have a material effect on its consolidated financial statements.

Application of New Accounting Guidance Adopted in 2026

In November 2025, the FASB issued ASU 2025‑08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans, which expands and clarifies acquisition‑date accounting for certain purchased loans under the Current Expected Credit Loss ("CECL") model, including the use of a gross‑up approach for specified acquired loans. Although the ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those fiscal years, the Company early adopted the guidance effective January 1, 2026. Adoption of the ASU did not have a material impact on the Company’s accounting for acquired loans or related disclosures.

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NOTE 2 – INVESTMENTS

The following tables present the amortized costs, unrealized gains, unrealized losses, estimated fair values of securities available-for-sale and held-to-maturity, and the ACL on securities available-for-sale and held-to-maturity at March 31, 2026 and December 31, 2025:

	March 31, 2026
								Estimated
	Amortized		Unrealized		Unrealized			Fair
SECURITIES AVAILABLE-FOR-SALE	Cost		Gains		Losses			Values		ACL
U.S. agency securities	$	20,268	$	63	$	(2,223	)	$	18,108	$	—
Corporate securities		16,000		3		(665	)		15,338		—
Municipal bonds		80,877		6		(10,817	)		70,066		—
Mortgage-backed securities		166,729		757		(9,364	)		158,122		—
Asset-backed securities		9,970		—		(597	)		9,373		—
Total securities available-for-sale		293,844		829		(23,666	)		271,007		—

SECURITIES HELD-TO-MATURITY
Corporate securities		31,424		883		(485	)		31,822		277
Municipal bonds		2,120		361		—			2,481		—
Total securities held-to-maturity		33,544		1,244		(485	)		34,303		277

Total securities	$	327,388	$	2,073	$	(24,151	)	$	305,310	$	277

	December 31, 2025
								Estimated
	Amortized		Unrealized		Unrealized			Fair
SECURITIES AVAILABLE-FOR-SALE	Cost		Gains		Losses			Values		ACL
U.S. agency securities	$	20,264	$	66	$	(2,203	)	$	18,127	$	—
Corporate securities		16,000		5		(619	)		15,386		—
Municipal bonds		81,156		4		(9,755	)		71,405		—
Mortgage-backed securities		181,849		757		(9,039	)		173,567		—
Asset-backed securities		10,828		1		(647	)		10,182		—
Total securities available-for-sale		310,097		833		(22,263	)		288,667		—

SECURITIES HELD-TO-MATURITY
Corporate securities		31,393		831		(149	)		32,075		277
Municipal bonds		2,108		213		—			2,321		—
Total securities held-to-maturity		33,501		1,044		(149	)		34,396		277

Total securities	$	343,598	$	1,877	$	(22,412	)	$	323,063	$	277

The following table presents the activity in the ACL on securities held-to-maturity by major security type for the three months ended March 31, 2026 and 2025:

SECURITIES HELD-TO-MATURITY	For the Three Months Ended March 31,
Corporate Securities	2026		2025
Beginning ACL balance	$	277	$	45
Provision for credit losses		—		21
Total ending ACL balance	$	277	$	66

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Management measures expected credit losses on held-to-maturity debt securities on an individual basis. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. There were no changes in credit loss reserves during the period, as there were no changes to the credit loss model and securities balances remained relatively flat. Accrued interest receivable totaled $675,000 and $271,000 on held-to-maturity debt securities and $1.5 million and $1.2 million on available-for-sale debt securities as of March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable on securities is reported in “Accrued interest receivable” on the Consolidated Balance Sheets and is excluded from the calculation of the ACL.

The Company monitors the credit quality of debt securities held-to-maturity quarterly using credit rating, material event notices, and changes in market value. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:

	March 31,		December 31,
Corporate securities	2026		2025
BBB	$	29,546	$	29,521
BB		1,878		1,872
Municipal bonds
A		2,120		2,108
Total	$	33,544	$	33,501

At March 31, 2026 and December 31, 2025, there were no debt securities held-to-maturity that were classified as either nonaccrual or 90 days or more past due and still accruing interest.

