FS Bancorp Declares $0.29 Quarterly Dividend, 53rd Consecutive Payment
FS Bancorp, Inc. (NASDAQ: FSBW), a Washington-based community bank holding company, announced a $0.29 per share quarterly cash dividend. The payment marks the company's 53rd consecutive quarterly dividend.
FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington, declared a regular quarterly cash dividend of $0.29 per share on April 21, 2026. The dividend will be paid on May 21, 2026, to shareholders of record as of May 7, 2026. Read more dividend announcements.
The payment represents the company's 53rd consecutive quarterly cash dividend, underscoring what CEO Joe Adams called "our commitment to returning capital to long-term shareholders."
| Dividend Details | Information |
|---|---|
| Amount | $0.29 per share |
| Record Date | May 7, 2026 |
| Payment Date | May 21, 2026 |
| Type | Regular Quarterly Cash Dividend |
First Quarter Financial Performance
The dividend announcement accompanied the company's first quarter 2026 earnings release. FS Bancorp reported net income of $7.8 million, or $1.02 per diluted share, for the quarter ended March 31, 2026. That compared to $8.4 million, or $1.10 per diluted share, for the prior quarter, and $8.0 million, or $1.01 per diluted share, for the first quarter of 2025.
Pre-tax income increased 4.6% year-over-year to $9.9 million from $9.5 million in the first quarter of 2025. The linked-quarter decline in net income primarily reflected a $1.0 million bank-owned life insurance mortality benefit received in the fourth quarter of 2025 that did not recur in the first quarter.
Book value per share reached a split-adjusted record of $42.42 in the first quarter, according to Adams, who attributed the milestone to "sustained earnings growth and disciplined capital management."
Balance Sheet Metrics
Total deposits excluding brokered deposits remained flat at $2.31 billion at March 31, 2026, compared to December 31, 2025, but increased $65.2 million, or 2.9%, from $2.24 billion a year earlier. The cost of deposits declined to 2.24% for the quarter from 2.26% in the prior quarter, driven by repricing on maturing certificates of deposit.
Loans receivable totaled $2.62 billion at March 31, 2026, unchanged from year-end but up $123.0 million, or 4.9%, from the prior-year quarter.
Strategic Developments
The company announced in February 2026 a planned merger with Pacific West Bancorp that is expected to expand FS Bancorp's footprint into the Portland, Oregon market later in the year. Matthew Mullet, CEO and President of 1st Security Bank, called the merger "exciting" and highlighted the "projected growth into the Portland, Oregon market area."