Core Insights - FS Bancorp reported revenue of $36.27 million for the quarter ended June 2024, reflecting a year-over-year decline of 0.3% and an EPS of $1.13 compared to $1.25 a year ago [1] Financial Performance Metrics - The reported revenue exceeded the Zacks Consensus Estimate of $35.4 million by 2.46%, while the EPS surprise was 9.71% against a consensus estimate of $1.03 [3] - Net Interest Margin was reported at 4.3%, matching the average estimate, while the Efficiency Ratio was 65.8%, slightly above the estimated 65% [4] - Total Non-Interest Income was $5.87 million, surpassing the average estimate of $4.60 million, while Net Interest Income was $30.40 million, slightly below the average estimate of $30.80 million [4] Stock Performance - FS Bancorp shares have returned +21.1% over the past month, significantly outperforming the Zacks S&P 500 composite's +2% change [6] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [6]

Company Performance - FS Bancorp (FSBW) reported quarterly earnings of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.03 per share, but down from $1.25 per share a year ago [1] - The company has surpassed consensus EPS estimates in all four of the last quarters [2] - FS Bancorp's revenues for the quarter ended June 2024 were $36.27 million, surpassing the Zacks Consensus Estimate by 2.46%, but down from $36.39 million year-over-year [9] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.09 on revenues of $36.05 million, and for the current fiscal year, it is $3.93 on revenues of $139.15 million [12] - The estimate revisions trend for FS Bancorp is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [5] Industry Context - FS Bancorp operates within the Zacks Banks - West industry, which is currently ranked in the bottom 34% of over 250 Zacks industries [6] - The performance of FS Bancorp's stock may be influenced by the overall outlook of the banking industry [6] Stock Performance - FS Bancorp shares have increased approximately 9.8% since the beginning of the year, compared to a 16.7% gain for the S&P 500 [10] - Despite the year-to-date increase, FS Bancorp has underperformed the market [11]

Exhibit 99.1 FS Bancorp, Inc. Reports Second Quarter Net Income of $9.0 Million or $1.13 Per Diluted Share and Previously Announced Share Repurchase Plan and 3.8% Increase in its Quarterly Dividend MOUNTLAKE TERRACE, WA – July 23, 2024 – FS Bancorp, Inc. (NASDAQ: FSBW) (the "Company"), the holding company for 1st Security Bank of Washington (the "Bank" or "1st Security Bank") today reported 2024 second quarter net income of $9.0 million, or $1.13 per diluted share, compared to $9.1 million, or $1.16 per dil ...

Mr. Mullet, a cum laude graduate of University of Washington, began his banking career in June 2000 as a financial examiner with the Washington State, Department of Financial Institutions, Division of Banks. In 2004, Matthew accepted a position at Golf Savings Bank in Mountlake Terrace. He served in a variety of capacities at Golf and was appointed Chief Financial Officer in 2007. After the Golf Savings Bank merger with Sterling Savings Bank, he held the position of Senior Vice President of the Home Loan Di ...

Core Viewpoint - FS Bancorp, Inc. (FSBW) has demonstrated a commitment to returning value to shareholders through consistent dividend increases and share repurchase programs, indicating a strong financial position and growth potential. Group 1: Dividend Information - FSBW has been paying quarterly cash dividends for 46 consecutive quarters, with a current payout ratio of 22% of its earnings, allowing for reinvestment and growth while providing returns to shareholders [1] - In January 2024, FSBW increased its quarterly dividend by 4% to 26 cents per share [2] - Recently, FSBW announced a dividend hike to 27 cents per share, reflecting a 3.8% increase from the previous payout, with payment scheduled for August 21, 2024 [8] Group 2: Share Repurchase Programs - FSBW authorized a share repurchase plan in April 2022 for $10 million worth of shares [3] - An additional share buyback program of up to $5 million was recently authorized, which will remain active through July 31, 2025 [10] - As of March 31, 2024, $3 million worth of shares remained available under the existing repurchase program [10] Group 3: Financial Health - FSBW's common equity CET 1 capital ratio is 12.47%, and the total risk-based capital ratio is 13.72%, both exceeding regulatory requirements [4] - As of March 31, 2024, FSBW reported total cash and cash equivalents of $45.4 million, total loans of $2.4 billion, and long-term borrowings of $129.9 million, indicating a solid liquidity position [11] - The company has experienced a 28% increase in share price over the past year [5] Group 4: Growth Metrics - FSBW has increased dividends 11 times in the last five years, with a five-year annualized growth rate of 30.24% [9] - The current dividend yield stands at 2.9% based on a closing price of $37.75 as of July 12 [9]

The repurchase program permits shares to be repurchased in open market or private transactions or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission ("SEC"). About FS Bancorp Forward-Looking Statements In addition, the Company's Board of Directors authorized an additional repurchase of up to $5.0 million in shares of the Company's outstanding shares of common stock in the open market, in privately negotiated transactions or shares withheld upon the ex ...

MOUNTLAKE TERRACE, Wash., May 24, 2024 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington ("1st Security" or "Bank") announced today the promotions of Kelli Nielsen and Donn Costa to the positions of EVP, Chief Retail Banking Officer and EVP, Chief Home Lending Officer, respectively. 1st Security Bank Chief Executive Officer, Joe Adams, announced the promotions at an all-employee meeting on Friday, May 17th. During the announcement, Adams said, "Kelli ...

Core Viewpoint - FS Bancorp, Inc. has announced the promotions of Sean McCormick and Robert Nesbitt to key leadership positions within 1st Security Bank, enhancing the bank's credit strategy and operations [1][6]. Group 1: Leadership Changes - Sean McCormick has been promoted to Chief Credit Administration Officer, responsible for overseeing the bank's credit strategy, credit risk, and financial analysis of loan portfolios [2][6]. - Robert Nesbitt has been appointed as Chief Credit Operations Officer, focusing on commercial credit operations [4][6]. Group 2: Experience and Background - Sean McCormick has 11 years of experience at 1st Security Bank, previously serving as SVP Director of Credit Administration, and has played a significant role in the growth of the bank's loan portfolios [3][6]. - Robert Nesbitt brings 25 years of experience in commercial banking, having joined 1st Security in 2017 as VP Commercial Lending Relationship Manager [4][6]. Group 3: Strategic Importance - The combined experience of McCormick and Nesbitt exceeds 40 years, positioning them as strategic leaders to enhance customer service and drive future growth in Washington and Oregon [6].

MOUNTLAKE TERRACE, Wash., May 20, 2024 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington ("1st Security" or "Bank") announced today the promotions of Sean McCormick and Robert Nesbitt to the positions of Chief Credit Administration Officer and Chief Credit Operations Officer of the Bank, respectively. Sean McCormick will assume the role of Chief Credit Administration Officer and will have primary responsibility for overseeing the Bank's credit strat ...

Table of Contents For the quarterly period ended March 31, 2024 or ☐ 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. 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Former name, former address and former fiscal year, if changed since last report) Sec ...