The following table presents, as of March 31, 2026, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law:

	March 31, 2026
Purpose or beneficiary	Carrying Value		Amortized Cost		Fair Value
State and local government public deposits	$	22,250	$	25,737	$	22,250

Investment securities that were in an unrealized loss position at the dates indicated are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.

	March 31, 2026
	Less than 12 Months					12 Months or Longer					Total
SECURITIES AVAILABLE-FOR-SALE	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. agency securities	$	—	$	—		$	16,045	$	(2,223	)	$	16,045	$	(2,223	)
Corporate securities		3,839		(160	)		8,496		(505	)		12,335		(665	)
Municipal bonds		774		(6	)		67,213		(10,811	)		67,987		(10,817	)
Mortgage-backed securities		34,891		(578	)		63,255		(8,786	)		98,146		(9,364	)
Asset-backed securities		3,301		(23	)		6,072		(574	)		9,373		(597	)
Total securities available-for-sale		42,805		(767	)		161,081		(22,899	)		203,886		(23,666	)

SECURITIES HELD-TO-MATURITY
Corporate securities		14,057		(419	)		934		(66	)		14,991		(485	)
Total securities held-to-maturity		14,057		(419	)		934		(66	)		14,991		(485	)

Total securities	$	56,862	$	(1,186	)	$	162,015	$	(22,965	)	$	218,877	$	(24,151	)

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	December 31, 2025
	Less than 12 Months					12 Months or Longer					Total
SECURITIES AVAILABLE-FOR-SALE	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. agency securities	$	—	$	—		$	16,061	$	(2,203	)	$	16,061	$	(2,203	)
Corporate securities		3,961		(39	)		8,420		(580	)		12,381		(619	)
Municipal bonds		—		—			70,228		(9,755	)		70,228		(9,755	)
Mortgage-backed securities		35,194		(380	)		64,321		(8,659	)		99,515		(9,039	)
Asset-backed securities		3,047		(25	)		6,644		(622	)		9,691		(647	)
Total securities available-for-sale		42,202		(444	)		165,674		(21,819	)		207,876		(22,263	)

SECURITIES HELD-TO-MATURITY
Corporate securities		6,788		(84	)		935		(65	)		7,723		(149	)
Total securities held-to-maturity		6,788		(84	)		935		(65	)		7,723		(149	)

Total securities	$	48,990	$	(528	)	$	166,609	$	(21,884	)	$	215,599	$	(22,412	)

The unrealized losses associated with our investment securities are believed to be caused by changing market conditions and considered to be temporary, and the Company does not intend and is not likely to be required to sell these securities prior to maturity. Management monitors the published credit ratings of the issuers of the debt securities for material ratings or outlook changes. Substantially all the Company’s municipal bond portfolio is comprised of obligations of states and political subdivisions located within the Company’s geographic footprint that are monitored through quarterly or annual financial review utilizing published credit ratings. All the municipal bond securities are investment grade.

All of the available-for-sale mortgage-backed securities and asset-backed securities in an unrealized loss position are issued or guaranteed by government-sponsored enterprises, and the available-for-sale corporate securities are all investment grade and monitored for rating or outlook changes. Based on the Company’s evaluation of these securities, no credit impairment was recorded for the three months ended March 31, 2026 and 2025.

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The contractual maturities of securities available-for-sale and held-to-maturity at the dates indicated are listed below. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay the obligations; therefore, these securities are classified separately with no specific maturity date.

