FS Bancorp appoints Matt Mullet as CEO of 1st Security Bank
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 15 2025
0mins
Should l Buy FSBW?
Leadership Change: FS Bancorp has appointed Matthew Mullet as President and CEO of 1st Security Bank, effective September 1, 2025.
Retirement Announcement: Joseph Adams, the current CEO since 2004, will retire from his position on the same date.
Current Roles: Matt Mullet has been serving as President of both 1st Security Bank and FS Bancorp, Inc. since July 2024 and will retain these roles after the transition.
Continued Involvement: Joe Adams will continue to serve as CEO of FS Bancorp, a role he has held since 2012, even after stepping down from the bank's CEO position.
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Analyst Views on FSBW
Wall Street analysts forecast FSBW stock price to rise
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 38.620
Low
45.00
Averages
45.00
High
45.00
Current: 38.620
Low
45.00
Averages
45.00
High
45.00
About FSBW
FS Bancorp, Inc. is a bank holding company for 1st Security Bank of Washington (the Bank). The Bank provides loan and deposit services to customers who are predominantly small- and middle-market businesses and individuals in Washington and Oregon. The Bank’s segments include Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to its commercial and consumer customers through the Bank branches, online banking platforms, mobile banking apps, and telephone banking. These products and services include deposit products, residential, consumer, business and commercial real estate lending portfolios, and cash management services. 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.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
FS Bancorp and Pacific West Announce Merger Agreement
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- Shareholder Equity Distribution: Under the agreement, Pacific West shareholders can elect to receive FS Bancorp common stock or cash, with an expected aggregate ownership of about 5.4% in FS Bancorp post-merger, increasing shareholder liquidity and potential returns on investment.
- Earnings Outlook Improvement: The merger is projected to be immediately accretive to FS Bancorp's earnings per share by 7.4%, while also expected to dilute tangible book value by 2.2% at closing, indicating the short-term financial implications of the merger.
- Regulatory Approval Process: The merger has received unanimous approval from the boards of both companies and is expected to close in the third quarter of 2026, pending approval from Pacific West's shareholders and bank regulatory authorities, ensuring compliance and smooth execution of the merger.
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- Banking Background: Mullet joined 1st Security Bank in 2011 as CFO and was promoted to CEO in 2025, bringing over 20 years of banking experience that will provide valuable industry insights to the board.
- Role in Federal Reserve System: The SF Fed is part of the U.S. central banking system, responsible for advancing the nation's monetary and financial systems, and Mullet's appointment is expected to strengthen the connection between local banks and federal policies, promoting economic growth.
- Community Impact: Mullet expressed that it is an honor to participate in decisions affecting monetary policy for local banks and their customers, and his expertise is anticipated to guide future decisions, thereby enhancing the quality of services provided by community banks.
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- Dividend Yield: The forward yield of 2.67% provides investors with a relatively attractive return, enhancing the company's appeal in the capital markets and potentially attracting more investment.
- Record Dates: The dividend will be payable on February 19, with a record date of February 6 and an ex-dividend date also set for February 6, ensuring shareholders receive their dividends promptly.
- Share Repurchase Program: FS Bancorp has authorized an additional $5 million share repurchase program aimed at enhancing earnings per share by reducing the number of shares outstanding, thereby increasing shareholder value.
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- Revenue Increase: The company's revenue rose 12% year-over-year to $40.01 million from $35.72 million last year, reflecting sales growth amid recovering market demand, yet this was insufficient to offset the earnings miss.
- Market Reaction: Despite the increase in revenue and profit, the failure to meet market expectations may lead to a decline in investor confidence regarding the company's future performance, potentially negatively impacting its stock price.
- Analyst Expectations: Analysts typically exclude special items in their estimates, and FS Bancorp's performance not meeting these expectations could affect its reputation among investors and future financing capabilities.
See More
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- Increased Shareholder Returns: The Board of Directors announced a quarterly cash dividend increase to $0.29 per share, marking the 52nd consecutive increase, which is expected to be paid on February 19, 2026, enhancing shareholder confidence.
- Improved Asset Quality: As of December 31, 2025, net loans reached $2.62 billion, a 4.8% increase from 2024, indicating robust performance in the lending market, although consumer loans saw a slight decline.
- Stable Capital Ratios: FS Bancorp maintained a total risk-based capital ratio of 14.0%, demonstrating a strong capital foundation under regulatory requirements, ensuring resilience against future market fluctuations.
See More
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- Leadership Change: FS Bancorp appoints Omeed Salashoor as SVP and Director of Home Lending, leveraging over 35 years of mortgage banking experience, which is expected to enhance the bank's lending performance and strengthen its market position.
- Customer Relationship Focus: Salashoor emphasizes a customer-centric service approach aimed at building long-term relationships, which will likely drive business growth and increase the bank's community impact.
- Community Engagement: Salashoor actively participates in community service, particularly with the Salvation Army and local children's summer camps, reflecting the bank's commitment to community responsibility and potentially attracting more customer support.
- Strategic Alignment: Salashoor's values align closely with FS Bancorp's community banking philosophy, which is expected to drive further development in responsible home lending, addressing customer needs for housing loans.
