olivLaw · US equity research
Fifth District Bancorp, Inc. FDSB
Savings Institution, Federally Chartered · SIC 6035 · Vertical: Savings Institution, Federally Chartered (SIC 6035)
Fifth District Bancorp is the holding company of Fifth District Savings Bank, a federally chartered savings bank in New Orleans that mainly funds fixed-rate residential mortgages. At 31 December 2025 total assets were 534.4 million USD and deposits 393.2 million USD. It matters now because in the first half of 2026 the bank channeled liquidity into loans, which could change the balance sheet mix if the trend continues.
At the close of 04 Nov 2026, Fifth District Bancorp, Inc. (FDSB) stock was 17.67 USD (+0.06% on the day), with market capitalisation 92.5 m USD, P/E 52.4 on diluted EPS of 0.34 USD over the last 12 months, beta 0.25, 52-week range 13.05–18.69 USD. Latest reported quarter (Q2 2026): net income of 384.0 k USD (−87.7% YoY), diluted EPS 0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 16.76 – 17.83
- in the upper half of the band · %B 0.85 · band width 6.2%
- SMA 50 / 200
- 17.77 / 16.27
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.0% | −1.1% | +3.1 pp | — |
| 3 months | −1.3% | −0.5% | −0.9 pp | — |
| 6 months | +16.6% | +4.4% | +12.2 pp | — |
| Year to date | +17.8% | +12.3% | +5.5 pp | — |
| 1 year | +32.6% | +13.5% | +19.1 pp | +23.2% |
| 3 years | unavailable | +76.4% | unavailable | +67.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Pre-tax income | -998.0 k | 130.0 k | 99.0 k | 3.0 m | 434.0 k | 617.0 k | 490.0 k | 485.0 k |
| Income tax | -210.0 k | -29.0 k | 21.0 k | -91.0 k | 91.0 k | 76.0 k | 103.0 k | 101.0 k |
| Net income | -788.0 k | 159.0 k | 78.0 k | 3.1 m | 343.0 k | 541.0 k | 387.0 k | 384.0 k |
| Diluted EPS | -0.15 | 0.03 ≈ | 0.02 | 0.61 | 0.07 | 0.11 ≈ | 0.08 | 0.08 |
| Operating cash flow | 734.0 k ≈ | -633.0 k | 823.0 k | 430.0 k ≈ | 117.0 k ≈ | -44.0 k | 1.0 m | 862.0 k ≈ |
| Capex | 24.0 k ≈ | 26.0 k | 58.0 k | 181.0 k ≈ | 63.0 k ≈ | 82.0 k | 301.0 k | 266.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 5-quarter history (min 17.1, median 18.9, max 48.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 614.0 k | 619.0 k | 605.0 k |
| Revenue YoY | unavailable | +0.8% | −2.3% |
| Net income | 797.0 k | -1.1 m | 4.1 m |
| Net income YoY | unavailable | −235.3% | unavailable |
| Diluted EPS | unavailable | -0.21 | 0.80 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 129.8% | -174.2% | 675.7% |
| Free cash flow | -1.1 m | -1.6 m | 942.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 33.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 129.8 m USD
- Total assets
- 534.4 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.2%
- ROA
- 0.8%
- FCF margin
- 155.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Net interest income | 10.0 m | 10.1 m | 12.8 m | SEC (XBRL)· 24 Mar 2026verified |
| Net fee income | 973.0 k | 11.0 k | 4.4 m | SEC (XBRL)· 24 Mar 2026verified |
| Non-interest expense | 10.4 m | 12.7 m | 13.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Pre-tax income | 946.0 k | -1.4 m | 4.2 m | SEC (XBRL)· 24 Mar 2026verified |
| Net income | 797.0 k | -1.1 m | 4.1 m | SEC (XBRL)· 24 Mar 2026verified |
| Diluted EPS | — | -0.21 | 0.80 | SEC (XBRL)· 24 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.3 m | 37.9 m | 33.9 m | SEC (XBRL)· 24 Mar 2026verified |
| Loans | 365.0 m | 367.3 m | 376.4 m | SEC (XBRL)· 24 Mar 2026verified |
| Total assets | 480.8 m | 527.3 m | 534.4 m | SEC (XBRL)· 24 Mar 2026verified |
| Deposits | 390.0 m | 391.5 m | 393.2 m | SEC (XBRL)· 24 Mar 2026verified |
| Total liabilities | 403.0 m | 401.5 m | 404.6 m | SEC (XBRL)· 24 Mar 2026verified |
| Equity | 77.8 m † | 125.8 m † | 129.8 m † | SEC (XBRL)· 24 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 92.5 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.67 – 33.88 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income19.95 – 20.86 (Mid 20.40)