	March 31, 2026				December 31, 2025
SECURITIES AVAILABLE-FOR-SALE	Amortized		Fair		Amortized		Fair
U.S. agency securities	Cost		Value		Cost		Value
Due after one year through five years	$	4,979	$	4,793	$	4,976	$	4,785
Due after five years through ten years		15,289		13,315		15,288		13,342
Subtotal		20,268		18,108		20,264		18,127
Corporate securities
Due within one year		6,000		6,000		6,000		6,001
Due after one year through five years		8,000		7,760		8,000		7,858
Due after five years through ten years		2,000		1,578		2,000		1,527
Subtotal		16,000		15,338		16,000		15,386
Municipal bonds
Due after one year through five years		2,122		2,127		2,135		2,137
Due after five years through ten years		7,057		6,378		7,080		6,441
Due after ten years		71,698		61,561		71,941		62,827
Subtotal		80,877		70,066		81,156		71,405
Mortgage-backed securities
Federal National Mortgage Association (“FNMA”)		80,369		73,273		82,555		75,492
Federal Home Loan Mortgage Corporation (“FHLMC”)		44,234		43,460		47,170		46,556
Government National Mortgage Association (“GNMA”)		42,126		41,389		52,124		51,519
Subtotal		166,729		158,122		181,849		173,567
Asset-backed securities
Due within one year		459		451		130		129
Due after one year through five years		276		270		743		730
Due after five years through ten years		2,390		2,281		2,598		2,458
Due after ten years		6,845		6,371		7,357		6,865
Subtotal		9,970		9,373		10,828		10,182
Total securities available-for-sale		293,844		271,007		310,097		288,667

SECURITIES HELD-TO-MATURITY
Corporate securities
Due after one year through five years		2,000		1,994		3,000		2,986
Due after five years through ten years		29,424		29,828		26,143		26,839
Due after ten years		—		—		2,250		2,250
Subtotal		31,424		31,822		31,393		32,075
Municipal bonds
Due after ten years		2,120		2,481		2,108		2,321
Total securities held-to-maturity		33,544		34,303		33,501		34,396
Total securities	$	327,388	$	305,310	$	343,598	$	323,063

There were no sales of securities available-for-sale for the three months ended March 31, 2026 and 2025.

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NOTE 3 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES – LOANS

The composition of the loan portfolio was as follows at the dates indicated:

	March 31,			December 31,
	2026			2025
COMMERCIAL REAL ESTATE ("CRE") LOANS
CRE owner occupied	$	182,260		$	176,078
CRE non-owner occupied		182,568			177,113
Commercial and speculative construction and development		358,657			354,130
Multi-family		263,353			262,150
Total CRE loans		986,838			969,471
RESIDENTIAL REAL ESTATE LOANS
One-to-four-family		630,996			628,761
Home equity		88,468			88,271
Residential custom construction		44,134			42,329
Total residential real estate		763,598			759,361
CONSUMER LOANS
Indirect home improvement		513,437			525,842
Marine		67,126			68,115
Other consumer		2,921			3,029
Total consumer loans		583,484			596,986
COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		304,470			301,111
Warehouse lending		18,144			28,180
Total commercial business loans		322,614			329,291
Total loans receivable, gross		2,656,534			2,655,109
ACL on loans		(32,443	)		(31,937	)
Total loans receivable, net	$	2,624,091		$	2,623,172

Loan amounts are net of unearned loan fees in excess of unamortized costs, unamortized net discounts on acquired loans, and premiums on purchased loans of $7.5 million as of March 31, 2026 and $8.6 million as of December 31, 2025. Net loans do not include accrued interest receivable.

Most of the Company’s CRE and multi-family real estate, construction, residential, and commercial business lending activities are with customers located in Western Washington, the Oregon Coast, or near our loan production offices in Vancouver and the Tri-Cities, Washington. While the Company primarily originates real estate, consumer, and commercial business loans in these market areas, it also originates indirect home improvement loans, including solar-related home improvement loans, through a network of home improvement contractors and dealers located throughout Washington, Oregon, California, Idaho, Colorado, Arizona, Minnesota, Nevada, Texas, Utah, Massachusetts, Montana, and New Hampshire. Depending on underwriting guidelines, these indirect home improvement loans may be secured by collateral, with legal documentation that establishes the Company's rights to the collateral, where practicable. Local economic conditions may affect borrowers’ ability to meet the stated repayment terms.

At March 31, 2026, the Company held approximately $1.12 billion in loans that are pledged as collateral for FHLB borrowings, compared to approximately $1.08 billion at December 31, 2025. The Company held approximately $567.1 million in loans that are pledged as collateral for the Federal Reserve Bank of San Francisco (the “FRB”) line of credit at March 31, 2026, compared to approximately $580.9 million at December 31, 2025.