See More
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- Merger Agreement Signed: FS Bancorp and Pacific West have signed a merger agreement valued at approximately $34.6 million, with the combined company expected to have $3.6 billion in assets, $3.0 billion in loans, and $3.0 billion in deposits, enhancing their market position in the Pacific Northwest.
- Shareholder Equity Distribution: Under the agreement, Pacific West shareholders can elect to receive FS Bancorp common stock or cash, with an expected aggregate ownership of about 5.4% in FS Bancorp post-merger, increasing shareholder liquidity and potential returns on investment.
- Earnings Outlook Improvement: The merger is projected to be immediately accretive to FS Bancorp's earnings per share by 7.4%, while also expected to dilute tangible book value by 2.2% at closing, indicating the short-term financial implications of the merger.
- Regulatory Approval Process: The merger has received unanimous approval from the boards of both companies and is expected to close in the third quarter of 2026, pending approval from Pacific West's shareholders and bank regulatory authorities, ensuring compliance and smooth execution of the merger.
See More
FS Bancorp CEO Appointed to SF Fed Board
- Executive Appointment: FS Bancorp's CEO Matthew Mullet has been appointed to the Seattle Branch Board of the Federal Reserve Bank of San Francisco, marking a significant role in financial policy-making that is expected to enhance the company's influence in the local banking sector.
- Banking Background: Mullet joined 1st Security Bank in 2011 as CFO and was promoted to CEO in 2025, bringing over 20 years of banking experience that will provide valuable industry insights to the board.
- Role in Federal Reserve System: The SF Fed is part of the U.S. central banking system, responsible for advancing the nation's monetary and financial systems, and Mullet's appointment is expected to strengthen the connection between local banks and federal policies, promoting economic growth.
- Community Impact: Mullet expressed that it is an honor to participate in decisions affecting monetary policy for local banks and their customers, and his expertise is anticipated to guide future decisions, thereby enhancing the quality of services provided by community banks.
See More
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- Dividend Increase: FS Bancorp has declared a quarterly dividend increase from $0.28 to $0.29 per share, reflecting a 3.6% growth that underscores the company's robust profitability and commitment to shareholder returns.
- Dividend Yield: The forward yield of 2.67% provides investors with a relatively attractive return, enhancing the company's appeal in the capital markets and potentially attracting more investment.
- Record Dates: The dividend will be payable on February 19, with a record date of February 6 and an ex-dividend date also set for February 6, ensuring shareholders receive their dividends promptly.
- Share Repurchase Program: FS Bancorp has authorized an additional $5 million share repurchase program aimed at enhancing earnings per share by reducing the number of shares outstanding, thereby increasing shareholder value.
See More
FS Bancorp Inc. Reports Q4 Profit Growth but Misses Estimates
- Profit Growth: FS Bancorp's Q4 earnings reached $8.42 million, or $1.10 per share, up from $7.38 million and $0.92 per share last year, indicating an improvement in profitability but falling short of analysts' expectations of $1.13 per share, highlighting challenges in sustaining earnings growth.
- Revenue Increase: The company's revenue rose 12% year-over-year to $40.01 million from $35.72 million last year, reflecting sales growth amid recovering market demand, yet this was insufficient to offset the earnings miss.
- Market Reaction: Despite the increase in revenue and profit, the failure to meet market expectations may lead to a decline in investor confidence regarding the company's future performance, potentially negatively impacting its stock price.
- Analyst Expectations: Analysts typically exclude special items in their estimates, and FS Bancorp's performance not meeting these expectations could affect its reputation among investors and future financing capabilities.
See More
FS Bancorp Reports $33.3 Million Net Income for 2025, Increases Quarterly Dividend to $0.29
- Net Income Growth: FS Bancorp reported a net income of $33.3 million for 2025, translating to $4.29 per diluted share, reflecting stable profitability despite a decrease from $35.0 million in 2024.
- Increased Shareholder Returns: The Board of Directors announced a quarterly cash dividend increase to $0.29 per share, marking the 52nd consecutive increase, which is expected to be paid on February 19, 2026, enhancing shareholder confidence.
- Improved Asset Quality: As of December 31, 2025, net loans reached $2.62 billion, a 4.8% increase from 2024, indicating robust performance in the lending market, although consumer loans saw a slight decline.
- Stable Capital Ratios: FS Bancorp maintained a total risk-based capital ratio of 14.0%, demonstrating a strong capital foundation under regulatory requirements, ensuring resilience against future market fluctuations.
See More
FS Bancorp Appoints Omeed Salashoor as SVP, Home Lending Director with 35 Years Experience
- Leadership Change: FS Bancorp appoints Omeed Salashoor as SVP and Director of Home Lending, leveraging over 35 years of mortgage banking experience, which is expected to enhance the bank's lending performance and strengthen its market position.
- Customer Relationship Focus: Salashoor emphasizes a customer-centric service approach aimed at building long-term relationships, which will likely drive business growth and increase the bank's community impact.
- Community Engagement: Salashoor actively participates in community service, particularly with the Salvation Army and local children's summer camps, reflecting the bank's commitment to community responsibility and potentially attracting more customer support.
- Strategic Alignment: Salashoor's values align closely with FS Bancorp's community banking philosophy, which is expected to drive further development in responsible home lending, addressing customer needs for housing loans.
See More
