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FS BANCORP , INC . Exhibit 99.1 FS Bancorp , Inc. Reports Net Income for the Second Quarter of 2021 of $ 8.5 Million or $ 0.97 Per Diluted Share , and Implemented Previously Announced Two - For - One Stock Split and Scheduled Payment of the Thirty - Fourth Quarterly Dividend MOUNTLAKE TERRACE , WA July 23 , 2021 FS Bancorp , Inc. ( NASDAQ : FSBW ) ( the " Company " ) , the holding company for 1st Security Bank of Washington ( the " Bank ” ) today reported 2021 second quarter net income of $ 8.5 million , or $ 0.97 per diluted share , compared to $ 10.0 million , or $ 1.15 per diluted share for the same period last year . All share data throughout this earnings release has been adjusted to reflect the two - for - one stock split announced June 25 , 2021 , and issued July 14 , 2021 to shareholders of record on July 6 , 2021 . " The second quarter reflects diversified lending growth funded by our focus on operational , relationship - based deposits , " stated Joe Adams , CEO . " We are also pleased that our Board of Directors approved our thirty - fourth consecutive quarterly cash dividend which was increased to $ 0.28 from $ 0.27 per share as previously announced in our press release issued on June 25 , 2021. The two - for - one stock split adjusted dividend of $ 0.14 will be paid on August 6 , 2021 , to shareholders of record as of July 23 , 2021. " CFO Matthew Mullet noted , “ The implemented two - for - one stock split allows for more retail investors to purchase shares at a lower price while the improved cash dividends and our continued stock repurchases reflect our long - term commitment to maximize shareholder returns and the liquidity of our shares of common stock . " 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 June 30 , 2021 , the amount of portfolio loans under payment / relief agreements included commercial real estate loans of $ 24.4 million , commercial business loans of $ 9.3 million , and consumer loans of $ 147,000 . Of these loans , $ 33.4 million , or 98.9 % are making interest only payments . Additional detail is provided below in the " Credit Quality " discussion . During the second quarter of 2021 , we continued our participation in the U.S. Small Business Administration's ( " SBA " ) Paycheck Protection Program ( “ PPP ” ) which ended on May 31 , 2021. Cumulative to date as of June 30 , 2021 , PPP loan balances totaling $ 53.7 million were submitted for approval and forgiven by the SBA . As of June 30 , 2021 , there was a total of 412 PPP loans outstanding totaling $ 73.2 million . 2021 Second Quarter Highlights • Net income was $ 8.5 million for the second quarter of 2021 , compared to $ 11.9 million in the previous quarter , and $ 10.0 million for the comparable quarter one year ago ; Net interest income increased to $ 21.2 million from $ 20.1 million in the previous quarter , and improved from $ 17.9 million in the comparable quarter one year ago ; • Total net loans increased $ 52.6 million , or 3.3 % , to $ 1.65 billion at June 30 , 2021 , compared to $ 1.59 billion at March 31 , 2021 , and increased $ 201.2 million , or 13.9 % from $ 1.44 billion at June 30 , 2020 ;