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FS BANCORP , INC . Exhibit 99.1 FS Bancorp , Inc. Reports Net Income for the Third Quarter of 2021 of $ 8.3 Million or $ 0.97 Per Diluted Share and a 7 % Dividend Increase to $ 0.15 Per Share for the Thirty - Fifth Consecutive Quarterly Dividend _ MOUNTLAKE TERRACE , WA October 28 , 2021 – FS Bancorp , Inc. ( NASDAQ : FSBW ) ( the “ Company ” ) , the holding company for 1st Security Bank of Washington ( the “ Bank ” ) today reported 2021 third quarter net income of $ 8.3 million , or $ 0.97 per diluted share , compared to $ 12.7 million , or $ 1.47 per diluted share for the same period last year . All share data in this earnings release has been adjusted to reflect the two - for - one stock split , in the form of a 100 % stock dividend , effective July 14 , 2021 . " Our continued focus on diversified revenue streams funded by core deposits resulted in strong third quarter financial results , " stated Joe Adams , CEO . " We are also pleased that our Board of Directors approved our thirty - fifth consecutive quarterly cash dividend which is being increased to $ 0.15 from $ 0.14 per share . The quarterly dividend of $ 0.15 will be paid on November 24 , 2021 , to shareholders of record as of November 11 , 2021. " CFO Matthew Mullet noted , “ Strong earnings during the quarter supported $ 6.8 million in share repurchases and the Board approved an additional $ 10.0 million in share repurchases based upon our capital position during the quarter . " 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 September 30 , 2021 , the amount of portfolio loans under payment / relief agreements , of which all remaining relief loans are modified interest only payments , included commercial real estate loans of $ 6.9 million and commercial business loans of $ 5.4 million . Additional detail is provided below in the “ Credit Quality " discussion . As of September 30 , 2021 , there was a total of 171 Paycheck Protection Program ( “ PPP " ) loans with an outstanding balance of $ 38.3 million . To date balances totaling $ 88.6 million were submitted for approval and forgiven by the U.S. Small Business Administration ( " SBA " ) . 2021 Third Quarter Highlights • Net income was $ 8.3 million for the third quarter of 2021 , compared to $ 8.5 million in the previous quarter , and $ 12.7 million for the comparable quarter one year ago ; • • Net interest income increased to $ 22.7 million from $ 21.2 million in the previous quarter , and improved from $ 18.9 million in the comparable quarter one year ago ; Total loans receivable , net increased $ 32.4 million , or 2.0 % , to $ 1.68 billion at September 30 , 2021 , compared to $ 1.65 billion at June 30 , 2021 , and increased $ 186.5 million , or 12.5 % from $ 1.49 billion at September 30 , 2020 ; PPP loans forgiven by the SBA during the quarter totaled $ 34.8 million , compared to $ 15.4 in the previous quarter , and none during the comparable quarter one year ago ;