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FS Bancorp, Inc. Authorizes Additional Share Repurchases

MOUNTLAKE TERRACE, Wash., July 09, 2025 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (NASDAQ: FSBW) (鈥淐ompany鈥�), the holding company for 1st Security Bank of Washington (鈥淏ank鈥�) announced that its Board of Directors has authorized an additional repurchase of up to $5.0 million in shares of the Company鈥檚 outstanding common stock in the open market, in privately negotiated transactions from time to time over a 12-month period until July 9, 2026, at such prices as may be determined by the Company鈥檚 management. The repurchase program will commence no sooner than the third trading day after the public announcement of this repurchase program. In addition, the previously announced repurchase plan, that was announced on April 4, 2025, has approximately $400,000 remaining that is authorized for repurchase.

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 (鈥淪EC鈥�).

Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the SEC and other applicable legal requirements.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

About FS Bancorp

FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through twenty-seven Bank branches, and one headquarters office that provide loan and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers throughout the Northwest predominantly in Washington State including Puget Sound, Tri-Cities and Vancouver.

For more information visit 1st Security Bank鈥檚 website at www.fsbwa.com.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the 鈥淪EC鈥�), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases 鈥渂elieve,鈥� 鈥渨ill,鈥� 鈥渨ill likely result,鈥� 鈥渁re expected to,鈥� 鈥渨ill continue,鈥� 鈥渋s anticipated,鈥� 鈥渆stimate,鈥� 鈥減roject,鈥� 鈥減lans,鈥� or similar expressions are intended to identify 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company鈥檚 actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company鈥檚 local market areas, other markets where the Company has lending relationships, or other aspects of the Company鈥檚 business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, a recession or slowed economic growth;聽changes in the interest rate environment, including the increases and decrease聽in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; 聽increased competitive pressures, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company鈥檚 ability to聽execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company鈥檚 ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules;聽disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential for new or increased tariffs, trade restrictions or geopolitical tensions聽that could affect economic activity or specific industry sectors;聽environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business;聽and other factors described in the Company鈥檚 latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or聽furnished to the SEC which are available on its website at聽聽and on the SEC's website at聽.

Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management's beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.聽

Contacts:
Joseph C. Adams,
Chief Executive Officer

Matthew D. Mullet,
President

(425) 771-5299