- Justified P/Bunavailable · insufficient data
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/E3.67 – 4.50 (Mid 4.15)11 companies used · median multiple 12.3x · quartiles 10.9x – 13.4xAX, BKU, CFFN, EBC, FCAP, HFBL, HTB, KRNY, NRIM, PFS, WNEB
- Peers: P/B26.21 – 33.88 (Mid 28.18)12 companies used · median multiple 1.1x · quartiles 1.1x – 1.4xAX, BKU, CFFN, EBC, FCAP, HFBL, HTB, KFFB, KRNY, NRIM, PFS, WNEB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 1.3% | 7 (vs peers) | 28% |
| ROA · Quality | 0.3% | 0 (on a fixed band) | 10% |
| Cost-to-income · Quality | 86.4% | 0 (on a fixed band) | 17% |
| Net interest margin · Quality | 2.6% | 45 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 0.7x | 100 (vs peers) | 17% |
| P/E (TTM) · Valuation | 52.4x | 0 (vs peers) | 17% |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality10/100 · 4/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation50/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Fifth District Bancorp, Inc. (FDSB). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 12.8 m USD in 2025; YoY growth -2.3%; net margin 273.6%; ROE 1.3%.
The estimated value range is 19.95–20.86 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 20.40 USD, the price of 17.67 USD leaves a potential of 15.4% (value / price − 1) and a margin of safety of 13.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 0.7x
- The price is below the estimated value range
What contradicts it
- ROE: 1.3%
- ROA: 0.3%
- Cost-to-income: 86.4%
- P/E (TTM): 52.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Revenue CAGR 3Y, NPL ratio, Cost of risk, Loan-to-deposit, Dividend yield.
Versus the vertical median
Savings Institution, Federally Chartered (SIC 6035) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXAxos Financial, Inc. | 5.4 bn | 10.7 | 16.7% | 624.8% | +23.5% | +15% / +147% |
| EBCEastern Bankshares, Inc. | 5.3 bn | 13.3 | 9.4% | 257.2% | +19.1% | +24% / +95% |
| TFSLTfs Financial Corporation | 4.7 bn | 46.0 | 5.3% | — | unavailable | +17% / +26% |
| BKUBankUnited, Inc. | 3.2 bn | 12.3 | 9.2% | 1,154.5% | +7.4% | +4% / +63% |
| PFSProvident Financial Services Inc | 3.1 bn | 9.8 | 11.1% | 411.6% | +7.1% | +23% / +55% |
| CFFNCapitol Federal Financial, Inc. | 1.1 bn | 13.4 | 8.0% | 508.2% | +6.5% | +33% / +63% |
| HTBHomeTrust Bancshares, Inc. | 798.6 m | 12.5 | 11.0% | — | −1.9% | +17% / +107% |
| KRNYKearny Financial Corp. | 605.1 m | 16.4 | 4.8% | — | +36.0% | +36% / +18% |
| NRIMNorthrim Bancorp, Inc. | 545.0 m | 9.9 | 16.6% | 21.8% | +30.4% | −0% / +99% |
| WNEBWestern New England Bancorp, Inc. | 281.6 m | 16.7 | 6.9% | — | −34.3% | +15% / +79% |
| FCAPFirst Capital, Inc. | 215.3 m | 11.6 | 13.9% | 252.8% | +1.6% | +29% / +145% |
| FDSBFifth District Bancorp, Inc. | 92.5 m | 52.4 | 1.3% | 273.6% | −2.3% | +33% / unavailable |
| HFBLHome Federal Bancorp, Inc. of Louisiana | 67.7 m | 11.1 | 10.8% | 364.5% | +30.0% | +40% / +72% |
| KFFBKentucky First Federal Bancorp | 44.4 m | 32.0 | 2.9% | — | −11.8% | +31% / +18% |
| BYFCBroadway Financial Corporation | — | — | -7.6% | -11,027.1% | +18.7% | +86% / +54% |
1- and 3-year price returns: for FDSB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.13 Total return -48% · Per year -48% | 16.20 Total return -8% · Per year -8% | 24.47 Total return 39% · Per year 39% |
| 3 years | 7.70 Total return -56% · Per year -24% | 15.47 Total return -12% · Per year -4% | 25.83 Total return 46% · Per year 13% |
| 5 years | 6.49 Total return -63% · Per year -18% | 14.78 Total return -16% · Per year -4% | 27.27 Total return 54% · Per year 9% |
- Exit P/E± 3.87
- Net margin± 2.71
- Annual revenue growth± 2.38
