Fs Bancorp, Inc. · NASDAQ:FSBW
Fs Bancorp — Merger or Acquisition (February 2026)
12 slides from Fs Bancorp's merger presentation, Feb 26, 2026
Slide 1: Build a truly great place to work and bank
“Builda truly ey greatplaceto 1907 ©) 92017, work and bank.” fcr bank siaigaine -1st Security Bank I I ’ Vision Statement T 2016 2023 February 25, 2026
Slide 2: Disclosure Statement and Forward Looking Statements
1ST SECURITY BANK FS BANCORP INC. Disclosure Statement The infomation included in this presentation is confidential and may not be reproduced or redistributed, passed on oF divulged, directly oF indirectly, t0 any other person. FS Bancorp, in: (the “Company” or "FS Bancorp”) reserves the right to re
Slide 3: Transaction Highlights
1ST SECURITY BANK FS BANCORP, INC. Transaction Highlights Pro forme assets of approximately $3.6 billion at close—deepening Pacific Northwest market presence = Strengthens FS8W bankingfootprint in Portland MSA by adding $386 million in assets = Attractive opportunity to expandin PortlandMs4~ aligns
Slide 4: Overview of Pacific West Bancorp (OTCPK: PWBK)
1ST SECURITY BANK FS BANCORB INC. Overview of Pacific West Bancorp (OTCPK: PWBK) Company Highlights Pacific West Bancorpis headquartered in West Linn, Oregonand isthe haldingcompany for Pacific West Bank Operates 4 branch locatiansin Portland, Vancouver, West Linn, and Lake Oswego Maintains a busine
Slide 5: Expansion in Greater Portland MSA
1ST SECURITY BANK Expansion in Greater Portland MSA t (© 500 Remi Bench (27) (© FB Home Lending Ee (12) © PreK ets rare (8) 1S. Bancom [tv frkof Ameria Corporation (HC) JPMorgan chase Ba. [8 Welk amo Ba. (ea) ‘Columbia Sank Syste min: (Wa) eycorp (OH Eankof worteal Riverview Bancorp inc. [8] @ Pra ‘
Slide 6: Transaction Overview
1ST SECURITY BANK FS BANCORP, INC. Transaction Overview + Pacific West Bancorp (“PWBK”) will mergeinto FS Bancorp, Inc. (“FSBW”) = Pacific West Bank will mergeinto Ist Security Bank = 430,176 shares of FsaW comman stock and $16.8 millionincash = 81% stock cansideration / 43% cash consideration for P
Slide 7: Key Transaction Assumptions
1ST SECURITY BANK FS BANCORB INC. Key Transaction Assumptions CECL Investment Securities Fair Value Marks Cost Savings Other Assumptions CECL reserve of $4.6 million, or 1.65% of grasslaans Allocation of 82% non-PCD and 18% PCD AFS securities write-down of $2.3million (accreted over 5.4years) HTM se
Slide 8: Loan Portfolio Composition and Comparison
1ST SECURITY BANK FS BANCORB INC. Loan Portfolio Composition and Comparison Pro Format) Construction & Development 8 wer 15K 8 wae 5% 8 ass 14% 1-4 Family 8 0326 © - DN 8 AS 9% 8 wT BK ‘Multifarity 8 25310 10% 8 BAS 14% 8 mes 1 Norr Owner Occupied CRE 8 16188 7% 8 55 1% 8 oe Ovmer-Dcaupied CRE 8 vay
Slide 9: Deposit Portfolio Composition and Comparison
1ST SECURITY BANK FS BANCORB INC. Deposit Portfolio Composition and Comparison Pro Format) Nonirterest-Bearing Dernand 8 e573 BK 8 m2 25% 8 TAS BK NOW a Interest BearingDemand 8 B55 1k 8 1BS2 Sw 8 TOS MK MDA, 8 5605 AK. 8 B75 «1M 8 4572 15% savings s 16400 6% 8 41D 1% 8 168162 &% cs« S1mnk 8 s12@08
Slide 10: 4th Merger / Acquisition for FSBW Since 2016
1ST SECURITY BANK FS BANCORP, INC. 4th Merger / Acquisition for FSBW Since 2016 SS PACIFIC WEST 17.7% asset CAGR since 2016 LS eanconr Whole-Bank Merger — Announced February 2026 (©)ColumbiaBank Branch Acquisition— February 2023 ANCHOR BANCORP $3,583 Whole-Bank Merger — November 2018 $2,973 $3,029 B
Slide 11: Comprehensive Due Diligence to Minimize Execution Risk
1ST SECURITY BANK FS BANCORB INC. Comprehensive Due D igence to Minimize Execution Risk Due Diligence Process Conducted a thorough review of all key operating areas of PWBK Due diligence led by FSBW executive leadership and department heads, along with 3" parties for Fair Value and Credit analysis P
Slide 12: Contact Information
CONTACT INFORMATION Matt Mullet Phil Whittington mattm@fsbwa.com phil. whittington@fsbwa.com President, FS Bancorp, Inc. Chief Financial Officer, President & CEO, 1st Security Bank FS Bancorp, Inc. and 1st Security Bank (425)697-8026 (425)275-4029 12