The Company has defined its loan portfolio into four segments that reflect the structure of the lending function, the Company’s strategic plan and the way management monitors performance and credit quality. The four loan portfolio segments are: (a) CRE, (b) residential real estate, (c) consumer, and (d) commercial business. Each segment is further disaggregated into classes based on the risk characteristics of the borrower and/or the collateral securing the loan. The following is a summary of the Company’s loan portfolio segments and classes:

CRE Loans

Multi-Family Lending. Apartment term lending (five or more units) and community reinvestment loans for low to moderate income borrowers in the Company’s footprint.

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CRE Lending. Loans originated by the Company primarily secured by income-producing properties, including retail centers, warehouses, and office buildings located in our market areas.

Commercial and Speculative Construction and Development Lending. Loans originated for the construction of, and secured by, commercial real estate, one-to-four-family, and multi-family properties and tracts of land for development that are not pre-sold. Custom one-to-four-family construction loans to the intended occupant of the residence are included under residential custom construction lending described below.

Residential Real Estate Loans

One-to-Four-Family Real Estate Lending. One-to-four-family residential loans include both owner occupied properties (including second homes), and non-owner occupied properties with up to four units. These loans, which are originated by the Company or periodically purchased from other banks, are secured by first mortgages on one-to-four-family residences in our market areas and are intended to be held in the Company's portfolio (excludes loans held for sale).

Home Equity Lending. Loans originated by the Company secured by second mortgages on one-to-four-family residences, including home equity lines of credit within our market areas.

Residential Custom Construction Lending. Custom construction loans to intended occupants of one-to-four family residences.

Consumer Loans

Indirect Home Improvement. Fixture secured loans for home improvement are originated by the Company through its network of home improvement contractors and dealers. These loans are secured by the personal property installed in, on, or at the borrower’s real property, and may be perfected with a UCC‑2 financing statement filed in the county of the borrower’s residence. These indirect home improvement loans include replacement windows, siding, roofing, spas, and other home fixture installations, including solar related home improvement projects.

Marine. Loans originated by the Company, secured by boats, to borrowers primarily located in states where the Company originates consumer loans.

Other Consumer. Loans originated by the Company to consumers in our retail branch footprint, including automobiles, direct home improvement loans, loans on deposits, and other consumer loans, primarily consisting of personal lines of credit and credit cards.

Commercial Business Loans

C&I Lending. C&I loans originated by the Company to local small- and mid-sized businesses in our market area are secured primarily by accounts receivable, inventory, and personal property, plant and equipment. Some C&I loans purchased by the Company are outside of our market area. C&I loans are made based on the borrower’s ability to repay from the cash flow of the borrower’s business. At March 31, 2026 and December 31, 2025, C&I loans included Small Business Administration and United States Department of Agriculture guaranteed certificates of $43.7 million and $44.8 million, respectively.

Warehouse Lending. Loans originated to non-depository financial institutions and secured by notes originated by the non-depository financial institution. The Company has two distinct warehouse lending divisions: commercial warehouse re-lending secured by notes on construction loans and mortgage warehouse re-lending secured by notes related to one-to-four-family loans. The Company’s commercial construction warehouse lines are secured by notes related to construction loans and typically guaranteed by principals with experience in construction lending. Mortgage warehouse lines are funded through third-party residential mortgage bankers. Under this program, the Company provides short-term funding to mortgage banking companies for the purpose of originating residential mortgage loans for sale into the secondary market.

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Allowance for Credit Losses

The following tables detail activity in the ACL on loans by loan categories at or for the three months ended March 31, 2026 and 2025:

	At or For the Three Months Ended March 31, 2026
			Residential					Commercial
ACL ON LOANS	CRE		Real Estate		Consumer			Business			Total
Beginning balance	$	5,959	$	7,402	$	15,934		$	2,642		$	31,937
Provision for (reversal of) credit losses on loans		598		3		2,719			(670	)		2,650
Charge-offs		—		—		(2,620	)		(230	)		(2,850	)
Recoveries		—		—		628			78			706
Net charge-offs		—		—		(1,992	)		(152	)		(2,144	)
Ending balance	$	6,557	$	7,405	$	16,661		$	1,820		$	32,443