- Annual dilution± 0.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fifth District Bancorp is the holding company of Fifth District Savings Bank, a federally chartered savings bank in New Orleans that mainly funds fixed-rate residential mortgages. At 31 December 2025 total assets were 534.4 million USD and deposits 393.2 million USD. It matters now because in the first half of 2026 the bank channeled liquidity into loans, which could change the balance sheet mix if the trend continues.
SWOT
Strengths
- The capital base is very strong, with equity high relative to assets, which gives a large margin of safety 1.
- Asset quality is good, with non-performing assets very low relative to total assets at the end of 2025 1.
- The bank has long-standing local relationships and a loyal customer base, built on personalized service and a history dating back to 1926 1.
Weaknesses
- The loan book is concentrated almost entirely in fixed-rate residential mortgages, which exposes the bank to interest rate risk 1.
- Operating efficiency remains weak, as the efficiency ratio shows that much of revenue is absorbed by expenses 1.
- Market share in the parishes where the bank operates is small, which limits pricing power and scalability 1.
Opportunities
- Growth in commercial and construction lending could diversify the portfolio and could bring higher yields 1.
- Capital raised at conversion could fund organic growth or acquisitions of banks and branches in nearby areas 1.
- Growth in low-cost core deposits could improve the margin and the stability of funding 1.
Threats
Risks
- Concentration in residential mortgageshigh
Almost all loans are residential mortgages in the same geographic area, so a regional shock could affect the whole portfolio 1.
- Interest rate riskhigh
Long-dated fixed loans funded by deposits that reprice faster could compress the margin if rates rise 1.
- Declining liquiditymedium
Cash fell considerably in the first half of 2026, and if deposit gathering stays slow, funding growth could become a problem 2.
- Reliance on purchased loansmedium
Commercial loans bought from an outside originator are capped internally, but if their performance deteriorates, losses could appear quickly 1.
- Operating efficiencylow
High fixed costs relative to the small volume of activity could limit profitability if growth slows 1.
Investment thesis
What would need to be true (bull case)
- If the net interest margin holds at 2025 levels and deposit growth continues, net income could stay on an upward path 1.
- Very high capital and good asset quality could provide flexibility for organic growth or an attractive acquisition 1.
- If the bank expands its commercial book without weakening credit quality, diversification could reduce dependence on mortgages 1.
What would break the thesis
- If interest rates rise or real estate prices fall in New Orleans, the fixed-rate mortgage book could suffer on both margin and collateral 1.
- The drop in liquidity and total assets in the first half of 2026 could signal slower growth than previously expected 2.
- A small market share and intense competition could limit the bank's ability to grow quickly without accepting weaker pricing 1.
What to watch
- Evolution of liquidity and cash after the first-half 2026 declineQ3 2026
- Evolution of the net interest margin and the efficiency rationext 10-K
- Credit quality of the commercial and construction loan book2027
- Evolution of core deposits and market share in Jefferson and Orleansnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Fifth District Bancorp, Inc. was incorporated in February 2024 and became the holding company for Fifth District Savings Bank after the conversion from mutual to stock form, completed on 31 July 2024 1. The bank has its main office in New Orleans and six branches in the parishes of Jefferson, Orleans and St. Tammany, operating 7 offices in total 1. The company describes itself as a community-oriented financial institution emphasizing personalized service and a loyal local customer base 1.
