Fs Bancorp, Inc. · NASDAQ:FSBW
Fs Bancorp — Merger or Acquisition (July 2018)
11 slides from Fs Bancorp's merger presentation, Jul 18, 2018
Slide 1: Acquisition of Anchor Bancorp
1ST SECURITY BANK FS BANCORP INC. Acquisition of Anchor Bancorp ~*~, “Build a truly ~ r, oe ie great place to 2 ee ae work and bank.” -FSBW Vision Statement
Slide 2: Important Additional Information and Where to Find It
1ST SECURITY BANK FS BANCORP INC. Important Additional Inforationare \Whereta Fira it ‘The communication does not constitute an offer tasellarthe salitation af an offerta buy anyseaurties arasalidtation of any vate ar apprael In connection wth the pmpared trarcacton, FS Bancorp imend: ta flea reptra
Slide 3: Transaction Highlights - Financials as of March 31, 2018
1ST SECURITY BANK FS BANCORP INC. Transaction Highlights - Financials as of March 31, 2018 Pro forma assets of approximately $1.5 billion at close while deepening our Washington State market presence * Significantly expands FS Bancorp’s presence throughout Western Washington Compelling «Increases ou
Slide 4: Overview of Anchor
1ST SECURITY BANK FS BANCORP INC. Overview of Anchor Company ‘oan and Depo: nas of March 3 Consumer Headquartered in Lacey, WA 1% 9 branch locations throughout Western Washington Focused an community-based bankingin Grays Harbor, Thurstan, Lewisand Pierce counties nancial High! s as of March 31, 201
Slide 5: Pro Forma Deposit Franchise
1ST SECURITY BANK FS BANCORP, INC. Pro Forma Deposit Franchise County Unemployment rates - May 2018 Washington State Deposit Footprint Clallam 62% Jefferson 59% Grys Harbor Mason pear, Marks Pacific 6.8% Iseahamish $384,160 3 $384,160 4 ciatam 131,709 151,709 2 king 113,086 E 119086 2 letterson 77,6
Slide 6: Transaction Assumptions and Pro Forma Impacts
1ST SECURITY BANK FS BANCORP INC. Transaction Assumptions and Pro Forma Impacts + Fixed consideration comprised of $12,40 in cash and 0.2921 shares of FSBW per each share of Anchor + Anchor shareholders ta receive 725,585 shares of FSBW and approximately $20.8 millionin cash Consideration + Proforma
Slide 7: Loan Portfolio Composition and Comparison
1ST SECURITY BANK Loan Portfolio Composition and Comparison FS BANCORP INC. Hl construction & Development 143,611 185% 91485 22.7% 236098 18.5% Secured by Farmland - 00% 559 01% 559 00% [Et -4Famiy Real Estate 254,963 208% 75873 18.9% 300838 260% I 5+ FamiyReal Edate 52442 6.0% 59909 14.5% 11431 88%
Slide 8: Deposit Portfolio Composition and Comparison
1ST SECURITY BANK FS BANCORP INC. Deposit Portfolio Composition and Comparison Bil Non-nterest Bearing $ 200302 23.1% e57st 180% 258083. 71.8% lnterest-0D A, MM, Savings ism 48.5% 139372 98.0% 561782 45.6% Bl cos <st00K 129778 15.0% sos 167% 19057 155% Hl cos> 510K 118878 13.4% s8716 27.0% 214594 17
Slide 9: Enhanced Scarcity Value in Washington State
1ST SECURITY BANK FS BANCORP INC. Enhanced Scarcity Value in Washington State The combination of FSBW and Anchor create the third largest exchange-traded bank franchise headquartered in Washington State under $10 billion in assets as of March 31, 2018 Listed below are all major exchange-traded banks
Slide 10: Summary Transaction Highlights and Observations
1ST SECURITY BANK FS BANCORP INC. Summary Transaction Highlights and Observations Comprehensive due diligence was completed to minimize execution risk = Compelling strategicrationale . Pro formaassets of approximately $1.5 billion at close . Enhances our ability to attract core funding . Continuesto
Slide 11: Contact Information
1ST SECURITY BANK FS BANCORP INC. Contact Information Joe Adams Matthew D. Mullet joea@fsbwa.com mattm@fsbwa.com Chief Executive Officer Chief Financial Officer (425) 697-8048 (425) 697-8026 Administrative Center 6920 220" Street Southwest Mountlake Terrace, Washington 98043 it