	At or For the Three Months Ended March 31, 2025
				Residential					Commercial
ACL ON LOANS	CRE			Real Estate		Consumer			Business			Total
Beginning balance	$	7,001		$	7,440	$	14,185		$	3,244		$	31,870
(Reversal of) provision for credit losses on loans.		(97	)		35		1,960			(393	)		1,505
Charge-offs		—			—		(1,636	)		(433	)		(2,069	)
Recoveries		—			—		347			—			347
Net charge-offs		—			—		(1,289	)		(433	)		(1,722	)
Ending balance	$	6,904		$	7,475	$	14,856		$	2,418		$	31,653

The increase in the provision for credit losses on loans for the three months ended March 31, 2026, was primarily attributable to elevated net charge-offs in the consumer loan portfolio, particularly within indirect home improvement loans.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify the contractual terms of a loan to a borrower experiencing financial difficulty as a part of ongoing loss mitigation strategies. These modifications may result in an interest rate reduction, term extension, an other-than-insignificant payment delay, or a combination thereof. The Company typically does not offer principal forgiveness. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL on loans because of the measurement methodologies used to estimate the allowance.

The following tables present the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2026 and 2025, by class and by type of modification. The tables also present the percentage of the amortized cost basis of loans that were modified to borrowers experiencing financial difficulty relative to the total amortized cost basis of each class of financing receivable, as well as the financial effect of the modification.

For the Three Months Ended March 31, 2026

Weighted-

Average

Term

Total

Extension

Class of

Payment

COMMERCIAL BUSINESS

Payment

Financing

Delay

LOANS

Delay

Receivable

(in years)

C&I

545

0.18

1.0

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For the Three Months Ended March 31, 2025

Weighted-

Average

Combination

Term

Total

Extension

Class of

Payment

Financing

Delay

CRE LOANS

Delay

Receivable

(in years)

CRE owner occupied

1,196

0.70

2.7

As of March 31, 2026, there were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms had been modified during the three months ended March 31, 2026. As of December 31, 2025, there were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms had been modified during the year ended December 31, 2025.

The Company closely monitors the performance of loans modified to borrowers experiencing financial difficulty to evaluate the effectiveness of its modification efforts. There were no loans modified within the prior 12 months that were delinquent as of March 31, 2026. The following table presents the performance of such loans that were modified within the prior 12 months as of March 31, 2025:

	March 31, 2025
	30-59		60-89
	Days		Days		90 Days		Total
	Past		Past		or More		Past
CRE LOANS	Due		Due		Past Due		Due
Commercial and speculative construction and development	$	—	$	—	$	6,487	$	6,487

There were no loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2026 and 2025, and were modified in the 12 months prior to that default.

Nonaccrual and Past Due Loans

The following tables provide information pertaining to the aging analysis of contractually past due loans and nonaccrual loans at March 31, 2026 and December 31, 2025:

	March 31, 2026
	30-59		60-89
	Days		Days		90 Days		Total				Total
	Past		Past		or More		Past				Loans		Non-
CRE LOANS	Due		Due		Past Due		Due		Current		Receivable		Accrual ⁽¹⁾
CRE owner occupied	$	—	$	—	$	1,081	$	1,081	$	181,179	$	182,260	$	1,081
CRE non-owner occupied		—		—		—		—		182,568		182,568		—
Commercial and speculative construction and development				—		9,442		9,442		349,215		358,657		9,442
Multi-family		—		—		—		—		263,353		263,353		—
Total CRE loans		—		—		10,523		10,523		976,315		986,838		10,523
RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes loans held for sale)		2,241		—		772		3,013		627,983		630,996		1,983
Home equity		126		—		—		126		88,342		88,468		475
Residential custom construction		238		—		—		238		43,896		44,134		—
Total residential real estate loans		2,605		—		772		3,377		760,221		763,598		2,458
CONSUMER LOANS
Indirect home improvement		5,190		2,082		1,405		8,677		504,760		513,437		4,622
Marine		213		91		—		304		66,822		67,126		466
Other consumer		18		13		14		45		2,876		2,921		34
Total consumer loans		5,421		2,186		1,419		9,026		574,458		583,484		5,122
COMMERCIAL BUSINESS LOANS
C&I		96		3		165		264		304,206		304,470		165
Warehouse lending		—		—		—		—		18,144		18,144		—
Total commercial business loans		96		3		165		264		322,350		322,614		165
Total loans	$	8,122	$	2,189	$	12,879	$	23,190	$	2,633,344	$	2,656,534	$	18,268