Lending is dominated by fixed-rate one-to-four family residential mortgages that the bank retains and services itself 1. The bank does not offer adjustable-rate residential mortgages, interest-only loans, negative amortization loans or subprime residential loans 1. Deposits include checking, money market and certificate accounts, and electronic services include mobile, online and telephone banking 1.
The bank is supervised by the Office of the Comptroller of the Currency and the FDIC and is a member of the Federal Home Loan Bank system 1. The holding company is subject to regulation by the Federal Reserve Board 1. The stated strategy focuses on organic growth of commercial and industrial lending, growth of low-cost core deposits, and possible expansion through branches or acquisitions 1.
Segments
Residential mortgages
One-to-four family mortgages are the dominant segment, at 325.8 million USD or 86.3% of total loans at 31 December 2025 1. To manage rate risk the bank offers only 10-year and 15-year fixed terms, and loan-to-value is generally capped at 80% 1.
Commercial and construction lending
Construction and land, commercial real estate and commercial and industrial loans are smaller but growing segments with higher yields and shorter terms than residential mortgages 1. Part of the commercial and industrial book is purchased from Bankers Healthcare Group, subject to an internal limit of 15% of capital 1.
Market context
The primary market is the New Orleans-Metairie metropolitan area, where the bank competes for loans and deposits with large money center banks, regional banks, community banks and credit unions 1. At 30 June 2025 the bank ranked 11th of 26 institutions in Jefferson Parish with a deposit share of 2.30%, and 9th of 21 in Orleans with a share of 0.89% 1. The local share is small, so growth depends more on execution than on the size of the local market.
Residential mortgage lending is sensitive to regional and local economic conditions, particularly unemployment and real estate values, and a decline in values could reduce collateral coverage 1. Loan demand also depends on the level of interest rates, which affects both origination volume and the bank's margins 1.
Trends
- Slower balance sheet growth in 2026mixed
Total assets fell to 532.1 million USD at 30 June 2026 and cash and cash equivalents dropped by 14.7 million USD, mainly due to loan originations, particularly construction and commercial loans 2. If loan demand continues, the bank could draw down its available liquidity further.
- Improving net interest margintailwind
The net interest margin rose from 2.13% to 2.55% in 2025 and the efficiency ratio improved significantly 1. If rates stay stable, this trend could support net interest income.
- Rate pressure on fixed-rate mortgagesheadwind
The portfolio is almost entirely fixed-rate, which could limit the bank's ability to reprice quickly if rates rise 1. Changes in the rate environment also affect the fair value of financial instruments and loan origination 1.
Competitive position
Competition is intense in both lending and retail deposit gathering, from large banks, regional banks, community banks, credit unions and fintech firms, and for deposits also from money market funds, brokerage firms and insurance companies 1. The bank has no dominant position in any of its parishes, so differentiation rests on service and local relationships 1.
The company stresses that servicing all the loans it originates keeps direct relationships with customers, which could be an advantage over lenders that sell loans on 1. Competitors offering mortgages at lower prices could, however, limit share gains 1.
- Large and regional banks in New Orleans
Large and regional banks active in the metropolitan area compete directly for deposits and mortgages with broader branch networks 1.
- Local credit unions
Credit unions in Louisiana compete for mortgages and retail deposits, often with attractive terms for members 1.
- Mortgage banking firms
Mortgage banking firms compete for residential mortgage origination without taking deposits 1.
- Fintech lending companies
Fintech companies compete for personal and consumer credit, mainly through digital channels 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report10 Aug 2026
- Current report09 Jun 2026Departure or appointment of officers
- Current report20 May 2026Shareholder vote
- Quarterly report12 May 2026
- Proxy statement13 Apr 2026
- Annual report24 Mar 2026
- Current report09 Feb 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Nov 2025
- Current report16 Sept 2025Shareholder vote
- Current report25 Aug 2025Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Fifth District Bancorp, Inc. · 24 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Fifth District Bancorp, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.