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FS BANCORP , INC . Exhibit 99.1 FS Bancorp , Inc. Reports Net Income for the First Quarter of $ 11.9 Million or $ 2.70 Per Diluted Share , a One Cent Dividend Increase to $ 0.27 , and a Renewed and Increased Share Repurchase Plan to $ 15.0 Million MOUNTLAKE TERRACE , WA - April 26 , 2021 - FS Bancorp , Inc. ( NASDAQ : FSBW ) ( the " Company " ) , the holding company for 1st Security Bank of Washington ( the “ Bank ” ) today reported 2021 first quarter net income of $ 11.9 million , or $ 2.70 per diluted share , compared to $ 5.2 million , or $ 1.14 per diluted share for the same period last year . " We want to take this opportunity to thank our loyal customers and commend the outstanding efforts of our 1st Security Bank teammates . We are proud of our strong fiscal performance and our continued commitment to the communities we serve even with the daily challenges from this pandemic , ” stated Joe Adams , CEO . " We are pleased to announce that our Board of Directors has approved our thirty - third consecutive quarterly cash dividend which is being increased to $ 0.27 from $ 0.26 per share . The dividend will be paid on May 20 , 2021 , to shareholders of record as of May 6 , 2021. " CFO Matthew Mullet noted , “ Our balance sheet management efforts reflect strong core deposit growth this quarter funding diversified lending pillars . We also began to utilize proceeds from the subordinated debt raised in the first quarter of 2021 to support our growth and enhance shareholder returns . " Updated response to the novel coronavirus of 2019 ( “ COVID - 19 ” ) pandemic : The Company is following the Federal Housing Finance Agency guidelines for forbearance , foreclosure relief , and late payment reporting for the COVID - 19 pandemic on all serviced loans and a modified format for portfolio loans . For portfolio loans , the primary method of relief is to allow the borrower up to 90 - days of interest only payments and / or loan payment deferments , and , on a more limited basis , waived interest , late fees , or interest only loan payments and suspended foreclosure proceedings . As of March 31 , 2021 , the amount of portfolio loans under payment / relief agreements includes commercial real estate loans of $ 22.9 million , commercial business loans of $ 11.5 million , a portfolio one - to - four - family loan of $ 308,000 , and consumer loans of $ 157,000 . Of these loans , $ 29.8 million ( 85.4 % ) are making interest only payments . Additional detail is provided below in the " Credit Quality ” discussion . During the first quarter of 2021 , we continued our participation in the U.S. Small Business Administration's ( “ SBA " ) Paycheck Protection Program ( " PPP ” ) . Recent legislation reopened the PPP beginning January 1 , 2021 through May 31 , 2021 , by authorizing $ 284.5 billion in funding for eligible small businesses and non - profits . For borrowers in the communities we serve , during the first quarter of 2021 , the Company funded 286 PPP loans totaling $ 48.0 million under this second PPP program . PPP loan balances originated in 2020 totaling $ 26.1 million were submitted for approval and forgiven by the SBA . As of March 31 , 2021 , the Company serviced 471 PPP loans totaling $ 83.8 million . Branch operations continue to remain flexible to satisfy governmental restrictions and public health authority guidance provided for the communities in which we operate . The majority of our employees continue to work remotely , where feasible .