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	December 31, 2025
	30-59		60-89
	Days		Days		90 Days		Total				Total
	Past		Past		or More		Past				Loans		Non-
CRE LOANS	Due		Due		Past Due		Due		Current		Receivable		Accrual ⁽¹⁾
CRE owner occupied	$	587	$	—	$	844	$	1,431	$	174,647	$	176,078	$	2,049
CRE non-owner occupied		—		—		—		—		177,113		177,113		—
Commercial and speculative construction and development		—		—		9,236		9,236		344,894		354,130		9,236
Multi-family		—		—		—		—		262,150		262,150		—
Total CRE loans		587		—		10,080		10,667		958,804		969,471		11,285
RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes loans held for sale)		1,244		214		84		1,542		627,219		628,761		1,778
Home equity		228		—		71		299		87,972		88,271		390
Residential custom construction		—		—		—		—		42,329		42,329		—
Total residential real estate loans		1,472		214		155		1,841		757,520		759,361		2,168
CONSUMER LOANS
Indirect home improvement		4,829		2,292		1,480		8,601		517,241		525,842		4,256
Marine		254		9		69		332		67,783		68,115		454
Other consumer		54		27		1		82		2,947		3,029		2
Total consumer loans		5,137		2,328		1,550		9,015		587,971		596,986		4,712
COMMERCIAL BUSINESS LOANS
C&I		122		—		580		702		300,409		301,111		580
Warehouse lending		—		—		—		—		28,180		28,180		—
Total commercial business loans		122		—		580		702		328,589		329,291		580
Total loans	$	7,318	$	2,542	$	12,365	$	22,225	$	2,632,884	$	2,655,109	$	18,745

(1)

Includes loans less than 90 days past due, as applicable.

There were no loans 90 days or more past due and still accruing interest at both March 31, 2026 and December 31, 2025.

There were $776,000 and $156,000 in residential real estate loans in the process of foreclosure at March 31, 2026 and December 31, 2025, respectively.

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Credit Quality Indicators

As part of the Company’s on-going monitoring of credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk grading of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) nonperforming loans, and (v) the general economic conditions in the Company’s markets.

The Company utilizes a risk grading matrix to assign a risk grade to its real estate and commercial business loans. Loans are graded on a scale of 1 to 10, with loans in risk grades 1 to 6 reported as “Pass” and loans in risk grades 7 to 10 reported as classified loans in the Company’s ACL analysis.

A description of the 10 risk grades is as follows:

●

Grades 1 and 2 - These grades include loans to very high-quality borrowers with excellent or desirable business credit.

●

Grade 3 - This grade includes loans to borrowers of good business credit with moderate risk.

●

Grades 4 and 5 - These grades include “Pass” grade loans to borrowers of average credit quality and risk.

●

Grade 6 - This grade includes loans on management’s “Watch” list and is intended to be utilized on a temporary basis for “Pass” grade borrowers where frequent and thorough monitoring is required due to credit weaknesses and where significant risk-modifying action is anticipated in the near term.

●

Grade 7 - This grade is for “Other Assets Especially Mentioned (“OAEM”)” or “Special Mention” loans in accordance with regulatory guidelines and includes borrowers where performance is poor or significantly less than expected.

●

Grade 8 - This grade includes “Substandard” loans in accordance with regulatory guidelines which represent an unacceptable business credit where a loss is possible if loan weakness is not corrected.

●

Grade 9 - This grade includes “Doubtful” loans in accordance with regulatory guidelines where a loss is highly probable.

●

Grade 10 - This grade includes “Loss” loans in accordance with regulatory guidelines for which total loss is expected and when identified are charged off.

