FS Bancorp authorizes additional $5 million share repurchase program

MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington, announced Wednesday that its Board of Directors has authorized an additional $5 million share repurchase program. The $321.93 million market cap company has demonstrated strong shareholder-friendly policies, with InvestingPro data showing a high shareholder yield and 12 consecutive years of dividend increases.

The new program allows the company to repurchase shares of its outstanding common stock over a 12-month period until July 9, 2026. The repurchases may occur in open market or private transactions at prices determined by management.

The program will begin no earlier than the third trading day following the announcement. FS Bancorp also noted that approximately $400,000 remains available under its previously announced repurchase plan from April 4, 2025.

According to the company, repurchases will be conducted in accordance with SEC Rule 10b-18 limitations and other applicable legal requirements. Management has discretion to suspend, terminate or modify the program at any time based on market conditions, stock trading prices, alternative investment opportunities, liquidity needs, and financial performance.

The repurchase program does not obligate the company to purchase any specific number of shares.

FS Bancorp operates 27 bank branches and one headquarters office primarily serving small and middle-market businesses and individuals in Washington and Oregon, with loan production offices in the greater Puget Sound area, Tri-Cities, and Vancouver, Washington.

The information in this article is based on a company press release statement.

In other recent news, FS Bancorp reported a net income of $8.0 million for the first quarter of 2025, slightly down from $8.4 million in the same period last year. The earnings per diluted share were $1.01, compared to $1.06 a year earlier. The company experienced a substantial increase in total deposits, which rose by $275.7 million, or 11.8%, reaching $2.62 billion as of March 31, 2025. This growth was largely due to an increase in brokered deposits. In a strategic move, FS Bancorp’s Board of Directors approved a quarterly cash dividend of $0.28 per share, marking the forty-ninth consecutive dividend payment. Additionally, FS Bancorp announced the appointment of Baker Tilly as its new auditing firm following the merger with Moss Adams LLP. Shareholders recently approved executive compensation at the Annual Meeting, reaffirming their confidence in the company’s leadership. Furthermore, the shareholders ratified the appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.

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