Homogeneous loans are risk rated based upon the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. Loans classified under this policy at the Company are consumer loans which include indirect home improvement, solar, marine, other consumer, and one-to-four-family first and second liens. Under the Uniform Retail Credit Classification and Account Management Policy, loans that are current or less than 90 days past due are graded “Pass” and risk rated “4” or “5” internally. Loans that are past due more than 90 days are classified “Substandard” and risk graded “8” internally until the loan has demonstrated consistent performance, typically six months of contractual payments. Closed-end loans that are 120 days past due and open-end loans that are 180 days past due are charged off based on the value of the collateral less cost to sell. Management may choose to conservatively risk rate credits even if paying in accordance with the loan’s repayment terms.

CRE (owner occupied, non-owner occupied, commercial construction and development, and multi-family) and commercial business loans are evaluated individually for their risk classification and may be classified as “Substandard” even if current on their loan payment obligations. We regularly review our credits for accuracy of risk grades whenever we receive new information. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk, and complexity. In addition, non-owner-occupied CRE borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. We monitor construction loans monthly. We also review loans graded “Watch” or worse, regardless of loan type, no less than quarterly.

Table of Contents

The following tables summarize risk rated loan balances and total current period gross charge-offs by category, as of the dates indicated. Term loans that were renewed or extended for periods longer than 90 days are presented as new originations in the year of the most recent renewal or extension.

	March 31, 2026
															Revolving
															Loans
CRE LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
CRE owner occupied	2026		2025		2024		2023		2022		Prior		Loans		to Term		Loans
Pass	$	10,257	$	37,386	$	4,122	$	21,366	$	34,917	$	41,151	$	—	$	—	$	149,199
Watch		—		—		600		4,065		6,095		21,220		—		—		31,980
Substandard		—		—		—		—		—		1,081		—		—		1,081
Total CRE owner occupied		10,257		37,386		4,722		25,431		41,012		63,452		—		—		182,260
CRE non-owner occupied
Pass		21,926		9,421		8,358		15,865		35,656		84,862		—		—		176,088
Special mention		—		—		—		—		1,345		2,094		—		—		3,439
Substandard		—		—		—		3,041		—		—		—		—		3,041
Total CRE non-owner occupied		21,926		9,421		8,358		18,906		37,001		86,956		—		—		182,568
Commercial and speculative construction and development
Pass		26,236		200,608		81,224		2,814		22,347		10,054		5,932		—		349,215
Substandard		—		—		—		—		9,442		—		—		—		9,442
Total commercial and speculative construction and development		26,236		200,608		81,224		2,814		31,789		10,054		5,932		—		358,657
Multi-family
Pass		2,522		26,391		20,759		6,990		19,824		186,867		—		—		263,353
Total multi-family		2,522		26,391		20,759		6,990		19,824		186,867		—		—		263,353
Total CRE loans	$	60,941	$	273,806	$	115,063	$	54,141	$	129,626	$	347,329	$	5,932	$	—	$	986,838

	March 31, 2026
RESIDENTIAL															Revolving
REAL ESTATE LOANS															Loans
One-to-four-family	Term Loans by Year of Origination												Revolving		Converted		Total
(excludes loans held for sale)	2026		2025		2024		2023		2022		Prior		Loans		to Term		Loans
Pass	$	35,311	$	89,332	$	48,518	$	91,669	$	147,036	$	214,029	$	—	$	—	$	625,895
Watch		—		—		—		—		704		582		—		—		1,286
Substandard		—		—		—		671		—		3,144		—		—		3,815
Total one-to-four-family		35,311		89,332		48,518		92,340		147,740		217,755		—		—		630,996
Home equity
Pass		1,111		7,425		1,282		1,609		279		7,322		68,965		—		87,993
Substandard		—		—		—		—		—		75		400		—		475
Total home equity		1,111		7,425		1,282		1,609		279		7,397		69,365		—		88,468
Residential custom construction
Pass		5,081		33,740		3,469		833		1,011		—		—		—		44,134
Total residential custom construction		5,081		33,740		3,469		833		1,011		—		—		—		44,134
Total residential real estate loans	$	41,503	$	130,497	$	53,269	$	94,782	$	149,030	$	225,152	$	69,365	$	—	$	763,598

Table of Contents

	March 31, 2026
															Revolving
															Loans
CONSUMER LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
Indirect home improvement	2026		2025		2024		2023		2022		Prior		Loans		to Term		Loans
Pass	$	23,901	$	102,789	$	61,602	$	94,506	$	123,542	$	102,475	$	—	$	—	$	508,815
Substandard		—		573		887		1,015		1,224		923		—		—		4,622
Total indirect home improvement		23,901		103,362		62,489		95,521		124,766		103,398		—		—		513,437
Indirect home improvement gross charge-offs		—		467		388		546		615		433		—		—		2,449
Marine
Pass		1,411		7,448		9,759		9,257		16,825		21,960		—		—		66,660
Substandard		—		—		—		—		110		356		—		—		466
Total marine		1,411		7,448		9,759		9,257		16,935		22,316		—		—		67,126
Marine gross charge-offs		—		—		8		4		—		63		—		—		75
Other consumer
Pass		158		218		68		28		65		92		2,258		—		2,887
Substandard		—		—		10		—		1		—		23		—		34
Total other consumer		158		218		78		28		66		92		2,281		—		2,921
Other consumer gross charge-offs		—		—		—		—		—		46		50		—		96
Total consumer loans	$	25,470	$	111,028	$	72,326	$	104,806	$	141,767	$	125,806	$	2,281	$	—	$	583,484
Total consumer loans gross charge-offs	$	—	$	467	$	396	$	550	$	615	$	542	$	50	$	—	$	2,620

	March 31, 2026
															Revolving
COMMERCIAL															Loans
BUSINESS LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
C&I	2026		2025		2024		2023		2022		Prior		Loans		to Term		Loans
Pass	$	1,546	$	28,302	$	53,730	$	23,962	$	11,622	$	21,668	$	133,989	$	139	$	274,958
Watch		—		18,308		—		—		239		944		5,566		—		25,057
Special mention		—		—		—		—		—		144		1,143		—		1,287
Substandard		—		180		49		22		51		2,120		746		—		3,168
Total C&I		1,546		46,790		53,779		23,984		11,912		24,876		141,444		139		304,470
C&I gross charge-offs		—		—		—		82		—		—		148		—		230
Warehouse lending
Pass		—		—		—		—		—		—		18,142		—		18,142
Special mention		—		—		—		—		—		—		2		—		2
Total warehouse lending		—		—		—		—		—		—		18,144		—		18,144
Total commercial business loans	$	1,546	$	46,790	$	53,779	$	23,984	$	11,912	$	24,876	$	159,588	$	139	$	322,614
Total commercial business loans gross charge-offs	$	—	$	—	$	—	$	82	$	—	$	—	$	148	$	—	$	230

TOTAL LOANS RECEIVABLE, GROSS
Pass	$	129,460	$	543,060	$	292,891	$	268,899	$	413,124	$	690,480	$	229,286	$	139	$	2,567,339
Watch		—		18,308		600		4,065		7,038		22,746		5,566		—		58,323
Special mention		—		—		—		—		1,345		2,238		1,145		—		4,728
Substandard		—		753		946		4,749		10,828		7,699		1,169		—		26,144
Total loans receivable, gross	$	129,460	$	562,121	$	294,437	$	277,713	$	432,335	$	723,163	$	237,166	$	139	$	2,656,534
Total gross charge-offs	$	—	$	467	$	396	$	632	$	615	$	542	$	198	$	—	$	2,850

Table of Contents

	December 31, 2025
															Revolving
															Loans
CRE LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
CRE owner occupied	2025		2024		2023		2022		2021		Prior		Loans		to Term		Loans
Pass	$	37,809	$	4,148	$	21,485	$	35,169	$	10,625	$	34,840	$	—	$	—	$	144,076
Watch		142		600		4,084		6,167		14,137		4,438		—		—		29,568
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,434		—		—		2,434
Total CRE owner occupied		37,951		4,748		25,569		41,336		24,762		41,712		—		—		176,078
CRE non-owner occupied
Pass		9,467		8,362

FS Bancorp, Inc. 10-Q